Vinashin gets funding

State-owned Vietnam Shipbuilding Industry Corporation (Vinashin) will receive $76 million in loans from the Fund for Development to build five 53,000 DWT dry bulk carriers. This represents up to 65% of the cost to build the bulkers which are part of a contract for 17 units that Vinashin had signed with the UK-based Graig Investment Ltd.

Earlier, Vinashin had agreed contracts with four commercial banks for the initial 35% of the total capital to build these freighters.