Vinashin Submits US$1.18 Bln Sea Transport Project
The Vinashin Business Group has just submitted to the government of Vietnam a VND19 trillion (US$1.18 billion) project to develop north-south hi-speed sea transport route, the Dau Tu (Investment) newspaper reported June 27.
Under the project, Vinashin will spend the fund to expand a six-ship fleet to complete the hi-speed sea transport route.
The route will help transport not only passengers from northern Quang Ninh province&rsquos Hon Gai town to Ho Chi Minh City but also hundreds of heavy trucks and container trucks on each trip.
Up to 51 per cent of the fund will be mobilized from bond issuance, 42 per cent from commercial loans and the rest from equity.
The Shipbuilding Science and Technology Institute said that once it is operational, the route will employ nearly 1,000 workers and contribute some VND270 billion to the state budget.
Vinashin has gained total revenues of VND8.7 trillion (US$543.7 million) since early this year, up 82.7 per cent on-year, state media said.
Vinashin will expand its operations to real estate, metallurgy, and enhance heavy ship building and repairing, CEO Pham Thanh Binh claimed, noting that it will invest US$4 billion for its business expansions from now to 2010.
The government of Vietnam has cut 10 per cent of public investment and VND10 trillion, or 25 per cent of G-bonds sources. (Investment)
Vietnamese
