Vinashin Gets $200M Loan for Expansion

Fortis Bank will provide as much as $200 million in credit to Vietnam's biggest shipbuilder Vinashin to finance expansion, according to wire reports. The unlisted state-controlled company aims to invest around $1 billion to upgrade and expand its shipbuilding and repair yards. In May this year, Vinashin won a $322.5-million contract to build 15 freighters for Graig Investment Co, a British firm, and is negotiating for another 8. The company, which is capable of building oil tankers with a gross weight of 100,000 tons, is aiming for annual revenue of more than $5 billion by 2010.