BIDV Signs Credit for Oil, Chemical Tankers

The Bank for Investment and Development of Viet Nam’s Hai Phong branch has signed a credit guarantee with Pha Rung Shipbuilding Co for the construction of four oil and chemical tankers on behalf of South Korea’s Fortune Marine Co. The bank will guarantee repayment of loans to build four tankers, worth $42.3m. The bank last year also signed a credit guarantee with Pha Rung for the building of an oil and chemical tanker for South Korea’s YN Shipping. Pha Rung said it would deliver a number of new vessels this year and has competed repairs and maintenance on a number of vessels. (Source: Viet Nam News)