Latest developments of Vinashin's US$600 million debt
By Dang Linh
September 20, 2017 | 07:44 AM GMT+7
Techcombank recently appeared as a beneficiary of a financial instrument issued by the Debt and Asset Trading Cooperation (DATC) to restructure SBIC's debt (formerly known as Vinashin).
Source: SBIC
By the end of 2015, DATC issued promissory notes to repurchase bonds that worth US$191.8 million. This was a part of bonds issued by DATC in 2013 to restructure the US$600 million - debt of the Shipbuilding Industry Corporation (SBIC), formerly Vinashin.
These promissory notes were guaranteed by the government, including US$134.2 million - original promissory note and 10 promissory notes of which each valued at US$9.4 million.
According to the terms of the issue, within the first year since November 10, 2015, DATC had to pay VND422 billion (roughly US$18.5 million) and from the second to 10th year, this amount is VND4.703 billion (about US$207 million).
However, until June,2017, DATC has not paid the first year amount to Techcombank.
Earlier, DATC said that by the end of 2016, they and SBIC had not yet signed a debt agreement which had result from issuing bonds to restructure SBIC's US$600 million loan.
Under a government-approved scheme, DATC issued US$626.8 million-international bonds at the end of 2013 to convert US$600 million of SBIC debt. The new bonds have a term of 12 years with the interest rate of one per cent per annum and it is paid at the maturity date. The bond is guaranteed by the government and is listed on the Singapore Stock Exchange.
With the issuance of the draft, the value of these bonds is US$435 million.
Doan Van Binh, Chairman of CEO Group and Vice President of the Vietnam National Real Estate Association, introduced his latest book, “Vietnam Real Estate for Foreigners,” at a launch event in Hanoi on Friday.
Acting for increased women’s participation and leadership in climate action, Vietnam can accelerate a transition that is more inclusive, just, and impactful.
The "Steam for girls 2024" competition provides a creative platform for Steam and an opportunity for students to connect with peers from various regions within Vietnam and internationally.
The Politburo on Wednesday supported a plan to invest in a high-speed railway along the country’s North-South axis, marking a crucial step for the multi-billion-dollar project aimed at boosting economic growth and infrastructure development.
Vietnam's electric vehicle market, holding just 15 per cent of the automotive market share, shows promise but faces significant challenges in scaling up due to infrastructure and regulatory obstacles.
