Chinese bank to fund shipyard expansion

Vietnam will get soft loans from the Eximbank of China to expand a shipyard and build a thermal power plant, the government said earlier this week. The loans will be used to expand the Dung Quat Shipyard in the central Quang Ngai Province and to build the Mao Khe thermal power plant in the northern Quang Ninh Province, a government statement said.
Deputy Prime Minister Nguyen Sinh Hung had included the shipyard and the power plant in the list of projects funded by the China Export Import Bank in an agreement signed last October.
The government said it has assigned the Ministry of Finance to instruct the Vietnam Shipbuilding Industry Group (Vinashin) and the state-run Vietnam Coal-Mineral Industries Group to complete documentation for obtaining the loans.
Further details on the loans have not been provided.