Citibank to inject cash into Vinalines’ growth plans

Citibank to inject cash into Vinalines’ growth plans Citibank on Friday signed a deal to lend $130 million to Vietnam National Shipping Lines (Vinalines) to develop its fleet and ports in the country, Thanh Nien News reported.
   According to the article, 'Vinalines has plans to double its fleet by 2010, becoming one of Southeast Asia's leading maritime groups with annual revenues of $1.25 billion. It is also engaged in a series of port construction projects across the country. One of them is a $637 million complex with facilities for oil and gas services in the southern Vung Tau province for which it has formed a joint venture with a state-run giant.'
   That project is expected to begin later this year.
   The report also said Vinalines is considering tying up with international partners — including Japan's Sumitomo and Belgium's Port of Zeebrugge — to develop a mammoth port complex each in Khanh Hoa province and Hai Phong.