Vietcombank sells Vinalines debt

Vietcombank sells Vinalines debt

Hanoi: Vietcombank has sold off the $19m debt of Vietnam National Shipping Lines (Vinalines) to Vietnam Debt and Asset Trading Corporation (DATC).

Vinalines borrowed the loan from Vietcombank for a vessel acquisition in 2007, however it failed to repay the loan due to financial difficulties.

In order to support Vinalines’ restructuring plan and help banks and creditors revoke loans from the company, the government has assigned DATC to buy the debt from Vinalines. [05/11/14]