Thanhnien News reported that Vietnam Shipbuilding Industry Group will complete a total of 64 ships as it strives to regain its prestige and brand.

Vinashin said that the group handed over 22 ships worth USD 241 million in the first 8 months of 2010 and it will complete 42 more ships by the end of 2010. It added that "The group is step by step regaining its brand position among domestic and international customers as well as earning back the trust of the ruling Communist Party and the people."

The Financial Times reported that Vinashin failed to meet an extended deadline to make a USD 60 million loan payment to foreign creditors. According to Moody's Investors Service, Vietnam and its state backed companies will face greater difficulties borrowing money after the reports of the default.

Vietnam News Agency quoted Mr Nguyen Ngoc Su chairman of Vinashin as saying that Vinashin is certain that a company restructuring will allow it to raise capital to pay back the debt in a year.

Mr Ngoc said that the group expects to earn around VND 23 trillion from selling 216 affiliates, while the completion of ships and the sale of shares in several company units will generate further capital.

The government said that Vinashin had debt of about VND 86 trillion as of June 2010.

(Sourced from Thanhnien News)