mai hien

Tuesday, 16 July 2019 07:43

US$577 million was allocated to infrastructure construction and US$98 million will be used to finance the commercial operation.


Hanoi city plans to borrow over VND2,300 billion (US$98.35 million) from the Vietnamese government to soon put the long-delayed Cat Linh - Ha Dong Railway project into operation.
The railway project was approved since 2008, with an initially-approved cost of VND8.77 trillion (some US$376.4 million at current exchange rate). However, the project has undergone overruns of VND9.23 trillion (US$396 million) to a total cost of VND18 trillion (US$868 million at previous exchange rate). Of the total, US$669 million was sourced from Chinese ODA and the rest was Vietnam's counterpart fund.

Of this amount, US$577 million was allocated to infrastructure construction and US$98 million will be used to finance the commercial operation. 

The US$98-million loan will be used to purchase automatic ticket controllers, equipment for train maintenance, locomotives, and cover training and technology transfer.

A report from the Hanoi People's Committee said that central agencies have agreed to authorize the Railway Project Management Board to sign an agreement to borrow the amount from foreign sources with the interest rate of 4% per year.

If failing to pay the debt on time, the borrower must pay the penalty of late payment equal to 150% re-lending interest rate applicable to the overdue days. Loan principal and debt interest will be paid every six months.
Monday, 08 July 2019 03:17

The Vietnam National Shipping Lines (Vinalines) will delay its annual shareholders’ meeting until July 29, one month later than expected.


This delay is due to the amending of the Ministry of Finance’s Circular 34/2019/TT-BTC guiding the initial sale of shares and managing the proceeds from the equitisation of enterprises, which will officially take effect on July 29, 2019.


The corporation must wait until the circular takes effect to meet the provisions of the Government’s Enterprise Law and Decree No. 126/2017/NĐ-CP on transforming State enterprises and one member limited companies into joint stock companies.


This is the third time Vinalines has had to change the time of its first shareholders' meeting to officially switch to a joint stock company model. The meeting was originally set for the first quarter of the year, and then moved to June 24.


To prepare for the equitisation process, Vinalines has organised two share offerings.The initial public offering session attracted 42 investors who registered to buy 5,439,800 shares (accounting for more than 1.1 per cent of the nearly 490 million shares offered for auction). At the second negotiation session, the number of shares offered by Vinalines is more than 483.3 million.

Wednesday, 03 July 2019 02:39

The dire string of gantry crane collisions witnessed over the past two years continues with news from Vietnam where a Hapag-Lloyd boxship remains at anchor following a port smash 15 days ago.

The 8,600 teu Nagoya Expresas was leaving Hai Phong International Gateway Port (HITC) in the north of Vietnam on the afternoon in stormy conditions and its bow swiped a gantry crane, which local port authorities say is worth $5m.

The crane has been put out of action, with supports placed at its base to keep it upright (see picture).

The pilot involved in the accident has been suspended while investigations continue.

With quay cranes tumbling around the world in recent months insurer TT Club last November urged port operators to install laser sensor technology to avoid costly accidents.

TT Club claims analysis continue to flag quay crane issues as giving rise to the highest cost incidents for ports and terminal operators. Remarkably as of last November TT Club had handled 325 cases of crane collisions in the previous 10 years.
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