Vinashin May ‘Jeopardize’ Vietnam Debt, Moody’s Says
This article is for subscribers only.
Vietnam and its state-backed companies will face greater difficulties borrowing money after reports Vietnam Shipbuilding Industry Group defaulted on a loan, according to Moody’s Investors Service.
Vinashin, as the shipbuilder is known, failed to meet an extended deadline to make a $60 million loan payment to foreign creditors yesterday, the Financial Times reported, citing unidentified people familiar with the situation. Vinashin Chairman Nguyen Ngoc Su declined to comment when contacted on his cell phone by Bloomberg News today.