Debt weighs heavy

Vietnamese national shipowner Vinalines is facing difficulty repaying debt to 24 banks.

This is according to a Vinalines official cited by Vietnam News.

The company owes VND 11 trillion ($516m), with half of the lenders based overseas.

VietinBank is owed VND 2 trillion, with Vietnam Development Bank, Asia Commercial Bank, Ocean Bank and Vietcombank also on the list of creditors

France’s Natixis is the biggest overseas creditor, with a debt of VND 1 trillion.

The company has been hit by investigations into fraud by top executives as it racked up big borrowings in the financial crisis.

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