Vinashin's long shadow across Vietnam

Vietnam's debt-repayment credibility is called into question thanks to Vinashin's troubles, which may include not being able to repay a loan instalment due this week.

Vietnam's credibility is literally at sea, thanks to state-run Vietnam Shipbuilding Industry Group, better known as Vinashin, which has been lurching from high-profile drama to drama, like a bad soap opera. First, former Vinashin president and chairman Pham Thanh Binh was arrested in July. And, by September, six Vinashin officials had been detained.

The latest news is that Vinashin reportedly asked for a deferral of a $60 million repayment due Monday, the first instalment on a $600 million loan arranged by Credit Suisse in 2007. This came after the chairman of Vinashin signalled last week in the local press that the company was not going to be able to find the money to make...

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