Vietnam chemical giant calls for gov’t help with $125mn Chinese loan

CVD

TUOI TRE NEWS

Updated : 07/05/2017 20:04 GMT + 7

When its fertilizer plant funded by Chinese bank loans was bogged down by losses, state-run Vietnamese chemical giant Vinachem immediately turned to the government for help, instead of seeking solutions to revitalize the loss-making project.

In 2007, Vinachem closed a US$250 million loan deal, mature in 15 years, with China Eximbank to finance the construction of its nitrogenous fertilizer plant in the northern province of Ninh Binh.

As of March 2017, the state-run chemical giant had made seven payment installments worth a combined $87.5 million.

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