VietNamNet Bridge – The Vietnam Construction Import Export JS Corporation (Vinaconex) currently owes more than VND1.112 trillion (around $55.6 million).

According to Vinaconex’s financial report for the second quarter and the first half of 2012, this corporation owes banks over VND1.112 trillion, including around VND400 billion ($20 million) of short-term debt and VND712 billion (over $35 million) of long-term debt. For the long-term debt, around VND467.4 billion is foreign debt and nearly VND246 billion of domestic debt.

To deal with the debt, Vinaconex planed to withdraw capital from many companies and projects and sell the Cam Pha Cement JS Company.

Specifically, Vinaconex has decided to withdraw capital from the Vinaconex Viettel Finance JS Company, An Khanh New Urban Development Co., Ltd., Vinaconex Xuan Mai, Vinaconex Thanh Hoa, Vinaconex Hoang Thanh, Vinasanwa, Saigon Tay Bac, Vinaconex Dung Quat and some others.

According to the corporation’s report, its business was not good in the first half of 2012. It got loss of VND757 billion ($37.7 million).

It is rumored that Vinaconex wanted to sell the Cam Pha Cement JS Company to the Vietnam Cement Industry Corporation (Vicem) but this affair has not been confirmed by both sides.

There are two shareholders in Vinaconex, the Army Telecom Group (Viettel) and the State Capital Investment Corporation (SCIC). Viettel holds 21.28 percent of shares while SCIC owns 57.59 percent. Based on the current price of Vinaconex shares (VND10,500/share), Viettel’s capital in Vinaconex is estimated at VND990 billion ($49.5 million) and SCIC has around VND2.68 trillion ($134 million).

Han Phi