Vinalines is facing with the task of repaying VND11 trillion to credit institutions. It expects the Government to allow DATC to buy the debts. — Photo turbotax.intuit.com

HA NOI (Biz Hub) — The Vietnam National Shipping Lines (Vinalines) has said that the Debt and Asset Trading Corporation (DATC) should be allowed to buy its debts from 22 credit institutions.

Vinalines has proposed to the Government and the ministries of Transport and Finance that the debts could be bought at a discounted rate as per the nature of each debt.

If the proposal is approved, DATC will be the new owner of Vinalines' debts, instead of banks. The funds that Vinalines will need to pay the DATC will come from its divestment from 37 businesses.

If Vinalines fails to clear all debts, DATC will have the right to convert the debts into contributions of capital at Vinalines' companies with an appropriate ownership rate.

A Vinalines leader told the Saigon Economic Times that if Vinalines' proposal is accepted, the Government would not have to consider issuing of guaranteed bonds to resolve the debts.

It has been reported that Vinalines has to repay VND11 trillion, or US$523.8 million, to credit institutions. — VNS