Vietnamese shipbuilder defaults on loan

Nearly-bankrupt Vietnamese shipbuilder Vinashin has defaulted on a loan to international lenders, a report said on Friday, in a move that could further damage the country's economic stability.
Investors and analysts fear the scandal at Vinashin, whose debts exceed $US4 billion ($A3.99 billion), is symptomatic of wider problems at state-owned firms, and ratings agencies have cited its troubles in downgrading Vietnam's sovereign ratings.
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Source: Ninemsn