Vietnam has slashed its newbuilding budget amid global shipping slump.
The Ministry of Transport said the new investment figure has been cut from VND 100 trillion (about $4.8bn) to VND 68 trillion up to 2020.
Deputy minister Nguyen Hong Truong said Vietnam's shipping industry has taken a hit from the global crisis.
The country's state-owned shipping company Vinalines has agreed with the budget cut.
Published : November 26, 2012
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