The issue would be made in the fourth quarter and be for maturities of 15 and 20 years.

The government would re-lend the proceeds to Vietnamese companies.

The funds will help PetroVietnam build the $2.5 billion Dung Quat oil refinery, the country's first; the country's top shipping firm, Vinalines, buy cargo vessels; and Song Da Corp. build the Sekaman 3 and Hua Na hydroelectric power plants.

The Ministry of Finance originally planned last year for a $500 million bond issue.

In October 2005, when Vietnam came out with its first dollar bond issue, the size was upped from $500 million to $750 million after building an order book of $4.5 billion.

The January 2016 bond was sold to yield 7.125 percent. Credit Suisse First Boston was the sole bookrunner.

In March ratings firm Moody's upgraded its outlook for Vietnam's foreign-currency bonds to positive from stable, while Fitch Ratings assigned BB- for Vietnam's long-term foreign currency Issuer Default with a stable outlook.

Reported by M.Q. – Compiled by Dong Ha