Vietnam builder plans $700 mln overseas bonds

TN News

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A road and bridge builder could become the first Vietnamese company to issue overseas bonds as it plans to raise US$700 million to fund several projects, a local newspaper said Thursday.

The Ho Chi Minh City government has sought Finance Ministry guidance on procedures for BOT Phu My Bridge Joint Stock Co to issue bonds overseas, Tuoi Tre newspaper reported.

The HCMC-based company had approached the city government to ask for a government guarantee so it could raise funds for the construction of two bridges and a city tram system, Tuoi Tre said.

It was not clear when the company wanted to sell the bond.

Vietnam has tapped overseas capital markets with two sovereign bonds worth a combined $1.75 billion, the latest in January, a 10-year issue worth $1 billion.

State oil and gas group Petrovietnam was working on a project to sell $270 million in bonds overseas, its finance arm said in January.

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