Vietnam's Vinacomin plans $500 mln overseas bonds

TN News

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Vietnam's state-run Coal and Mineral Industry Group plans to sell US$500 million of bonds overseas this year to support major mining projects.

The Hanoi-based group has submitted the plan to the government for approval, Chief Executive Officer Tran Xuan Hoa said on Thursday.

"We are making preparations so that we can issue the bonds as soon as possible if we receive the government's approval," he said, adding that once the approval came through, it would take about three months to issue the bonds.

He did not know when the plan might win approval and the company was still considering where to sell the bonds. "We have reported to the government and we are waiting," he said.

Funds raised from bond sales would be used for mining projects, including coal, bauxite and titanium, Hoa said.

Vinacomin was considering issuing bonds with the government's guarantee or on its own, he added.

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