Governmental bonds worth of $1 bil. to be issued in 2007

VNGOP – The Government has just issued Decree 07/NQ-CP approving the issuance of the Governmental bonds on the international market in 2007. These bonds are worth of US$ 1 billion and valid for 15-20 years.

June 06, 2007 7:56 AM GMT+7

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The issuance aims to help the Vietnam Oil and Gas Group (PetroVietnam), Vietnam National Shipping Lines (Vinalines), Sông Đà Corporation and Lilama Corporation in realizing the projects: Dung Quất Oil Refinery, purchase of transport ships, Xê Ca Mản 3 and Hủa Na Hydroelectric Plants.

The Finance Minister (or his authorized representative) was entrusted to sign legal documents relating to the issuance under international terms and practice. He also has power to decide all terms and conditions of the bonds. The issuance must be conducted in 2007.

The Ministry of Justice shall function as Vietnam's legal consultant in this work.

After issuing bonds internationally, the Ministry of Finance shall review and report to the Government; collaborate with the relevant ministries and sectors in directing PetroVietnam, Vinalines, Sông Đà Corporation and Lilama to set up their plans for fruitful use of capital and debt payment.

The State Bank of Vietnam, Ministry of Planning and Investment and other related agencies shall provide the Ministry of Finance with necessary figures for the Handbill on International Bond Issuance 2007.

By Xuân Hồng