Vietnam BIDV Okayed to Issue VND3T Long-term Bonds in 2009
The State Bank of Vietnam (SBV), the country’s central bank, has given an approval to the Bank for Investment and Development of Vietnam (BIDV), the second biggest state-owned bank by assets, to issue VND3 trillion (US$177.1 million) in long-term bonds this year.
The dong-denominated bonds will have a term of more than 10 years, the central bank said.
The interest rates of the debts will be decided in accordance with regulations of the SBV, the central bank noted, without giving any further details.
Earlier this year, BIDV was also allowed to issue VND9 trillion in bonds and long-term certificates of deposits to fund its lending activities.
The Hanoi-based bank is now lending to a large number of power and property projects. Earlier this year, it unveiled plans to allocate VND35 trillion for housing development programs and VND70 trillion of soft loans to local businesses in 2009.
So far, more than 20 banks have registered to issue long-term bonds, according to the State Bank’s Monetary Policy Department. (SBV, Labor)
Vietnamese
