3:26:35 PM | 7/8/2005
The Vietnamese government will issue education bonds worth VND1,500 billion (US$95.5 million) in 2005 to raise money for school construction and upgrade underprivileged areas; especially replacing makeshift classrooms in mountainous, central highlands and poor provinces with permanent buildings.
Under Decree 42/2005/ND-CP issued on March 29, the government assigned the Ministry of Finance (MoF) to decide the time of issuance and the interest rate of the bonds.
The government mobilized VND2.44 trillion (US$158.1 million) from the first education bonds, which were issued on May 5 last year (2003). The bond has a term of five years and interest of 40 per cent will be paid upon maturity.
Vietnamese
