Vietnam Sets up Vinacomin Financial Firm

The Vietnam Coal and Mineral Industries Group (Vinacomin) has received license from the State Bank of Vietnam to establish its financial arm.

 

Accordingly, the Vinacomin Finance Company (Vinacominfc) will operate as a one-member liability company.

 

Vinacominfc has VND300 billion ($18.8 million) in chartered capital and a lifespan of 50 years.

 

The Hanoi-based company will implement activities such as receiving deposits, issuing bills, bonds and all debt papers, borrowing capital from domestic and foreign financial organizations; and receiving entrusted capital from the government, organizations and individuals.

 

Furthermore, the firm will carry out lending capital, lending money in installment, discounting and mortgaging commercial papers, bonds and other valuable papers, implementing professional guarantee and opening accounts. (Vietnam Economic Times, New Hanoi)