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Updated Wednesday, February 3, 2010 11:24 am TWN, AFP

Vietnam raises US$1 billion in global bond issue: govt

HANOI -- Vietnam said it has raised one billion dollars after tapping the global bonds market for only the second time as the government tries to plug a massive budget deficit and temper inflation. “The issuance was successful,” the Ministry of Finance said in a statement late Monday. Some of the money will go towards the national budget and the rest will go to state projects including the Dung Quat oil refinery, the state Vietnam News reported on Tuesday.

The 10-year bonds were issued with a coupon of 6.75 percent and entered the market with a yield of 6.95 percent, said Deputy Minister of Finance Tran Xuan Ha, who led an international roadshow to promote the bonds.

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