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  Banking Finance

Viet Nam�€™s leaders, people buy Govt bonds

Almost VND105 billion (US$6.7 million) and $2.2 million worth of Government bonds were sold on the first two days they went on sale, said State Treasury General Director Pham Sy Danh. The State Treasury began issuing bonds on Thursday in both dong and US dollar denominations which will be used to fund key irrigation and transport projects.

Communist Party General Secretary Nong Duc Manh, President Tran Duc Luong, Prime Minister Phan Van Khai, and other Party and State leaders were among the first to buy the bonds at their places of work. The Government expects to raise approximately VND8.2 trillion ($521million) and $50 million by selling bonds through December, Danh said.

Between October and December last year the Government sold VND4.5 trillion ($289 million) and $33 million worth of bonds. More than $225 million of which has already been spent on major transport and irrigation projects. The remainder will be disbursed completely by May 2004.

These sales are part of the VND63 trillion, or $4 billion, worth of bonds that are expected to be sold between now and 2010.

HCM City was the biggest buyer of bonds with more than VND9.6 billion and $542,000 sold in the past two days. It was followed by Ha Noi with nearly VND9.1 billion and $1.2 million.

A single buyer in HCM City bought $150,000 worth, and two others in Ha Noi bought VND2 billion and $100,000 respectively.

The bonds will have terms ranging from 5 to 10 years with an annual maturity rate of 8.5 per cent for bonds in Vietnamese dong and 3.5 per cent for bonds in US dollars.

Among the projects funded by the initiative are the Ho Chi Minh Highway and the resettlement of indigenous peoples to make room for the Son La and Na Hang hydro-electric plants.

An estimated VND1.5 trillion from the bonds will be allocated for the resettlement of residents moved from national construction sites.

VNCG-VDC1 - (19/04/2004)

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