Vietnam bonds to fund 250-MW Sekamang 3, 180-MW Hua Na

Vietnam’s government said June 5 it completed plans for a US$1 billion international bond issue this year to finance investments including the 250-MW Sekamang 3 hydro project in Laos and the 180-MW Hua Na project in Vietnam.

The government said other investments to be funded by the bonds include refinery construction and a cargo ship purchase. (HNN 4/20/07)

The government is to sell sovereign bonds and re-lend the proceeds to Vietnamese companies. The bonds are to be issued in September with maturities of 15 and 20 years.

Included in the projects to be funded is the 250-MW Sekamang 3 hydropower plant being built in Laos by Song Da Corp. Last year, the Bank for Investment and Development of Vietnam agreed to lend 1.15 trillion dong (US$71.7 million) to the Vietnam-Lao Electricity Investment Development Joint Stock Co. to construct Sekamang 3 in Laos’ Sekong Province.

The Hua Na project is to be built in Vietnam’s Nghe An Province by state-owned firms Lilama and Petrovietnam at a cost of 4.33 trillion dong (US$269 million). The project is to go on line in March 2011.

Petrovietnam Insurance Corp. (PVI) said May 24 it plans to raise 751.4 billion dong ($46.7 million) in a June share sale to invest in hydro plant construction companies and to build oil tankers. PVI and Petrovietnam have become founding members of a company building several hydropower plants.

PVI is to sell 24.8 million shares to existing investors in a 2-for-1 plan, issue 270,100 shares to employees and auction 10 million to the public at the over-the-counter Hanoi stock market on June 26, Chairman Le Van Hung said.

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