Vietnam National Coal and Mineral Industries Group (Vinacomin) has recently said that the group’s deputy general director, Nguyen Van Binh, signed a decision on adjusting down the lending rate for internal short term loans whereby in comparison with the previous interest rate benchmark from May 1, 2012, the dong lending rate for internal loans of Vinacomin declined 2%.
Accordingly, from July 1, 2012, the short term lending interest rate in dong from the group’s idle capital source or from Vinacomin Finance Co was 12.5 percent per year.
Earlier, on May 1, 2012, Vinacomin also lowered the lending interest rate from 16 percent per year (applying from early September 2011) to 14.5 percent per year.
In another activity, on July 5, Australia and New Zealand Banking Group Limited (ANZ) Vietnam and Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) succeeded in issuing local bonds in dong (for the first phase) for Vinacomin. The raised capital reached 500 billion dong for 5-year tenor with floating coupon rate (the coupon rate for the first year is 14.5 percent per annum).