Identifying quality, in-depth investment and human resources as key to integration and development, the Vietnam National Coal - Mineral Industries Holding Corporation Limited (Vinacomin) has been determined to make further development steps toward new heights in national industrialisation and modernisation.
Joining hands with Japanese partner
On July 22nd, the senior delegation of Marubeni Corporation headed by Mr Fumiya Kokubu, President& CEO of Marubeni, paid a working visit to Vinacomin. The delegation was warmly received by President and CEO Le Minh Chuan. Marubeni Corporation is the one of Japan's major integrated trading and investment business
Mr Le Minh Chuan reported the general situation of production and trading of Vinacomin in 2012, the first 6 months of 2013 and the development for the following years. Currently, Vinacomin produces and trades not only coal but also various products in 5 sections such as minerals, electricity, chemical, mechanic, etc. In 2013, Vinacomin plans to consume 39.5 million tonnes of clean coal, of which coal export is 14 million tonnes. Despite facing too many obstacles due to impacts of economic crisis, Vinacomin has still maintained stable production.
Mr Fumiya Kokubu highly appreciated the achievements of Vinacomin in recent years. He hoped that with the good results of cooperation which two parties have reached, in the future, Marubeni and Vinacomin will become the long-term strategic partners of each other.
"In the next time, Marubeni will research, propose to expand cooperation with Vinacomin in areas such as investment for coal and minerals production, power, chemical, specialized technical equipment" said Mr Fumiya Kokubu.
According to Mr Le Minh Chuan, following this meeting, the two sides would sign an MoU in each specific area of cooperation to achieve greater efficiency.
"The Deals of the 2012"
At the 7th annual Trade Finance Asia - Pacific Awards Ceremony held on July 3 in Singapore, Vinacomin was awarded "The Deals of the 2012" by Trade Finance Magazine's Deals of the Years (ECA - Backed Finance) recognising innovation and achievement in the global trade finance market.
Deputy General Director of Vinacomin Nguyen Van Bien representing Vinacomin received the award ECA - Backed Finance for contract US$300 million credit loan to finance the construction of bauxite mining and alumina project in the Central Highlands province of Lam Dong, Vietnam.
The 13-year and 3 month loan has been guaranteed by the Vietnamese Ministry of Finance and insured by the Japanese agency Nippon Export and Investment Insurance (NEXI). Under the terms of the agreement, Citi is the sole NEXI co-ordinator and the Joint Lead Arranger together with Mizuho Corporate Bank, Ltd, Sumitomo Mitsui Trust Bank Limited, and the Bank of Tokyo - Mitsubishi UFJ, Ltd.
This is the first bauxite and alumina project ever undertaken in Vietnam, and it is critical to the development of these resources in the country for sales to domestic and export markets, and for the socio-economic development of the Central Highland region. The financing deal marks the first time that NEXI has provided untied loan insurance for a bauxite and alumina project.
Mr Le Minh Chuan said: "The US$300 million loan agreement is the largest agreement ever for Vinacomin. This financing is particularly meaningful as it will be used to finance Vinacomin's Lam Dong Bauxite - Alumina Complex Project, an important national development with direction and support from the Government. The loan will have a significant impact on the success and effectiveness of the project."
Trade Finance Magazine is a prestigious financial magazine located in Nestor House, Playhouse Yard, London EC4V 5EX (UK), specializing in financing international trade, structured trade finance, commodities and supply chain.
Minh Nghia - Huong Ly
Vietnamese
