Vinacomin Signed Credit Contract with Japan's Bank

The Viet Nam National Coal and Mineral Industries Group (Vinacomin) has signed a credit contract worth US$20 million with the Mizuho bank of Japan.

According to Vinacomin, the amount will partially meet the group’s plan of investing into various projects from now to 2015. Vinacomin Deputy General Director Pham Bui Pha said the credit was not big, but it demonstrated the partner’s confidence in the development of the industrial group. The contract marked the beginning of cooperative relations between Vinacomin and Mizuho bank, Pha said, expressing hope that cooperation between the two sides would further develop.

The senior executive also noted the group’s demand for capital will be very large in the coming years, about US$1.5 billion a year. Vinacomin plans to work closely with credit organizations and banks to mobilize capital for its projects.