The Highway 5. Ha Noi will issue bonds to raise money to extend this road. — Photo haiphong.gov.vn

HA NOI (Biz Hub) ─ The capital city will issue bonds worth VND3 trillion (US$142.86 million) later this month to raise funds for its traffic infrastructure development from 2014 to 2015.

Dao Thai Phuc, director of the State Treasury's Ha Noi unit, announced this on Wednesday, saying the bonds would be auctioned on the Ha Noi Stock Exchange and underwritten by securities companies, commercial banks and other authorised financial institutions.

The bonds will have a fixed interest rate during the period. The money to be raised will be used to fund some of the city's key traffic projects, including belt roads No. 1 and No. 2 and the extension of Highway 5, all to be completed by the end of next year.

Phuc said his agency would closely control financing to guarantee efficiency and punctuality in the projects' implementation. — VNS