HCM City plans to issue VND 3 trillion of bonds  to invest in the city's 60 projects.—Photo bizlive.vn

HA NOI (Biz Hub) — HCM City People's Committee is planning to issue bonds worth VND3 trillion (US$142.8 million) in 2014 to supplement the budget for development projects in the city.

The committee sent the proposal to the People's Council recently, adding that the money collected from the bond issue will be used for 60 projects which were approved by the council in December 2013.

The issue will be divided into two phases in August and September 2014 with VND1.5 trillion ($71.4 million) each. Each bond will be valued at VND100,000 ($4.7) in three different terms: 3 years, 5 years and 10 years.

On July 11, the State Treasury sold VND5.95 trillion ($283.3 million) of government bonds out of VND7 trillion ($333.3 million) auctioned at the Hanoi Stock Exchange (HNX) at yields from 5.37 per cent to 6.94 per cent. Since early this year, the State Treasury has sold a combined VND126.6 trillion ($6 billion) worth of government bonds. — VNS