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Vietnam's Agribank to raise 5 trillion dong in bonds

Vietnam Bank for Agriculture & Rural Development, or Agribank, will issue 5 trillion Vietnamese dong worth of bonds, Viet Nam News reported Aug. 12, citing a bank representative.

The bank will issue five million bonds with a tenor of seven years.

Proceeds from the issuance will be utilized to increase the lender's long-term capital, as well as to hike its Tier 2 capital.

Further, the Vietnamese bank is expected to book a pretax profit for the year ending Dec. 31, 2019, of at least 10 trillion dong, up 32.9% year over year.

As of Aug. 12, US$1 was equivalent to 23,245 Vietnamese dong.