June 17, 2008

Vietnam's Minh Phu Seafood delays issuance of VND300 billion bonds

Minh Phu Seafood Corporation (MPC), Vietnam's biggest shrimp exporter has delayed the issuance of VND300 billion (US$18.8 million) worth of non-convertible corporate bonds.

This is the second tranche of Minh Phu's issuance of the total VND500 billion (US$31.3 million) in corporate bonds so far this year, the Vietnam Economic Times reported.

The central bank had applied the tightened monetary policy in order to tame inflation since the beginning of this year.

Many commercial banks in Vietnam offering deposit rates of up to 18 percent per annum after the central bank's decision to raise the base interest rate to 14 percent have hindered the firm's issue of corporate bond, the report said.

The issue underwriter and MPC have agreed to select more proper time to issue the remaining VND300 billion bonds.