Mizuho bank gives DPM 20m USD lifeline

Mizuho Corporate Bank Ltd (Mizuho) has extended PetroVietnam Fertiliser and Chemicals Corp (DPM) a 20 million USD line of credit to import fertilizer and raw materials for the Phu My fertilizer plant.

The deal will help the DPM expand its fertilizer production.

Other terms of the deal, including the interest rate and grant period, were not disclosed to the public.

The Tokyo-based bank said the credit would contribute to Vietnam’s agriculture sector in particular and the relationship between Vietnam and Japan in general.

The DPM, a member of the Vietnam National Oil and Gas Group, is the nation’s major urea fertilizer producer, supplying 40 percent of the total domestic demand.

Mizuho has had a branch in Hanoi since 1996 and a HCM City branch since 2006./.

VNA

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