Municipal authorities in the central city of Da Nang plan to raise 1,100 billion VND (52.3 million USD) by issuing bonds this year for its key infrastructure projects.

The announcement was made at a conference on local authority bonds held on October 1 by the Hanoi Stock Exchange and Da Nang People's Committee.

According to the committee's standing vice-chairman Vo Duy Khuong, the purpose of bond issuance is to mobilize capital for socio-economic development in the city.

The projects in need of funding from bonds include Rong (Dragon) Bridge, Nguyen Van Troi – Tran Thi Ly Bridge, the High-tech zone, and Hoa Xuan Stadium.

One bond is scheduled to hold a value of 100,000 VND (4.76 USD) and will mature in five years. Interest rates on bonds will be regulated according to Circular 81/2012/TT-BTC, issued by the Ministry of Finance.

The Hanoi Stock Exchange is expected to hold a bond auction for Da Nang city on October 90-VNA