Business

PVFC provide risk insurance for foreign currency borrower

The PetroVietnam Finance Corporation is working with Morgan Stanley Group on the provision of derivative insurance services to limit risks to customer who borrow foreign currency.
The PetroVietnam Finance Corporation (PVFC) is working with MorganStanley Group on the provision of derivative insurance services to limitrisks to customer who borrow foreign currency.

According to Nguyen Thien Bao, General Director of PVFC, in the contextof fluctuating USD / VND exchange rate at present, PVFC will focus onproviding short-term contracts with fixed interest rate to reduce risksfor both sides.

At present, PVFC is working to arrangealmost 4 billion USD for the national key projects of the oil and gasindustry such as Vung Ang Thermal Power Plant, Long Phu Song Hau ThermalPower Plant, Thai Binh 2 Thermal Power Plant, O Mon Gas Pipeline - LotB.

In the third quarter, PVFC expects to signcontracts with the International Swaps and Derivatives Association(ISDA), which has 820 members in 57 countries participating in thederivatives market, as the basis for implementation of specificderivative contracts in the coming time./.
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