The Asian Development Bank Monday agreed to provide Vietnam with a $630 million multi-tranche financing facility to improve the country\'s state-owned enterprises.
The first tranche of $130 million will support the restructuring of the Song Da group of companies, which are involved in several infrastructure-related business segments, and the Southern Waterborne Transport Corporation, which provides logistics services, the ADB said.
The ADB said the financing facility must be utilized by December 2015, but didn\'t say when the first tranche will be made available.
"With this facility, we hope to help restructure several general corporations to become subgroups of companies that can operate independently, secure financial resources from the capital markets on their own without relying on the government, and meet all the conditions for eventual listing," said ADB Country Director for Vietnam Ayumi Konishi.
Source: Dow Jones