Mizuho Corporate Bank and DPM signs 20 million USD credit agreement

VNStockNews - In Ho Chi Minh City, Mizuho Corporate Bank Ltd. (Mizuho), the second largest bank in Japan, and PetroVietnam Fertilizer and Chemicals Corporation (DPM) have signed a credit agreement to facilitate fertilizer production and trading activities.

Under the agreement, Mizuho will provide credit line of 20 million USD to finance for DPM’s import of fertilizer and raw materials for the Phu My fertilizer plant, which will support DPM to expand its fertilizer production.

Mizuho says that this credit facility enables its contribution to the development of Vietnam agriculture sector in particular and the relationship between Vietnam and Japan in general.

DPM, a member of Vietnam National Oil and Gas Group, is the major urea producer in Vietnam with production capacity satisfying 40% of the total urea domestic demand. DPM provides a sufficient and reliable source of urea supply, makes great contribution to the stabilization of domestic fertilizer market and creates a solid foundation for the country’s agriculture development.

Mizuho have the long experience in Vietnam with the establishment of Mizuho Corporate Bank, Ltd.-Hanoi Branch in 1996 and Ho Chi Minh Branch opening in 2006.