A loan contract to this effect was signed in Hanoi on March 29 by representatives from JBIC, the Sumitomo Mitsui Banking Corporation and Vinacomin.

At the signing ceremony, a Sumitomo Mitsui Banking Corporation’s representative said this was the first line of credit granted as part of the JBIC’s energy and resources funding programme for high-quality coal trading.

Vinacomin General Director Tran Xuan Hoa affirmed that this was also the first-ever funding that Japan has provided to Vietnam’s coal projects.

The group pledged to continue providing 1-2 million tonnes of high-quality coal to Japan each year, he said, adding that the quality and quantity of coal will be raised as of 2010.