The Vietnam National Coal and Mineral Industries Group (Vinacomin) has signed a credit contract worth US$20 million with the Mizuho bank of Japan.

According to Vinacomin, the amount will partially meet the group's plan to invest in various projects from now to 2015.

Vinacomin Deputy General Director Pham Bui Pha said the credit is not big but it shows the partner's confidence in the development of the industrial group.

The contract marks the beginning of cooperative relations between Vinacomin and Mizuho bank.

The group's demand for capital will be very large in the coming years, about US$1.5 billion a year. Vinacomin plans to work closely with credit organisations and banks to mobilise capital for its projects.