Vietnam Vneco raises 500 bln dong in bond sale

HANOI, Oct 1 (Reuters) - Vietnam power plant builder Vneco VNE.HM said on Monday it had sold 500 billion dong ($31 million) of corporate bonds to fund a business expansion.

Vneco told the the Ho Chi Minh City Stock Exchange .VNI it sold the Sept. 28, 2012 unsecured bonds to six institutional investors at par with a fixed coupon of 10.15 percent per year.

The company did not give details of how it would invest the proceeds.

Shares in Vneco, the shortname for Vietnam Electricity Construction Corporation, rose 4.55 percent to close at 57,500 dong ($3.56) on Monday, valuing the firm at $114 million. ($1=16,163 dong)