Vinfast signs 950 million USD agreement for machinery

VinFast Trading and Production Limited Liability Company (VinFast) has entered into a 950 million USD financing agreement guaranteed by Euler Hermes and the German Export Credit Agency (ECA) to support the country’s first automotive and motorcycle manufacturing complex, Vinfast announced in its press release.

Thursday, October 11, 2018 14:47

Vinfast signs 950 million USD agreement for machinery ảnh 1

Representatives of Vinfast and Euler Hermes shake hands at the signing ceremony (Photo: Vingroup)

Hanoi (VNS/VNA) - VinFast Trading and Production Limited Liability Company (VinFast) has entered into a 950 million USD financing agreement guaranteed by Euler Hermes and the German Export Credit Agency (ECA) to support the country’s first automotive and motorcycle manufacturing complex, Vinfast announced in its press release.

The complex, Vinfast’s primary manufacturing base, is located in the Dinh Vu - Cat Hai industrial park in the northern port city of Hai Phong.

The agreement is also supported by Credit Suisse AG (Credit Suisse) and The Hongkong and Shanghai Banking Corporation (HSBC). Credit Suisse and HSBC are the Joint Mandated Lead Arrangers of this guaranteed term loan.

This landmark transaction is the first ECA-supported facility extended to a private sector company in Vietnam, further enhancing Vingroup’s track record of pioneering international capital markets transactions.

The financing package is an up to 12-year 950 million USD Hermes-covered Buyers’ Credit facility for the payment of machinery and equipment from nine German suppliers. The loan allows for an extended tenor and large financing amount at a highly competitive pricing.

Le Hoai Anh, Managing Director, Investment Banking and Capital Markets, Credit Suisse, said: “Credit Suisse is pleased to jointly lead and arrange this significant transaction for VinFast. The capital raised through this financing supports VinFast on its inspiring journey to position itself as a global automotive manufacturer.”

Pham Hong Hai, CEO of HSBC Vietnam, said: “We are proud to be part of this landmark deal with VinFast to support their journey to introduce the first made in Vietnam cars.”

In August 2018, VinFast also completed syndication of a debut 400 million USD term loan facility led by four international banks. The syndication was well participated by over ten Asian and European banks, further strengthening VinFast’s position in the international capital markets.

VinFast, a subsidiary of Vitetnam's leading real estate and retail conglomerate Vingroup was set up to be the largest comprehensive automotive and e-scooter producer in Vietnam.-VNS/VNA

VNA

#VinFast #Euler Hermes #German Export Credit Agency #automotive and motorcycle manufacturing complex #Vingroup #Credit Suisse #made in Vietnam cars #updated Vietnam news #Vietnamplus #Vietnam News Agency

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