The Hanoitimes – Credit Suisse AG and HSBC were the lead arrangers and the financing agreement was guaranteed by German export credit agency Euler Hermes. Vietnam’s largest privately-run conglomerate Vingroup announced that its automobile subsidiary VinFast has secured a 12-year credit facility worth US$950 million to import machinery and equipment from German suppliers. The signing ceremony. Source: Vingroup. Credit Suisse AG and HSBC were the lead arrangers and the financing agreement was guaranteed by German export credit agency Euler Hermes, stated Vingroup. Le Hoai Anh, managing director of Investment Banking and Capital Markets Asia-Pacific at Credit Suisse, said the deal would support VinFast in its quest to become a global car manufacturer. Meanwhile, Pham Hong Hai, CEO of HSBC Vietnam considered this a breakthrough in the process of producing the first Vietnamese car. In July, VinFast has completed syndication of a US$400 million term loan facility led by four international banks. The company, which aims to become Vietnam’s first domestic car manufacturer, plans to have its first production models built under its own badge hit the streets next August. Vingroup has earmarked about US$3.5 billion for the project. From a standing start, VinFast will have the capacity to produce… Read full this story
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