Monday , December 11 2023

Vingroup raises $400 mln loan from global banks

Vingroup has secured a $400-million loan from international lenders to fund ‘green’ and sustainable development of its auto unit VinFast and other subsidiaries.

The lenders who arranged the funding were BNP Paribas, Cathay United Bank, Credit Suisse, HSBC, Maybank, and Taipei Fubon, it said in a statement.

Nguyen Viet Quang, deputy chairman and CEO of the conglomerate, said the loan indicates the trust international lenders have in Vingroup and its commitment to sustainable development.

Vingroup’s tourism and resort unit Vinpearl had in September issued $425 million worth of bonds.

Vingroup, Vietnam’s biggest listed company, has recently announced plans to raise $1.5 billion through the issue of international bonds next year to boost capital for its automobile unit.

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