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Vinfast, set to be Vietnam's first domestic carmaker, gains $950 million credit line

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Vinfast, set to be Vietnam's first domestic carmaker, gains $950 million credit line

Vinfast, set to be Vietnam's first domestic carmaker, gains $950 million credit line
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BENOIT TESSIER(Reuters)
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HANOI (Reuters) - VinFast, which aims to become Vietnam's first domestic car manufacturer, said it has secured a 12-year credit facility for as much as $950 million to help buy machinery and equipment from German suppliers.

The company, a unit of Vietnam's largest conglomerate Vingroup JSC <VIC.HM>, plans to have its first production models built under its own badge hit the streets next August. Vingroup has earmarked about $3.5 billion for the project.

Credit Suisse AG <CSGN.S> and HSBC <HSBA.L> were the lead arrangers and the financing agreement was guaranteed by German export credit agency Euler Hermes, Vingroup and Vinfast said in a statement.

The statement also said that in August Vinfast completed syndication of a $400 million term loan facility led by four international banks.

(Reporting by Khanh Vu; Editing by Edwina Gibbs)

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