SACE, Italy's export credit agency under the Ministry of Economy and Finance, has announced a USD 200 million financing package for VinFast Vietnam, a subsidiary of VinFast Auto Ltd.
The loan was arranged and provided by three international banks: Barclays Bank PLC, BNP Paribas and HSBC.
VinFast will use the USD 200 million financing for general purposes, including investment, research and development.
VinFast Vietnam said the funding will be used for general corporate purposes, including investment projects and research and development (R&D), as part of the company's broader business expansion plans.
According to SACE, the transaction is the first successfully completed financing deal for a company under the agency's New Push Strategy programme.
Marco della Seta, Italy's ambassador to Vietnam, said the partnership between SACE and VinFast Vietnam reflects Italy's confidence in the Vietnamese market. He added that supporting Vingroup's electric vehicle ambitions could create new opportunities for Italian businesses in Vietnam while strengthening links between Italian technology and Vietnam's economic transformation.
The financing announcement comes days after changes to VinFast's senior leadership team. On September 12, Pham Nhat Quan Anh was appointed Chief Executive Officer of VinFast Global, replacing Pham Nhat Vuong. He also serves as Chairman and Chief Executive Officer of VinFast Vietnam. Quan Anh had previously been appointed Chairman of VinFast Global in May.
VinFast has expanded operations to 16 markets, including Vietnam, India, Indonesia and the Philippines, as well as countries across North America, Europe and the Middle East. The company currently operates four manufacturing facilities in Vietnam, India and Indonesia.
In the second quarter, VinFast delivered 70,085 electric vehicles globally, up 96 per cent from a year earlier.
During the first six months of the year, global deliveries reached 128,662 electric vehicles, an increase of 78 per cent year-on-year.
The company's electric motorcycle and e-bike segment also recorded strong growth, with 429,175 two-wheeled vehicles delivered in the first half, up 275 per cent from the same period last year.
