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.
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