October 10, 2018 / 4:07 AM / 7 days ago

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

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 VinFast logo is pictured on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Benoit Tessier

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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