Fashion
Conglomerate Masan Group has received a syndicated loan of US$600 million at 6.7% interest from international financial institutions.
The five-year loan was arranged by BNP Paribas, Credit Suisse, HSBC, and Standard Chartered Bank from a consortium of 37 financial institutions.
Masan said improved business results in the consumer and retail segments have made it easier to access foreign loans though borrowing in U.S. dollars would admittedly entail greater foreign exchange risks.
Last weekend, before obtaining the loan, it issued bonds worth VND1.7 trillion ($68.5 million) also with a five-year maturity.
The company said it has paid debts and interest due this year of over VND6.9 trillion and prepaid debts of VND6.66 trillion due next year.
Masan operates Win Mart, the largest consumer retail chain in Vietnam, and has a majority stake in Phuc Long beverage chain and interests in tungsten mining.
According to a recent report by HSBC Global Research, Vietnam is set to become the tenth-largest global consumer market in 2030, overtaking Turkey, Thailand and Britain.
