Vinfast, set to be Vietnam’s first domestic carmaker, gains credit line

VinFast aims to become Vietnam’s first domestic car manufacturer.

The company, a unit of Vietnam’s largest conglomerate Vingroup JSC, 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 and HSBC 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.