Italian export credit agency SACE on Wednesday announced a $200-million financing facility for VinFast Vietnam JSC, a subsidiary of Nasdaq-listed VinFast Auto Ltd, the electric vehicle arm of Vietnamese conglomerate Vingroup.
The financing was provided under SACE’s New Push Strategy programme, which supports international companies and buyers while seeking to strengthen commercial ties with Italian suppliers through initiatives including business matching.
Barclays Bank PLC, BNP Paribas and HSBC acted as mandated lead arrangers, bookrunners and lenders for the facility. HSBC also served as ECA coordinator, facility agent, security agent and offshore account bank, while SACE provided a guarantee under its Push Strategy programme.
The proceeds will be used for general corporate purposes, including investments and research and development activities supporting the implementation of VinFast Vietnam’s business plan.
SACE is owned by Italy’s Ministry of Economy and Finance.
“This transaction marks an important milestone in the cooperation between SACE and Vingroup, further demonstrating the effectiveness of SACE’s partnership with HSBC. Vingroup and VinFast are leading companies in Vietnam, with strong capabilities to execute large-scale projects and a clear ambition for international growth—key factors behind SACE’s decision to support their development,” said Mario Melillo, Chief Network Officer at SACE.
“Through the Push Strategy Programme, we aim to support international groups in pursuing their long-term growth strategies while creating new opportunities for businesses to collaborate across markets. Our partnership with Vingroup and support for VinFast’s continued development will also enable SACE to deepen its engagement in Vietnam, a dynamic and promising market,” he added.
Acquisition of Ngoc Hoi Real Estate Investment JSC
On the same day, VinFast also announced the signing of agreements to acquire 100% of Ngoc Hoi Real Estate Investment JSC as part of its plan to participate in the development of the Hanoi International Sports Urban Area Project.
Ngoc Hoi Real Estate currently holds a 20% economic interest in the investor consortium developing the project, also known as Vinhomes Global Sportia Hanoi. Vinhomes is the lead developer authorised to coordinate and implement the project.
VinFast Vietnam said its participation in the project is aimed at developing a comprehensive smart urban area and green mobility model, with electric vehicles serving as a core component.
The company expects its participation in the project to generate additional and sustainable revenue and cash flow. It said supplementary cash flow from its participation in the real estate sector will provide further support for its core strategy of developing electric vehicles and a green transportation ecosystem.
By participating directly in the project from an early stage, VinFast said it will be able to engage throughout the development lifecycle and capture a share of the value generated by the mega-urban development.
The company also plans to integrate its electric vehicle ecosystem and green mobility solutions into the project’s urban planning from the outset, with transportation infrastructure forming part of the broader green and smart urban ecosystem.
The Hanoi International Sports Urban Area Project spans nearly 9,200 hectares at the southern gateway to Hanoi. It is planned as a new urban centre combining infrastructure, sports, commerce, entertainment and residential development.
The development will include the more than 400-hectare Hung Vuong International Sports Complex. The complex will feature the planned VinFast–Trong Dong Stadium, which will have a capacity of 135,000 seats.
VinFast said the project aligns with its strategy of developing a green, smart and wellness-focused mega-urban area.
The move comes as VinFast continues to expand its electric vehicle business in overseas markets, particularly India and Indonesia. The company said diversifying and strengthening its financial resources would support its growth plans in the coming years.
VinFast said its participation in the Hanoi project represents a further step in its strategy to diversify resources and optimise value-creation opportunities within the ecosystem, while supporting the long-term development of its electric vehicle business and global green transportation ecosystem.
