SACE announces USD 200 million financing for VinFast Vietnam, driving global cooperation in green mobility

SACE, the Italian Export Credit Agency owned by the Ministry of Economy and Finance has announced a USD 200 million financing facility for VinFast Vietnam JSC (“VinFast Vietnam”), a subsidiary of VinFast Auto Ltd. (“VinFast”), the electric vehicle arm of Vingroup, Vietnam’s largest private conglomerate. The financing marks  a significant milestone under SACE’s New Push Strategy programme, underscoring VinFast’s potential and standing in the global green mobility sector.

Barclays Bank PLC, BNP Paribas and HSBC acted as the Mandated Lead Arrangers and Bookrunners and Lenders for the financing. HSBC also acted as the ECA Coordinator, Facility Agent, Security Agent and Offshore Account Bank. SACE provided a guarantee under its Push Strategy programme. Through the programme, SACE supports major international companies and buyers while fostering commercial relationships with Italian suppliers, including through dedicated business matching initiatives.

The financing will be used for general corporate purposes, including investments and research and development activities supporting the implementation of VinFast Vietnam’s business plan.

H.E. Marco della Seta, Ambassador of Italy to Vietnam, said: “SACE's Push Strategy operation with VinFast Vietnam reflects the confidence Italy places in this market. The country is growing rapidly, and its opening to international financing gives Vietnamese companies access to capital and expertise. Supporting a group such as Vingroup in its electric mobility operations opens concrete opportunities for Italian business in Vietnam. This agreement is a bridge between Italian technology and Vietnam's transformation. Italy is ready to be part of this journey.”

Mario Melillo, Chief Network Officer at SACE, said: “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. 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.”

Tim Evans, CEO HSBC Vietnam, said: “HSBC are proud to continue working closely with SACE to bring innovative financing structures to the Vietnamese market, supporting the growth ambitions of Vietnamese corporates as they play a key role in helping the country achieve its strategic objectives. This transaction marks our continued partnership and the 4th deal HSBC has completed with SACE in Viet Nam. We look forward to building on this strong partnership and continuing to deliver tailored financing solutions for our customers.”