SACE guarantees US$200m VinFast financing from Barclays, BNP Paribas and HSBC

Italy’s export credit agency SACE has guaranteed a US$200m financing facility for VinFast Vietnam arranged by Barclays, BNP Paribas and HSBC, extending its Push Strategy programme into one of Vietnam’s largest industrial groups.

The financing has been provided to VinFast Vietnam JSC, a subsidiary of electric-vehicle manufacturer VinFast Auto. Barclays, BNP Paribas and HSBC acted as mandated lead arrangers, bookrunners and lenders, while HSBC also serves as ECA coordinator, facility agent, security agent and offshore account bank.

SACE is providing its guarantee through the Push Strategy, a programme designed to support large international buyers while creating commercial opportunities for Italian exporters and suppliers.

That distinction makes the transaction different from conventional export credit tied directly to a specified Italian equipment contract. Under the Push Strategy, financing can support an overseas corporate more broadly while SACE uses the relationship to promote procurement and business matching with Italian companies.

VinFast said the proceeds will be used for general corporate purposes, including investment and research and development supporting its business plan. No specific Italian export contract, repayment maturity, pricing or guarantee percentage was disclosed in SACE’s announcement.

The transaction also deepens the relationship between SACE and HSBC in Vietnam. HSBC said it is the fourth transaction it has completed with the Italian ECA in the country.

For export-finance providers, the structure illustrates the widening role of ECAs beyond traditional project-specific buyer credits. By using a guarantee to support lending to a strategically important overseas corporate, an export agency can increase bank appetite for the borrower while creating a platform for future trade between the borrower and suppliers in its home market.

VinFast has previously used working-capital finance elsewhere in its distribution network. In February, Their Indian subsidiary had signed an arrangement with Bank of Baroda covering dealer invoice financing. The new SACE-backed facility is separate and is corporate financing for the Vietnamese entity rather than dealer receivables finance.