AsemconnectVietnam - Unsecured loan by the Italian National Export Credit Insurance Agency (SACE); HSBC and LBBW act as lead banks.

On May 29, GELEX Group (GEX) announced the completion of an unsecured loan guarantee transaction by the Italian National Export Credit Insurance Agency (SACE) worth USD 79 million between GELEX Group, Gelex Infrastructure JSC, GELEX Power JSC and the Hong Kong and Shanghai Banking Corporation (HSBC) - Branches in Singapore and Vietnam and Landesbank Baden-Württemberg (LBBW).
This transaction not only helps GELEX diversify its funding sources at competitive costs, but also expands its access to the world's leading financial institutions without any purchase commitments or commercial obligations with the sponsor. This is a new financial model, usually reserved for businesses with transparent operational capacity, strong financial potential and strategic influence in the region.
In this transaction, HSBC and LBBW act as the lead arranging banks - both are big names in the field of global trade and project finance. In addition, HSBC is also the sole ECA Loan Coordinator, Loan and Guarantee Agent, and Account Opening Bank, while LBBW is the co-financing bank. Accompanying is SACE, the world's largest export credit guarantee organization in 2024, with strict appraisal standards, guaranteeing up to 80% of the loan.
The loan is used for GELEX's strategic goals such as investment, expansion of core business segments, acceleration of digital governance, etc. This not only enhances GELEX's competitiveness but also aligns with the green growth and financial integration orientation pursued by the Vietnamese Government.
The unbound loan guarantee transaction provided by reputable banks, guaranteed by SACE, shows confidence in Vietnam’s green growth potential. International financial institutions usually only select enterprises with high creditworthiness, transparent governance systems and sustainable growth strategies.
N.Nga
Source: VITIC/Tinnhanhchungkhoan