News dalla rete ITA

26 Gennaio 2021

Vietnam

VINGROUP TO MOBILISE USD302 MILLION TO PUMP CAPITAL INTO VINFAST AND VINSMART

January, 26/2021HÀ NỘI — Việt Nam’s largest private conglomerate Vingroup plans to issue three tranches of bonds witha total volume of 6.97 million bonds to raise capital for its subsidiaries VinFast and VinSmart.The bonds have a correspondent value of VNĐ6.97 trillion (US$302 million). The first issuance isexpected to take place on February 18.Vingroup's bonds are not convertible, having a par value of VNĐ100,000, three-year term, notaccompanied by warrants and are unsecured.Individual investors who want to buy Vingroup bonds must register for a minimum value of VNĐ100billion. The figure for institutional investors is VNĐ500 billion.The entire mobilised capital from the issuance will be used to supplement capital for VinFast andVinSmart. VinFast will increase its capital by VNĐ5.1 trillion and VinSmart by 1.86 trillion.Automaker VinFast expects to break even in the next five years as it ramps up production and cuts costs.The subsidiary also plans to start operating VinBus, a public transport network, this year and launch fivenew models, including three electric cars, by 2022, according to a recent report by stock brokerage KBSecurities Vietnam.It eyes a 30 per cent share of the Vietnamese auto market. VinFast sold 29,485 cars last year, 61 percent of them being the small hatchback, Fadil.VinFast estimated it sold a total of 29,485 vehicles in 2020, including 18,016 Fadil cars, 6,013 Lux A2.0cars and 5,456 Lux SA2.0 models. From 2022, VinFast plans to introduce two more gasoline-poweredcars and three electric models, expected to account for 30 per cent of the car market share in Việt Nam.Phạm Nhật Vượng, chairman of Vingroup, said last year that VinFast and Vinsmart want to export theirproducts within the next few years, with the US the first major target market. VNS (ICE HO CHI MINH CITY)


Fonte notizia: Vietnam News