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| A Vinfast model displayed in front of Nasdaq’s headquarters in New York. — VNA/VNS Photo |
HÀ NỘI — Vingroup pledged group assets to secure standalone corporate bonds issued by the automotive company VinFast in 2024, with a total value capped at VNĐ6.5 trillion (US$261.4 million).
VinFast, a subsidiary of Vingroup located in the Đình Vũ – Cát Hải Economic Zone, Hải Phòng Province, benefits from this arrangement.
The Board of Directors has authorised the CEO, the legal representative of Vingroup, or a delegate, to determine the terms of the guarantee and the corresponding asset amounts to secure each bond issuance by VinFast. They are also responsible for executing approved contracts and agreements.
The action, on October 9, marks another instance of Vingroup providing support for VinFast’s bond issuances.
In recent weeks, members of Phạm Nhật Vượng’s business ecosystem have made several important announcements, causing notable fluctuations in the Vin-family stocks.
Vingroup’s stock (VIC) has recently experienced a strong resurgence, with some sessions hitting the daily price limit at the beginning of August.
This uptrend followed Vinhomes JSC (VHM) announcing a buyback of around VNĐ13 trillion to repurchase 370 million VHM shares as treasury shares, equivalent to 8.5 per cent of the circulating share volume.
VIC shares closed Thursday at VNĐ41,400 a share, down 0.48 per cent. — VNS
Source: Vietnam News/ Vietnam Insider