An auto assembling chain of THACO AUTO Chu Lai , under control of THACO group which is one of the most diversified and fastest-growing groups in Việt Nam, operates across sectors including automotive, logistics, agriculture and real estate. — Photo of THACO group

HCM CITY — SACE, the Italian insurance and finance group fully-owned by the Ministry of Economy and Finance, has teamed up with HSBC and LBBW to secure two medium- to long-term loans worth US$139 million.

These loans, backed by SACE, aim to support the expansion of GELEX Group and THACO AGRI, two of Vietnamese top industrial players.

The first operation is a $79 million loan granted by banking syndicate comprising the Hongkong and Shanghai Banking Corporation Limited (HSBC), through its branches in Singapore and Vietnam and Landesbank Baden-Württemberg (LBBW) and guaranteed by SACE, in favor of Gelex Group, an established player in Việt Nam’s power equipment and building materials sectors.

The loan aims to strengthen Gelex’s production capacity by integrating advanced Italian technology and machinery across its operations from cable and transformer manufacturing to electric motors and metering devices.

The $60 million loan to THACO AGRI, financed by HSBC and guaranteed by SACE, has a five-year maturity. It marks the first-ever operation with THACO and underscores Việt Nam’s growing relevance as a high-potential market for Italian exporters.

The financing will support THACO’s modernisation and expansion plans while strengthening commercial ties with Italian companies operating in the automotive supply chain and in agricultural machinery and equipment - two key sectors of Italian industrial excellence.

These operations highlight SACE’s long-term commitment to promoting Italian industrial excellence in high-potential markets.

Việt Nam is seen as a strategic gateway in Southeast Asia for Italian exporters, offering significant untapped potential in key sectors such as infrastructure, energy, automotive, and agribusiness.

Flavio Castri, International Relationship Manager of Southeast Asia, said: "These operations with GELEX and THACO confirm Vietnamese strategic importance for Italian exports and industrial collaboration.

"We are building solid bridges between Italian SMEs and major international players. This is about more than financing, it’s about creating lasting industrial partnerships that bring Italian innovation to the world and support the growth ambitions of trusted global partners.”

Nguyễn Trọng Hiền, Chairman of GELEX, added: “We are committed to aligning with international standards in financial governance and investment.

"This transaction not only strengthens GELEX’s capacity to deliver on its strategic projects but also reflects the trust that global financial institutions place in the capabilities and sustainable vision of Vietnamese enterprises. It marks the starting point in our broader strategy to mobilise international capital in pursuit of GELEX’s long-term, efficient, and sustainable growth goals.” – VNS