Australian credit institution supplies funds for Vietnam petroleum firm
Acuity Funding of Australia will provide finances for eight projects of the Nam Song Hau Trading Investing Petroleum Joint Stock Company (NSH Petro), based in the Mekong Delta province of Hau Giang.
The funding contract was handed over at a ceremony held at the headquarters of the Hau Giang People’s Committee on February 27.
In the first phase of the funding programme, Acuity will provide a total of about US$290 million for the NSH Petro projects in Mai Dam township of Hau Giang, Go Cong town of Tien Giang province, and Tra Noc ward of Can Tho city to repay bank loans and tax arrears, and upgrade and expand their existing facilities.
In the second phase, the Australian fund arranger will provide a total of some US$430 million for NSH Petro to build a new plant in Tien Giang and increase working capital to help complete integrated projects in Dong Phu commune of Hau Giang and Phong Dien district of Can Tho.
Chairman of NSH Petro Mai Van Huy said that for 2024, the Ministry of Industry and Trade assigned his company to supply 684,926 cu.m. of fuel, comprising 466,186 cu.m. of petrol and 218,740 cu.m. of diesel oil. It is working to increase production to ensure sufficient fuel supply for localities in the Mekong Delta.
Ranjit Thambyrajah, Chairman and CEO of Acuity Funding, said that Acuity, a global private credit institution and a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT), has operated in Vietnam for more than nine years.
He noted apart from the partnership with NSH Petro, with support from the Australian Government and green financial sources, it will also expand funding for public, public-private partnership (PPP) and private projects of many other businesses and localities of Vietnam to generate benefits for the community, boost sustainable development, and help with environmental protection.
