Acuity to secure private credit for petroleum project in Vietnam

Acuity Funding has signed off on a Letter of Intent for a $US650 million stream of private credit  for seven major projects by NHS Petro (the Nam Song Hau Oil and Gas Investment Trading Joint Stock Company).

By Jacquelene Pearson*

Acuity Chairman and CEO, Mr Ranjit Thambyrajah, visited the headquarters of the Hau Giang Provincial People’s Committee on January 22 for a signing ceremony to mark the official commencement of Acuity’s “investment cooperation” with NHS Petro.

“Acuity continues to demonstrate its reliability for securing private credit for major projects throughout the Asia Pacific,” Mr Thambyrajah said.

“On this occasion we assist in securing funding for seven major projects,” Mr Thambyrajah said. “They include upgrading and expanding an oil refinery in Can Tho City; upgrading facilities in a general warehouse also located in Can Tho City and expanding a Roof Dam Terminal and Petroleum Processing Plant.

“Those three projects alone will cost $US290 million. The funding will also make way for the upgrade and expansion of a bonded port warehouse and construction of a new oil refinery in Tien Giang and the upgrade and expansion of a lubricant factory in Long An,” he said.

NHS Petro is a leading petroleum company in Vietnam and, as such, is responsible for ensuring supply of petroleum to the Mekong Delta provinces, maintaining the nation’s energy security and meeting its consumption needs.

Mr Thambyrajah said he expected the projects to commence in the second quarter (Q2, 2024 calendar year) and represented the first step in Acuity’s ongoing funding of projects in the Hau Giang Province.

The meeting was chaired by the Standing Vice Chairman of the Hau Giang Provincial People’s Committee, Mr Truon Canh Tuyen.

“Hau Gian People’s Committee is very interested in the cooperation between NSH Petro and Acuity funding,” Mr Truon Canh Tuyen said.

“We propose Acuity Funding to invest in Hau Giang, including a component project of one million hectares of high-quality, low-emissions rice implemented in Hau Giang and other provinces,” he said.

The signing ceremony was also attended by representatives from Vietnam’s Department of Planning and Investment, Department of Industry and Trade, Department of Taxation and the Hau Giang Branch of the State Bank of Vietnam.

“Acuity’s demonstrated capacity to provide funding solutions for more than $US100 billion in projects across the Asia Pacific region is gaining solid recognition from the Vietnamese government and major companies,” Mr Thambyrajah said.

“Acuity is recognised for its commitment to long term and sustainable economic growth. We care about the companies and the communities we invest in and that ethos is gaining broad acknowledgement in Vietnam.

Get in touch with Acuity today for more information about our cross-border, large scale private credit solutions.

*Jacquelene Pearson is Acuity Funding’s content editor