Australian credit institution provides funds of $720mln for fuel projects in Hau Giang

Australian financial institution Acuity Funding will provide capital for eight projects of the Nam Song Hau Trading Investing Petroleum Joint Stock Company (NSH Petro), with a total loan of $720 million. The funding contract was handed over to NHS Petro at a ceremony on February 27 at the headquarters of the Hau Giang Provincial People’s Committee.

The funding program is split into two phases. In the first, Acuity Funding will provide $290 million for NHS Petro’s active projects, which aims to pay back bank loans and tax arrears, increase working capital, and expand capacity at operational facilities in Mai Dam township in Hau Giang, Go Cong town in nearby Tien Giang province, and Tra Noc ward in Can Tho city.

In the second phase, the Australian financial institution will provide an additional $430 million for NHS Petro to build a new facility in Tien Giang and increase working capital to complete integrated projects in Dong Phu commune in Hau Giang province and Phong Dien district in Can Tho city.

Commenting on the recent partnership, Mr. Dong Van Thanh, Chairman of the Hau Giang Provincial People’s Committee, said that as part of the province’s development plan for the future, Hau Giang will mobilize all possible resources, including the participation of companies, and will fund projects from domestic and foreign financial institutions.

Mr. Mai Van Huy, Chairman of NHS Petro’s Board of Directors, said that, in 2024, the Ministry of Industry and Trade assigned the company to supply 684,926 cu m of fuel, of which 466,186 cu m was gasoline and the remainder 218,740 cu m was diesel. He guaranteed that NHS Petro is working tirelessly to supply sufficient fuel for localities in the Mekong Delta.

Chairman and General Director of Acuity Funding, Mr. Ranjit Thambyrajah, said it is a global credit institution from Australia and a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT), and has 40 years of experience, nine of which are in Vietnam.

Acuity Funding is currently managing and providing capital for projects worth more than $100 billion in 35 countries.

Mr. Thambyrajah noted that by working with NHS Petro, with the support of the Australian Government and other green financial sources, it will also expand funding for public, public-private partnership (PPP) and private projects of many other businesses and localities in Vietnam to generate benefits for the community, boost sustainable development, and help with environmental protection.