Sao Mai Group Teams Up with First Bank for Broadened Business Horizons

10:14:20 AM | 7/9/2024

Sao Mai Group and First Commercial Bank hosted a signing ceremony for a senior secured term facility agreement amounting to up to US$80 million in Ho Chi Minh City on June 26, 2024.

The signing ceremony for the US$80 million senior secured term facility agreement between Sao Mai Group and First Commercial Bank 

The ceremony was attended by Mr. Malcolm Wang, Vice President of First Commercial Bank (Head Office), Mr. Li Pao Yuan, General Director of First Commercial Bank - HCM City Branch, and Mr. Aaron Yang from SinoPac Bank - HCM City Branch. Also present were representatives from the Export-Import Bank of the Republic of China, Taiwan Business Bank - Taiwan Branch, Chang Hwa Commercial Bank - Taiwan Branch, and Bank of Taiwan - Hong Kong Branch.

In addition, Mr. Le Thanh Thuan, President of the Founding and Development Council of Sao Mai Group, and Mr. Le Tuan Anh, General Director of Sao Mai Group, were joined by 100 delegates comprising partners, customers and employees of Sao Mai Group and First Commercial Bank at this significant event.

According to the cooperation agreement, First Commercial Bank will be an important partner that provides a senior secured term facility agreement of up to US$80 million to secure a solid financial source for Sao Mai Group’s business activities in construction, aquatic farming and processing, labor export, tourism, and particularly renewable energy, with priority given to solar and wind power development.

Mr. Malcolm Wang, Vice President of First Commercial Bank (Head Office), said, "First Commercial Bank would like to express our deep gratitude to Sao Mai Group for trusting and entrusting our bank to finance up to US$80 million to its projects, 1.56 times higher than the original plan of US$50 million. This proves that First Commercial Bank's credit-granting banking team has completely affirmed and placed deep trust in Sao Mai Group’s development. In addition to providing financial services and products for Sao Mai Group, First Commercial Bank also hopes to cooperate with the group to add other credit packages such as personal financial services for employees and trade connection services. Through this collaboration, I am confident that it will deliver optimal benefits to both customers and employees of both entities involved."

Addressing the gathering at the signing ceremony, Mr. Le Tuan Anh, General Director of Sao Mai Group, underscored that "Securing up to US$80 million from a renowned financial institution such as First Commercial Bank exemplifies the confidence major financial entities place in Sao Mai's robust business framework. This endorsement serves as a catalyst for the group to enhance its market footprint, strengthen competitiveness, and extend its global reach."

“This is not only an important milestone, marking a new step in comprehensive cooperation, bringing the two-way relationship to a strategic level but also promises to open a bright future with many development opportunities for Sao Mai Group.”

The collaborative synergy and reciprocal reinforcement across all facets will serve as the cornerstone for both brands to forge new chapters of success. Sao Mai Group commits to leveraging the funds with flexibility, creativity, scientific rigor and responsibility to propel its business strategy and generate unique value propositions. By doing so, it aims to enhance operational efficiency for each stakeholder involved while fostering positive impacts on the community and society at large.

By Tan Hung, Vietnam Business Forum