Temasek Unit, Oman Wealth Fund Join Vinpearl’s Private Credit

Vinpearl, the hospitality and entertainment unit of Vietnam's largest conglomerate Vingroup, has successfully raised $255 million in private credit. This strategic investment was secured through convertible dividend preference shares issued by Vinpearl. The financing was provided by a consortium of international investors including SeaTown Private Credit Fund III, an investment fund managed by SeaTown Holdings International (a Temasek subsidiary), the Oman Investment Authority (OIA), and the Vietnam-Oman Investment Fund (VOI).

The investment highlights strong international confidence in Vinpearl's long-term growth prospects and the broader Vietnamese tourism and resort industry. Vinpearl, established in 2003, is a prominent brand in Vietnam, operating 60 properties across 20 provinces and cities, encompassing resort tourism, entertainment, and experiences. The company aims to leverage this capital to fund its long-term development plans, enhance product and service quality, and reinforce its pioneering position in the regional tourism sector.

Jefferies acted as the exclusive financial advisor for Vinpearl in this transaction. Representatives from Vinpearl expressed honor in welcoming these entities as strategic partners, emphasizing that the investment validates their operational capabilities, development vision, and growth potential. VOI, which acts as a bridge for capital flows between Oman, the Gulf region, and Vietnam, noted Vinpearl as a prime example of its expanded investment focus into high-growth sectors within Vietnam's dynamic economy.

This fundraising effort by Vinpearl follows Vingroup's recent activities in the private credit market. The conglomerate's EV unit, VinFast Auto, secured $150 million for working capital in September, and an additional $510 million in private debt two months prior. The move by Vinpearl to raise capital in this manner comes amidst a period where private credit markets in the US have faced setbacks, though Asia is noted as being more insulated due to different lending practices and sector exposure.