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Exclusive: Vingroup plans Thai bonds as funding options narrow

Baht strength make it a risky move for Vietnam's biggest conglomerate

A VinFast vehicle is exhibited during a press conference in Hanoi. (Photo by Rie Ishii) 

HANOI/BANGKOK -- Vingroup, Vietnam's largest company, plans to issue this year its first baht-denominated bonds, according to sources, as the sprawling conglomerate seeks to expand its loss-making cars business and has all but exhausted its funding options at home.

The move to issue Thai debt may carry financial risks for Vingroup, which is in the middle of a restructuring that aims to sharpen its focus on technology and manufacturing, because the baht is widely expected to appreciate further this year. This could increase debt service costs for the already-indebted company.

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