A peer-to-peer lending platform in Vietnam has originated thousands of small consumer loans, built a loan book with real cash flow, and now wants to refinance that book by selling notes to institutional investors. P2P lending securitization Vietnam sounds like the obvious next step for a maturing platform. Fintech-originated receivables raise similar credit transfer and…
A pool of green loans looks like an obvious securitization candidate: predictable cash flows, an ESG label investors want, and a sponsor eager for capital relief. Green securitization Vietnam should be an easy win. The taxonomy and verification questions that make a green ABS pool defensible are the same ones lenders raise for a standalone…
BESS financing in Vietnam is arriving faster than the market’s ability to price it, Storage capacity is increasingly financed alongside variable renewable generation to firm up delivery; see IVLF’s guide to offshore wind project finance in Vietnam. and lenders evaluating standalone or co-located battery storage projects are discovering that the standard renewable project finance template…
Vietnamese infrastructure sponsors are increasingly layering green and sustainability-linked features onto conventional project finance facilities, but green loans for infrastructure are not simply conventional loans with an environmental label attached. Sponsors building a broader sustainable finance program alongside a green loan may also look at pooling green-qualifying assets; see IVLF’s guide to green securitization and…
Provincial water utilities across Vietnam are turning to Build-Own-Operate structures to expand treated water capacity without committing scarce public capital, but water treatment BOO project finance in this sector depends on a single counterparty relationship that most sponsors underestimate at feasibility stage: Provincial utility counterparty risk is a variant of the offtaker risk lenders also…
Vietnam’s expressway build-out under the revised PPP Law framework has produced a wave of new highway concessions, but toll road project finance in this market still hinges on a question the statute only partly answers: who bears the risk that traffic simply does not materialize at the forecast level. Sponsors structuring the debt side of…
Vietnam’s largest cities are running out of landfill capacity, and municipal authorities are turning to incineration and other conversion technologies to close the gap, but waste-to-energy project finance in this market carries a risk profile lenders rarely see in conventional power generation: Waste-to-energy shares much of its municipal-contract risk profile with other build-own-operate infrastructure in…
Vietnam’s stock of non-performing loans has created a quieter entry point into control transactions that most sponsors overlook while competing in crowded conventional auctions. A distressed-debt entry point is one of several non-standard routes into a Vietnamese control transaction; another is acquiring a formerly state-owned target, covered in IVLF’s guide to SOE equitization LBOs in…
An LBO sponsor comparing a VND onshore term sheet against a US-dollar offshore facility for the same Vietnamese target will notice the covenant package Vietnam lenders propose looks materially different depending on which side of the border the money originates from, Understanding how these covenants are tested matters most when a portfolio company starts to…
A dividend recapitalization Vietnam sponsors plan two or three years after closing rarely runs as smoothly as the same trade would in a market with more flexible distribution rules. How much covenant headroom a recap leaves depends on how the original acquisition facility was structured; see IVLF’s guide to covenant packages for LBO facilities in…
Decree 80/2024 finally gave Vietnam a legal pathway for corporate offtakers to buy renewable power directly from generators, but DPPA financing structures are proving far harder to bank than the FIT-backed renewables deals lenders are used to. The core difference is simple to state and hard to underwrite: a DPPA substitutes a private corporate credit…
Every sponsor bidding on a Vietnamese LBO target eventually asks the same question: why does the seller’s disclosure package feel thinner than what the same fund would receive on a comparable European or Singaporean deal, and why is W&I insurance Vietnam capacity so much harder to source on competitive terms than it is elsewhere in…