Bangkok Bank issues standby letter of credit to NETA Auto

Shanghai (Gasgoo)- On December 4, Bangkok Bank witnessed a significant milestone by issuing the group's first global green standby letter of credit (SBLC) to NETA Auto, according to a press release from the Chinese new energy vehicle (NEV) maker.

The funds from this financing loan project will be channeled into the new energy vehicle industry, said NETA Auto.

Photo credit: NETA Auto

This collaboration in the issuance of the SBLC marks the initiation of a comprehensive partnership between NETA Auto and Bangkok Bank. In the coming phases, Bangkok Bank will extend a range of financial services to support NETA Auto's endeavors in the ASEAN market. These services include supply chain finance, automotive dealer financing, individual car loans, payment settlement, and exchange rate management.

As Thailand's largest commercial bank in asset scale, Bangkok Bank plays a crucial role in supporting NETA Auto's global development. This new collaboration signifies NETA Auto's commitment to deepening its globalization strategy and actively expanding its corporate presence in Southeast Asia.

In March 2022, NETA Auto established a subsidiary in Thailand, marking a strategic move into the Southeast Asian market. The company introduced its first right-hand drive model, NETA V, to the Thai market in August last year. On November 30 this year, its first right-hand drive model assembled at the factory in Thailand, the NETAV-II, officially rolled off the production line.