HSBC provides first social loan for Mekong Capital-backed Gene Solutions

By Minh Anh
Wed, June 19, 2024 | 2:53 pm GMT+7

HSBC has provided a social loan for biotechnology company Gene Solutions, allowing the latter to continue expanding its healthcare services to Vietnam and ASEAN’s citizens.

Representatives of HSBC Vietnam and Gene Solutions sign a social loan in an undated ceremony in Ho Chi Minh City, southern Vietnam. Photo courtesy of HSBC.

Representatives of HSBC Vietnam and Gene Solutions sign a social loan in an undated ceremony in Ho Chi Minh City, southern Vietnam. Photo courtesy of HSBC.

The social loan, HSBC’s first for a Vietnamese corporate group and in the form of a revolving credit facility, is expected to support Gene Solutions with its capital needs, technology upgrades, new product launch and expansion in the region, HSBC said in a statement, without revealing the amount.

The financing aims to enhance the accessibility to and affordability of essential healthcare services across Southeast Asia, particularly in early risk detection, non-invasive prenatal testing, cancer screening and diagnosis.

The social loan was provided via HSBC Singapore’s newborn $200 million New Economy Fund, designed to empower new economy business growth and innovation in Southeast Asia. It is compliant to HSBC's credit management and approval process on sustainable finance.

Gene Solutions is the first venture-backed startup from Vietnam to achieve the fund’s financing.

Before this social loan, early this year, HSBC supported Gene Solutions to set up their banking platforms, aiming to facilitate future capital raising needs and their expansion across Singapore, Malaysia, Thailand, Indonesia and the Philippines.

Gene Solutions was co-founded in 2017 by three Vietnamese scientists with background in genetics, cancer biology, clinical medicine, and biotechnology.

Mekong Capital, among the leading asset management firms in Vietnam, invested $21 million in Gene Solutions in a series B round in September 2023, following an initial $15 million investment in 2021.

Comments (0)
  • Read More
Chinese firm proposes its 3rd waste-to-power plant in Vietnam

Chinese firm proposes its 3rd waste-to-power plant in Vietnam

China’s EverBright Environment has proposed investing about VND1.6 trillion ($60.82 million) in a waste-to-energy plant in the central province of Quang Tri.

Energy - Fri, October 24, 2025 | 8:45 pm GMT+7

Mega golf-commercial-urban complex proposed for southern Vietnam city Can Tho

Mega golf-commercial-urban complex proposed for southern Vietnam city Can Tho

Vietnam Royal Investment Group JSC has proposed developing a 766-hectare golf-service-commercial-urban complex in the Mekong Delta city of Can Tho.

Real Estate - Fri, October 24, 2025 | 4:31 pm GMT+7

Sumitomo makes first hydropower investment in Vietnam

Sumitomo makes first hydropower investment in Vietnam

Sumitomo Corporation has made its first hydropower investment in Vietnam by acquiring a 49% stake in Mekong Electric Power Engineering and Development JSC which owns the 48 MW Dak Di 1 & 2 run-of-river hydropower project in Danang city.

Energy - Fri, October 24, 2025 | 3:42 pm GMT+7

Investors urge Vietnam to fix legal hurdles to LNG power projects

Investors urge Vietnam to fix legal hurdles to LNG power projects

A group of investors in Vietnam’s gas-fired power sector has urged the country's parliament to address regulatory gaps that have stalled multi-billion-dollar LNG and domestic gas-fueled power projects, warning that delays could derail the country’s energy transition targets.

Energy - Fri, October 24, 2025 | 2:12 pm GMT+7

Central Vietnam province Gia Lai okays 3 large-scale wind power projects

Central Vietnam province Gia Lai okays 3 large-scale wind power projects

Gia Lai province has granted in-principle approvals to three large-scale wind power projects with total registered capital mounting to VND19.35 trillion ($734.9 million).

Energy - Fri, October 24, 2025 | 12:01 pm GMT+7

HCMC pushes for early investment in Thu Thiem-Long Thanh railway project

HCMC pushes for early investment in Thu Thiem-Long Thanh railway project

The Ho Chi Minh City People’s Committee has emphasized the need for early investment and operation of a railway connecting Thu Thiem in the metropolis with Long Thanh International Airport in neighboring Dong Nai province.

Infrastructure - Fri, October 24, 2025 | 10:49 am GMT+7

Vietnam to let foreign investors place orders directly via global brokers

Vietnam to let foreign investors place orders directly via global brokers

Vietnam plans to allow foreign investors to place orders directly through global brokerage firms, a move aimed at easing access to its stock market after a long-awaited upgrade to "secondary emerging" market status, a top regulator said.

Finance - Fri, October 24, 2025 | 8:28 am GMT+7

Vietnam business lobby urges easing of football betting limits

Vietnam business lobby urges easing of football betting limits

Vietnam’s leading business lobby VCCI has called on the government to sharply ease limits on international football betting and relax foreign ownership rules to make the industry more appealing to investors.

Finance - Thu, October 23, 2025 | 9:30 pm GMT+7

Powering growth from within

Powering growth from within

The development of a strong domestic private sector is essential for building a resilient, independent, and self-reliant economy that is less dependent on state-owned enterprises or foreign investment, writes Tim Evans, CEO of HSBC Vietnam.

Economy - Thu, October 23, 2025 | 9:09 pm GMT+7

Vietnam's stock market regulator appoints 2 new vice chairpersons

Vietnam's stock market regulator appoints 2 new vice chairpersons

The State Securities Commission of Vietnam (SSC) has appointed Nguyen Hoang Duong and Le Thi Viet Nga as its new vice chairpersons.

Finance - Thu, October 23, 2025 | 4:14 pm GMT+7

Vinhomes chairman appointed CEO of VinSpeed

Vinhomes chairman appointed CEO of VinSpeed

Pham Thieu Hoa, chairman of Vinhomes, has been appointed CEO of VinSpeed, a newly established company specializing in railway construction.

Companies - Thu, October 23, 2025 | 3:40 pm GMT+7

De Heus, Hung Nhon to invest $380 mln in high-tech agriculture hub in southern Vietnam

De Heus, Hung Nhon to invest $380 mln in high-tech agriculture hub in southern Vietnam

Dutch agribusiness group Royal De Heus and Vietnam’s Hung Nhon Group plan to invest VND10 trillion ($380 million) to develop a high-tech agricultural ecosystem in Tay Ninh province between 2025 and 2030.

Industries - Thu, October 23, 2025 | 2:35 pm GMT+7

Consumer finance major F88’s credit rating upgraded on improved funding capability, liquidity

Consumer finance major F88’s credit rating upgraded on improved funding capability, liquidity

Vietnamese credit ratings agency FiinRatings has upgraded F88's credit rating from “BBB-” to “BBB”, with a “stable” outlook, citing the company's enhanced capital-raising ability and improved liquidity position.

Companies - Thu, October 23, 2025 | 2:00 pm GMT+7

Vietnam's benchmark VN-Index could surpass 2,000 points in 2026: exec

Vietnam's benchmark VN-Index could surpass 2,000 points in 2026: exec

VN-Index could top 2,000 points next year, said Huynh Minh Tuan, founder of FIDT - a Ho Chi Minh City-based investment consulting firm.

Finance - Thu, October 23, 2025 | 10:55 am GMT+7

Key factors helping firms export to demanding markets: DH Foods exec

Key factors helping firms export to demanding markets: DH Foods exec

Don’t treat business as a week-to-week or month-to-month affair. To go the distance, you must conduct business ethically, writes Nguyen Trung Dung, CEO of DH Foods.

Consulting - Thu, October 23, 2025 | 8:00 am GMT+7

Gold exchange, gold derivatives, gold ETFs proposed to be launched in Vietnam

Gold exchange, gold derivatives, gold ETFs proposed to be launched in Vietnam

Forming a gold exchange under state management in Vietnam is suitable to the reality, said Dao Xuan Tuan, head of the foreign exchange management department under the State Bank of Vietnam (SBV).

Finance - Wed, October 22, 2025 | 9:00 pm GMT+7