GuarantCo backs THACO Agri’s bond issuance with a USD 50 million guarantee to expand its agricultural facilities in Cambodia

  • Date written
  • January, 2026

GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided a USD 50 million payment default guarantee to support a bond issuance by Daun Penh Agrico, a fully owned subsidiary of THACO AGRI, the agriculture arm of Truong Hai Group Corporation (THACO). The transaction is Cambodia’s first corporate bond in the agricultural sector and THACO’s first bond issuance outside of Vietnam.

GuarantCo backs THACO Agri’s bond issuance with a USD 50 million guarantee to expand its agricultural facilities in Cambodia

The transaction was celebrated with an official Bond Listing Ceremony at the Cambodia Securities Exchange (CSX) on 21st January. The event was presided over by H.E. Dr. HEAN Sahib, Secretary of State of the Ministry of Economy and Finance and Chairman of the CSX.

The bond forms part of a target USD 100 million financing package to fund the expansion of fruit production and agri-processing for bananas, pineapples and mangoes in Cambodia’s Ratanakiri province. The investment is expected to increase export-oriented production capacity. This transaction is also expected to support approximately 3,800 jobs in construction and operation, with c. 45 per cent of the operational workforce projected to be women.

The financing is structured in two phases. The first phase is a guaranteed bond issued with subscription from ABA Bank as both an anchor and first-time investor in GuarantCo-backed bonds. Prudential (Cambodia) and a second institutional investor closed out the subscription, with this bond being their third transaction with GuarantCo in Cambodia. Yuanta Securities acted as the sole lead manager for the guaranteed bond issuance.

THACO AGRI is a significant regional producer operating through a circular farming model, where farm by-products feed livestock whose manure fertilises crops, creating a fully integrated cycle from cultivation to sales.

THACO is one of the largest business groups in Vietnam with operations across six vertically integrated sectors: automotive, mechanics and supporting industries, real estate, logistics, commerce-service and agriculture. Its integrated operating model offers complementary services across these sectors, enabling end-to-end value chain integration.

Nishant Kumar, Managing Director of Asia Investments at GuarantCo and Head of Coverage – Asia at PIDG, said:

“We are pleased to complete this transaction, GuarantCo’s fifth in Cambodia but its first in the country’s agricultural sector. With a 22 per cent share of gross domestic product in 2018, the agricultural sector continues to contribute to Cambodia’s economic growth although not to its full potential. Due to the nascency of the sector, private capital has not been available on the terms required. This bond deal will help expand and diversify the agri production and processing sector’s funding base by bringing in institutional investors and building local capacity in Cambodia.” 

Mr. Tran Bao Son, General Director of THACO AGRI, said:

“As the first bond issuance in Cambodia’s agricultural sector, this transaction affirms the effectiveness of THACO AGRI’s large-scale integrated and circular model. It provides a strong foundation to scale up export-oriented fruit production and agri-processing in Cambodia, while fostering socio-economic growth in Ratanakiri province through sustainable job creation and enhancing the social well-being of our employees and their families, further advancing our vision of becoming a leading agricultural corporation in ASEAN.” 

Mr. KT Han, Chief Executive Officer of Yuanta Securities (Cambodia), said:

“This transaction represents a major milestone for Cambodia’s capital markets as the country’s first corporate bond issuance in the agricultural sector. As Lead Manager, Yuanta Securities is pleased to have supported THACO AGRI in accessing Cambodia’s domestic institutional capital through a GuarantCo-backed structure. Leveraging our local market expertise and close coordination with regulators, investors, and key stakeholders, we successfully delivered another landmark bond issuance that supports both our clients’ long-term growth and Cambodia’s sustainable economic development. This transaction highlights the growing depth of the local bond market and sets an important precedent for future agricultural and guaranteed bond transactions in Cambodia.” 

Mrs. Vuong Thi Huyen, Chairwoman of Fast Capital Solution Joint Stock Company, said:

“As the financial advisor, we were pleased to support THACO AGRI in structuring a bond issuance that aligns with the Company’s long-term agricultural cash flows with the requirements of institutional investors, while contributing to the development of Cambodia’s capital markets. The transaction also demonstrates strong collaboration among key stakeholders to achieve financial close, setting an important precedent for future agricultural and sustainable finance transactions in Cambodia.”

NOTES TO EDITORS

About GuarantCo

GuarantCo mobilises private sector local currency investment for infrastructure projects and supports the development of financial markets in lower income countries across Africa and Asia. GuarantCo is part of the Private Infrastructure Development Group (PIDG) and is funded by the governments of the United Kingdom, Switzerland, Australia and Sweden, through the PIDG Trust, the Netherlands, through FMO and the PIDG Trust, France through a stand-by facility and Global Affairs Canada through a repayable facility. GuarantCo is rated AA- by Fitch and A1 by Moody’s. Since 2005, GuarantCo has enabled USD 7.1 billion of total investment and USD 6.8 billion of private sector investment, giving 44.8 million people access to infrastructure and creating around 248,000 jobs. GuarantCo’s activities are managed by GuarantCo Management Company which is part of Cardano Development. www.guarantco.com

About PIDG

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and southeast Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency.

 

PIDG offers technical assistance for upstream, early-stage activities and concessional capital; invests in early-stage project development and project and corporate equity through its project development solution, InfraCo; its debt solution EAAIF (the Emerging Africa & Asia Infrastructure Fund) is one of the first and more successful blended debt funds in low-income markets; and its guarantees solution, GuarantCo, provides credit enhancement and local currency solutions to de-risk projects. PIDG also supports a growing portfolio of local credit enhancement facilities, which unlock domestic institutional capital for infrastructure financing.

 

Since 2002, PIDG has supported 258 infrastructure projects to financial close, which provided an estimated 232 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia and Sweden, and Global Affairs Canada. www.pidg.org

About THACO AGRI

THACO AGRI, a sub-holding of the THACO Group, is implementing an investment strategy in large-scale integrated/circular and organic agricultural production (cultivation and livestock) based on industrial and digital platforms, with the vision of becoming the leading agricultural corporation in ASEAN.

 

Currently managing over 85,000 hectares of agricultural land across Vietnam, Laos, and Cambodia, THACO AGRI continuously invests in the development and expansion of complexes operated under a specialized enterprise/factory model, encompassing cultivating fruits, raising livestock, producing and processing agricultural food and materials; simultaneously developing new agricultural projects based on integrated and circular models.

 

Through synchronized and modern investments, THACO AGRI supplies fresh and processed agricultural products with high-yield and consistent quality, meeting stringent international export standards. Fresh fruit remains its flagship category, successfully penetrating major markets such as China, Japan, and other markets in the Asia-Pacific region. In parallel, THACO AGRI actively develops distribution channels and builds product brands, gradually affirming its prestige in the international market.

About Yuanta Securities (Cambodia)

Yuanta Securities (Cambodia) Plc. (YSC) is Cambodia’s leading and first fully licensed securities firm, operating since 2006. The company is a member of Yuanta Financial Holdings Group, one of Asia’s leading financial services groups with a strong regional footprint.

 

YSC provides a full suite of investment banking, capital markets advisory, and brokerage services, and has played a leading role in developing Cambodia’s bond market by advising and arranging landmark corporate, project, and sustainable bond transactions for both domestic and regional issuers.

 

Through close collaboration with regulators, issuers, guarantors, and institutional investors, Yuanta Securities continues to support the deepening and maturation of Cambodia’s capital markets. www.yuantacambodia.com.kh

About Fast Capital Solutions

Fast Capital is a corporate finance advisory company in Vietnam and supports the creation of value among businesses and organizations through investment and financial advisory services. We support our partners who are financial institutions, fund managers, corporate and institutional clients. Partners trust Fast Capital on the basis of fast, reliable and efficient solutions based on the capacity of experience and knowledgeable market. www.fastcapital.com.vn/en