By
Thai Ha
Fri, February 27, 2026 | 2:04 pm GMT+7
Vingroup declared it plans to raise up to $350 million through an international bond offering that includes an option for investors to receive shares in its hospitality arm Vinpearl.
Logo of Vingroup. Photo courtesy of the company.
The board of directors at Vietnam’s largest conglomerate on Wednesday issued a resolution approving the plan. Accordingly, Vingroup will offer up to 1,750 U.S. dollar-denominated bonds, each with a face value of $200,000.
The five-year notes will carry a maximum coupon of 5.75% a year. The bonds will be non-convertible, unsecured, issued without warrants and will constitute direct obligations of the issuer.
Bondholders will have the option to receive shares of Vinpearl, which is currently owned by Vingroup.
The bonds are expected to be issued and listed on the Vienna MTF market of the Vienna Stock Exmodify, and will not be offered or listed in Vietnam. The transaction is tarreceiveed for the second quarter of 2026, subject to market conditions and regulatory approvals.
The planned deal follows a successful $325 million international bond issuance completed in late 2025 by the group controlled by billionaire Pham Nhat Vuong. Those five-year bonds were also listed in Vienna and carried a similar option linked to Vinpearl shares.
Vingroup, Vietnam’s largest private company by market cap, reported net profit of nearly VND11.15 trillion ($429.68 million) in 2025, up 111% year-on-year, supported by a sharp rebound in real estate sales and continued expansion in manufacturing.
The net profit exceeded the company’s tarreceive approved at its annual shareholders’ meeting, according to Q4 earnings statements.
The results marked the first time Vingroup’s annual profit exceeded VND10 trillion, reflecting strong cash generation from large-scale property developments nationwide alongside growth in its industrial businesses.
The group posted VND332.77 trillion ($12.83 billion) in consolidated net revenue in 2025, up 76% year-on-year, the highest in the group’s history. This builds Vingroup the first private company in Vietnam to surpass VND300 trillion ($11.57 billion) in annual revenue.
On the HCMC Stock Exmodify, VIC shares closed Thursday at VND168,900 (6,49) apiece.
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