Vinhomes raises $76 mln in latest bond issue amid debt restructuring push

Vinhomes, the housing subsidiary of Vietnam’s conglomerate Vingroup (HoSE: VIC), has raised an additional VND2 trillion ($75.9 million) through a domestic bond issuance, extending a recent fundraising streak as the property developer ramps up debt restructuring efforts and secures fresh capital.

According to disclosures filed with the Hanoi Stock Exchange, Vinhomes (HoSE: VHM) completed the issuance of 20,000 bonds, code VHM12603, between May 11 and May 22, 2026.

The bonds carry a face value of VND100 million ($3,790) each, bringing the total issuance value to VND2 trillion. The notes have a tenor of 36 months and are scheduled to mature on May 11, 2029.

The latest issuance came on top of two other bond sales completed on May 11, through which Vinhomes raised another VND3 trillion ($113.84 million).

The VHM12602 tranche consisted of 20,000 bonds worth VND2 trillion, while VHM12604 included 10,000 bonds with a total issuance value of VND1 trillion ($37.95 million).

Both tranches also carry 36-month maturities ending in May 2029 and offer a hybrid interest structure with a coupon rate of 12.5%.

Separately, Vinhomes’s board has approved a new private placement plan for non-convertible secured corporate bonds with a maximum issuance value of VND4 trillion ($151.79 million).

The proposed bonds will not include warrants and will have maturities of up to 36 months. Interest rates will combine fixed and floating-rate components.

The company said proceeds from the bond offerings will primarily be used to restructure existing debt obligations. Collateral for the bonds will include assets legally owned by Vinhomes and/or third parties.

The latest bond issuances also coincide with Vinhomes and parent company Vingroup (HoSE: VIC) launching a new program aimed at converting household gold holdings into property purchases.

The initiative targets Vietnam’s vast private gold reserves, estimated by the World Gold Council at around $35-40 billion, or nearly 8% of the country’s GDP.

Under the scheme, customers can convert idle gold into cash to buy Vinhomes properties, while retaining an option after five years to either continue holding the property or receive an amount equivalent to 110% of the original gold value used in the transaction.

VHM shares closed at VND153,800 ($5.83) each on Tuesday.