Vinhomes’s arm nets $305 mln in bond sales as property portfolio expansion accelerates

A subsidiary of Vingroup’s arm Vinhomes (HoSE: VHM) has raised VND8 trillion ($304.69 million) through private bond placements in just two months, underscoring the top Vietnamese property developer’s continued access to domestic capital markets as it advances a pipeline of large-scale urban and golf course projects across Vietnam.

According to disclosures filed with the Hanoi Stock Exchange, Thai Son Investment Construction Corporation successfully issued VND2 trillion ($75.92 million) of bonds under code TSO12604 on June 3-4, marking its fourth bond sale since May.

The latest issuance carries a three-year tenor and a fixed annual coupon of 12%, slightly lower than the 12.5% rate offered on three previous tranches, which together raised VND6 trillion ($227.77 million).

The four transactions bring Thai Son’s total fundraising this year to VND8 trillion ($303.84 million). Across the broader group, Vingroup and its subsidiaries have raised more than VND32.4 trillion ($1.23 billion) through private domestic bond offerings so far this year.

According to credit assessment firm Saigon Ratings, the TSO12604 bond is secured by 22 million shares of Vingroup (HoSE: VIC), with collateral valued at approximately VND4.7 trillion ($178.42 million).

The proceeds will be used primarily for debt restructuring. Thai Son said it plans to allocate the entire amount raised toward refinancing existing obligations, including loans linked to related-party transactions.

The company intends to partially repay a VND4.95 trillion ($187.9 million) loan under an agreement signed with local contractor Vincons in late 2025, as well as a separate VND1.9 trillion ($72.13 million) loan associated with a Can Gio-related project in Ho Chi Minh City.

Founded in 2007, Thai Son is 99.9% owned by Vinhomes and has emerged as one of its main development vehicles for large-scale real estate and golf course projects.

Among its notable investments is the 100-hectare Quang Hanh golf course project in the northern province of Quang Ninh, with total investment of VND887 billion ($33.67 million). The company is also developing the 134-hectare Nui Nham Bien golf course-urban project worth VND6.6 trillion ($250.62 million).

Beyond golf developments, Thai Son has expanded into large-scale urban projects nationwide. In early 2024, the company was selected to develop the VND18 trillion ($683.31 million) My Lam resort urban area project in the northern province of Ha Giang.

In southern Vietnam, Thai Son and fellow Vinhomes subsidiary Dai An Construction Investment JSC are jointly developing the 931-hectare Tan My new urban area project valued at $3 billion. The company is also behind the 84-hectare Ky Trinh new urban area development within the Vung Ang Economic Zone in the central province of Ha Tinh.

Despite its aggressive investment activity, Thai Son reported a sharp decline in profitability last year. Net profit fell to just VND8.8 billion ($334,060) in 2025, compared with VND870 billion ($3.3 million) in 2024, reflecting a period of heavy capital deployment and project development.

Vinhomes shares ended at VND146,000 ($5.54) each on Tuesday.