Vinpearl bags $150 million from international bonds in Singapore

The issuance was one of very few deals secured by Vietnamese enterprises to raise international bonds in recent times.

Vinpearl issued 750 bonds with a par value of $200,000, equivalent to a total value of $150 million. These bonds have a term of five years, with maturity due on August 20, 2029.

In addition to this bond lot, Vinpearl issued a $425 million exchangeable sustainable bond in September 2021. The bonds mature in 2026 and have a coupon rate of 3.25 per cent per annum.

Regarding business performance, Vinpearl continued to make a profit of VND670.6 billion ($27 million) in 2023, after recording a large profit of VND4.23 trillion ($170.4 million) in 2022. As a result, the company achieved a return on equity of 5 per cent. Meanwhile, its owner's equity climbed by 57 per cent to VND13.32 trillion ($536.5 million).

In late November 2023, Vingroup announced the spin-off of Vinpearl JSC and the establishment of a new subsidiary named Ngoc Viet Business and Trading JSC. The newly established company has an expected charter capital of VND20.42 trillion ($822.5 million), of which Vingroup holds over 99.96 per cent.

Starting from the Vinpearl Resort Nha Trang complex, after more than 20 years of development, the Vinpearl system boasts 36 hotels and resorts with over 18,500 hotel rooms and villas. The properties spread across 17 popular tourist destinations in Vietnam, such as Phu Quoc, Nha Trang, Danang, Hoi An, and Halong.

Vinpearl JSC has successfully issued a $425 million Exchangeable Sustainable Bond (ESB), exchangeable into shares of Vingroup JSC. The bonds mature in 2026 and have a coupon rate of 3.25 per cent per annum.

Once the proposal is approved, Vingroup will develop Vinpearl Safari nature conservation and ecotourism area in Halong city, Quang Ninh province, marking its second safari area in Vietnam.

Vingroup is expediting the necessary procedures to list Vinpearl on the Vietnam stock exchange by the end of this year.