Vingroup set for $350 million international bond issuance

The bonds, filed on April 9, are unsecured, non-convertible, and non-warrant-linked instruments denominated in US dollars, constituting a direct payment obligation of the issuer. They carry an option allowing holders to receive shares in Vinpearl JSC, which is owned by Vingroup.

The offering comprises a maximum of 1,750 bonds at a par value of $200,000 each, with an expected coupon of up to 5.75 per cent per annum and a five-year tenor from the date of issuance. The bonds are expected to be listed on the Vienna Stock Exchange in Austria and will not be offered or listed in Vietnam. Issuance is targeted for the second quarter, subject to market conditions and regulatory approvals.

A hospitality complex operated by Vinpearl. Photo: Vingroup

As of the end of 2025, Vingroup carried total debt of VND338 trillion ($13.3 billion), in which dollar-denominated debt accounted for 19.1 per cent of the total.

Net debt to earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at 2.7 times in 2025, up from 2.3 times in 2024. The EBITDA-to-interest-expense coverage ratio was 3.0 times in 2025, an increase from 2.9 times.

For 2026, Vingroup plans to achieve net revenue of $17.7 billion and net profit after tax of $984.3 million, representing an increase of 35.6 per cent and 125.9 per cent respectively compared to 2025.

VinFast – an electric vehicle manufacturer and a member unit of Vingroup – has set a target of 300,000 electric vehicle deliveries and approximately 1 million electric motorcycle units. The latter represents at least 2.5 times the volume recorded in 2025, with market expansion planned in the United States and Europe.

Real estate developer Vinhomes – a member of the Vingroup ecosystem – plans to drive strong net revenue growth through ongoing large-scale developments and new project launches in Ho Chi Minh City, Danang, and Quang Ninh.

Meanwhile, Vinpearl – a premium hospitality and resort brand within the Vingroup ecosystem – aims to grow revenue through higher room occupancy, expanded on-site services, accelerated meetings and events offerings, and the launch of the Tuyen Quang hospitality complex.

At the group level, Vingroup stated it intends to develop three new business pillars in infrastructure, green energy, and culture, alongside its existing real estate, industrials, and social enterprise segments.

Vingroup merges GSM and Green Future On February 28, Vingroup announced the merger between Green and Smart Mobility JSC and Green Future Trading and Services JSC.

Vingroup launches customer support program amid fuel cost increases The Vietnamese conglomerate introduced financial assistance initiatives for consumers facing higher transportation and energy expenses.

ACV and Vingroup tie up to advance green transition and airport development On March 23, Airports Corporation of Vietnam and Vingroup formally signed a comprehensive MoU to boost green transformation across Vietnam’s airport system through the deployment of clean energy solutions and sustainable mobility initiatives.