Corporate bond market – June 2025
The primary market observed total VND94 trillion (about USD3.6 billion) of corporate bond issuance last month, up +36% compared to May, and all of them were offered via private placement. At month-end, the collective corporate bonds outstanding was VND1,366 trillion (about USD52.5 billion). Meanwhile, the secondary market recorded average daily trading value (ADTV) of VND5.9 trillion (about USD227 million, up +2% MoM). In the next 12 months, there will be VND222 trillion of corporate bonds due, in which 44% of them were issued by weak-rated (creditworthiness) corporate issuers.
Vietnam Airlines (HVN VN): Upcoming public offering
The airline has been preparing to offer 900 million additional shares (equivalent to 40.6% of current shares outstanding) at VND10,000 per share to existing shareholders. All proceeds will be used for refinancing. Presently, the airline’s ownership structure as at the 27th May 2025 includes: 1) Vietnam Airlines had 24,615 shareholders; 2) State shareholders (MOF and SCIC) held 87.3%; 3) Strategic shareholder, ANA Holdings held 5.6%. HVN VN closed at VND38,000 per share on 8th July 2025, thus 12.7x P/E while P/B was still negative.
Pha Le Plastics (PLP VN): Private placement
The company plans to offer 20 million shares at VND10,000 per share in this private placement to 7 professional investors, in which there are 2 insiders (CEO: 4 million; and CFO: 2 million) and 5 existing shareholders (4 individuals: 13 million; an institution: 1 million). Purchased shares will be locked up for a year after distributed while proceeds will be used for refinancing and working capital. In Q1 2025, Pha Le Plastics generated revenue of VND561 billion (about USD21.6 million, up +45.9% YoY) and net income of VND6 billion (about USD227,000). PLP VN closed at its price ceiling of VND4,510 per share on 8th July 2025, therefore 12.4x P/E and 0.4x P/B.
Vinaconex ITC (VCR VN): A new major shareholder
Hanoi Anpha announced that it successfully bought 48.4 million shares, accounting for 23.1% of current shares outstanding. Before that, Vinaconex (VCG VN) – the parent company of Vinaconex ITC, decided to divest completely of the latter, expecting to sell all of its 107.1 million shares (equivalent to 51% ownership) at the minimum price of VND48,000 per share. Vinaconex ITC is the designated developer of Cai Gia – Cat Ba project, which has land size of 176.1 hectares and requires capex of nearly VND11 trillion (about USD423 million). VCR VN was last traded at VND43,500 per share on 8th July 2025, suggesting 5.8x P/B while P/E was still negative.
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