Of the over VND124.5 trillion ($4.73 billion) worth of private placement corporate bonds issued in Vietnam in the year to date, the real estate sector accounted for 54.1% or VND67.4 trillion ($2.56 billion), mainly flowing to major conglomerates such as Vingroup, Masterise, and Sun Group.
The Vinhomes Grand Park mega-urban development. Photo courtesy of Vinhomes.
The most notable transaction was the VND10.2 trillion ($387 million) bond issuance by Marina Center Investment Co., Ltd., a company affiliated with Sovico Group. This was also the largest issuance during the reviewed period, carrying a maturity of up to 120 months and an annual coupon rate of 4%.
Among corporate groups, issuers affiliated with Vingroup (HoSE: VIC) led the market by raising VND30.41 trillion ($1.15 billion) through private placements conducted by subsidiaries including Vinpearl JSC (HoSE: VPL), Vinhomes JSC (HoSE: VHM), and Thai Son Construction Investment JSC.
Notably, in 2026, Vingroup was also the only Vietnamese issuer to successfully place an international bond. According to Cbonds, on April 16, 2026, the group raised $350 million through its five-year bond issue, coded VICD2328003. Investors have an option to receive VPL shares of hospitality arm Vinpearl owned by Vingroup. The notes were issued and listed on the Vienna Stock Exchange in Austria.
In addition to Vingroup, the Masterise ecosystem attracted significant attention by raising a total of VND21.1 trillion ($800.88 million) through multiple issuances by affiliated entities, including Minh An Real Estate Investment and Development JSC, T&T New Era JSC, and Phat Dat Real Estate Investment and Development Co., Ltd.
Meanwhile, companies associated with Sun Group recorded total bond issuance of approximately VND3.1 trillion ($117.66 million), comprising VND1.5 trillion issued by Phu Quoc Civil Construction Co., Ltd. and VND1.6 trillion by Ba Na Cable Car Service JSC.
Excluding Vingroup’s international bond offering, these three major business groups collectively issued VND64.8 trillion ($2.46 billion) in bonds, accounting for more than 52% of total market issuance.
Explaining why large-scale bond issuances in 2026 have been concentrated among a handful of leading conglomerates and corporate ecosystems, Nguyen Minh Hoang, head of analysis at Nhat Viet Securities, said the trend partly reflects capital flows shifting toward sectors and businesses with the strongest capacity to absorb capital and generate broader economic spillover effects.
According to Hoang, beyond their ability to raise and deploy capital efficiently, large conglomerates serve as “leading birds” that play a crucial role in driving Vietnam’s economic development in the next stage. Their influence extends across industries, value chains within their ecosystems, and networks of suppliers operating in supporting industries.
“The growth of a large-scale manufacturing enterprise can stimulate the development of an entire supporting industrial chain, thereby promoting localization, enhancing domestic production capabilities, and creating greater value-added for the economy,” he said.
The expert noted that this approach bears similarities to the development models of South Korea’s chaebols and Japan’s keiretsu, where large corporations are viewed as key drivers of economic growth and national competitiveness.
Accordingly, capital concentration in major conglomerates is not merely a result of their asset size or financial strength, but also their ability to generate sustainable competitive advantages, build integrated supply chains, and expand their presence in international markets, he added.
Listed real estate developers accelerate fundraising
Beyond bond issuance, many listed real estate companies are simultaneously seeking capital through equity offerings.
Novaland (HoSE: NVL) has revised its private placement plan, increasing the proposed offering size from 350 million shares to as many as 800 million shares to strengthen its financial resources and address debt obligations. This year, An Gia Hung Real Estate Development Co., Ltd., an affiliate of Novaland, successfully raised nearly VND1.07 trillion ($40.43 million) through private bond placements.
Meanwhile, DIC Corp (HoSE: DIG) has resumed its plan to offer 150 million shares to existing shareholders at VND12,000 ($0.46) per share, with expected proceeds of approximately VND1.8 trillion ($68.33 million). Bluemarq Group JSC (HoSE: DXG), for its part, plans to privately place more than 93 million shares to raise nearly VND1.74 trillion for residential development projects.
Phat Dat Real Estate Development Corporation (HoSE: PDR) has also announced plans to offer nearly 200 million shares to existing shareholders at VND10,000 per share, aiming to raise around VND2 trillion ($75.92 million) to supplement working capital and restructure its balance sheet.
In early June 2026, One Capital Hospitality (HNX: OCH) disclosed a board resolution approving a private placement of 130 million shares at VND10,000 ($0.38) per share. It intends to use the entire VND1.3 trillion ($49.35 million) in proceeds to acquire 20.93 million shares of IDS Equity Holdings JSC.
These capital-raising initiatives come at a time when listed real estate stocks remain significantly below the peak levels reached during the property market boom of 2021-2022. In some cases, market prices are even substantially lower than private placement prices, as seen with OCH.
According to data from National Securities (NSI), 29 out of 33 real estate stocks declined during the first five months of 2026. Apart from exceptions such as VHM of Vinhomes and NVL of Novaland, stocks including PDR, DXG, and DIG all posted losses.
NSI noted that many real estate stocks have fallen between 30% and 50% from their most recent peaks following a prolonged correction that lasted from the fourth quarter of 2025 through the beginning of the first quarter of 2026. As a result, the price-to-book (P/B) ratios of many developers have dropped below both their five-year historical averages and the industry average.