According to a report filed with the Hanoi Stock Exchange, TNI Nam Quang issued 5,000 bonds with a face value of VND 100 million each, completing the issuance on November 7. The bonds have a 9-year term, a fixed interest rate of 9.1% per annum, and are non-convertible, unsecured, and without warrants. Both principal and interest will be paid in full at maturity in 2034.
Previously, on October 21, the company completed its first issuance, raising VND 1 trillion. Thus, in less than a month, TNI Nam Quang has mobilized a total of VND 1.5 trillion through two bond issuances.
TNI Nam Quang has a chartered capital of approximately VND 2.6 trillion and is a subsidiary of ROX iPark Vietnam (formerly TNI Holdings Vietnam), which holds 54.2% of its equity. ROX iPark is part of the TNR Holdings Vietnam ecosystem, specializing in urban real estate development under the ROX Group.
TNI Nam Quang is the developer of the Gia Loc Industrial Park, spanning nearly 198 hectares with a total investment of around VND 2 trillion. Additionally, the company is developing several projects in former Hai Duong province, including the Ai Quoc Ward Industrial and Residential Service Area (26.8 hectares, capital of over VND 184 billion), Long My 1 New Urban Area (15 hectares, capital of VND 207 billion), and Tan Truong Industrial Park (198 hectares).
Rendering of Gia Loc Industrial Park in Hai Phong (formerly Hai Duong province) – Image: ROX iPark
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According to Saigon Ratings, TNI Nam Quang’s most significant advantage lies in its land bank of over 850 hectares, acquired at low costs and distributed across multiple localities. However, project implementation progress has lagged behind schedule, while commercial land in older industrial zones is gradually depleting.
The company also heavily relies on the recovery of receivables from investment partnerships. A significant portion of its inventory has low liquidity, making cash flow management challenging. Nonetheless, TNI Nam Quang will benefit substantially from the financial strength and support of the ROX iPark and TNR Holdings ecosystems.
Not only TNI Nam Quang, but other entities within the TNR ecosystem have also intensified capital raising through bond issuances recently. Thanh Vinh Real Estate Investment and Development JSC, the developer of TNR Stars Thai Hoa (Nghe An), raised over VND 2.6 trillion in Q3. Saigon Garment and Matches JSC, where TNR Holdings holds nearly 45% of the capital, mobilized nearly VND 4 trillion.
The bonds issued by these companies share common features: a fixed interest rate of 9-9.2% per annum, long tenures of 6-9 years, and no collateral.
Two TNR Holdings Vietnam-related companies raise VND 1.1 trillion through bonds
Gia Loc Industrial Park developer raises trillions from “3 no” bonds
– 14:20 13/11/2025
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