Vipico Successfully Raises VND 500 Billion Through Bond Issuance
Vipico Limited Liability Company (Vipico) has officially notified the Hanoi Stock Exchange (HNX) of its successful private bond issuance within Vietnam.
The company issued 5,000 bonds under the code VIO32501, with a face value of VND 100 million per bond, totaling VND 500 billion.
The issuance and completion date is set for November 4, 2025, with a maturity period of 96 months, culminating in a planned maturity date of November 4, 2033.
Established on July 3, 2009, Vipico initially operated as Vipico Joint Stock Company. In March 2018, it transitioned to its current structure as Vipico Limited Liability Company. Ms. Tran Thi Kieu Tien (born in 1984) served as the legal representative during this period.
In March 2022, Mr. Nguyen Ngoc Anh succeeded Ms. Kieu Tien as the Director and legal representative.
According to business registration updates in March 2024, Vipico’s chartered capital increased from VND 1.2 trillion to VND 1.5 trillion, with Mr. Nguyen Ngoc Anh authorized to manage 100% of the contributed capital.
As of May 2024, while the chartered capital remained unchanged, the ownership shifted from Danang Resort Development Joint Stock Company to Duc Tri Investment and Development Joint Stock Company (Duc Tri). Ms. Phan Thi Minh Thuong was authorized to manage the VND 1.5 trillion capital.
Ms. Phan Thi Minh Thuong (born in 1992) also serves as the CEO and legal representative of Duc Tri.
Bim Son A Industrial Zone. Photo: ROX iPark
Ms. Thuong also chairs the Board of Directors and serves as the legal representative of VID Thanh Hoa Investment and Development Joint Stock Company, a member of the ROX Group. VID Thanh Hoa is renowned for developing the Bim Son Bac Zone A Industrial Park in Thanh Hoa, spanning 163.36 hectares with a total investment of VND 886.5 billion.
ROX Group’s Influence at Vipico
Notably, several individuals and entities associated with ROX Group maintain close ties with Vipico.
Prominently, Mr. Nguyen Ngoc Anh serves as the CEO and legal representative of Bach Dang Real Estate Joint Stock Company.
Founded in 2018 and headquartered in Hai Phong, the company specializes in real estate trading, land use rights, and leasing.
Initially capitalized at VND 20 billion, its founding shareholders included Hano-Vid Real Estate Joint Stock Company (90%), Ha Hien Thanh (5%), and Hoang Vu Dung (5%).
Hano-Vid, established in 2010, operates in real estate with initial capital of VND 771.5 billion, contributed by Ha Dong Textile Joint Stock Company, Hanoi Textile and Garment Corporation, and VID Group (later renamed TNG Holdings and now ROX Group).
By April 2022, its capital surged to nearly VND 4.886 trillion. Mr. Nguyen The Dat (born in 1985) serves as CEO and legal representative.
Hano-Vid has successfully executed projects such as TNR GoldSilk Complex (Hanoi), TNR Stars Dong Trieu (Quang Ninh), and TNR Stars Dong Mai (Quang Ninh).
Additionally, the company collaborates with ROX Group affiliates to spearhead various high-profile projects.
Danang Resort Development Joint Stock Company, founded in October 2021 with a charter capital of VND 735.5 billion (as of December 2023), is led by Mr. Ha Dang Sang (born in 1985) as CEO and legal representative. Mr. Sang is also affiliated with TNR Holdings Vietnam Real Estate Investment and Development Joint Stock Company, part of the ROX Group ecosystem.
Returning to Vipico, according to recent updates in June 2025, Mr. Tran Thanh Tung (born in 1986) succeeded Mr. Nguyen Ngoc Anh (born in 1994) as Director and legal representative.
Vipico is recognized as the developer of the TNR The LegendSea Danang complex, comprising a commercial center, hotel, and apartments. Rox Signature Joint Stock Company serves as the project developer, with Roxcons Vietnam Construction Investment Joint Stock Company as the general contractor.
The project features two towers—one for the hotel and another for residential apartments, totaling 800 units. The total investment in housing construction amounts to VND 2.352 trillion, with completion slated for Q4/2028.
Major Shareholder in Stanley Brothers Securities
In mid-August 2025, Vipico reported becoming a major shareholder in Stanley Brothers Securities Joint Stock Company (Stanley Brother, stock code: VUA), holding over 5% of its shares.
On August 12, 2025, Vipico acquired more than 6.2 million VUA shares, increasing its stake from 0% to 18.34%.
Concurrently, Thanh Vinh Real Estate Investment and Development Joint Stock Company, Nam Quang Infrastructure Investment and Development Joint Stock Company, and Gen Cons Vietnam Construction Investment Joint Stock Company also significantly increased their holdings in Stanley Brother to 19.37%, 24.63%, and 24.64%, respectively.
Notably, these companies maintain close ties with Rox Group, chaired by businesswoman Nguyen Thi Nguyet Huong.
Thanh Vinh Real Estate is known for developing the TNR Stars Thai Hoa project within the Long Son Urban Area in Thai Hoa town, Nghe An province. The company previously held over 5% of Maritime Bank’s (MSB) shares from 2022 to 2023 but has since divested.
Gen Cons Vietnam, established in April 2015 as TNCons Vietnam Construction Investment Joint Stock Company, was renamed Rox Cons Vietnam in December 2023 and later to its current name in March 2025.
Sao Kim Investment, Trading, and Services Limited Liability Company, a Rox Group subsidiary, is a founding shareholder of Gen Cons Vietnam.
According to MSB’s shareholder disclosure (updated as of July 31, 2025, and provided on August 1, 2025), Gen Cons Vietnam holds over 49.1 million MSB shares, representing 1.89% of the bank’s charter capital.
Source: MSB (updated as of July 31, 2025, and provided on August 1, 2025)
Nam Quang is renowned as a leading industrial zone developer in Hai Duong (now Hai Phong), with notable projects including the 62.42-hectare Nam Sach Industrial Zone and the 82.88-hectare Phuc Dien Industrial Zone.
These projects are managed by TN Property Management Joint Stock Company, a subsidiary of Rox Key Holdings.
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