According to a report submitted to the Hanoi Stock Exchange, TNI Nam Quang issued 5,000 bonds with a face value of 100 million VND each, completing the issuance on November 7. The bonds have a 9-year term and a fixed interest rate of 9.1% per annum. Both principal and interest will be paid in a single installment upon maturity in 2034.
Previously, on October 21, the company successfully completed its first issuance, raising 1 trillion VND. Thus, in less than a month, TNI Nam Quang has mobilized a total of 1.5 trillion VND through two bond issuances.
TNI Nam Quang has a chartered capital of approximately 2.6 trillion VND and is a subsidiary majority-owned by ROX iPark Vietnam (formerly TNI Holdings Vietnam), holding 54.2% of its capital. ROX iPark is part of the TNR Holdings Vietnam ecosystem, specializing in urban real estate development under the ROX Group umbrella.
As the developer of the Gia Loc Industrial Park, spanning nearly 198 hectares with a total investment of around 2 trillion VND, TNI Nam Quang also spearheads several projects in former Hai Duong areas. These include the Ai Quoc Ward Industrial and Residential Complex (26.8 hectares, over 184 billion VND), Long My 1 New Urban Area (15 hectares, 207 billion VND), and Tan Truong Industrial Park (198 hectares).
The Gia Loc Industrial Park stands as a flagship project within the ROX iPark portfolio. Additionally, the company develops multiple industrial parks across Northern Vietnam, such as Que Vo 3 (Bac Ninh), Minh Quang (Hung Yen), Bim Son A (Thanh Hoa), and Dai Tu (Hanoi).
 Rendering of Gia Loc Industrial Park in Hai Phong (formerly Hai Duong Province) – Image: ROX iPark
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Saigon Ratings highlights TNI Nam Quang’s key advantage: its land bank exceeding 850 hectares, acquired at low costs and strategically located across multiple regions. However, project implementation lags behind schedule, while marketable land in older industrial zones is depleting.
The company’s financial health relies heavily on recovering receivables from joint ventures. A significant portion of inventory lacks liquidity, constraining cash flow flexibility. Nonetheless, TNI Nam Quang benefits substantially from the financial strength and support of the ROX iPark and TNR Holdings ecosystems.
Beyond TNI Nam Quang, other TNR-affiliated entities have intensified bond-based capital raising. Thanh Vinh Real Estate Investment and Development JSC, developer of TNR Stars Thai Hoa (Nghe An), secured over 2.6 trillion VND in Q3. Saigon Garment and Matches JSC, where TNR Holdings holds nearly 45% equity, raised nearly 4 trillion VND.
Two TNR Holdings Vietnam-affiliated companies raise additional 1.1 trillion VND via bonds
Gia Loc Industrial Park developer secures trillions from “triple-zero” bonds
– 14:20 13/11/2025
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