Vipico Successfully Raises VND 1 Trillion Through Bond Issuance
According to the Hanoi Stock Exchange (HNX), Vipico Limited Liability Company has officially announced the results of its corporate bond issuance.
Specifically, on November 14, 2025, Vipico successfully issued a batch of VIO32502 bonds, comprising 10,000 bonds to the domestic market.
With a face value of VND 100 million per bond, the total issuance value of this batch is VND 1 trillion, with a term of 96 months (equivalent to 8 years), and is expected to mature on November 14, 2033.
As per the information disclosed on HNX, this is the second bond issuance by Vipico in 2025 to date.
Rendering of TNR The LegendSea Da Nang Project
Previously, the company issued 5,000 VIO32501 bonds with a face value of VND 100 million per bond, corresponding to an issuance value of VND 500 billion. The issuance and completion date was November 4, 2025, with a term of 96 months, and a planned maturity date of November 4, 2033.
Established on July 3, 2009, Vipico was initially named Vipico Joint Stock Company. In March 2018, the company transitioned to its current name, Vipico Limited Liability Company. At that time, Ms. Tran Thi Kieu Tien (born in 1984) was the legal representative.
In March 2022, Mr. Nguyen Ngoc Anh replaced Ms. Kieu Tien as the Director and legal representative.
According to the business registration changes announced in March 2024, Vipico’s charter 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, the company’s charter capital remained unchanged, but the ownership shifted from Da Nang 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 General Director and legal representative of Duc Tri.
Additionally, Ms. Thuong is the Chairwoman of the Board of Directors and legal representative of VID Thanh Hoa Investment and Development Joint Stock Company, a member of the ROX Group. VID Thanh Hoa is known as the developer of the Bim Son Bac Industrial Zone A (Thanh Hoa), covering an area of 163.36 hectares with a total investment of VND 886.5 billion.
ROX Group’s Influence at Vipico
Notably, besides Ms. Thuong, several individuals and entities mentioned above have close ties to ROX Group.
First, Mr. Nguyen Ngoc Anh currently serves as the General Director and legal representative of Bach Dang Real Estate Joint Stock Company, established in 2018 and headquartered in Hai Phong. The company’s primary business is real estate trading, land use rights ownership, and leasing.
At its inception, the company had a charter capital of VND 20 billion, with three founding shareholders: Hano-Vid Real Estate Joint Stock Company (90%), Ha Hien Thanh (5%), and Hoang Vu Dung (5%).
Hano-Vid Real Estate, established in 2010, operates in the real estate sector. Its founding entities include Ha Dong Textile Joint Stock Company, Hanoi Textile and Garment Corporation, and Vietnam Investment and Development Group Joint Stock Company (VID Group, later renamed TNG Holdings and now ROX Group). Its initial charter capital was VND 771.5 billion.
By April 2022, the company’s charter capital increased from over VND 3.544 trillion to nearly VND 4.886 trillion. Mr. Nguyen The Dat (born in 1985) serves as the General Director and legal representative.
Hano-Vid has made its mark in the real estate market with successful projects such as TNR GoldSilk Complex (Hanoi), TNR Stars Dong Trieu (Quang Ninh), and TNR Stars Dong Mai (Quang Ninh).
The company frequently collaborates with other entities within the ROX Group ecosystem to develop high-profile projects.
Da Nang Resort Development Joint Stock Company was established in October 2021 with a charter capital of VND 735.5 billion (as of December 2023).
Currently, Mr. Ha Dang Sang (born in 1985) serves as the General Director and legal representative. Mr. Sang is also associated with TNR Holdings Vietnam Real Estate Investment and Development Joint Stock Company, another member of the ROX Group ecosystem.
Returning to Vipico, according to the most recent registration change in June 2025, Mr. Tran Thanh Tung (born in 1986) replaced Mr. Nguyen Ngoc Anh (born in 1994) as the Director and legal representative.
Vipico is known as the developer of the Legend City Commercial Center, Hotel, and Apartment Complex (TNR The LegendSea Da Nang). The project developer is Rox Signature Joint Stock Company, and the general contractor is Roxcons Vietnam Construction Investment Joint Stock Company.
The project consists of two towers: a hotel block and an apartment block with 800 units. The total investment for housing construction is VND 2.352 trillion, with completion scheduled for Q4/2028.
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