VNDIRECT is set to offer two non-convertible, unsecured, and uncollateralized bonds: VNDL2527001 with a 2-year term and VNDL2528002 with a 3-year term.
The company will issue 10 million VNDL2527001 bonds at an initial interest rate of 8% per annum, which will then float based on the reference rate plus a 2.8% margin. For VNDL2528002, 10 million bonds will be issued with a fixed initial rate of 8.3% per annum, followed by a floating rate based on the reference rate plus a 3% margin. Interest will be paid semi-annually in arrears starting from the issuance date.
Key entities involved in this offering include Ernst & Young Vietnam for auditing the 2023, 2024, and 2025 semi-annual financial statements, Saigon – Hanoi Securities (SHS) as the bondholders’ representative, and VIS Rating for credit rating. Notably, the company has opted not to engage underwriters or advisors for this issuance.
The subscription and payment period for the bonds is scheduled from November 21 to December 12. If successful, the 2 trillion VND raised (at face value) will be allocated to expand margin lending, invest in market securities, and fund other lawful business activities.
As of September 30, 2025, the company’s short-term bond debt stands at 250 billion VND, a 38% decrease from the beginning of the year, representing a small fraction of the nearly 31.8 trillion VND in total short-term debt. This debt pertains to the VND32501 bond issued privately in August 2025, maturing in August 2026.
VNDIRECT’s capital raising efforts have garnered significant investor attention, particularly following the extraordinary shareholders’ meeting in October 2025, which approved notable capital increase plans.
Three previously approved plans from the 2024 annual meeting—including a private placement of over 268.6 million shares, an ESOP issuance of up to 30 million shares, and a bonus share issuance of 15 million shares—have been revised. Most notably, the private placement has been scaled down to approximately 106.6 million shares.
Shareholders also approved an additional plan to publicly offer up to 325.8 million shares, to be executed after the private placement and before the ESOP and bonus share issuances.
For the private placement, 60% of the proceeds will be allocated to margin lending, while 40% will be invested in securities, deposit certificates, and market deposit agreements.
With these revised plans, the total maximum issuance volume has increased from over 313.6 million shares to more than 477.3 million shares. If successful, the company’s share count will rise to nearly 2 billion, with a charter capital of approximately 20 trillion VND.
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VNDIRECT’s 4 Capital Increase Plans
Source: VNDIRECT, compiled by the author
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During the meeting, CEO Nguyễn Vũ Long emphasized the urgency of these capital increases for VNDIRECT’s business operations.
The additional capital will ensure compliance with margin debt and financial investment ratios, especially as the market upgrades; maintain investment capacity (primarily in underwriting) amid stricter regulatory requirements; and enhance services for foreign institutional investors, including Non-prefunding.
The CEO also highlighted that, in a competitive landscape where securities firms are racing to increase capital, VNDIRECT’s actions are essential to maintain its market position.
– 13:58 24/11/2025
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