As of the end of June 2024, the company’s equity reached over VND 909 billion, a 54% increase compared to the previous year. Its debt also increased significantly to VND 4,042 billion, of which VND 4,000 billion was bond debt. In the first half of this year, the enterprise repaid more than VND 250 billion in bond interest.
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Sai Gon Capital’s business results from 2022 to present
Source: Author’s compilation
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In 2023, Saigon Capital actively raised capital from bondholders with four batches: SGGCH2328001 with a term from 29/09/2023 – 29/09/2028, SGGCH2328002 from 05/10/2023 – 05/10/2028, SGGCH2328003 from 08/11/2023 – 08/11/2028, and SGGCH2328004 from 04/12/2023 – 04/12/2028. Each batch is valued at VND 1,000 billion and has an interest rate of 12.5%/year.
The bonds are secured by a payment guarantee letter from a bank or a payment guarantee from a financial or credit institution. The registering and depository organization is HD Securities Joint Stock Company.
The above bonds were used to raise capital for investing in the construction of the Our City urban area project in Hai Thanh ward, Duong Kinh district, Hai Phong city. The project is invested by Vietnam Hiep Phong Company Limited as the investor according to a business cooperation contract with Saigon Capital Joint Stock Company.
 A corner of the Our City urban area
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The project has a scale of 43.5 hectares, including a complex of villas, townhouses, apartments, commercial centers, hotels, schools, and healthcare centers. The total investment capital announced by Saigon Capital is VND 10,548 billion. The project was started in 2008 and is the first 100% foreign-invested urban area in Hai Phong (Hong Kong, China). It was planned to be completed within five years. However, by the end of 2022, 15 years after the commencement of construction, the project had only been invested and constructed on an area of nearly 8 hectares; the remaining area has not yet been put into use.
Saigon Capital Joint Stock Company was established on August 12, 2019, with an initial charter capital of VND 590 billion. The three founding shareholders were Mr. Huynh Thanh Hai, who owned 98% of the capital, and Mr. Lam Tuan Vinh and Mr. Cao Phu Huu, who jointly owned 1% of the capital. Currently, Mr. Nguyen Trong Tuan holds the position of Director and legal representative of the Company.
* [Unexpected background of the enterprise that recently raised thousands of billions from bonds for the Our City project in Hai Phong](https://vietstock.vn/2024/09/lai-lich-bat-ngo-cua-doanh-nghiep-moi-huy-dong-ngan-ty-tu-trai-phieu-lam-du-an-our-city-tai-hai-phong-20240910151144391.htm)
[Thu Minh](https://vietstock.vn/author/thu-minh-12452)
“Agricultural Giant Trieu Hai: Commanding a Capital of nearly 14.7 Trillion VND, with a Profit of over 6 Billion VND in the First Half of 2024.”
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