Raising $21 Million in Bond Offerings: What’s the Deal with Saigon Matches and its Prospects?

Raising VND 490 Billion in Bond Issuance

According to the Hanoi Stock Exchange (HNX), Saigon Garment and Match Joint Stock Company has just announced the private placement results of MSG32501 bonds.

Specifically, the issuance comprises 4,900 bonds, each with a par value of VND 100 million, totaling VND 490 billion. The bonds were issued and completed on August 12, 2025, with a tenor of 84 months and a maturity date of August 12, 2032. The fixed interest rate is set at 9.2% per annum, payable at maturity.

Saigon Garment and Match Joint Stock Company, formerly known as Ben Thuy Match Factory, was established in the early 20th century.

In 1948, the company was nationalized by the government and renamed Hoa Binh Match Factory, under the management of the Paper-Wood-Match Corporation.

In July 2004, the company completed its equitization process and changed its name to Saigon Garment and Match Joint Stock Company (SMG), headquartered at 346 Ben Van Don, Ward 1, District 4 (former address) in Ho Chi Minh City. The company operates in the real estate industry.

As of August 2023, Saigon Garment and Match Joint Stock Company increased its charter capital from VND 4,380 billion to VND 5,059 billion. Currently, Ms. Nguyen Chi Mai (born in 1991) serves as the Chairman of the Board of Directors and legal representative of the company.

Ms. Nguyen Chi Mai also holds positions as General Director of New Star Hoa Binh Real Estate Joint Stock Company, Director of Long Van Real Estate Company Limited, and Chairman of the Members’ Council of Quynh Luu Real Estate Investment and Development Joint Stock Company.

Developer of Multiple Projects

Saigon Garment and Match Joint Stock Company, also known as SMG, has close ties with TNG Holdings Vietnam, now ROX Group. In 2021, the company gained attention as a shareholder of Vietnam Maritime Commercial Joint Stock Bank (MSB).

SMG is currently known for its diverse real estate projects across Vietnam. One notable project is the Hoa Binh Apartment Building Complex (The Goldview) located at 346 Ben Van Don, Ward 1, District 4, now known as Vinh Hoi Ward, Ho Chi Minh City. This complex consists of two towers, Tower A with 33 floors and two basements, and Tower B with 27 floors and two basements. Tower A offers a total of 1,459 apartments for sale and 146 serviced apartments, while Tower B comprises 300 serviced apartments, totaling 1,905 units.

In June 2020, SMG was selected as the investor for the Commercial Services and Housing Project in Duc Tho town, Duc Tho district, Ha Tinh province (former name).

This project covers an area of 11.71 hectares and has a total investment of VND 1,196 billion. The land use structure comprises 24.4% for commercial services, 31.4% for detached houses, 40% for transportation infrastructure, and the remaining for social welfare facilities.

Also, in June 2020, the People’s Committee of Lao Cai province chose a joint venture between SMG and My Real Estate Joint Stock Company as the investor for the new urban area project in Bao Ha district, Bao Yen (former name).

In Hai Phong, SMG is developing a residential area project in Vinh Bao town, branded as TNR Stars Vinh Bao. The project was approved by the Hai Phong City People’s Committee in Decision No. 254/QD-UBND dated July 23, 2021, and the investor was approved in Decision No. 3355/QD-UBND dated November 22, 2021.

According to Decision 3355/QD-UBND, the project’s investment capital is VND 829.6 billion. It involves the construction of 387 detached houses with a land area ranging from 90-120m2 each, a road width of 5-6m, and a maximum height of 5 floors.

Notably, the Government Inspectorate pointed out several violations by SMG in this project related to land price determination and construction before obtaining a license.

Also in Hai Phong, in November 2021, SMG was approved as the investor for the project “Commercial Center, Amusement and Entertainment Complex, 5-star Hotel and Office for Lease to implement urban renovation in the area of Sat market (Nam Tower area).” This project replaces the old Sat market and is planned to be a 40-story building with two basements on a project land area of 15,200m2 and a building height of 146m from the yard to the roof.

The project’s implementation cost, excluding compensation, support, resettlement, land use fees, and land rent, is over VND 6,000 billion. Construction commenced in February 2022.

In Thanh Hoa province, SMG was selected as the investor for the Nam Co Dam Urban Area project, Lam Son ward, Bim Son town (former name) in August 2019. The Thanh Hoa Department of Construction granted the project an Investment Certificate No. 1941/GPXD dated March 30, 2021. A month later, on April 23, 2021, the Department issued Notification No. 2573/SXD-QLN, stating that the project met the conditions for capital mobilization.

In Phu Tho province, SMG was chosen as the investor for the Ha Loc Urban Area project, Ha Loc ward, Phu Tho town (former name), according to Decision No. 1311/QD-UBND dated June 9, 2021.

Simultaneously, in June 2021, SMG was selected as the investor for the Thanh Son Urban Area project, Thanh Son town, Thanh Son district (former name), in Phu Tho province.

In southern Vietnam, on March 21, 2024, the People’s Committee of Tra Vinh province issued Decision No. 399/QD-UBND, approving SMG as the investor for the Residential Area project in Tieu Can town, Tieu Can district (former name) in Tra Vinh province.

SMG is also involved in various other projects in the southern region, including the An Chau 2 Urban Area project in An Chau town, Chau Thanh district, An Giang province (former name); the New Residential Area project (within the district administrative center combined with the residential area of Dak Doa town, Dak Doa district, Gia Lai province, former name); and the South of National Highway 19 Urban Area project, Phu Phong town, Tay Son district (former name) in Binh Dinh province.