Van Phu Real Estate Development Joint Stock Company (Stock Code: VPI) has recently submitted a report on its private bond issuance to the Hanoi Stock Exchange (HNX).
On October 31, 2025, Van Phu issued 1,350 bonds under the code VPI12503, with a face value of VND 100 million per bond, successfully raising VND 135 billion. The bonds have a 3-year term, maturing on October 31, 2028, and offer a fixed annual interest rate of 10%.
According to Resolution No. 2710-1/NQ-HĐQT dated October 27, 2025, Van Phu has pledged VPI shares owned by Mr. To Nhu Toan, Chairman of the Board, and THG Holdings (an affiliate of Van Phu) as collateral for the bonds. The company has also approved transactions with related parties concerning these bonds.
As per Van Phu’s 2025 Semi-Annual Corporate Governance Report, THG Holdings is an entity associated with Chairman To Nhu Toan, where he also serves as Chairman of the Board.
As of June 30, 2025, Chairman To Nhu Toan holds 72.6 million VPI shares, representing 22.68% of Van Phu’s capital. Additionally, several individuals related to Mr. Toan also hold significant VPI shares.
Meanwhile, THG Holdings owns over 68 million VPI shares, equivalent to 21.27% of the company’s capital.
Source: Van Phu’s Consolidated Financial Report Q3/2025
As of September 30, 2025, Van Phu’s outstanding bond debt across six issuances totals nearly VND 2.3 trillion. This includes two new issuances: VND 250 billion in August 2025 and VND 150 billion in March 2025.
The nearest maturing bond, valued at over VND 148 billion, is due in June 2026. All bonds are secured with collateral.
In terms of business performance, Van Phu’s pre-tax and post-tax profits for Q3/2025 reached VND 143 billion and VND 119 billion, respectively, marking a 16% and 8% increase year-over-year.
For the first nine months of 2025, the company achieved a post-tax profit of VND 262.9 billion, fulfilling over 75% of its annual profit target.
As of September 30, Van Phu’s inventory stood at VND 5.407 trillion, an 83.5% increase from the beginning of the year. This growth is primarily attributed to increased investment in three key projects: Vlasta – Thuy Nguyen (Hai Phong), TT39-40 Van Phu New Urban Area (Hanoi), a project in Phu Thuan Ward (former District 7, Ho Chi Minh City), and other developments.
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