Vinpearl Issues VND 4,907 Billion Bond to Fund Lang Van Resort Complex

Overview

Vinpearl (VPL) has issued a VND 4,907 billion (approx. USD 196 million) bond on June 3, 2026, with a 5-year maturity and 12% interest rate, to fund its Lang Van tourism and resort complex project. The company also reported a strong Q1/2026 net profit of VND 1,508 billion, a significant increase from VND 90 billion in the same period last year.

Key Facts

• Vinpearl issued 49,070 bonds (code VPL12601) with a face value of VND 100 million each, totaling VND 4,907 billion.
• The bond has a 5-year term (60 months), maturing on June 3, 2031, with a combined interest rate of 12% and a call option.
• The bond is non-convertible, without warrants, and secured by assets of the issuer and/or third parties.
• Proceeds will be used to fund the Lang Van tourism and resort complex project, which spans 512 hectares with a total investment of nearly VND 44,000 billion.
• In Q1/2026, Vinpearl reported consolidated net revenue of VND 3,501 billion (+17% YoY) and net profit of VND 1,508 billion, compared to VND 90 billion in Q1/2025.
• The company’s other income surged to VND 1,750 billion, and financial income reached VND 1,975 billion (up nearly 4x YoY).
• For full-year 2026, Vinpearl targets revenue of VND 16,000 billion and net profit of VND 3,000 billion; after Q1, it achieved 22% of revenue and 50% of profit targets.

What Happened

On June 3, 2026, Vinpearl completed a private placement of VND 4,907 billion in bonds, as reported to the Hanoi Stock Exchange (HNX). The issuance was approved by the Board of Directors on May 28, 2026, under Resolution No. 09/2026/NQ-HDQT-VPJSC. The bonds carry a 12% interest rate, a 5-year term, and are secured by assets. The funds are earmarked for the Lang Van tourism and resort complex, a 512-hectare project with a total investment of nearly VND 44,000 billion, which broke ground in June 2025.

Vinpearl also released its Q1/2026 financial results, showing a sharp increase in profitability. Net profit reached VND 1,508 billion, driven by a surge in other income (VND 1,728 billion in profit vs. a loss of VND 61 billion a year earlier) and higher financial income. The company has already achieved half of its full-year net profit target of VND 3,000 billion.

Market Context

Vinpearl (VPL) trades on HOSE and closed at VND 91,500 on June 6, 2026, up 0.88% with volume of 735,000 shares. The stock has been supported by the company’s strong earnings recovery and large-scale project developments. The bond issuance comes amid a broader trend of Vietnamese real estate and tourism firms tapping the debt market to fund expansion, with interest rates remaining elevated.

Strategic Significance

The bond issuance provides Vinpearl with long-term capital to advance the Lang Van project, a key growth driver for its tourism and resort portfolio. The project’s scale (512 ha, VND 44,000 billion total investment) positions Vinpearl to capture rising domestic and international tourism demand. The strong Q1 earnings, partly from non-recurring items, suggest improved operational leverage, but investors should monitor the sustainability of profit growth and the project’s execution timeline.

What to Watch

• Progress of the Lang Van project construction and any milestone announcements.
• Vinpearl’s Q2/2026 earnings release to assess whether profit growth is sustained.
• Further bond issuances or capital-raising activities in 2026.
• Occupancy and revenue trends at Vinpearl’s existing resorts and hotels.
• Changes in tourism policy or visa regulations affecting inbound travel to Vietnam.