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On April 23, 2026, Minh An Investment and Development Real Estate Joint Stock Company (Minh An Real Estate) completed the issuance of two domestic bond tranches, MAD32601 and MAD12602, raising a combined 7,500 billion VND with a 12-month tenor.
The MAD32601 tranche was issued domestically with 13,000 bonds at a par value of 100 million VND per bond, totaling 1,300 billion VND. The bonds carry a fixed coupon rate of 10% per year.
The MAD12602 tranche was also issued domestically with 62,000 bonds at a par value of 100 million VND per bond, totaling 6,200 billion VND. The bonds carry a fixed coupon rate of 10.5% per year.
Both tranches are non-convertible, non-warranted, and secured. The issuer is TCBS (Chứng khoán Kỹ Thương).
Saigon Ratings described Minh An as a strategic partner with Masterise Group, noting that Masterise Homes manages the group’s high-end real estate projects.
Minh An is currently finalizing legal procedures to transfer the urban functional district project at 233, 233B and 235 Nguyen Trai Street, Khương Đình, Hanoi (project name Cao Xà Lá). The company is also negotiating to acquire the CCĐT.12-HH land plot within the Vinhomes Global Gate project in Dong Anh District, Hanoi (the Marriott Cổ Loa project) from the Vietnam Exhibition Center Authority.
On the same day, Tam Tài Lộc Trading Import-Export Joint Stock Company completed the issuance of bond tranche LOC32601 worth 5,700 billion VND, with a 12-month tenor and a fixed rate of 10% per year.
In its 2026–2029 investment and business program, Tam Tài Lộc participates in the Cao Xà Lá project through a business cooperation contract with Minh An, highlighting financial and project linkages within the ecosystem.
Minh An was established in May 2024, with real estate as its main business line and charter capital of 4,500 billion VND. The legal representative is General Director Phùng Khánh Linh.
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