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Tam Tai Loc, a trading and import-export company, has mobilized 5.7 trillion VND through a one-year bond issue. The bonds (LOC32601) have a face value of 100 million VND each, totaling 57,000 bonds and an issue value of 5.7 trillion VND. The tenor is one year, maturing on 23 April 2027, with a coupon rate of 10% per year and secured by collateral.
Tam Tai Loc was established in November 2022 in Hanoi. Its main business line is wholesale trading of miscellaneous goods. At inception, the charter capital was 150 billion VND, with founding shareholders Hoang Minh Dung contributing 20%, Hoang Tuan Anh contributing 35%, and Do Van Kien (Chairman and legal representative) contributing 45%.
In February 2023, the company reduced its charter capital to 3 billion VND without changing the ownership shares. In March 2023, it increased capital to nearly 447 billion VND, and the shareholder structure was not disclosed. Capital then rose to nearly 606 billion in May 2024, nearly 752 billion in December 2024, and more than 1,125 billion in June 2025. In November 2025, the legal representative changed to Hoang Minh Dung (born 1983), who is also Chairman of the Board. In December 2025, charter capital increased to 2,534 billion VND, and in early February 2026 it rose to over 2,580 billion VND.
In a February 2026 credit rating report by Saigon Ratings, Tam Tai Loc is described as a business development partner of Masterise Group. Saigon Ratings assessed the company’s ability to meet its bond obligations, noting a substantial reliance on cash flows from profit-sharing under a business cooperation contract, which increases liquidity risk. The report also indicates that the company’s debt burden shows an upward trend, while financial leverage remains high for many years.
Short- and medium-term liquidity, according to the assessment, largely depends on bond issuance plans for 2026 and the maintenance of bank credit lines, rather than on cash flows from core business operations. The report further highlights limited governance and management, with relatively low independence; internal controls and risk governance are not fully developed; and surveillance and information transparency remain weak.
Saigon Ratings’ 2026–2029 investment portfolio for Tam Tai Loc includes two main projects:
Tam Tai Loc has completed the acquisition of the apartment fund for the Grand Marina Saigon project—Towers HH4-1, HH4-2, and HH4-3—and plans to bring real estate products into commercial operation according to the schedule.
The Cao Xa La project is planned to be developed and operated in line with its schedule, generating cash flow to distribute profits to investment partners under the agreement.
Grand Marina Saigon is described as one of the city’s premier luxury apartment complexes along the Saigon River, located in Saigon Ward, Ho Chi Minh City.
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