Business
BIM Land raises $200 million via offshore bond
This is BIM Land's first offshore bond issue after it borrowed about $140 million from IFC and Credit Suisse in 2019.
Vietnamese property developer BIM Land Joint Stock Company (BIM Land), a member of BIM Group, recently raised an additional $200 million via debut issuance of 5-year bonds at 7.375% coupon in the Singapore market.
Fitch Ratings rated BIM Land's bond at B, in line with its issuer ratings, and Moody's rated it at B2.
The debut marks BIM Land's first offshore bond and the first time non-public enterprise in Vietnam successfully priced its USD bond. In the past, Vietnam saw some offshore deals by Vingroup, NovaLand and VPBank.
In 2019, BIM Land raised nearly $140 million from IFC and Credit Suisse. It also promoted bond capital mobilization in domestic market. For example, the enterprise successfully mobilized VND1,000 billion (about $44 million) in last March, secured by its right to use land plots in Hung Thang ward, Ha Long.
BIM Land is a property developer in several high-growth, tourism-led regions in Vietnam, counterbalanced by the cyclical demand for its tourism-led investment products, such as condotels and rental villas, compared with residential property.
Fitch said that BIM Land has smaller residential contracted sales than those of higher-rated peers, but these risks are mitigated by the company's healthy balance sheet.
It expects attributable contracted sales (excluding minorities' share) of Vietnamese property developer to recover to VND7.5 trillion (about $330 million) in 2021 on improving demand and a solid project launch pipeline.
BIM Land's contracted sales originate in the city of Ha Long in the north-eastern province of Quang Ninh, and on Phu Quoc island. Its new project in Vinh Phuc should contribute to contracted sales from 2022, improving diversification.
BIM Land gets $50 million from foreign lenders
US giant backs Vietnam’s bid to lead ASEAN gas trade
With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.
Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia
Scheduled for completion in 2027, the logistics facility will be the first of its kind in Vietnam significantly boosting parcel processing capacity up to 7 million parcels daily.
Gamuda Land secures VND3,750 billion loan for Eaton Park project
Gamuda Land will use the loan to invest in a luxury real estate project in Ho Chi Minh City.
WHA Group accelerates industrial park investment in Vietnam amid tariff tensions
Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.
Hai Phong Port unveils new deep-water terminals to meet growing trade demand
Hai Phong Port JSC. has inaugurated international container terminals No. 3 and 4 at Lach Huyen, raising its throughput capacity to 3.5 million TEUs per year.
Hoang Huy Group to raise $79 million for Haiphong property projects
Hoang Huy expects revenue to exceed VND4 trillion and post-tax profit to reach up to VND2 trillion in fiscal year 2025-2026, targeting annual growth of over 30% for the next five years.