HCMC – HCMC Infrastructure Investment JSC plans to issue VND2.5 trillion in convertible bonds to fund the expansion of the HCMC–Trung Luong–My Thuan Expressway.
The company’s board approved a plan to offer 25 million convertible bonds to the public, with a total value of VND2.5 trillion, according to a company announcement. The bonds will be unsecured and non-warranted and carry a maturity of 15 years, with redemption expected in 2041.
The bonds will carry a mixed interest structure. For the first four interest periods, the rate will be fixed at 10% a year. In later periods, the rate will equal the 12-month individual savings deposit rate at Vietcombank plus a margin of 3.5 percentage points.
Coupon payments will be made every three months.
The conversion price is set at VND12,500 per common share. With a face value of VND100,000 per bond, the conversion ratio is 1:8, meaning each bond can be converted into eight common shares.
The company set 13 conversion windows on January 25 each year from 2027 to 2039. Bondholders can choose to convert part or all of their holdings during each period.
The subscription and deposit period for investors will run from April 1 to May 25.
Funds raised from the bond sale will be used for the expansion of the HCMC–Trung Luong–My Thuan Expressway under a build-operate-transfer (BOT) model. The project has a total investment of about VND36.1 trillion.
Construction began on December 19, 2025 and is expected to take around three years.
CII is part of the investor consortium for the project with a 55% capital contribution. Toll collection is expected to start in 2029, with a planned tolling period of more than 17 years.
Closing the trading session today, March 16, CII extended the winning streak to the fourth straight session with a 2.1% increase to VND17,000, with over 14.5 million shares changing hands.
The VN-Index fell 3.03 points, or 0.18%, to close at 1,693.21 as gains in several real estate and brokerage stocks contrasted with a mixed performance among blue chips.
On the Hochiminh Stock Exchange (HOSE), 149 stocks advanced while 155 declined. Trading volume reached 873.5 million shares valued at VND23.06 trillion, down 14.7% in volume and nearly 16% in value from the previous session. Block deals accounted for 127.4 million shares worth nearly VND2.72 trillion.
Real estate stocks drew attention. NVL surged to VND13,500, hitting the ceiling for a third straight session. Nearly 49 million shares changed hands. Over the past five sessions, NVL has climbed nearly 30%.
Another property developer, NLG, gained 6.1% to VND28,000 after briefly reaching the ceiling price during the session. Trading volume approached 6.1 million shares.
In the securities sector, VCK also hit the daily upper limit of VND33,400. Trading volume reached nearly 11 million shares. Foreign investors net bought nearly 3.3 million shares.
Other brokerage stocks posted smaller gains. TCX rose 2.5% and VPX added 1.3%, while HCM, FTS, AGR, and DSE edged higher. However, VIX fell 1.5% and SSI closed unchanged despite trading volumes of more than 26 million shares each.
Blue chips were mixed. The VN30-Index edged down 0.61 point, with 12 stocks rising and 13 declining.
Among the gainers, Vingroup-related stocks VRE and VHM rose more than 2%. Chemical and oil-related stocks posted the largest losses. DGC fell 4.5%, GAS dropped 4.2%, and PLX declined 3.5%.
Bank stocks moved slightly higher. STB, LPB, and SHB rose more than 1%. TCB, VIB, OCB, and CTG gained around 0.5%. ACB, TPB, HDB, and SSB closed near their reference prices.
SHB recorded the highest trading volume on the market, rising 1.7% to VND15,200 per share with 84.2 million shares traded.
Oil and gas, along with fertilizer stocks, faced selling pressure. BSR traded 18 million shares and still had nearly seven million shares offered at the floor price. PVD, DPM, and DCM also had large sell orders at their floor prices.
On the Hanoi Stock Exchange, the HNX-Index moved sideways, slipping 0.1 point, or 0.04%, to 245.74. Matching volume reached more than 94.1 million shares with a value of VND1.76 trillion.
