Issued from 16 March to June 13, the bonds are non-convertible with a fixed interest rate of 13 percent per annum, one of the highest rates in the local market.

Over 97 percent of Tiki bonds’ buyers are Vietnamese individual professional investors. Two domestic institutional investors and two foreign investors also bought the bonds.

Tiki will use the VND1 trillion to increase its working capital, expand warehouses, invest in subsidiaries, and fund advertisement and marketing campaigns, among others.

After suffering losses in recent years, Tiki still has to spend big to grab market shares from rivals like Shopee, Lazada and Sendo.

Tiki reported losses of over VND750 billion in 2018, and more than VND320 billion in 2019.