The bonds will be issued this year and listed in Singapore, but will not be traded in Vietnam.

The first ever international bond issuance by Vingroup, which has interests in property development, automobiles and smartphones, will have a tenor of five years and a fixed or floating coupon rate or a combination of both.

Interest will be paid biannually, and the bonds can be converted into shares of Vinhomes, Vingroup’s real estate subsidiary.

However, Vingroup has the right to redeem the bonds at the end of the third year if the Vinhomes share is above a certain price.

The money raised will be used to pay loans and pump up the capital of its subsidiaries.

Vingroup has so far issued VND5 trillion ($217 million) worth of bonds in the domestic market.

It has been pouring money into expanding its manufacturing business, which it has earmarked as a main focus in the coming years. It began selling its VinSmart phones in the U.S. earlier this year and plans to sell electric cars there next year.