To be done in installments of VND5.5 trillion ($238 million) and the second VND6.5 trillion ($281 million), the 18-month bonds will carry a combination of fixed and floating interest rates though the company has not disclosed the rates.

Vinhomes was the most profitable listed company in the first quarter after profits rose 2.8 times year-on-year to VND7.6 trillion ($329 million).

In March the company branched into industrial real estate with the establishment of Vinhomes Industrial Zones Investment (Vinhomes IZ), which it said would be one of three pillars of growth, with the other two being apartments and offices.