Vingroup postponing share and bond sale

By Marc Castro

Sep 09, 2013 12:03 AM EDT

Vietnam's largest shopping mall owner, Vingroup Joint Stock Co, has postponed its plans to offer its shares on the Singapore bourse as foreign investors continue to pull out from emerging markets. The company had also decided to postpone an international bond sale. 

According to Vingroup CEO Le Thi Thu Thuy in an interview last September 6, the company had planned to sell a volume of 150 million shares and have them traded on the Singapore Exchange by the end of the year. She said, "The whole market has been quite difficult and doing a Vietnam deal is not easy. There has been a lot of outflow from the emerging markets."

Vingroup recently opened the Vincom Mega Mall Royal City located in Hanoi. It is one of the largest underground malls in Asia and was opened to the public last July coinciding with the three day National Day weekend. For that weekend ending Monday, the mall attracted 100,000 visitors a day.

Thuy said of the event, "Its success has been beyond our expectations."

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