Vietnam's F88 closes $9 million bond tranche, nears $1T VND profit
What's the deal? Vietnamese consumer lender F88 has raised 233.5 billion VND (roughly $9 million) in its third public bond issuance, the company announced on September 21. The tranche completes its 2026 plan to raise 1,000 billion VND through public bonds.
By the numbers: Across three tranches, F88 raised about 833.5 billion VND — 83.4% of its annual target. The 24-month bonds carry a fixed 10% annual interest rate, paid quarterly.
Why now? 2026 marks the first time F88 has issued bonds to the public, a channel requiring stricter financial conditions and disclosure than private placements. The shift follows an October 2025 upgrade of the company's credit rating by FiinRatings from BBB-minus to BBB, with a stable outlook.
Where the money goes: All proceeds fund core operations, with a focus on a portfolio of secured loans. F88 says the fundraising is tied to its rapid expansion.
The financials: Audited results for the first half of 2026 show consolidated revenue of 2,758 billion VND, up 58.1% year on year. Pre-tax profit jumped 113.5% to more than 686 billion VND, and the company estimates consolidated pre-tax profit of nearly 1,000 billion VND for the first eight months of 2026.
Expanding footprint: As of the end of August 2026, F88's total outstanding loan balance reached nearly 9,400 billion VND across more than 980 transaction offices nationwide. It recently opened a second NNX insurance center in Ho Chi Minh City, following its first in Hanoi, combining a technology platform with direct consulting to grow ancillary revenue.
What's the endgame? F88 wants to become a comprehensive financial platform for Vietnam's mass market. Its 2026–2030 strategy targets a 34.5% compound annual growth rate in outstanding loans through 2030.
The signal: F88 is diversifying beyond domestic bonds — its board also approved a $20 million international loan package (about 520 billion VND) in the third quarter of 2026. Improved access to public markets and foreign capital signals a lender scaling up as it chases a larger share of consumer finance.
Read more: vietnam.vn
Image credit: Generated with Gemini
