MASAN GROUP'S BOND - MSN12003 - Pinetree Securities
Bond December 8, 2022



Company Information

Masan Group was established in November 2004, is one of the leading multi-industry companies in the private sector of Vietnam with the slogan “doing well by doing good”.

Msn Bond

Masan owns a unique retail-consumer platform that creates an extensive digital ecosystem, ensuring profit targets when scaling up. Masan built the Mini Mall model – all in one: serving a variety of products and services for all family members. Applying AI and ML technologies: helping to increase the ability to understand consumers. Combining data from offline channels, Masan provides services to help users have outstanding experiences in all fields.

Masan owns a diverse ecosystem

Msn Entities

The CrownX

The retail-consumer platform combines Masasan’s advantages at MCH and VCM.

MasanConsumer Holdings

Investing in the food and beverage industry.


Developing a nationwide retail network.

Masan MeatLife

Sowning 3F model specializing in providing qualified pork products.

Masan High tech Material

The largest private mineral resource processing company in Vietnam, operating the Nui Phao polymetallic mine project.


One of the largest joint stock commercial banks in Vietnam.

Financial Situation

Profit increased 7 times thanks to core growth and sudden profit from divestment.

In 2021, MSN’s net revenue reached VND 88.6 trillion (+14.8% yoy) and profit after tax (PAT) from parent company shareholders reached VND 8.6 trillion (+593.9% yoy) with many positive highlights in the activities of the operations related to MasanConsumer Holdings and WinCommerce, with a surge in revenue from the sale of MSN Feed to De Heus.

(VND Billion)
2018 2019 2020 2021
Net revenue38,18837,35477,21888,629
Gross profit11,88110,94117,88922,135
Profit after tax4,9165,5581,2348,563

Bonds Information

Masan Group’s Bonds

Issuance ScaleVND 3,000,000,000,000
(VND 3,000 billion)
Issue Date12/05/2020
Maturity Date12/05/2023
Term3 years
Coupon payment termevery 6 months
Coupon interest10.6%/năm at current period

* Pinetree only offers liquidity support for the bonds distributed by Pinetree and bonds bought by investors from Pinetree.

** The liquidity support service offered by Pinetree will be at an appropriate call price under market conditions at times during the maturity of the Bonds.


Bản giới thiệu Trái phiếu

Bản cáo bạch NY MSN032023

Điều lệ Công ty

Báo cáo tài chính hợp nhất năm 2021

Báo cáo tài chính riêng lẻ năm 2021

Báo cáo tài chính hợp nhất năm 2020

Báo cáo tài chính riêng lẻ năm 2020

BCTC kiem toan hop nhat 2019.pdf

BCTC kiem toan rieng le 2019.pdf

Bao cao kiem toan su dung von.pdf

Hop dong Dai dien Chu SHTP.pdf

NQ HDQT_NIEM_YET 10.000 ty TP_23Apr2020.pdf

UQ ki ho so MSN_NguyenThieuNam.pdf

UQ ki sao y MSN_Tran Phuong Bac.pdf

UQ ki ho so TCBS – Nguyen Thi Thu Hien.pdf

UQ ki sao y ho so TCBS_NguyenThiQuynhAnh.PDF

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