Vincom Joint-Stock Co., Vietnam’s second-biggest listed property company, rose to a record high on plans to sell its first overseas bond.

The real-estate developer will raise $150 million by selling convertible bonds on the Singapore Stock Exchange, it said in a statement filed on the Ho Chi Minh City Stock Exchange’s Website Tuesday. Once converted into shares, the securities will trade on the Vietnam exchange.

“Vietnam’s economy has strong growth potential and the fact the government has been consistent in its reform efforts through the crisis of last year should be a source of reassurance to investors into the country,” said Kim Eng Tan, a Singapore-based credit analyst at Standard & Poor’s.

Vincom plans to put the proceeds from the bond sale into two construction projects in the capital Hanoi. Real-estate development rose 9.7 percent in the nine months to September, almost twice as fast as the overall increase in gross domestic product, because of the government’s $8 billion stimulus package.

The developer rose 3.3 percent to close at VND93,000 on the Ho Chi Minh City Stock Exchange, the highest since Vincom started trading in September 2007. The benchmark VN Index fell 1.8 percent to 524.40. The company has a market value of VND17.6 trillion ($982 million).

Stocks rally

Hoa Phat Group Joint-Stock Co., Vietnam’s biggest-listed steel producer, and broker Saigon Securities Inc. also plan to sell convertible bonds in coming months to take advantage of the rally in stocks.

The VN Index has climbed 66 percent this year, heading for the biggest annual gain since the Southeast Asian nation opened an equities exchange in July 2000 as part of reforms aimed at developing a market-based economy.

Hoang Anh Gia Lai Joint-Stock Co., which is run by Vietnam’s richest man, and Corp. for Financing & Promoting Technology, the country’s largest software maker, sold convertible bonds last month.

“We are still in the process of having discussions with brokerages about the coupon for the bonds as well as the timeframe for the sale,” Le Khac Hiep, Vincom’s Hanoi-based chairman said by phone Tuesday. He declined to provide further details.

Credit Suisse Group AG will help manage a $150 million overseas bond sale for Vincom, Tuoi Tre newspaper reported on Nov. 4, without saying where it got the information. The sale of five- year notes is expected to be completed this month, the newspaper said.

Zurich-based Credit Suisse managed the Vietnam government’s first overseas bond, with a $750 million sale in 2005.