According to MBS Securities Company, it is estimated that in the second quarter of 2026, there will be about VND 58,500 billion of corporate bonds (TPDN) maturing, an increase of 140% compared to the same period and 3.3 times higher than the first quarter of 2026. Debt maturity pressure mainly comes from the real estate group.
In May and June 2026 alone, maturity pressure is still about VND 30,500 billion, mainly concentrated in the real estate group with about 75.6%, equivalent to VND 23,000 billion.
In the first 4 months of this year, the real estate group continued to lead the market in issuance activities. In April 2026 alone, the total value of corporate bonds issued reached 51,700 billion VND, an increase of 60% compared to the previous month, of which nearly 59% came from the real estate group with 30,400 billion VND (an increase of 110.8% compared to the same period), the highest level in the past 6 months.
Accumulated from the beginning of the year, the total value of corporate bonds issued reached 93,300 billion VND, an increase of 26.3% compared to the same period. In which, real estate is the industry group with the highest issuance value with 54,400 billion VND (an increase of 278% compared to the same period), accounting for 58.3%.
Regarding the situation of late payment, in April 2026, the market recorded 4 bond codes with late payment of principal/interest with a late payment value of nearly 2,900 billion VND.Accumulated to the end of April, the total value of bonds that are late in fulfilling payment obligations is estimated at about 31,500 billion VND, equivalent to about 2.3% of the total corporate bond balance of the market.
VIS Rating's report estimates that this year there are about 99,000 billion VND of maturing real estate bonds.This figure shows that the nature of the current issuance wave is not entirely a sign of healthy growth.A significant part of the new capital flow is actually being used to roll over debt, restructure financial obligations or stretch liquidity pressure.
What is more worrying is that the financial health of many businesses has not yet improved commensurate with the rate of capital mobilization.
For example, the case of LDG Investment Joint Stock Company continues to delay paying interest and principal for bond lot LDGH2123002 with outstanding principal overdue of more than 186.4 billion VND. This is a bond lot with an initial issuance value of 400 billion VND and has matured since December 2023 but has not been completely resolved to date.
Meanwhile, LDG's consolidated financial statements for the first quarter of 2026 show that the most worrying thing lies in cash flow. The cash flow report shows that net cash flow from business activities was negative nearly 1,577 billion VND, while in the same period last year it was still positive more than 183 billion VND. Along with that, LDG's "cash" is almost depleted. If at the beginning of the year, the business still held more than 1,612 billion VND of cash and cash equivalents, by the end of the first quarter it was only 4.9 billion VND.
Or like the case of more than 400 bondholders being "stuck" with the 900 billion VND bond lot of Nam Land Co., Ltd. Accordingly, the NALCH2124001 bond lot issued by Namland in 2021 is guaranteed by the Shizen Home project itself and related assets. The initial debt repayment plan is based on cash flow from project business activities. However, when the project was not granted a sales license, the entire "cash flow calculation" fell into deadlock.
Another giant that is also struggling to turn money around to pay bond debt is Novaland. Recently, this enterprise also announced information about the principal and interest payment situation of bonds. Specifically, according to the plan on May 18, 2026, Novaland must pay nearly VND 636.3 billion in principal for bond lot code NVLH2123014.
However, due to not arranging enough funds, the enterprise has only paid more than 6.6 billion VND, and nearly 631.7 billion VND has not been paid. Novaland said that it is continuing negotiations with investors on the payment of outstanding debt of the above bond lot. It is known that the bond lot code NVLH2123014 has a total issuance value of 1,000 billion VND, issued from November 18, 2021 and completed on January 26, 2022, with a term of 18 months.
Novaland's financial pressure is currently very high. According to the Q1/2026 financial statements, the total outstanding loans and financial leases of the enterprise have reached about 68,900 billion VND. Of which, outstanding bonds are about 23,800 billion VND, bank loans are nearly 29,900 billion VND and about 15,000 billion VND is borrowed from individuals from the same third party.
