According to data from Vietstockfinance with 104 businesses (on HOSE, HNX and UPCoM), announcing the first quarter of the first quarter of the real estate including housing and industrial park shows that the total value of inventory by the end of the first quarter continues to increase to a record of more than 511 trillion dong, up 2% compared to the beginning of the year.
Of which, there are 14 real estate enterprises with inventories accounting for over 50% of total assets, mostly residential real estate. These figures show that although the market is being pushed by policies and low interest rates, liquidity has not returned as expected.
Inventory is continuing to be a big challenge for investors, especially when financial pressure from debt and implementation costs have not decreased. Especially the story of bond repayment.
According to data from FiinTrade, in May 2025, the total principal value of corporate bonds due for payment by the non-bank sector is estimated at VND 11,400 billion, double the VND 5,300 billion in April.
Of which, the real estate group is expected to have about VND3,500 billion of corporate bonds maturing in May, accounting for 31% of the total maturity value of the whole block in the month and increasing by 20.3% compared to the estimate in April.
The retail group is expected to have VND3,000 billion in corporate bond principal due for payment in May 2025.
The pressure of non-bank bond maturity is expected to peak in the third quarter of 2025. According to VNDIRECT Securities Company, in the second quarter of 2025, nearly VND38,000 billion of individual corporate bonds will mature, an increase of 105% compared to the first quarter.
Of which, real estate is the group with the largest proportion, accounting for 57.3%, followed by banks, accounting for 11.1% of the total value of maturing bonds. With increasing maturity pressure, negotiations to extend bond maturities between issuers and bondholders continue to take place.
In particular, there are many cases of mobilizing large-value bonds near maturity but not disclosing information or being in a state of huge losses.
For example, Quang Thuan Investment Joint Stock Company is one of the issuers with high value of corporate bonds maturing from now until the end of 2025. This company has VND 6,000 billion in bonds maturing on August 31, 2025 (of 60 bond lots with codes from QTH.H2025.01 to QTH.H2025.60, each lot has an issuance value of VND 100 billion, all issued on August 31, 2020).
According to the latest information published, by the end of June 2024, Quang Thuan Investment could not pay the principal and interest of all outstanding bond lots, in the context of the first half of 2024, the company recorded a loss after tax of VND 338.7 billion and in the same period in 2023, a loss after tax of VND 641.2 billion.
Or the case of Hoang Phu Vuong Joint Stock Company (headquartered at 15A Song Da, Ward 2, Tan Binh District, Ho Chi Minh City) is also in the real estate group with a large amount of maturing bonds of high value, even not publicly announcing information about business results since issuing the HPVCB2125001 bond lot worth VND 4,670 billion on July 30, 2021, maturing on July 30, 2025.
In addition, there are a series of enterprises operating in the real estate sector with bond lots worth thousands of billions of VND maturing this year but have previously continuously violated their obligations to pay interest and principal.
These enterprises have had a series of corporate bond lots postpone payment times before and still have major maturity debt obligations in the next 12 months. This signals the continued delay in payment/deferral in 2025 for the above group.
