According to information disclosure sent to the Hanoi Stock Exchange (HNX), as of June 30, 2026, the equity of Marina Center Investment Co., Ltd. is 10,618 billion VND, down nearly 201 billion VND compared to the beginning of the period. Total payables increased to nearly 10,498 billion VND. Of which, outstanding debt from private placement of bonds in the domestic market is more than 10,195 billion VND.
During the period, Marina Center recorded a negative after-tax profit of more than 201 billion VND (compared to a negative of more than 295.5 billion VND in the same period), thereby bringing the accumulated loss at the end of QII/2026 to nearly 497 billion VND. The short-term payment ratio decreased from 3.66 times to 2.06 times; the loan interest payment ratio continued to be negative 1.29 times.
It is known that Marina Center Investment Co., Ltd. is used as a legal entity to carry out the transaction to receive the transfer of Capitaland Central Tower JSC, owner of Marina Central Tower building (Saigon Marina IFC) at No. 2 Ton Duc Thang, Saigon Ward, Ho Chi Minh City. To serve this transaction, on March 20, 2026, Marina Center issued a lot of MAR12601 bonds worth 10,195 billion VND, with a term of 10 years, maturing in March 2036.
A noteworthy case is that BNP Global Real Estate JSC continues to lose money when the semi-annual financial statements for 2026 recorded a post-tax loss of nearly 793 billion VND, a significant increase compared to the loss of 550 billion VND in the same period last year, which is also a record high.
Notably, since announcing its financial situation to the Hanoi Stock Exchange (HNX) in 2022, BNP Global has not had a single profit year, bringing the accumulated loss at the end of June 2026 to nearly 3,079 billion VND. Equity capital was negative nearly 2,079 billion VND, and at the beginning of 2026 it was negative nearly 1,286 billion VND.
Meanwhile, total payables continued to increase to more than 2,942 billion VND, an increase of 8% compared to the beginning of the year, mostly other payables of nearly 1,737 billion VND and more than 1,205 billion VND of outstanding bonds.
BNP Global was also emphasized by the auditing unit regarding a series of financial obligation risks. In addition to accumulated losses of nearly VND 3,079 billion, the company's operations are also significantly affected by real estate market developments and bond liquidity.
According to the auditing unit, short-term payables along with short-term loans and financial lease debts, including principal debt, bond interest debt, agency costs and bond depository that have expired, amounted to more than 1,892 billion VND. Along with that, some receivables from investment cooperation are also slow to be paid.
These factors show the existence of a key uncertainty factor that could lead to significant doubts about BNP Global's ability to operate continuously.
Similarly, the case of Gia Phu Real Estate Co., Ltd. is also the same. Accordingly, on the statistics date of June 30, 2026, the Company still has a principal bond payment of 125 billion VND and bond interest of more than 32.5 billion VND that has not been arranged for payment.
According to the audited financial statements of Gia Phu Real Estate, the auditing unit emphasized that as of December 31, 2025, the company had incurred accumulated losses of 571.17 billion VND, causing equity to be negative 326.17 billion VND and the company's total short-term debt exceeded total short-term assets of 1,118 billion VND.
This shows the existence of a key uncertainty factor leading to doubts about the company's ability to operate continuously," the auditing unit said.
The above cases are showing that real estate businesses are still under great pressure from the story of rotating cash flow to repay bond debts after the "strong" issuance period before.
The real estate group is under the greatest maturity pressure and the debt handling ability of the group is very differentiated. Businesses with complete legal projects, positive sales cash flow and access to new capital have conditions to buy back or pay on time. While the financially weak group may still have to continue to use other support measures such as negotiating extensions, asset swaps or accepting new issuances with higher interest rates.
This shows that the problem of the Vietnamese real estate market today is not only in the scale of capital sources, but more importantly, the lack of long-term, stable capital flows that are suitable for the specific investment cycle of the industry.
