According to statistics, the total outstanding loans of 103 real estate enterprises on the stock exchange reached nearly VND 323,000 billion on June 30, 2025, an increase of nearly 14% compared to the beginning of the year. Of which, 42 enterprises have increased their debt sharply.
Some businesses that are in debt are increasingly "hugging". For example, the Industrial Investment and Development Corporation (Becamex IDC) as of June 30 had a total debt to be paid of VND35,878 billion. Of which, short-term financial loans increased by 18% to VND9,963 billion, while long-term financial loans decreased by more than 18% to VND12,369 billion. The majority of Becamex IDC's financial loan structure is outstanding bonds, including VND 2,792 billion of long-term bonds to repayment and VND 9,279 billion of long-term bonds.
Novaland's outstanding loans remained almost unchanged from the beginning of the year, remaining at nearly VND62,000 billion. However, it is noteworthy that the total outstanding loans in the next 12 months will amount to about VND32,000 billion. In Novaland's debt structure, outstanding loans of more than VND 61,800 billion, bonds account for a large proportion with nearly 49%, credit of more than 34% and loans from partners are about 17%.
On the accounting balance sheet, the total assets of Phu My Hung Development Company Limited as of June 30, 2025 recorded nearly VND 33,882 billion, down 3% over the previous year. In contrast, outstanding loans increased by nearly 5%, to VND23,412 billion - the highest level ever announced, mainly due to increased outstanding loans, to nearly VND10,168 billion.
Meanwhile, the company's debt from bond issuance decreased by 5%, to nearly VND 7,558 billion, including more than VND 863 billion of domestic offering bonds and nearly VND 6,695 billion of international bonds. Bank debt decreased by 13%, to VND 5,686 billion.
Another "big guy" in the industrial real estate industry, Kinh Bac Urban Development Corporation, is also in debt of more than VND26,000 billion, 2.6 times higher than at the beginning of the year. This unit is stepping up bank loans, long-term outstanding loans increased from VND 8,700 billion to VND 24,100 billion (accounting for6% of total loans).
Notably, there are 28 real estate enterprises listed on the stock exchange with a debt-to-asset ratio higher than the industry average. Leading is Nam Bay Bay Bay Investment Joint Stock Company with a ratio of 57.2%, Vinaconex Tourism Investment and Development Joint Stock Company with 46.8%, Van Phu - Invest Investment Joint Stock Company with 46.7%, Becamex IDC with 39%, Kinh Bac with 37.1%...
Cash flow challenges are still lurking for real estate businesses, as debts are increasing. The problem of real estate businesses is not necessarily due to high financial leverage, but due to low capital absorption capacity. Because the decline in liquidity, causing revenue to decrease and profit margins to narrow, makes the demand for mobile capital and investment capital low.
Meanwhile, although the bond lots have been extended, there are still concerns about maturity pressure in 2025 and the coming time.
The bond market report of MB Securities Company (MBS) shows that in the first 7 months of 2025, the total value of corporate bonds that are late in fulfilling payment obligations (delayed in principal and interest) is estimated at about 69,000 billion VND, of which the real estate group accounts for the highest proportion with 57%.
In the remainder of 2025, the total value of maturing bonds will be nearly VND 98,000 billion. Of which, 52.8% of the value of bonds due for maturity belongs to the Real Estate group with VND51,681 billion.
According to financial experts, the difficult problem in the story of turning around business cash flow of real estate businesses is still stuck in project legality and has not been really resolved smoothly.
In addition, there are challenges from the market, as the imbalance between supply and demand is increasingly serious, affecting customer confidence, leading to reduced liquidity and increased inventories.
