In the market, more and more real estate businesses are appearing, announcing that they cannot pay principal and interest on time for bonds.
According to the announcement sent to the Hanoi Stock Exchange (HNX), as of June 30, 2026, Bong Sen Joint Stock Company (JSC) still has a principal debt of 4,800 billion VND for the bond lot issued on October 15, 2021, with an interest rate of 15.75%/year.
In the reporting period from January 1, 2026 to June 30, 2026, Bong Sen JSC is obliged to pay more than 3,009 billion VND in interest. This entire amount has not been paid. Bong Sen JSC said that the reason for the payment delay is that the Company's account is being frozen.
This is not the first time the company has violated its payment obligations for this bond lot. According to the report on the implementation of commitments with bondholders, the enterprise said it had complied with the interest payment periods 1, 2 and 3 in 2022, but violated the interest payment periods 4 and 5 because the payment account was frozen in the context related to the Van Thinh Phat case.
No Va Thao Dien Co., Ltd. has also just announced information on the situation of principal and interest payment for bond code NTDC H2227001, worth 2,300 billion VND. Accordingly, No Va Thao Dien said that it cannot pay more than 1,056 billion VND of principal due due because the company has not arranged a source of money.
The total amount No Va Thao Dien must pay is determined to be 2,021.26 billion VND, including the principal and related amounts. However, at the time of announcement, the amount paid on time was recorded as 0 VND. Regarding the reasons for the payment delay, No Va Thao Dien said that the enterprise "has not yet arranged a source of money".
A case of continuous slow debt repayment of bonds is Hung Thinh Land Joint Stock Company. This company has just updated on the HNX system in August, about the situation of principal and interest payment for 2 bond lots code H79CH2123015 worth 800 billion VND and code H79CH2223001 worth more than 984 billion VND.
According to the plan, both of these bond lots will be paid in March and June 2023. However, as of August 21, 2026, Hung Thinh Land Joint Stock Company has only paid more than 116 billion VND for code H79CH2123 015 and more than 247 billion VND for code H79CH2223001. The total amount of late payment of the remaining 2 bond lots is more than 1,420 billion VND, of which H79CH2123015 still has more than 683.7 billion VND, code H79CH2223001 still has more than 736.9 billion VND.
The reason given by Hung Thinh Land Joint Stock Company is that credit was tightened, the real estate transaction market diễn biến unfavorably, investor's cash flow was imbalanced, leading to the Issuing Organization not arranging resources in time to pay investors fully and on time compared to the plan.
According to data from VIS Rating, about 235,000 billion VND of bonds will mature in the next 12 months. Notably, debt repayment pressure is forecast to increase significantly in the last months of 2026. Especially December 2026 is forecast to be the biggest drop point of maturity pressure, in which the real estate group accounts for a significant proportion of this.
Including both banks and non-banks, the total cash flow of corporate bonds expected to be paid from August - December 2026 reached nearly 175,000 billion VND, an increase of about 20% compared to the same period last year. Real estate businesses alone have to pay about 79,000 billion VND, an increase of nearly 42% compared to the same period in 2025.
The pressure is not only from the number of bonds due according to plan, but also from the issues with maturity in 2024 that have been extended for a maximum of 2 years according to Decree 08/2023/ND-CP and will be due again in 2026. The extension has supported businesses to extend debt obligations and have more time to prepare capital sources.
However, because payment obligations are mainly shifted to subsequent installments instead of being resolved definitively, maturity pressure tends to re-accumulate in the following years.Real estate continues to be the group under the greatest pressure as the debt handling capacity of this group is very strongly differentiated.Many weak financial enterprises have to continue to use other support measures such as negotiating extensions, asset swaps or accepting new issuances with higher interest rates due to tightened credit,...
