In the newly published report on the bond market, MB Securities Company (MBS) said that corporate bond issuance activities in May 2025 recorded a strong recovery with 60 new issuances with the total value of successful corporate bonds issued in the month estimated at about 69.2 trillion VND, a sharp increase of 155% over the same period and the highest since the beginning of the year.
The Real Estate group accounted for 18.9% in May 2025 with a total issuance value of VND 26,900 billion. Notably, there are quite unfamiliar names in the real estate sector but accompanied by quite large bond capital calling deals.
One of the notable deals is that Viet Minh Hoang Real Estate Investment Construction Joint Stock Company (VMH) successfully issued a bond lot VMH12501 worth VND 3,466 billion, with a term of 5 years, maturing on May 22, 2030. This is the only outstanding bond lot of the company.
FiinRatings' credit rating report to VMH shows that the company's business capacity is average. Although established in 2010, VMH's activities have only focused on developing a real estate project in Hanoi. The company's asset size is also currently lower than the industry average. According to FiinRatings' estimate, VMH's plan to double the size of assets compared to the end of 2024, while significantly increasing debt will put pressure on the company's operational efficiency in the coming time.
Regarding liquidity, FiinRatings rates VMH's liquidity as currently at an average level with an estimated liquidity source/liquidity level ranging from 1.15 - 1.20 times in 2025.
One case of promoting the issuance of corporate bonds that is causing surprise in the real estate industry is TCO Real Estate Consulting and Trading Joint Stock Company. On June 25, according to information from HNX, TCO successfully issued 50,000 bonds, with a face value of VND100 million/bond, bringing in VND5,000 billion in cash flow.
Previously, TCO Real Estate also successfully mobilized VND3,000 billion through individual bonds in April 2025 and VND2,500 billion on the last day of 2024. Thus, in the past 6 months, this real estate enterprise has mobilized VND 10,500 billion through 3 short-term bond issuances (12 - 28 months). Information about bondholders and issuance purposes was not disclosed.
Also according to HNX's announcement, on June 25, An Thinh General Trading Service Company Limited (An Thinh Company) successfully issued a bond lot worth VND5,000 billion with a term of 18 months. This is an unconverted bond lot, without a certificate and secured by assets.
Although he has successfully raised VND5,000 billion from the bond channel, An Thinh's financial situation is not very optimistic. The 2024 financial report shows that businesses continue to lose VND 13.2 billion after tax, although this figure has improved significantly compared to the loss of VND 43.9 billion in 2023. As of December 31, 2024, the company's total accumulated loss was still at negative VND 57.8 billion.
The return of real estate enterprises on capital mobilization channels from corporate bonds also shows positive signals. However, the story of maturity pressure for previous bond lots is still large and especially when the cash flow of real estate enterprises is still weak.
According to statistics from Vietnam Investment Credit Rating Joint Stock Company (VIS), in the second half of 2025, there will be 474 bond lots, with a total outstanding debt of VND 150,000 billion due for payment. The real estate sector alone accounts for more than 50%, becoming the industry most pressured to mature bonds.
Worryingly, 26 bonds worth VND19,000 billion from 15 real estate enterprises are being warned of the risk of early repayment due to difficulties in cash flow, collateral and financial credit.
In May alone, there were 4 batches of bonds with initial payment delays from 3 real estate companies related to 2 large corporations. These companies have been late in paying before and have not yet processed them, and have weak credit records, low profits and high financial leverage rates...
