As of the end of February 2025, Setra has delayed the interest payment of 20 bond codes from SET.H2025.01 to SET.H2025.20 with a total unpaid amount of VND 553.95 billion. The reason given is that the issuing organization has not yet arranged a payment source.
Since March 2023, Setra has repeatedly announced the delay in paying interest on these 20 bond lots.
The 20-code bond lot, from code SET.H2025.01 to SET.H2025.20, interest rate of 11%/year, worth VND 2,000 billion, was successfully issued by Setra in August 2020, and is scheduled to mature in August 2025.
This is also a type of individual corporate bonds that are not converted, without a certificate and without collateral. The consulting organization and issuing agent and representative of the bond owner is still Tan Viet Securities Joint Stock Company (TVSI). Saigon Joint Stock Commercial Bank (SCB) is the account management organization.
Setra Corp was established on October 7, 1999, located at No. 5 Cong Truong Me Linh, Ben Nghe Ward, District 1, Ho Chi Minh City. The legal representative is Mr. Tran Van Tuan and mainly operates in the field of real estate business, land use rights belonging to owners, users or renters.
Setra Corp Company is one of three joint ventures contributing capital at Vietcombank - Bonday - Ben Thanh Company Limited with 18% contributed capital. In which, Setra Corp is a company in the ecosystem related to Ms. Truong My Lan and is assigned to hold capital contribution in this joint venture. This enterprise is also one of 4 legal entities that have committed fraud, violated the provisions of the law, created 25 bond packages with a total value of more than 30,000 billion VND to sell to bondholders.
According to the latest financial information released, in the first half of 2024, Setra recorded a negative profit after tax of VND 114.5 billion, while in the same period last year, the loss after tax was VND 273.2 billion. As of June 30, 2024, Setra's equity reached VND 295 billion, down 17% over the same period last year. The coefficient of debt payable/equity of owners reached 11.84 times, equivalent to debt payable reaching VND 3,492.8 billion.
VIS Rating estimates that in 2025, there will be about VND 224,000 billion of maturing bonds; of which, about VND 110,000 billion will be bonds in the residential real estate industry.
According to VIS Rating, of this total maturing bond volume, about 17% of the value of bonds with a risk of late principal repayment and 94% of the value of this risky bond come from the residential real estate and tourism and resort groups.
Commenting on the corporate bond market in 2025, Mirae Asset Securities Company (Vietnam) said that most of the late-payment bonds in the September 2022 period until June 2023 are expected to return and put pressure on issuers in the context of an average extension period of only about 22 months to a maximum of 24 months according to Decree 08/2023/ND-CP.
