90 businesses are late in paying bond principal and interest

Enterprises with delayed bond repayments continue to increase

According to Mr. Nguyen Ba Khuong, Analysis Department, VNDIRECT Securities Joint Stock Company, as of April 15, 2025, there were more than 90 enterprises on the list of late payment obligations for interest or principal of corporate bonds according to the announcement of HNX.

In the first quarter of 2025, some enterprises have begun to delay the principal payment of bonds that have been extended (these are bonds with a maturity date before the extension of 2023 and have been extended for a maximum of 2 years). The principal amount due in the first quarter of 2025 of the late-paying issuers is about more than VND 5,000 billion, accounting for 20.3% of the total maturity value in the first quarter of 2025 (the banking group has repurchased all bonds that will mature in the first quarter of 2025, so the total maturity value in the first quarter of 2025 does not include the banking group).

The total principal amount due in the first quarter of 2025 of late-paying issuers and the value of bonds with maturity in the first quarter of 2025 that have had their maturity extended is approximately more than VND 11,000 billion, accounting for 45.4% of the total maturity value in the first quarter of 2025.

“We estimate that the total outstanding debt of individual corporate bonds of these more than 90 enterprises is about more than VND200,000 billion, accounting for about 16.5% of the outstanding debt of individual corporate bonds in the entire market. Most of these issuers are enterprises in the real estate group,” Mr. Khuong commented.

According to VNDIRECT, in the first quarter of the year, the negotiation activities to extend the bond term were still active. As of April 15, 2025, 118 issuers had reached agreements to extend the bond term with bondholders and had officially reported to HNX. The total value of bonds with extended terms was more than VND 178,000 billion. Of which, the total value of bonds due in 2025 that have been extended is more than VND 20,000 billion, accounting for 10% of the total value of individual corporate bonds due in 2025 and accounting for 11.2% of the total value of bonds with extended terms.

Most of the bonds with maturities in 2025 that have been extended are from real estate companies.

The issuers that have reached agreements to extend the term of large-value bonds in the first quarter of 2025 include: Construction Business Development Company 3 has reached an agreement to extend a bond lot worth VND2,250 billion, with an extension period of 12 months. TNL Asset Investment and Leasing JSC has reached an agreement to extend many bond lots with a total value of more than VND2,900 billion, with an extension period of 24 months. TNR Holdings Vietnam Real Estate Investment and Development JSC has reached an agreement to extend many bond lots with a total value of more than VND2,800 billion, with an extension period of 24 months. Bien Dong Investment and Management Consulting Company Limited has reached an agreement to extend a bond lot worth more than VND1,300 billion, with an extension period of 24 months...

In the first quarter of 2025, corporate bond repurchase activities slowed down. The total value of individual corporate bonds repurchased before maturity in the first quarter of 2025 reached VND 27,012 billion, down 61.7% compared to Q4/24, and up 14.8% yoy (data compiled according to information published by HNX up to April 15, 2025). Real estate was the group that repurchased the most corporate bonds before maturity in the first quarter of 2025.

The issuers that bought back the most individual corporate bonds before maturity in the first quarter of 2025 include: Novaland, Ninh Thuan Energy Industry JSC, Sovico, OCB , and Hoa Dong Wind Power Company Limited.

Q2/2025: Banking group may actively issue bonds again

According to VNDIRECT, with the target of high credit growth in 2025 to support economic growth, it is likely that credit may begin to accelerate from the second quarter of 2025 until the end of the year, leading to an increase in capital mobilization demand of banks in the remaining quarters of 2025.

Issuing individual corporate bonds with long terms as implemented in 2024 not only helps banks increase mobilized capital but also helps banks increase the ratio of medium and long-term mobilized capital to ensure the maximum ratio of short-term mobilized capital for medium and long-term loans according to the regulations of the State Bank. Therefore, it is likely that starting from the second quarter of 2025, the banking group will actively issue bonds again.

In the first quarter of 2025, private issuance activities were quiet. According to VNDIRECT's statistics, in the first quarter of 2025, there were 10 successful domestic corporate bond issuances with a total issuance value (GTPH) of about VND 25,104 billion, down 84% compared to Q4/24 and down 12.8% compared to Q4/24. Of which, there were only 2 private issuances with a total GTPH of VND 2,000 billion, accounting for 8% of the total GTPH. And 8 public issuances with an issuance value of VND 23,104 billion, accounting for 92% of the total GTPH (data compiled on the HNX information page published until April 15, 25).

Source: https://baodautu.vn/90-doanh-nghiep-cham-tra-goc-lai-trai-phieu-d274898.html