Real estate businesses ease pressure on bond maturity

According to data from the Vietnam Bond Market Association (VBMA), in June 2025, there were 65 private bond issuances with a total value of VND86,953 billion. Of which, VND12,922 billion were bonds from the real estate industry. Thus, in the first 6 months of 2025, the group of real estate enterprises has attracted more than VND41,416 billion from the bond channel.

In the second half of 2025, it is estimated that about VND 131,601 billion of bonds will mature. The real estate sector alone accounts for 53% of the maturity value, equivalent to VND 69,970 billion.

The real estate market has had many positive changes, thereby easing concerns about bond maturity. Graphics: Thanh Vu

According to Dr. Can Van Luc, Chief Economist of BIDV , during the most difficult period of the real estate market (from June to August 2023), Decree 08/2023/ND-CP was issued by the Government, allowing businesses and investors to negotiate and postpone bond debt. With this "lifeline", 60% of businesses have been granted a 2-year extension, thereby bringing the debt repayment date to 2025.

However, the expert said that the pressure on bonds this year is not a cause for concern. Defaults are less likely to happen, as the real estate market has gradually become more positive. Many businesses only need to set a product discount of about 10% to sell their products, instead of 40-50% as in the previous period.

Not only that, Mr. Luc confidently said that the real estate market is benefiting from macroeconomic factors. Accordingly, inflation is increasing under control; interest rates in Vietnam remain low; budget deficit, public debt, foreign debt, government debt repayment obligations... are within the threshold allowed by the National Assembly . In addition, institutional and legal bottlenecks have also been gradually removed.

Recently, Dat Xanh Services Economic - Financial - Real Estate Research Institute (DXS-FERI) also gave optimistic comments on the real estate market situation in the first 6 months of 2025.

This research unit believes that this is the “peak season” for real estate investors. Most investors have completed the restructuring process and are ready to enter a new development cycle with a positive mindset, aiming to expand their operations.

In addition to the strong return of familiar brands, the market has also witnessed the emergence of many new investors with strong financial potential. These businesses are actively recruiting staff, implementing project development plans and expanding cooperation with distribution units.

After a long period of being "shelved" due to legal issues, a series of projects have begun to "revive" and reopen for sale since early 2025. In addition, to welcome the new cycle, many investors are also planning to "launch products" in the second half of this year.

Speaking to reporters of the Investment Electronic Newspaper - Baodautu.vn , the head of the analysis department of an investment company expects that 2025 will be a pivotal time for the real estate industry to continue to grow strongly. This assessment comes from the following main driving forces.

First, the whole country has completed the restructuring of administrative units, stabilizing the political environment in the era of development. Second, the GDP growth target is 8% in 2025 and double digits in 2026, emphasizing the importance of the private economic factor and domestic consumption growth.

“With the expectation of increasing income, the demand for housing and financial capacity to buy a house also increase. On the other hand, real estate is an industry that contributes a significant part to GDP. According to the General Statistics Office (Ministry of Finance), real estate contributes 8-10% of GDP. Meanwhile, this rate in developed countries is up to 10-20% of GDP. Therefore, there is still a lot of room for growth,” the character said.

In addition, the real estate industry also benefits from the low interest rate environment and institutional reforms. The three laws on real estate, the Resolution on piloting the implementation of commercial housing projects through agreements on land use rights, efforts to boost public investment and cut administrative procedures... These are all important launching pads to help the real estate industry continue to "take off".

“There is still pressure on real estate bond maturity. However, this will not be too big a challenge as the second half of 2025 coincides with the launch time of businesses. For example, Vinhomes has Vinhomes Hau Nghia, Co Loa, Dan Phuong; Nam Long has Mizuki; Khang Dien has Gladia project. The removal of legal obstacles will help speed up the implementation of projects as well as create conditions for businesses to transfer projects to create cash flow to repay debts,” said the head of analysis.

Although the overall market picture has gradually become more positive, the real estate industry still has certain risks. Currently, supply mainly comes from the high-end segment and is highly speculative. Therefore, if interest rates increase, the risk of bad debt outbreak will be relatively high.
“In addition, in the context of land costs expected to increase according to the new land price list, along with the increase in construction material prices, real estate businesses will be under great pressure from input costs, causing increased cash flow pressure,” the expert emphasized.

Source: https://baodautu.vn/doanh-nghiep-bat-dong-san-voi-bot-ap-luc-dao-han-trai-phieu-d332767.html