Real estate businesses ease pressure on bond maturity

The real estate market is increasingly prosperous, as long as businesses can sell their products, bond maturity will no longer be a concern.

According to data from the Vietnam Bond Market Association (VBMA), in June 2025 there were 65 private bond issuances, totaling VND 86,953 billion. Of this amount, VND 12,922 billion came from the real estate sector. Thus, in the first six months of 2025, real estate businesses attracted more than VND 41,416 billion through the bond market.

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

The real estate market has seen many positive developments, thereby alleviating concerns about bond maturity. Graphic: 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), Government Decree 08/2023/ND-CP was issued, allowing businesses and investors to negotiate extensions and deferrals of bond debt. With this "lifeline," 60% of businesses were granted an extension of two years, thus bringing the debt repayment deadline to 2025.

However, the expert believes that bond pressure this year is not a cause for concern. Defaults are unlikely, as the real estate market has gradually become more positive. Many businesses only need to offer a 10% discount to sell their products, instead of the 40-50% discounts of the previous period.

Furthermore, Mr. Luc confidently asserted that the real estate market is benefiting from macroeconomic factors. Specifically, inflation is rising within control; interest rates in Vietnam remain low; and the budget deficit, public debt, foreign debt, and government debt repayment obligations are within the limits permitted by the National Assembly . In addition, institutional and legal bottlenecks have gradually been removed.

Recently, the Dat Xanh Services Institute for Economic , Financial, and Real Estate Research (DXS-FERI) also released optimistic assessments of the real estate market situation in the first six months of 2025.

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

Besides the strong comeback of familiar brands, the market is also witnessing the emergence of many new investors with solid financial resources. These businesses are actively recruiting personnel, implementing project development plans, and expanding cooperation with distribution partners.

After a long period of inactivity due to legal issues, a number of projects have begun to revive and resume sales from the beginning of 2025. In addition, to capitalize on this new cycle, many developers are also preparing to launch new projects in the second half of this year.

In an interview with a reporter from Baodautu.vn , the head of analysis at an investment company expressed his expectation that 2025 will be a pivotal year for the real estate sector to continue its strong growth. This assessment stems from the following main drivers.

First, the entire country has completed the reorganization of administrative units, stabilizing the political environment in an era of rapid development. Second, the goal is to achieve 8% GDP growth in 2025 and double-digit growth in 2026, emphasizing the importance of the private sector and domestic consumption growth.

“With the expectation of increasing household income, the demand for housing and the financial capacity to buy a home will also increase. On the other hand, real estate is a sector that contributes a significant portion to GDP. According to the General Statistics Office (Ministry of Finance), real estate contributes 8-10% of GDP. While this rate in developed countries is as high as 10-20% of GDP. Therefore, there is still a lot of room for growth,” the source said.

Furthermore, the real estate sector has benefited from a low interest rate environment and institutional reforms. The three laws on real estate, the pilot resolution on implementing commercial housing projects through land use right agreements, efforts to boost public investment, and the reduction of administrative procedures… These are all important springboards that help the real estate sector continue to "take off".

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

Although the overall market picture has gradually become more positive, the real estate sector still harbors certain risks. Currently, the supply mainly comes from the high-end segment and is heavily speculative. Therefore, if interest rates rise, the risk of a surge in bad debt will be relatively high.
"Furthermore, in the context of expected increases in land costs according to the new land price list, along with rising construction material prices, real estate businesses will face significant pressure from input costs, leading to 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