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| Total principal debt of bonds due for payment in the non-bank group in the last 8 months of 2025 will be about 126,400 billion VND. Photo: Shutterstock |
Due date pressure
In late May 2025, the corporate bond market recorded a rare case. Two bonds worth VND 4,000 billion issued by Hung Thinh Quy Nhon Entertainment Services Joint Stock Company - the investor of Merryland Quy Nhon Project, were unexpectedly subject to "compulsory repurchase". The reason was that the enterprise failed to pay the 16th interest installment (from February 12, 2025 to May 12, 2025) of Bond Lot HQNCH2124003 on time.
The bondholders sent a written request to the issuing organization to compulsorily buy back all the bonds before maturity. After a day, the securities company representing the bondholders confirmed the incident and issued a notice of violation. Notably, this also entailed a cross-violation clause for the remaining batch of bonds.
“In case this real estate enterprise fails to fully and timely pay the principal and interest of the two bonds before the mandatory maturity date, the representative of the bondholder will initiate procedures to request the guarantor to perform the obligation on its behalf and/or handle the collateral of the bond,” the notice of violation clearly stated.
Not counting the unexpected settlement obligation, the previous maturity pressure was forecast to return more strongly in May 2025, after cooling down in April. In April 2025, the market did not record any new cases of delayed principal and interest payments. However, this month, along with the case of delayed interest payment by Hung Thinh Quy Nhon, BKAV Antivirus Software Joint Stock Company (BKAV Pro) also missed the deadline to pay both principal and interest. According to the announcement on May 27 - one day after the maturity date, this company said it was in the process of negotiation.
The above bond lot of BKAV Pro was issued in May 2021, initially with a term of 3 years with an interest rate of 10.5%/year, but was extended for another year with an interest rate of 11%/year for the extension year. At the same time, collateral was also added, currently including more than 6.1 million BKAV Pro shares owned by BKAV and all of Mr. Nguyen Tu Quang's capital contribution at Vietnam Digital Transformation Platform Company Limited (DXP), with the provision that a number of related companies must report on the situation of revenue, expenditure and maximum cash flow accumulation within the ability to pay principal and interest to ensure a minimum of VND 1.5 billion/month.
At the recent general meeting of shareholders of VNDirect Securities Company, the possibility of late payment of the bond lot issued by BKAV Pro was mentioned. In the role of offering document consultant, bondholder representative, depository and payment registration agent, and issuance underwriter, VNDirect had to send an official dispatch requesting BKAV Pro to remedy the violation due to not fulfilling the obligation to accumulate a minimum amount of VND 4.5 billion in the periods from December 2024 to February 2025.
The overall picture is still bright.
According to forecast data from FiinGroup, the total principal value of corporate bonds due for payment of the non-bank group in May 2025 is estimated to reach VND 11,400 billion, double that of the previous month. In the second quarter of 2025, the estimated total principal debt of corporate bonds due for payment of the non-bank group is expected to reach about VND 24,400 billion, an increase of 26.6% compared to the first quarter of the year.
Some cases of “lateness” have appeared when the pressure of maturity has increased. However, in the remaining large segment, most businesses have promptly paid off and extended their debts, and even proactively issued new bonds early with the aim of restructuring the debt from the old bond lot.
According to the latest update, Wincommerce General Trading Services Joint Stock Company has completed the payment of principal and interest on bonds at maturity. The "giant" in the retail industry in the expansion phase still reported a loss of nearly 600 billion VND in 2024 alone, thereby increasing the accumulated loss by the end of 2024 to nearly 3,960 billion VND. However, with a large charter capital (more than 8,300 billion VND), and guaranteed cash flow, the obligations to pay interest and principal are fulfilled when due. ASG Group, Phu Long Real Estate, or Rong Viet Securities have also completed the payment.
Meanwhile, recently, My Real Estate Joint Stock Company successfully held a bondholder meeting with a new maturity date delayed by 2 years compared to the old term. The initial bond lots were scheduled to mature in April-June this year and the bondholders agreed on an extension plan. The first bond lots were extended just a few days before the maturity date. However, being more proactive in the later bond lots, bondholder meetings approved debt restructuring up to half a month in advance.
Even more proactively, Nam Long Investment Joint Stock Company has issued 2 batches of bonds to restructure its debt in the past six months. Recently, the Board of Directors of Nam Long Investment Joint Stock Company (code NLG - HoSE) approved the Company's bond issuance plan with a total par value of VND 660 billion. The proceeds will pay off the entire principal due of NLG 2018001 bonds issued 7 years ago with a total par value of exactly VND 660 billion. The above bond batch will mature on June 19, 2025. The new bond batch will be issued in the second quarter of 2025.
Debt relief through negotiation and restructuring
According to Fiingroup's calculations, the pressure to pay principal bonds in the non-bank group in June 2025 is expected to decrease significantly compared to last month. Specifically, the total value of principal debt of corporate bonds due for payment in the non-bank group is estimated at VND 7,300 billion, down 33.6%. Of which, real estate continues to account for a large proportion, with about VND 5,900 billion of bonds due in June 2025, equivalent to 61.4% of the total maturity value of the entire market in the month. In addition to Nam Long with a fairly clear debt restructuring plan, some notable issuers with bonds maturing in the period include Saigon Glory (VND 1,100 billion), Signo Land (VND 1,000 billion).
Estimates from experts from Fiingroup show that the total principal debt of bonds due for payment in the non-bank group in the last 8 months of 2025 will be about VND 126,400 billion, of which real estate is about VND 79,400 billion (accounting for 63% of the total maturity value). The pressure to mature bonds in the non-bank group is expected to peak in the third quarter of 2025.
According to forecast data from FiinGroup, the total principal value of corporate bonds due for payment of non-bank groups in May 2025 is estimated to reach VND 11,400 billion, double that of the previous month. 
A positive signal is that early repurchases of corporate bonds have reduced the estimated principal value of bonds maturing in 2025 of the non-bank sector to VND159,800 billion, from an estimated VND171,900 billion at the beginning of the year.
VNDirect statistics show that as of April 15, 2025, 118 issuers have reached agreements to extend bond terms with bondholders and have officially reported to HNX. The total value of bonds with extended terms is more than VND 178,000 billion. Of which, the value of bonds maturing in 2025 that have been extended is more than VND 20,000 billion, accounting for 10% of the total value of individual corporate bonds maturing in 2025 and accounting for 11.2% of the total value of bonds with extended terms.
Previously, in the first quarter of 2025, a number of issuers reached agreements to extend the maturity of large-value bonds, such as Construction Business Development Company 3, which reached an agreement to extend a bond lot worth VND2,250 billion, but the extension period was quite modest (1 year). TNL Asset Investment and Leasing Joint Stock Company reached an agreement to extend many bond lots with a total value of more than VND2,900 billion. TNR Holdings Vietnam Real Estate Investment and Development Joint Stock Company reached an agreement to extend many bond lots with a total value of more than VND2,800 billion. The extension period for these two bond lots is 2 years.
Early negotiations with bondholders or proactive restructuring of capital sources through the issuance of new bonds will reduce the pressure on businesses when transferring debt repayment obligations to the future. However, not all businesses can convince bondholders to continue to accompany or buy new bonds.
Regarding the bond issue by BKAV Pro, VNDirect leaders said that the company is preparing to set up a working group to help BKAV Pro. “BKAV is having trouble packaging technology products to bring to market or BKAV has not solved the problem of connecting global knowledge to solve the problems of current corporate customers,” Ms. Pham Minh Huong, Chairwoman of VNDirect’s Board of Directors, explained the difficulties in settling the maturity bond of BKAV Pro.
Along with that, the head of VNDirect believes that the need for digital transformation and technology application is still very large in the current context and believes that VNDirect has a lot of experience from previous times helping businesses facing financial difficulties.
However, the role of this securities company is to represent the bondholders. The will of the bondholders themselves is the condition that determines the status of the bond lot as well as the financial situation of this technology company.
Source: https://baodautu.vn/gia-tang-ap-luc-dao-han-trai-phieu-d297494.html
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