Many bond lots are at risk of late payment in August 2025

In August 2025, about 36,000 billion VND of bonds matured, the highest level of the year, of which many real estate bond lots are at risk of late payment.

According to data from the Hanoi Stock Exchange, in the first 7 months of 2025, 278,328 billion VND of corporate bonds were successfully issued. VIS Rating data added that since the beginning of the year, 41,000 billion VND of bonds have been issued to the public. Thus, the total amount of corporate bonds issued in the first 7 months of the year is estimated at about 319,000 billion VND.

Notably, in August 2025, there will be 36,000 billion VND of bonds maturing, the highest level of the year. Of these, VIS Rating assessed that there are 1,200 billion VND of bonds with high risk of being late for the first payment. These bonds were issued by 2 real estate companies with "extremely weak" credit profiles. In addition, there are 14,400 billion VND of maturing bonds that have been late in paying coupon interest, of which 10,500 billion VND is from 4 companies related to Van Thinh Phat Group. Other bonds issued by Novaland , Trung Nam and Hai Phat are all in the process of debt restructuring.

Currently, the value of corporate bonds in circulation is 1.36 million billion VND, including 101 public bond codes and 2,175 private bond codes.

VIS Rating assessed that 9/27 issuers with bonds maturing in August 2025 have weak or lower credit profiles. Of these, 7 issuers have recorded late principal/interest payments and 4 of them are related to Van Thinh Phat Group.

In July 2025, a real estate company and two energy companies paid VND380 billion in bond principal.

FiinGroup statistics show that there are about VND102,000 billion of corporate bonds (excluding banks) due for payment in the second half of this year. This figure is double that of the first half of the year (VND44,400 billion), showing the existing pressure on payment cash flow.

Real estate businesses need VND65,300 billion to mature bonds in the second half of the year. Maturity pressure peaked this month at about VND17,500 billion, 3.8 times higher than the average maturity scale in the first 7 months of 2025 (VND4,600 billion). However, maturity pressure will gradually decrease to VND6,000 - 12,000 billion per month.

According to FiinGroup, some enterprises with large volumes of maturing bonds include Quang Thuan Investment Joint Stock Company (VND6,000 billion), Trung Nam Land (VND2,500 billion) and Setra (VND2,000 billion).

It is estimated that non-banking enterprises need to pay VND6,600 billion in bond interest in August. Real estate continues to account for an overwhelming proportion with about VND4,200 billion, equivalent to 63% of interest payment obligations.

Source: https://baodautu.vn/nhieu-lo-trai-phieu-co-nguy-co-cham-tra-trong-thang-82025-d355734.html