Motorcyclists pass the Hanoi Stock Exchange in Hanoi on April 8, 2025. (Photo by Nhac NGUYEN / AFP)
HANOI: Several prominent real estate companies have delayed interest payments on corporate bonds worth tens of billions of Vietnamese dong, according to disclosures filed with the Hanoi Stock Exchange (HNX) since December 2025.
Dai Thinh Phat Construction Investment and Trading JSC, the developer behind the Marina Tower apartment complex in Binh Duong, Ho Chi Minh City, has emerged as the most notable case.
The company announced delayed interest payments on bond code DPJ12202, which has an outstanding value of 471.7 billion dong and carries a 12.5% annual interest rate.
For the reporting period from Dec 9, 2025 to Jan 9, 2026, Dai Thinh Phat failed to pay over five billion dong in interest due on time.
The company missed a 4.8 billion dong interest payment in the prior period. Additionally, the firm delayed paying over 5.3 billion dong in interest on another bond, DPJ12201, valued at 500 billion dong.
Both bonds, totalling nearly one trillion dong in issuance value, were released in mid-2022. Bond DPJ12202 was originally scheduled to mature in August 2024, but was extended to February 2026 with bondholder approval.
R&H Group, founded by entrepreneur Truong Quang Minh and closely associated with Vinahud, reported on Dec 8, 2025, that it had delayed paying nearly 82.3 billion dong in interest on bond code RHGCH2124005.
This bond, worth three trillion dong, was issued between December 2021 and February 2022 with a 36-month term.
On Dec 29, 2025, R&H Group disclosed another delayed interest payment of over 54.8 billion dong on bond code RHGCH2124006, valued at two trillion dong. This same bond previously had a delayed payment of nearly 55.5 billion dong in late September 2025.
Hung Thinh Land JSC announced on Dec 29, 2025 that it would miss the Jan 7, 2026 interest payment deadline on bond H79CH2124018, which has an outstanding value of 1.5 trillion dong. The overdue interest amount exceeds 41.6 billion dong.
Sapphire Coast JSC also failed to meet its interest payment obligation on time for bond SPCCH2124001, which has an outstanding value of 423.5 billion dong. The payment was due on Dec 27, 2025.
These companies all attributed the delays to prolonged economic difficulties and unfavourable conditions in financial and real estate markets, which prevented them from arranging sufficient funds according to schedule.
Most stated they were negotiating with investors regarding payment plans and working to secure funding.
The list of companies with overdue payments consists primarily of well-known real estate developers, with delayed bond values running into thousands of billions of dong.
The Hanoi Stock Exchange recorded 62 private corporate bond issuances in December 2025, worth a total of nearly 58.7 trillion dong, alongside six public offerings that raised almost 3.8 trillion dong.
During the month, companies repurchased 35.8 trillion dong in bonds before maturity, down 15% year-on-year. The estimated value of bonds maturing in 2026 stands at 206.3 trillion dong. — Viet Nam News/ANN
