According to the corporate bond market overview report just released by VIS Rating, the most notable development in June 2025 was the Ho Chi Minh City Civil Judgment Enforcement Department paying more than VND 7,000 billion to more than 43,000 bondholders of enterprises belonging to the Van Thinh Phat group.
"We believe this is a positive development for bondholders, as the court has ensured the enforcement of investors' rights, creating a precedent that helps increase confidence in the corporate bond market," VIS Rating experts commented.
The majority of the more than 7,000 billion VND enforced came from two core legal entities related to the Van Thinh Phat case: An Dong Investment Group Joint Stock Company (repaid 5,829 billion VND) and Ho Chi Minh City Service - Trade Joint Stock Company (repaid 467 billion VND).
In June, the market also recorded remarkable debt settlement efforts from other businesses such as Crystal Bay ( tourism and resort group), Kita Invest (construction) and Sunny World (real estate). This shows that restructuring and debt performance activities are taking place not only on the scale of large cases, but also spreading to many other businesses, contributing to "cooling down" the tension in the market.
Thanks to these “boosts”, the rate of recovery of overdue principal debt across the market has improved significantly, increasing to 34.1%. The report also points out an important fact: the recovery rate for secured bonds is always significantly higher than that of unsecured bonds.
According to VIS Rating, although the number of new late payments is on the decline, statistics show that in the next 12 months, about VND222 trillion worth of bonds will mature. Of these, up to 44% are issued by organizations with credit profiles of "Weak" or lower.
Notably, the market recorded 4 real estate enterprises late in paying bonds for the first time, related to 4 bond lots with a total value of 5,502 billion VND.
Of which, Aqua City Company Limited and Hung Thinh Quy Nhon Entertainment Services Joint Stock Company are both late in paying principal on bonds worth VND502 billion and VND1,500 billion, respectively.
The two remaining cases of late coupon interest payment are R&H Group Corporation on the 3,000 billion VND bond lot and Hoang Quan Mekong Real Estate with the 500 billion VND bond lot.
VIS Rating said that 22 of the 35 bonds maturing in July 2025 have weak credit profiles. Of these, eight are already in default.
Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/4-doanh-nghiep-bat-dong-san-cham-tra-trai-phieu-lan-dau-trong-thang-6/20250708092559952
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