In the announcement of information just sent to the Hanoi Stock Exchange (HNX), Bong Sen Joint Stock Company (Bong Sen) said that it could not pay the interest of more than VND 1,800 billion for the BSENCH2126003 bond lot on December 31, 2024 due to the account being frozen.
Lot BSENCH2126003 is the only bond currently circulating in Bong Sen, worth VND4,800 billion, issued in 2021 and will mature in October 2026. The current interest rate is up to 15.75%/year. The amount of money raised will be used to invest in the 152 Tran Phu project, Ward 4, District 5, Ho Chi Minh City.
In the first half of 2024, the lotus hole after the tax of 401 billion dong, the same period last year, a loss of 280 billion dong. At the end of June, 2024, the equity of Bong Sen Joint Stock Company was over VND 5,200 billion, down nearly 8% compared to the beginning of the year. At the end of the period nearly 8,400 billion dong, up 5%. Bond balance is 4,800 billion dong, unchanged in the past 6 months. The rate of profit after tax to equity (ROE) sounds 8%.
Bong Sen operates in the fields of accommodation, cuisine, and tourism. Information from the website shows that the company owns and manages a series of large restaurants and hotels in the center of Ho Chi Minh City. This is a business related to Van Thinh Phat's ecosystem.
Nam Land Company Limited has just released a periodic report on the payment of principal and interest on bonds in 2024, saying that it is still unable to pay 80.5 billion VND in interest and 900 billion VND in principal of the bond lot coded NALCH2124001. The reason given by the enterprise is due to the difficult economic situation, and at the same time affirmed that it is in the process of negotiating with bondholders to find a suitable payment solution.
The NALCH2124001 bond lot was issued on July 13, 2021, worth VND900 billion, with a term of 3 years, the maturity date of this bond lot is July 13, 2024.
In the first half of 2024, Nam Land reported a loss of 45 billion dong after the tax loss, the loss level improved compared to 139 billion dong in the same period in 2023. In 2022, the company also recorded a loss of 120.7 billion dong. By the end of the second quarter/2024, the equity of Nam Land reached 511.5 billion VND, while the total liabilities of up to 1,908 billion dong.
Another notable case is the bond lots of Hung Thinh Land Joint Stock Company. VPBank Securities Joint Stock Company (VPBankS) sent a document to the State Securities Commission and the Hanoi Stock Exchange (HNX) reporting on the violation event affecting the rights of bondholders.
According to VPBankS, on March 24, Hung Thinh Land Joint Stock Company announced the delay in paying the principal and interest of bonds coded H79CH2225002. This late payment of debts has caused cross-subjections against HQNCH2124007 bonds issued by Hung Thinh Quy Nhon Entertainment Service Joint Stock Company. In Hung Thinh Land's report, the company said that it is still negotiating with investors.
In the period of 2019 - 2022, Hung Thinh Land issued a total of 44 bond lots (based on statistics from HNX). After a period of business with continuous profit growth (2019-2021), from 2022 to present, Hung Thinh Land's business results have encountered challenges in the general context.
According to the latest report data at HNX, Hung Thinh Land, a key member of Hung Thinh Group, suffered a net loss of VND538 billion in the first half of 2024, marking the second consecutive year of business losses. In 2023, the company suffered a net loss of 967 billion. Previously, in the period of 2021 - 2022, the unit net profit was VND 1,697 billion and VND 115 billion, respectively. Meanwhile, Hung Thinh Land's outstanding bonds by February 2025 are still more than VND 15,300 billion. This shows that the pressure is quite large for this group.
According to data from the Vietnam Bond Market Association (VBMA), in the remaining 10 months of 2025, it is estimated that there will be about VND192,267 billion of maturing bonds. The majority of them are real estate bonds, with VND107,235 billion, equivalent to 54%. The pressure to pay bond debt, especially for the group of real estate enterprises, is reflected in the fact that most issuers who have just announced a delay in the bond repayment period are in this group.
