Major real estate firms delay bond interest payments

Major real estate firms delay bond interest payments

Some leading property developers have left billions of đồng in bond interest payments overdue, citing prolonged economic difficulties in the real estate sector.

An architectural rendering of the Marina Tower complex in Bình Dương, HCM City. Its investor Dai Thinh Phat Construction Investment and Trading JSC announced delayed interest payments on bond code DPJ12202, which has an outstanding value of VNĐ471.7 billion (US$18 million).

Several prominent real estate companies have delayed interest payments on corporate bonds worth tens of billion Vietnamese đồng, according to disclosures filed with the Hanoi Stock Exchange (HNX) since December 2025.

Dai Thinh Phat Construction Investment and Trading JSC, the developer behind Marina Tower apartment complex in Bình Dương, HCM City, has emerged as the most notable case.

The company announced delayed interest payments on bond code DPJ12202, which has an outstanding value of VNĐ471.7 billion (US$18 million) and carries a 12.5 per cent annual interest rate.

For the reporting period from December 9, 2025 to January 9, 2026, Dai Thinh Phat failed to pay over VNĐ5 billion in interest due on time. The company had previously missed a VNĐ4.8 billion interest payment in the prior period. Additionally, the firm delayed paying over VNĐ5.3 billion in interest on another bond, DPJ12201, valued at VNĐ500 billion.

Both bonds, totalling nearly VNĐ1 trillion in issuance value, were released in mid-2022. Bond DPJ12202 was originally scheduled to mature in August 2024 but was extended until February 2026 with bondholder approval.

R&H Group, founded by entrepreneur Trương Quang Minh and closely associated with Vinahud, reported on December 8, 2025 that it had delayed paying nearly VNĐ82.3 billion in interest on bond code RHGCH2124005. This bond, worth VNĐ3 trillion, was issued between December 2021 and February 2022 with a 36-month term.

On December 29, 2025, R&H Group disclosed another delayed interest payment of over VNĐ54.8 billion on bond code RHGCH2124006, valued at VNĐ2 trillion. This same bond had previously experienced a delayed payment of nearly VNĐ55.5 billion in late September 2025.

Hung Thinh Land JSC announced on December 29, 2025 that it would miss the January 7, 2026 interest payment deadline on bond H79CH2124018, which has an outstanding value of VNĐ1.5 trillion. The overdue interest amount exceeds VNĐ41.6 billion.

Sapphire Coast JSC also failed to meet its interest payment obligation on time for bond SPCCH2124001, which has an outstanding value of VNĐ423.5 billion. The payment was due on December 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 sources.

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 đồng.

The Hanoi Stock Exchange recorded 62 private corporate bond issuances in December 2025, worth a total of nearly VNĐ58.7 trillion (roughly US$2.3 billion), alongside six public offerings that raised almost VNĐ3.8 trillion.

During the month, companies repurchased VNĐ35.8 trillion in bonds before maturity, down 15 per cent year-on-year. The estimated value of bonds maturing in 2026 stands at VNĐ206.3 trillion. 

Bizhub