HCMC – More than VND122.5 trillion in corporate bond principal and interest payments will fall due in the first half of this year, up 49.2% year-on-year, according to FiinGroup.
Payment pressure is expected to rise from March and through the second quarter. Banks account for VND15.1 trillion of the total, up 33.2%, while non-bank issuers account for VND107.5 trillion, up 51.8%.
Non-bank maturities alone are estimated at VND76.1 trillion in the first half, up 91.6% from a year earlier. Real estate makes up the largest share at 68.8%, or about VND52.4 trillion.
In April, total bond payment obligations are projected at VND23.3 trillion, up 18.6% from March. Real estate issuers are expected to account for about VND16 trillion, including around VND13.7 trillion in maturing principal. Coupon payment pressure in the sector is trending lower.
As of March 9, issuers had repaid VND16.8 trillion in principal and coupon, equivalent to 5.2% of total expected bond obligations for 2026, FiinGroup data show.
April maturities alone are estimated at VND16.9 trillion, up 37.5% from March and 3.4 times higher than a year earlier. Real estate bonds are projected at around VND13.7 trillion.
Disclosure data for February showed 26 bond issues from 12 issuers undergoing restructuring or recording delays in principal or coupon payments.
Issuance remains limited. In the first two months of the year, total bond sales reached VND8.5 trillion, up 7% year-on-year, mainly from banks. Real estate firms issued VND270 billion over the period.
Separately, VIS Rating reported that the delayed-payment rate fell to 1.3% in 2025 from 12.2% in 2023. New delayed payments were concentrated among real estate issuers with prior defaults, reflecting continued constraints in cash flow and profitability during restructuring and project restarts.
