Enterprises face pressure from maturing corporate bonds

Statistics based on data from KIS Securities indicate that the total value of maturing corporate bonds (CBs) in August could reach VND 10,061 billion, an increase of 24% compared to the previous month, mainly concentrated in real estate (38.49%) and banking (14.91%).

According to Decree 200, bond-issuing enterprises operate on the principles of self-borrowing, self-repayment, and taking responsibility for capital efficiency and debt coverage, while bearing full responsibility for any disputes or complaints related to issuance, capital usage, and debt/interest repayments. (Illustrative photo: ITN)

Pressure from maturing bonds is trending upward, as total late payments in July surged sharply to VND 7,985 billion.

At the individual firm level, Vietjet (services) and Hung Thinh Land (real estate) face the largest potential pressure, amounting to VND 2,000 billion and VND 1,800 billion in August, respectively.

Additionally, data compiled from HNX and KIS Research highlights several notable real estate developers and banks with significant bond maturities coming due this month: Van Huong (real estate) with VND 1,695 billion; ACB (banking) with VND 1,500 billion; Kinh Bac City - KBC (industrial real estate) with VND 1,000 billion; Sovico Group (commerce & services) with VND 1,000 billion; Novaland (real estate) with VND 945 billion; SHS (securities) with VND 550 billion; Helios (other sectors) with VND 500 billion; and Transimex (commerce & services) with VND 300 billion...

On the issuance side, data shows that the banking sector issued VND 20,656 billion, down 63% year-on-year (YoY), accounting for 78% of total issuance in July. The main issuers included HDBank (VND 7,106 billion) and Sacombank (VND 3,650 billion).

The real estate sector issued VND 3,000 billion, up 173% YoY, down 95% month-on-month (MoM), accounting for 11.4% and holding second place in total issuance value. VHM was the primary issuer with VND 3,000 billion.

KIS noted that overall, the average nominal interest rate remained steady at 5.3%, consistent with June 2026. The coupon rate for real estate bonds decreased by 11.2%, while the coupon rate for banking bonds rose slightly by 8.6%.

New issuers focused primarily on bond tenors of 5 to 7 years (accounting for 46.66%).

Commercial Bank Corporate Bonds (Source: HNX, KIS)

Notably, banks—leveraging their strong liquidity—also dominated pre-maturity bond buybacks. In July, early redemption activity reached VND 15,373 billion (down 78.19% MoM, down 42.82% YoY), largely driven by the banking sector, which accounted for 85.5% of total buybacks. This included Orient Commercial Joint Stock Bank (OCB), which repurchased a total of VND 5,300 billion (34.48% of total monthly buybacks), and Vietnam Prosperity Joint Stock Commercial Bank (VPB), which repurchased VND 3,600 billion (23.42% of total monthly buybacks).

The factor leading KIS to point out rising maturity pressure is the sharp increase in total late payments in July to VND 7,985 billion, up 27,818% MoM and 166.4% YoY. This total comprises VND 4,584 billion in overdue principal and VND 3,399 billion in overdue interest. Among these, Bong Sen Corp accounted for VND 3,099 billion in overdue interest. Bong Sen holds a 93.6% stake in Hanoi Daewoo Hotel and is associated with Ms Truong My Lan. According to the company's disclosure, the delay in interest payments on outstanding bond lots stems from frozen bank accounts, which prevent them from fulfilling payment commitments. Bong Sen also faces pressure to repay VND 4,800 billion in principal when its bond lot matures in October.

Earlier statistics through the end of Q2 2026 indicate that the total market size of corporate bonds reached approximately VND 1,458 trillion (equivalent to 11.3% of 2025 GDP), a 7% expansion compared to Q1 2026. Real estate and banking bonds comprised 81.4% of the total outstanding par value.

According to data from the Vietnam Bond Market Association (VBMA), total bond maturities for the remainder of 2026 are expected to reach VND 103,865 billion. Real estate accounts for the largest share at VND 56,431 billion (54.3% of upcoming maturing bonds), followed by banking at VND 20,756 billion (over 19%).

With ongoing payment delays for principal and interest upon maturity, and amidst an interest rate environment where banks continue to economize capital costs while accelerating deposit collection to balance fund costs—especially for medium and long-term capital—pressure from maturing bonds will continue to build. Naturally, no enterprise wants to default and trigger cross-default clauses that complicate their standing in credit markets or with bondholders. Consequently, navigating this growing pressure hinges on companies' flexibility and ability to secure fresh capital sources.