On September 22, 2025, a wave of anxiety swept through Vietnam’s financial markets as CTCP Chứng khoán EVS (HNX: EVS), a major securities firm, sounded the alarm on a potential bond default. In a move that underscores the growing risks in the country’s corporate bond sector, EVS reported to the State Securities Commission of Vietnam (UBCKNN) and the Hanoi Stock Exchange (HNX) that Công ty TNHH Đầu tư Cam Lâm had violated payment obligations tied to a significant bond batch, CLACH2125002. The situation, which has been quietly brewing for weeks, now threatens to impact investor confidence and shines a light on the broader vulnerabilities in Vietnam’s capital markets.
According to EVS, the trouble began earlier this summer. On August 12, 2025, the company sent official document number 470 to Cam Lâm, reminding the issuer of its obligation to pay both the principal and interest on the bond batch, which was set to mature on August 16. Yet, as days ticked by, no response came. By August 28, the silence had grown more ominous. EVS escalated the matter with another official document—number 489—demanding that Cam Lâm settle the entire outstanding amount, including principal, interest, overdue interest, fines, and any potential compensation, within ten working days. The company also requested a written reply from Cam Lâm no later than September 19. But as of the September 22 report, EVS had received neither a response nor any proof of payment.
EVS minced no words in its communication to regulators. As reported by Báo Đầu Tư, the company stated: “The issuer has violated obligations by not paying principal and interest on bonds due, and this violation has lasted over 15 working days.” The statement emphasized that the ongoing default directly affects the rights of investors—an issue that has grown all too familiar in Vietnam’s evolving financial landscape.
This isn’t just a minor accounting hiccup. As of June 30, 2025, EVS’s receivables from the sale of financial assets had climbed to more than 1.254 trillion VND, making up a hefty 54% of the company’s total assets. Digging deeper, nearly 738 billion VND of that sum is tied to the sale of 59,937 bonds (CLACH2124001) and 24,717 bonds (CLACH2125002) issued by Cam Lâm and sold to Công ty TNHH Dịch vụ Tư vấn Tiến Thành. These debts are not unsecured, either. They’re backed by more than 73.2 million shares of CTCP Xuất nhập khẩu Khoáng sản, with the lion’s share—over 68.9 million shares—owned by Mr. Nguyễn Hồng Tuấn. Other individuals, such as Ms. Tạ Thị Tú Trinh and Ms. Đinh Thị Thu Vân, also pledged significant stakes, and one million shares from a commercial bank add another layer of collateral.
The roots of the issue stretch back to 2021, when Cam Lâm issued two separate bond batches: one in April (CLACH2124001) and another in August (CLACH2125002). These came with maturities set for April 2024 and August 2025, respectively. The numbers are eye-catching: 64,099 bonds at a 12% annual interest rate and 25,922 bonds at 11%, with the combined issuance exceeding 900 billion VND. For investors, these offerings once promised a lucrative return—but now, the specter of default looms large.
For EVS, the Cam Lâm bond saga is only the latest in a string of headaches. Earlier this year, the company found itself in hot water with regulators. In March, UBCKNN fined EVS 92.5 million VND for failing to properly store registration documents for bond transfers—a crucial step in ensuring transparency and compliance. The penalty specifically cited missing materials related to verifying the professional investor status of bond transferees. On top of that, EVS was slapped with an additional 85 million VND fine for not submitting the Q3 2021 bond issuance agent report to HNX. Altogether, the fines totaled 177.5 million VND, highlighting the regulatory scrutiny facing Vietnam’s securities sector as it matures.
It’s not just compliance woes that are weighing on EVS. The company’s financial performance in the second quarter of 2025 paints a stark picture of the challenges gripping the industry. Revenue plunged by 40% year-over-year, falling to just under 39 billion VND. The company swung to a post-tax loss of nearly 8 billion VND—a dramatic reversal from the 17 billion VND profit recorded in the same period the previous year. EVS attributed the downturn to a host of factors: a volatile market, shrinking trading volumes, and declining revenue from both brokerage and margin lending. Proprietary trading also faltered, and falling share prices led to increased mark-to-market losses on financial assets. The cumulative effect? Net profit for the first half of 2025 barely reached 2.5 billion VND, a staggering 92% drop from the first half of 2024.
Yet, even amid these setbacks, EVS has not stood still. On the same day it reported Cam Lâm’s violations to authorities, EVS made a bold move in the equity markets, purchasing 200,000 shares of CTCP G-Automobile (HNX: GMA). This acquisition increased EVS’s stake from 3.93 million shares (19.65%) to 4.13 million shares (20.65%). The transaction was completed via a negotiated deal at an average price of 50,000 VND per share—below GMA’s prevailing market price of 55,500 VND. Notably, EVS’s chairman, Mr. Nguyễn Hải Châu, also holds 180,000 GMA shares, bringing the combined holdings of EVS and its chairman to 4.31 million shares, or 21.55% of GMA’s capital. This strategic investment, while perhaps a bet on future recovery, also reflects the shifting strategies of Vietnam’s securities firms as they navigate turbulent waters.
The Cam Lâm bond default saga is emblematic of broader trends in Vietnam’s financial markets. As the corporate bond sector has expanded rapidly over the past few years, so too have the risks. Regulatory oversight has tightened, but episodes like this reveal lingering gaps in enforcement and transparency. For investors, the lesson is sobering: even well-secured debts can become entangled in protracted disputes and regulatory complications. For issuers and securities firms, the stakes are equally high, as reputational and financial risks mount with every missed payment or compliance lapse.
As Vietnam’s capital markets continue to evolve, the outcome of the EVS-Cam Lâm standoff will be closely watched—not just by investors and regulators, but by anyone with a stake in the country’s economic future. The coming months may well determine whether this episode remains an isolated incident or becomes a harbinger of deeper challenges ahead.
