Becamex Bình Phước has recently announced unusual developments concerning its corporate bonds, stirring interest in the financial markets. According to a notification sent to the Hanoi Stock Exchange, the company organized a gathering of bondholder opinions regarding adjustments to the conditions of the bond lot BCMBBP.H.20.28.001. These adjustments include updates on the collateral and amendments to certain original terms, alongside a change in the representative of the bondholders. The process of gathering opinions was conducted in writing.
In a broader context, April 2025 saw the State Treasury mobilizing over 42 trillion VND in government bonds, bringing the total for the first four months of the year to over 150 trillion VND, which accounts for 30.6% of the annual plan. This increase in government bond issuance reflects a growing trend in the financial sector, as real estate businesses made a notable return to the corporate bond market in the same month.
Statistics from VISRating indicated that total new bond issuance in April reached 39 trillion VND, a staggering 126% increase compared to the previous month. This surge was primarily driven by private placements from banks, which accounted for 21.8 trillion VND, and contributions from real estate companies totaling 12 trillion VND. The total outstanding corporate bond debt at the end of April stood at 1.28 million trillion VND, increasing by 1.8% from March.
Despite the robust activity in the corporate bond market, the issuance of public bonds has significantly slowed. Only one public bond was issued in April, valued at 4 trillion VND, which represents a 73% decrease from the previous month. This issuance was approved by the State Securities Commission (SSC) back in December 2024. VISRating predicts that public bond issuance will continue to lag until revised regulations on public securities are introduced.
Interestingly, there were no new cases of late principal and interest payments reported in April 2025. The cumulative late payment rate, calculated based on the par value across the market, fell by 0.6% to 14% at the end of April. This marks a positive shift considering the challenges faced in the previous months.
However, the landscape is not entirely devoid of concerns. Out of 17 bonds maturing in May 2025, VISRating has highlighted that seven are issued by firms with weak credit profiles, including three that have previously been late in paying coupon interest. This signals potential risks for investors as these bonds approach their maturity dates.
Additionally, four issuers managed to pay part of their overdue principal debt, amounting to 1 trillion VND, which is a 76% decrease compared to the previous month. The total value of late bonds without announced handling plans also saw a reduction of 1.3 trillion VND during April.
Looking ahead, according to Mirae Asset, there are 56 bond lots expected to mature in May 2025, excluding those that have been extended. The total value of these maturing bonds is estimated at around 9,291 billion VND, with the real estate sector contributing approximately 2.6 trillion VND. Notable issuers in this category include Phu Long Real Estate, which has 1.4 trillion VND in bonds maturing, and Sunshine Housing, with 1.1 trillion VND.
Furthermore, 60 bond lots originally scheduled to mature in May have had their maturity dates extended through agreements with bondholders. These lots belong to Real Estate Leasing and Investment TNL, with a total maturity value of 2.8 trillion VND. This move indicates a strategic response to the pressures faced by issuers in the current market environment.
As the corporate bond market continues to evolve, VIS Rating has noted a proactive approach from some private issuers. Although the 2019 Securities Law still governs private bond issuances under transitional terms, two private companies have taken steps to implement credit ratings and structure bonds with collateral and payment guarantees. These proactive measures may open the door for professional individual investors to trade these bonds when entering 2026.
The overall picture of the corporate bond landscape in Vietnam is one of cautious optimism. While there are significant challenges ahead, particularly in terms of credit quality and regulatory shifts, the recent uptick in bond issuance and the absence of new late payments suggest a stabilizing market. Investors are advised to stay informed and vigilant as they navigate this complex financial terrain.
