In its latest report on the corporate bond market spanning 2023 and 2024, the Ministry of Finance (MoF) has provided updated figures after soliciting feedback from seven relevant ministries and agencies prior to submitting the report to government leaders.
According to the MoF, 24 enterprises affiliated with the Van Thinh Phat Group have issued corporate bonds to raise capital over the recent period.
The total capital mobilized by these enterprises through corporate bond issuance exceeds VND 138.2 trillion, of which over VND 85.7 trillion has been allocated to principal debt repayment.
Outstanding corporate bond debt of Van Thinh Phat-linked enterprises stood at over VND 52.4 trillion as of the end of 2023.
Notable names in this group include: An Dong Investment Group Joint Stock Company with a debt of over VND 24.96 trillion, Sen Group Joint Stock Company with a debt of VND 4.8 trillion, Quang Thuan Investment Joint Stock Company with a debt of VND 7.5 trillion, and Saigon Investment and Development Joint Stock Company with a debt of over VND 6.57 trillion.
Chart: Hong Khanh
Ho Chi Minh City Trading and Service Joint Stock Company owes VND 2 trillion, Tan Thanh Long An Investment Joint Stock Company owes VND 5 trillion, and Sunny World Investment and Development Joint Stock Company owes VND 1.612 trillion.
Several companies within this group are currently in arrears on interest and principal payments to bondholders, with the total overdue debt amounting to VND 17.21 trillion.
Chart: Hong Khanh
An Dong Investment Group Corporation is the biggest defaulter, with an overdue debt to bondholders exceeding VND 16.43 trillion.
The MoF report also indicates that among the 24 Van Thinh Phat-linked enterprises, three bonds issued by three companies will mature in 2024, with a combined value of VND 20.1 trillion. Of this amount, 16,080 individual investors hold VND 11.6 trillion, or 57.7%.
The Public Security Ministry has announced a search for victims related to bond code ADC-2019.01 issued by An Dong Investment Group Corporation, which is one of the three Van Thinh Phat-affiliated companies with bonds maturing in 2024.
Regarding this bond code, the MoF stated that the payment will depend on the progress of the expanded investigation into the bond-related case and the ability of enterprises linked to the Van Thinh Phat Group, which were indicted in the case, to recover assets.
Hong Khanh
