The Holiday Ha Long Hotel Defaults on Bond Payments

Ha Long Bay Hotel Defaults on Bond Payments

Ha Long Bay Hotel Joint Stock Company recently submitted a report to the Hanoi Stock Exchange (HNX) detailing delays in bond payments.

The bond series HLHCH2125001, with a current face value of VND 200 billion, was due for a VND 90 billion principal repayment by October 30, 2025. However, the issuer has only paid VND 28 billion on time, plus an additional VND 2 billion late, leaving VND 60 billion unpaid due to insufficient capital.

The issuer has secured bondholder approval to rectify the delayed principal payment within 10 days from October 30, 2025.

Issued on August 2, 2021, the HLHCH2125001 bond series totals VND 250 billion, with a 48-month term. The initial two interest periods offer a fixed rate of 11% annually, followed by a floating rate.

The sole bondholder is Southeast Asia Commercial Joint Stock Bank (SeABank). The bond proceeds were intended to fund The Holiday Ha Long project.

In July 2025, the bondholder agreed to extend the bond maturity by 180 days, setting the new maturity date as January 29, 2026.

The repayment schedule includes VND 20 billion and interest due on August 2, 2025, followed by VND 90 billion before October 30, 2025. The final payment of VND 140 billion and remaining interest is due on January 29, 2026.

Ha Long Bay Hotel’s bond payment delays coincide with reported losses in the first half of 2025.

Financial statements submitted to HNX reveal a semi-annual loss exceeding VND 2 billion, compared to a VND 944 million loss in the same period last year, resulting in accumulated losses of nearly VND 6.7 billion.

As of June 30, 2025, the company’s chartered capital stands at VND 120.7 billion, with an additional VND 30 billion in capital surplus. Total liabilities have risen slightly to VND 1,064 billion, encompassing bond debt, bank loans of nearly VND 120 billion, and other payables of VND 695 billion.

Diverse Projects in Quang Ninh Province

Established in 2011, Ha Long Bay Hotel Joint Stock Company primarily engages in real estate, construction of various buildings, and civil engineering projects.

In August 2019, the company increased its chartered capital from VND 39.7 billion to VND 120.7 billion. Mr. Nguyen Ba Tien serves as Chairman of the Board and legal representative.

Mr. Tien also represents other entities, including Global Invest Financial Consulting Joint Stock Company, Vietnam-Hanoi Tourism Joint Stock Company, and Quang Ninh Passenger Water Transport Joint Stock Company.

Ha Long Bay Hotel is developing The Holiday Ha Long, a 5-star luxury hotel and serviced apartment complex featuring a 39-story tower with 156 hotel rooms and 510 condotel units, ranging from studios to duplexes.

The project’s total investment is VND 800 billion, with 20% (VND 160 billion) from equity and 80% (VND 640 billion) from loans and legal capital mobilization.

Approved by Quang Ninh Provincial People’s Committee under Decision No. 1835/QĐ-UBND on April 26, 2019, the project initially covered over 4,100 square meters.

Following adjustments on March 25, 2020, the project area expanded to 5,502 square meters, with an additional 1,363 square meters allocated for greenery and landscaping, to be managed by Ha Long City.