Marina Tower Developer Delays Bond Interest Payments

Marina Tower's developer has missed the scheduled interest payment for the DPJ12202 bond tranche and has communicated a revised payment timeline to investors.

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The Hanoi Stock Exchange (HNX) has published a report from Dai Thinh Phat Investment and Construction Joint Stock Company regarding the payment status of principal and interest on its bonds.

Specifically, on October 9, 2025, the company was scheduled to pay over VND 4.8 billion in interest for the DPJ12202 bond series (DPJCH2224002). However, Dai Thinh Phat has announced that it is unable to make the interest payment on time. The company stated it is arranging funds and will settle the payment in the near future. Investors have been notified of the revised payment timeline.

Source: HNX

Previously, on September 9, 2025, Dai Thinh Phat had also notified investors of a delay in paying over VND 5 billion in interest for the same bond series.

The DPJCH2224002 bond series, issued on August 9, 2022, consists of 4,717 bonds with a total issuance value of VND 471.7 billion. Originally set to mature on August 9, 2024, the bondholders approved an extension in July 2025, pushing the new maturity date to February 9, 2026.

In addition to the DPJ12202 series, Dai Thinh Phat issued another bond series, DPJCH2224001 (trading code: DPJ12201), comprising 5,000 bonds with a total issuance value of VND 500 billion on July 29, 2022.

According to the schedule, September 29, 2025, was the due date for paying over VND 5.3 billion in interest for the DPJ12201 bond series. However, the company has not been able to meet this payment deadline. Dai Thinh Phat assured that it is working to secure funds and will make the payment as soon as possible, with investors being informed of the updated schedule.

Established in 2013, Dai Thinh Phat primarily operates in the real estate sector. The company was once a subsidiary of LDG Investment Joint Stock Company (stock code: LDG, listed on HoSE), with LDG holding 99.95% of its charter capital. In August 2021, LDG’s Board of Directors approved the divestment of its entire stake in Dai Thinh Phat, with the expected transfer price not less than nearly VND 150 billion, equivalent to VND 10,000 per share.

Dai Thinh Phat is the developer of the Marina Tower residential project in Vinh Phu Ward, Thuan An City, Binh Duong Province. The project spans 10.6 hectares with a total investment of nearly VND 1 trillion, featuring three 19-story blocks offering over 800 apartments.

PV

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