Two real estate giants in Ho Chi Minh City are both delaying bond payments, one side is 900 billion behind.

Information from the Hanoi Stock Exchange (HNX) said that a number of businesses have announced late payment of bond debt with an amount of hundreds of billions of VND.

A project of Novaland - Photo: NGOC HIEN

Vietcombank Tower capital holding company related to Ms. Truong My Lan 'delayed' over 550 billion VND in bond money

Specifically, Ho Chi Minh City Service - Trading Joint Stock Company (Setra Corp) sent an unusual information announcement to HNX announcing the late payment of 20 bond codes.

Accordingly, by the end of February 2025, Setra Corp had delayed interest payments on 20 bond codes from SET.H2025.01 to SET.H2025.20 with a total amount of nearly VND 554 billion due to the reason of not being able to arrange capital sources.

"The company is handling the assets to pay principal and interest," Setra Corp said in a statement.

The company has not yet announced its 2024 financial report. In the first 6 months of last year, Setra lost more than 114 billion VND, an improvement from the loss of more than 273 billion VND in the same period last year. However, in the past three and a half years, this company has lost about 1,270 billion VND.

It is known that Setra Corp is a non-public enterprise, established in 1999, headquartered at 5 Cong Truong Me Linh, Ben Nghe Ward, District 1, Ho Chi Minh City.

The company operates mainly in the field of office leasing, business premises, and real estate trading. This is one of three joint ventures contributing capital to Vietcombank - Bonday - Ben Thanh Company Limited with 18% of contributed capital.

In which, Setra Corp is an enterprise in Ms. Truong My Lan's ecosystem and is assigned to hold capital contribution in this joint venture.

In addition, this enterprise is also one of four legal entities that committed fraudulent acts, violating the provisions of the law, creating 25 bond packages with a total value of more than 30,000 billion VND to sell to buyers (bondholders), mobilizing money and appropriating.

Novaland is still late in paying more than 900 billion VND

Novaland Real Estate Investment Group Joint Stock Company (NVL) is also among the enterprises that are late in paying principal and interest on bonds this time.

According to the plan, on March 3, the real estate group had to pay the principal and interest for the bond lot coded NVLH2123011 with a total amount of more than 914 billion VND. Of which, there were more than 842.2 billion VND in principal and nearly 72.5 billion VND in bond interest.

However, the report shows that Novaland has only paid nearly 8.8 billion VND this time. The remaining 905 billion VND was "delayed" by Novaland.

Novaland representative explained that the company has not arranged the source of money, leading to the delay in payment. The company also said that it is negotiating with investors on this issue.

This is not the first time Novaland has been late in paying its bond debt. The delay has occurred several times before in the context of the company's many financial difficulties.

By the end of 2024, Novaland's total consolidated revenue from sales and service provision will reach VND 9,073 billion (excluding revenue from financial activities).

The accumulated consolidated profit after tax for the 12 months recorded a loss of VND 4,351 billion, mostly due to provisions for the 2024 semi-annual reporting period according to the auditor's opinion.

Novaland representative said that the company has been making efforts every day to overcome the difficult period with practical measures.

Accordingly, Novaland closely follows the comprehensive restructuring plan, focuses on removing legal obstacles of projects, concentrates all resources to implement projects, in order to restore business operations, thereby creating a basis to fulfill obligations to shareholders, bondholders, customers, etc.

Source: https://tuoitre.vn/hai-ong-lon-bat-dong-san-o-tp-hcm-cung-khat-no-trai-phieu-mot-ben-cham-900-ti-20250305211332769.htm