Six Vietnamese Companies Fined for Bond Disclosure Violations
Vietnam’s State Securities Commission fined six companies VND 92.5 million each, totaling VND 555 million, for failing to disclose or delaying disclosure of bond-related information. Corporate bond issuance reached VND 479.113 trillion in the first 10 months of 2026.
Penalty decisions announced by Vietnam’s State Securities Commission show that KN Cam Ranh, Bất động sản Gia Đức, Điện mặt trời KN Vạn Ninh, Gotec Land, Hưng Thịnh Land and Khách sạn Quốc tế Thiên Phúc were each fined VND 92.5 million for violating corporate bond disclosure obligations. The fines totaled VND 555 million.
Vietnam’s corporate bond market has seen multiple information disclosure violations.（VietVance）
Gotec Land disclosed several bond-related documents at least 10 working days late. They concerned financial reports, use of proceeds, principal and interest payments, and fulfillment of commitments to bondholders from 2021 through the first half of 2026. The company also disclosed information late on the early repurchase of some bonds issued in 2020. Khách sạn Quốc tế Thiên Phúc delayed disclosure of principal and interest payments due at maturity on some bonds, as well as several related reports from 2021 to 2026.
KN Cam Ranh and Điện mặt trời KN Vạn Ninh, both part of the KN group of companies, were also fined. KN Cam Ranh failed to disclose several 2022 reports on its finances, use of bond proceeds, and principal and interest payments. It also disclosed some bond documents late in subsequent years. Điện mặt trời KN Vạn Ninh’s disclosure violations concerned bonds issued from 2020 to 2024, including use of proceeds, principal and interest payments, early repurchases, and changes to bond terms.
Hưng Thịnh Land was fined for delaying disclosure of principal and interest payments on three bonds and for disclosing its 2025 financial status report at least 10 working days late. Bất động sản Gia Đức failed to disclose its audited report on the use of bond proceeds for the first half of 2024 and its 2024 financial status report.
According to figures compiled by the Vietnam Bond Market Association from the Hanoi Stock Exchange and the State Securities Commission, information was disclosed on 24 corporate bond issuances in October 2026, worth a total of VND 20.131 trillion. Issuance in the first 10 months totaled VND 479.113 trillion, including VND 419.309 trillion in private placements and VND 59.804 trillion in public offerings.
Source: VietVance
