Vietnam Fines Several Companies for Bond Disclosure Violations
Vietnam’s State Securities Commission has fined several bond issuers for disclosure violations involving financial reports, use of bond proceeds, and principal and interest payments. As of November 6, 2026, corporate bonds worth an estimated VND 38.775 trillion were due to mature during the rest of the year, with real estate companies accounting for 66%.
Vietnam’s State Securities Commission has recently penalized several bond issuers for disclosure violations. Gotec Land Joint Stock Company was fined VND 92.5 million for late disclosure of principal and interest payments on bonds at maturity, financial reports, and other information. The company was also late in disclosing multiple reports on the use of bond proceeds and fulfillment of its obligations from 2022 through the first half of 2026, as well as the completion of early repurchases of four bond tranches.
Vietnam’s State Securities Commission has recently penalized several companies for bond disclosure violations. File photo.（VietVance）
Thiên Phúc International Hotel Single Member Co., Ltd. was late in disclosing principal and interest payments at maturity for 30 bond codes and in submitting multiple financial and bond-related reports from 2021 to 2026. KN Vạn Ninh Solar Power Investment and Development Co., Ltd. and KN Cam Ranh Co., Ltd. were each fined VND 92.5 million for failing to disclose, or disclosing late, multiple bond-related documents. Gia Đức Real Estate Co., Ltd. was also fined VND 92.5 million for failing 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, corporate bonds worth an estimated VND 38.775 trillion were due to mature during the remainder of 2026 as of November 6, 2026. Real estate company bonds accounted for VND 25.607 trillion, or 66%, while bank bonds accounted for VND 6.954 trillion.
As of November 6, 2026, an estimated VND 38.775 trillion in Vietnamese corporate bonds was due to mature during the rest of the year. File photo.（VietVance）
According to VIS Rating, approximately VND 620 billion in bonds newly became overdue in October 2026, involving a bond tranche issued by Thế Kỷ Real Estate Investment and Development Joint Stock Company. By the end of October, approximately VND 150 trillion in overdue bonds had been repaid to bondholders. The maturity dates of another VND 38 trillion in bonds had been extended, while no information on debt restructuring plans was available for VND 108 trillion. Approximately VND 235 trillion in corporate bonds was expected to mature from November 2026 through October 2027, compared with VND 169 trillion in the preceding 12 months.
Source: VietVance
