Vietnam Government Inspectorate names companies in private placement bond violations
Vietnam Government Inspectorate names companies in private placement bond violations
Fri, Feb 20, 2026, 10:10:08
The Government Inspectorate has identified widespread violations among Vietnamese issuers of privately placed corporate bonds, naming several companies that have failed to meet debt repayment obligations.
Illustration courtesy of Vietcap.
The inspection covered compliance with laws and regulations governing the issuance of privately placed corporate bonds and the use of proceeds. In total, 26 issuing organizations were reviewed across multiple sectors.
By sector, the real estate industry accounted for 10 issuers with 88 bond tranches worth over VND52.57 trillion ($2.02 billion). The energy sector had three issuers with fiveatranches totalling over VND3.83 trillion ($147.56 million), according to a conclusion released on Thursday.
Six issuers in trade and services issued 70 tranches worth nearly VND20.31 trillion ($781.87 million), while two securities firms issued 53 tranches valued at VND18.38 trillion.
Two issuers in manufacturing issued 31 tranches worth VND13.1 trillion ($504.35 million), with the remaining three issuers in other sectors issuing 24 tranches valued at VND11.6 trillion.
The inspectorate said that during the inspection period, three issuers had overdue bond principal and interest totalling more than VND10.63 trillion ($409.13 million), including overdue principal of VND10.24 trillion and overdue interest exceeding VND382.6 billion.
It identified numerous violations by issuers both before and after bond issuance. Most breaches - involving 18 issuers - related to inadequate disclosure, including insufficient information on the purpose of issuance, the timing of capital disbursement, expected issuance dates, and incomplete disclosure of collateral.
The inspectorate added that the majority of issuers also committed violations or shortcomings in post-issuance disclosure obligations.
Notably, 19 issuers were late in publishing semi-annual and annual disclosures, including financial statements and reports on the use of bond proceeds.
These included Khang Dien House Trading and Investment JSC, Agricultural Materials Import Export JSC No.3, Green World General JSC, Chau Luc Continental Investment and Real Estate Development JSC, TNH Hotel Investment and Management JSC, Nam Rach Chiec Co Ltd, Bac Phuong Energy JSC, VCP Energy JSC, DCT Partners Vietnam Co Ltd, Development Investment Construction Corp, PC1 Group JSC, I.P.A Investment Group JSC, Vietnam Sturgeon JSC, R&H Group JSC, Hoi An Invest JSC, Binh Tan Trading Investment JSC, along with Hung Thinh Land, Hung Thinh Quy Nhon Entertainment Services, and Hung Thinh Investment.
Regarding debt servicing, two issuers - Agricultural Materials Import Export JSC No.3 and Green World General JSC - had fully repaid bond principal and interest but were late on interest payments in certain periods.
The most serious breaches involved the three Hung Thinh-related companies, namely Hung Thinh Investment JSC, Hung Thinh Quy Nhon Entertainment Services JSC, and Hung Thinh Land JSC, which have not fully repaid bond principal and interest, with overdue obligations outstanding since 2023 amounting to trillions of dong (VND1 trillion = $38.51 million), the inspectorate said.
It warned that violations related to bond issuance and the use of proceeds were complex, while the current financial situation of some issuers remains highly strained.
The inspectorate noted that a large number of investors, including thousands of retail investors, are holding the affected bonds, underscoring the need for close monitoring by relevant authorities to prevent systemic risks, protect investors, and safeguard capital market stability and social order.
The agency said it would forward information on the violations by the three legal entities to the Ministry of Public Security for consideration and handling within its authority.
On the use of bond proceeds, the inspectorate also found that 14 issuers used funds raised from certain bond tranches for purposes inconsistent with approved plans or disclosed information, or in violation of regulations.
Eight issuers transferred bond proceeds to partners under investment cooperation contracts or injected capital into subsidiaries but failed to provide sufficient documentation demonstrating oversight and control over the use of the funds.