Van Thinh Phat associated companies have bonds worth $2B outstanding

By Phuong Dung   April 22, 2024 | 11:40 pm PT
Van Thinh Phat associated companies have bonds worth $2B outstanding
A cash transaction at a bank in Hanoi. Photo by VnExpress/Giang Huy
Twenty four sister and partner companies of property developer Van Thinh Phat have issued bonds worth VND52.4 trillion ($2.06 billion), with over 30% overdue for redemption.

The biggest issuer is An Dong Investment, who accounts for nearly 48% of the issuances.

The police are looking for buyers of a lot issued by An Dong Investment, a subsidiary of Van Thinh Phat.

In October 2022 the police arrested Truong My Lan, chairwoman of Van Thinh Phat, and three accomplices for alleged fraudulent appropriation of assets through bond issuance by An Dong and its associated companies.

Lan has recently been sentenced to death for embezzling money from Saigon Commercial Bank. She will be tried in a seperate case for alleged misconducts in issuing bonds.

After the Saigon Commercial Bank and Van Thinh Phat fallout, many investors have lost faith in the bond market and have sold their bonds or demanded that issuers buy them back.

Three bond issuances worth VND20.1 trillion are set to mature this year.

More than half of them were bought by 16,000 retail investors.

go to top