VnExpress News The News Gateway of Vietnam
Minister of Finance Ho Duc Phoc said his ministry has worked with bond issuers to ensure investors will get their money back.
“Issuers have pledged to pay when their bonds mature. We will actively monitor and ensure investors’ interests,” Phoc said Monday.
Many bondholders are worried that property developer Van Thinh Phat and An Dong Investment will not be able to pay.
An Dong Investment Group Corp is a subsidiary of Van Thinh Phat Group, whose chairwoman, Truong My Lan, was recently arrested for alleged fraud related to issuance and trading of bonds worth trillions of dong (VND1 trillion = $41.87 million).
According to the Hanoi Stock Exchange, An Dong Investment from 2018 to 2019 issued bonds three times totaling some VND25 trillion with a term of 5 years. Its bonds issued in Sept. 2018 and slated for maturity in Sept. 2023 are non-convertible bonds, without a payment guarantee, and not guaranteed by assets.
Earlier, Hanoi-based Tan Hoang Minh, a major real estate developer, saw its chairman and five executives arrested in April over alleged fraud in nine bond issuances worth VND10 trillion (US$425.5 million).
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