The Esme Dĩ An owner delays interest payments on 2.5 trillion dong bond debt as losses continue

Long-running losses at Thiên Hà - Băng Dương Investment Co., Ltd., the owner of the The Esme Dĩ An project, have led the company to delay bond interest payments several times during 2025.

2025 losses deepen; accumulated loss reaches 11.5 billion VND

In 2025, Thiên Hà - Băng Dương continued to record losses, with accumulated losses rising to 11.5 billion VND. The company has not been able to commence construction of The Esme Dĩ An despite holding one of the best located sites in the eastern area of the new Ho Chi Minh City region, contributing to sustained financial deterioration.

The audited financial statements submitted to the Hanoi Stock Exchange show the company recorded a post-tax loss of 748.6 million VND in 2025, up from more than 714 million VND in 2024. In 2023, the company posted a loss of nearly 1.4 billion VND.

Profitability indicators remain negative, with ROA at -0.00018 and ROE at -0.00061.

Equity rises sharply despite losses; leverage improves

Despite the losses, the company’s equity increased significantly, from more than 969 billion VND to 1.219 trillion VND. The increase was mainly attributed to higher owner’s equity through capital contributions during the period, rising from 980 billion VND to 1.230 trillion VND.

Meanwhile, total liabilities rose slightly to 2.735 trillion VND. The company reported no bank borrowings; all debt obligations come from bonds. As a result, the debt-to-equity ratio fell from 2.76x to 2.24x. Liquidity ratios improved, with the current ratio at 16.84x and the quick ratio at 6.61x.

Bond exposure and outstanding principal at end-2025

As of the end of 2025, Thiên Hà - Băng Dương had outstanding debt on three bonds: THBCH2328001, THBCH2429001, and THBCH2429002, with a total issued value of 2,500 billion VND. The debt-to-equity ratio on bonds decreased from 2.58x to 2.05x.

According to the report, bond proceeds were used for real estate projects, including The Esme Bình Dương and a project in the Đông Hòa new urban area. All bonds include repayment guarantees from Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).

Multiple late interest payments in 2025

In 2025, the company reported several instances of late bond interest payments.

June 2025 interest cycle

• For the June 2025 payment, THBCH2328001 and THBCH2429001 were due on 29 June 2025 but were paid on 30 June 2025 because the due date did not fall on a business day, totaling 86.2 billion VND.
• Bond THBCH2429002 was due on 26 June 2025 but was rescheduled to 27 June 2025 due to timing arrangements, with an amount of more than 65.8 billion VND.

December 2025 interest cycle

• Interest due on 26 December 2025 for THBCH2328001 amounted to 50.5 billion VND and was paid late due to delayed funding.
• Interest due on 29 December 2025 for THBCH2429001 amounted to 37.9 billion VND and was paid late due to delayed funding.
• Interest due for THBCH2429002 amounted to nearly 66.2 billion VND and was also paid late due to delayed funding.

Disclosure non-compliance recorded

Delaying interest payments on bond THBCH2429002 in June 2025 resulted in the company being recorded as non-compliant with unusual information disclosure requirements, for failing to disclose within 24 hours of the event.

As of 30/12/2025, the company reported it had completed payment of all bond interest arising in the year, totaling more than 306.6 billion VND.

Project developer and ownership structure

Thiên Hà – Băng Dương is the developer of the The Esme Dĩ An residential and commercial complex.

As of February 2025, the company increased its charter capital from 980 billion VND to 1.230 trillion VND. Ms. Vuong Thi Diem Trang, General Director and legal representative, held 49%, while Mr. Nguyen Dai Duong held 51%.