越南再爆“数万亿”地产大雷，股市重挫5%，创六个月来最大单日跌幅

Core Viewpoint - The Vietnamese stock market experienced a significant drop of 5.6%, marking the largest single-day decline in six months, triggered by a government report revealing serious violations in bond issuance by major commercial banks and real estate companies [1][4]. Group 1: Regulatory Findings - The investigation report from the Government Inspectorate covered bond issuance from January 2015 to June 2023, highlighting multiple violations including fund misappropriation, disclosure violations, and overdue payments [4]. - Novaland, the second-largest listed real estate company in Vietnam, was accused of using VND 1.5 trillion in corporate bonds to funnel funds to its affiliate Nova Homes, with some registered capital found to be non-existent [4][6]. - The report indicated that nearly VND 16.9 trillion in bonds related to 20 issuers associated with Novaland remained unpaid as of mid-2023, with several companies experiencing overdue principal and interest payments [4][9]. Group 2: Impact on Companies - Following the report, Novaland announced its inability to fulfill convertible bond payment obligations, exacerbating market panic and leading to significant declines in stock prices for companies like Vingroup and Vinhomes [5][8]. - The investigation revealed that three major banks misused bond proceeds for short-term loans instead of the intended medium- to long-term investments, violating regulations on fund usage and disclosure [9][10]. Group 3: Debt Issues - Several companies associated with Novaland, including GreenWich and BNP Global, were identified as having severe debt issues, with significant overdue principal and interest payments [12]. - The report highlighted that GreenWich had over VND 1.57 trillion in overdue principal and VND 241 billion in interest as of June 2023, indicating a potential inability to repay [12].