越南再爆“数万亿”地产大雷

Core Viewpoint - The article highlights significant regulatory issues within Vietnam's financial system, particularly focusing on the violations by major banks and real estate companies, especially Novaland, which has led to a sharp decline in the stock market and raised concerns about the overall stability of the financial sector [5][10][12]. Group 1: Regulatory Findings - The Vietnamese government has confirmed serious violations in the financial system, particularly in bond issuance by several large banks and real estate companies, leading to a 5.6% drop in the stock market, the largest single-day decline in six months [5][6]. - A report covering bond issuance from January 2015 to June 2023 revealed multiple violations, including fund misappropriation and overdue payments, affecting major players like Novaland [5][6][12]. - Novaland, as the second-largest listed real estate company in Vietnam, is under scrutiny for issuing 1.5 trillion VND in corporate bonds and misusing the funds, which were ultimately funneled to related companies [7][8][9]. Group 2: Impact on Market and Companies - The investigation has led to a deterioration in investor sentiment, with Novaland's announcement of its inability to meet convertible bond payment obligations exacerbating market pressures [10][11]. - As of mid-2023, nearly 16.9 trillion VND in bonds related to 20 issuers associated with Novaland remain unpaid, with several companies facing overdue principal and interest payments [12][17]. - The report also identified three major banks that misused bond proceeds for short-term loans instead of the intended long-term investments, highlighting regulatory failures in the banking sector [13][14]. Group 3: Specific Company Violations - Novaland's financial practices involved transferring bond proceeds through multiple intermediaries, raising concerns about the legitimacy of the transactions and the existence of registered capital [9]. - Other companies linked to Novaland, such as GreenWich and BNP Global, have also been flagged for significant overdue payments, indicating a broader issue of solvency within the sector [17].