In April 2024, new defaults recorded the lowest level since August 2022, and debt restructuring and resolution continued with a noticeable increase in partial repayments of bond principal by defaulted issuers; for example, Hung Thinh Land and Saigon Glory. We estimate the value of new bonds-at-risk will be at a low level at VND 0.7 trillion in May 2024 compared to the average monthly value of bond defaults of VND 12.3 trillion in 2023. New issuance in April 2024 reached VND 17.7 trillion, higher than the value of VND 17.1 trillion in March 2024.
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