In July 2024, we observed four new bond defaults totaling VND 1.24 trillion from three real estate-related issuers, including two first-time defaulters. The cumulative default rate as of the end of July 2024 fell slightly to 15.1% from 15.6% in prior month as outstanding bonds grew faster than bond defaults. New issuances amounted to VND 42.8 trillion, contributing to the total new issuances year-to-date of VND 202.4 trillion. The market turnover declined to 7% of outstanding bonds from 8% in prior month.
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