Refinancing difficulties to persist as bond maturities and leverage peak amid market downturn, government measures need more time to take effect
Since H2/2022, Vietnam’s residential property sector is experiencing its largest downturn over the last ten years. While the government has issued several policies and attempts to support the market recovery, we expect the difficulties in legal approval procedures and developers’ capital mobilization to persist till the end of 2023. As a result, property-related bond refinancing difficulties will persist, and corporate bond defaults will continue to increase
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