Ha Long Sun Raises 300 Billion Dong Bond

The company issued 3,000 bonds, each with a face value of 100 million dong, between Oct. 12 and Oct. 13, according to the disclosure. The notes mature in 60 months, taking repayment to Oct. 12, 2031.

The financing follows a half-year report showing total liabilities surged to 59,791.3 billion dong as of June 30, 2026, up from 6,898.8 billion dong a year earlier. Bank borrowings climbed to 18,614.7 billion dong from 2,017.1 billion dong, while bond debt rose to 1,278.8 billion dong from zero.

A standout change in the liability mix was short-term advances from buyers, which jumped to 31,958.2 billion dong from 2,215.6 billion dong. That suggests the company has taken in significant prepayments, but it also underscores how dependent the project remains on continued funding and execution.

SaigonRatings assigned Ha Long Sun a first-time credit rating of vnBBB with a stable outlook in July 2025, citing strong management and Sun Group backing. But the agency also flagged the business as highly capital intensive, with high interest costs, incomplete legal work on the project and cash flow that remains uneven because the core assets are still being built out.

Despite the heavier leverage, the company reported pretax profit of 441.2 billion dong for the first six months of 2026, nearly eight times higher than a year earlier. Still, the market relevance lies in whether earnings and future cash generation can keep pace with debt service as more obligations come due.

For bond investors, the latest issue adds another credit story to a market already sensitive to rising borrowing costs and refinancing risk. The next focal points will be project progress, legal approvals, and whether Ha Long Sun can turn its large advance receipts and rising profits into durable operating cash flow.