"Overdue Interest Alone Tops VND 3 Trillion": Vietnam’s Bong Sen Group, Which Acquired Kim Woo-choong’s Hanoi Daewoo Hotel, Struggles with Financial Difficulties

【HANOI, Vietnam—Correspondent Jun-seok Kim】Bong Sen Group, which owns a 93.6% stake in Hanoi Daewoo Hotel, is reportedly facing severe financial difficulties. The group must repay VND 4.8 trillion (approximately KRW 249.7 billion) in bond principal, along with more than VND 3 trillion (approximately KRW 156 billion) in unpaid interest.
On the 3rd, local media reported that the Hanoi Stock Exchange (HNX) said Bong Sen Group had recorded a debt of VND 4.8 trillion (approximately KRW 249.7 billion) in principal on bond BSECH2126003 as of June 30.
The bond was issued on October 15, 2021, at a high fixed annual interest rate of 15.75%. As substantial interest costs accumulated due to the overdue payments, the company’s financial burden grew rapidly. Interest payable to bondholders amounted to VND 3.009 trillion (approximately KRW 156.5 billion) in the first half of this year alone, but Bong Sen Group failed to pay it by the agreed deadline. Since the bond was issued, the group has paid only about VND 346 billion (approximately KRW 18 billion) in interest over the first three installments.
In particular, overdue bonds subject to a payment default incur a late-payment interest rate equivalent to 150% of the contracted rate, adding to the principal burden and intensifying the group’s financial pressure.
The bond was issued to fund the development of office buildings, commercial facilities, and apartments in Ho Chi Minh City. As collateral, Bong Sen Group pledged real estate, movable assets, and future assets belonging to its subsidiaries and third parties. Among the notable collateral assets are 63.45 million common shares in Daeha JSC, the operator of Hanoi Daewoo Hotel. The shares represent a 69.9% stake in Daeha and have a total face value of VND 634.48 billion (approximately KRW 33 billion).
With the burden of repaying the bonds unresolved, Bong Sen Group’s operating performance also showed no clear improvement in its financial condition. According to its 2025 financial statements, the group posted a net loss of VND 678 billion (approximately KRW 35.2 billion), marking its fourth consecutive year of losses. Previously, it recorded net losses of VND 479 billion (approximately KRW 24.9 billion) in 2022, VND 668 billion (approximately KRW 34.7 billion) in 2023, and VND 730 billion (approximately KRW 37.9 billion) in 2024.
As of the end of 2025, Bong Sen Group’s equity had fallen to approximately VND 4.214 trillion (approximately KRW 219.2 billion), while accumulated deficit exceeded VND 3.429 trillion (approximately KRW 178.4 billion). Total liabilities also remained high at approximately VND 9.466 trillion (approximately KRW 492.5 billion). In addition to the VND 4.8 trillion (approximately KRW 249.7 billion) in bond principal, the group had other payment obligations—including taxes, wages, and financial obligations to the government—amounting to more than VND 4.663 trillion (approximately KRW 242.6 billion).
[email protected] Jun-seok Kim Reporter