Yesterday the VN-Index dropped 40 points straight-up on the back of Vingroup announcing it would issue more bonds to cover bonds that were maturing, Reuters has reported. Reuters is referencing ‘traders and stock brokers’ as saying this reworking of bond debt may have ‘raised concerns about Vingroup’s financial status.
Note that Vingroup is also the parent company of VinFast, the electric vehicle maker that is currently losing more than US$500 million a quarter.