NovaGroup chairman leads property developer Novaland again
NovaGroup chairman Bui Thanh Nhon on Friday officially became chairman of the Vietnamese conglomerate’s real estate subsidiary Novaland, continuing to drive the developer’s entire restructuring process.
Novaland’s board of directors announced the new chair the same day, saying Nhon, founder of NovaGroup, is also Novaland’s legal representative.
Bui Thanh Nhon, chairman of Novaland. Photo courtesy of the firm.
The Ho Chi Minh City-based property developer has also scaled down its number of board members to five from seven, together with board re-election, in line with its restructuring process, which is streamlining its corporate structure, including clearer decentralization to executive positions under the body with clearly assigned responsibilities and duties.
Novaland said in November that veteran businessman Nhon was returning as its chairperson amid woes in the Vietnamese real estate market. Prior to that, he had left the position to Bui Xuan Huy to focus on NovaGroup’s business strategy.
Nhon said at that time: “I return to the role of board chairman and legal representative of Novaland because I have to take on difficulties and challenges as an entrepreneur.”
Novaland, Vietnam’s fourth-biggest listed property developer, announced on November 22 that Citigroup had converted $1 million worth of its five convertible bonds into some 271,000 Novaland shares. The conversion price was VND85,000 ($3.42) each.
Early this June, a consortium led by global investment giant Warburg Pincus completed a $250-million investment in Novaland. The developer said it would use the proceeds to increase its strategic land bank and complete the development of some major projects.
Novaland’s NovaWorld Phan Thiet urban area and theme park in Binh Thuan province, south-central Vietnam. Photo courtesy of the company.
Novaland recorded a consolidated revenue of VND11,152 billion ($475.57 million) last year, down 25% year-on-year, and equal to more than 31% of its 2022 revenue target. Its 2022 consolidated after-tax profits totaled VND2,293 billion (over $97.78 million), down 34% year-on-year.
Novaland is listed on the Ho Chi Minh Stock Exchange as NVL. NVL shares closed the Friday trading session at VND14,950 ($0.64) per unit.
- Related News
- Read More
Vietnam’s fast-food industry expands 13% as chains pivot beyond major cities, KFC leads growth
Vietnam’s fast-food sector is experiencing a robust post-pandemic revival, with the total number of outlets nationwide projected to grow to 1,156 in 2026, up from 1,022 last year, or 13%, according to a recent market report by research firm Q&Me.
Economy - Sun, May 24, 2026 | 8:00 am GMT+7
From satellite internet to device manufacturing: Amazon expands ambitions in Vietnam
Amazon aims to position Vietnam as a manufacturing hub for selected devices serving global exports, said David Zapolsky, the giant's senior vice president and chief global affairs and legal officer.
Companies - Sat, May 23, 2026 | 10:35 pm GMT+7
PV Gas H1 profit likely to exceed 70% of full-year target
PV Gas, a subsidiary of state-owned Petrovietnam, expects to exceed 70% of its full-year profit target in the first six months of 2026, supported by stable domestic gas supply and expanding market share amid global energy disruptions caused by Middle East geopolitical tensions.
Companies - Sat, May 23, 2026 | 1:50 pm GMT+7
Infrastructure builder Deo Ca must be a 'durable horse' for the long road: chairman
Ho Minh Hoang, chairman of Deo Ca Traffic Infrastructure Investment JSC (HHV), a leading transport infrastructure developer in Vietnam, said the company should not seek overnight expansion but instead pursue disciplined and sustainable long-term growth.
Companies - Sat, May 23, 2026 | 8:17 am GMT+7
Agribank advances ESG implementation, strengthening foundation for sustainable development
As sustainable development becomes an increasingly important requirement for the financial and banking sector, Agribank is steadily reaffirming its development orientation aligned with environmental, social, and governance (ESG) principles.
Companies - Fri, May 22, 2026 | 4:24 pm GMT+7
Two Hermes bags of convicted tycoon Truong My Lan fetch $531,000 at auction
Two luxury Hermes handbags belonging to tycoon Truong My Lan, chairwoman of Van Thinh Phat, were successfully auctioned in Ho Chi Minh City, generating more than VND14 billion ($530,970) for asset recovery efforts tied to one of Vietnam’s largest financial fraud cases.
Companies - Fri, May 22, 2026 | 4:09 pm GMT+7
Vietnam’s cosmetics retail market keeps expanding but at slow pace
Vietnam’s cosmetics retail market continued expanding in 2026, though the pace of store openings has begun to moderate after years of rapid growth, according to market research firm Q&Me.
Economy - Fri, May 22, 2026 | 3:53 pm GMT+7
Major Vietnam conglomerates deepen presence in agriculture sector
The growing presence of both long-established agricultural companies and newly participating private conglomerates is reshaping Vietnam’s agriculture sector into a more diversified industry landscape.
Companies - Fri, May 22, 2026 | 3:27 pm GMT+7
Tai Tam expands energy portfolio with $70 mln wind power project in central Vietnam
A nearly VND1.85 trillion ($70.26 million) wind power project in Gia Lai province marks a new step in Tai Tam Group JSC’s strategy to expand its renewable energy ecosystem.
Energy - Fri, May 22, 2026 | 11:38 am GMT+7
Vietnam's wealth management market offers hundreds of billions of US dollars in growth potential
As Vietnam’s middle class expands rapidly and demand for wealth accumulation rises, the country’s wealth management market is entering a strong growth phase, with potential to reach hundreds of billions of U.S. dollars in the coming years.
Finance - Fri, May 22, 2026 | 10:47 am GMT+7
Winner Medical starts building $61 mln medical supplies plant in northern Vietnam
Nature Health Development International Co. Ltd, a Hong Kong-based subsidiary of China's Winner Medical, has broken ground on a medical supplies manufacturing plant worth over VND1.5 trillion ($60.5 million) in Vietnam’s northern province of Quang Ninh.
Investing - Fri, May 22, 2026 | 7:48 am GMT+7
Dragon Capital Vietnam veteran Tran Thanh Tan steps down as vice chairman
Dragon Capital Vietfund Management (DCVFM), a subsidiary of Vietnam-focused asset manager Dragon Capital Group, has approved the resignation of Tran Thanh Tan from his position as vice chairman, marking a major leadership transition at one of Vietnam’s oldest foreign fund management firms.
Finance - Thu, May 21, 2026 | 5:09 pm GMT+7
M&A set to drive Vietnam’s hospitality market in 2026
Analysts expect mergers and acquisitions (M&A) to accelerate sharply in Vietnam’s hotel and resort sector in 2026, particularly in the four-star and five-star segments in Hanoi and Ho Chi Minh City, as tourism recovery strengthens and investors hunt for premium assets.
Real Estate - Thu, May 21, 2026 | 4:01 pm GMT+7
Vietnam’s convenience store boom shifts beyond major cities as chains race for scale
Vietnam’s convenience store and mini-supermarket sector is expected to post another year of rapid expansion in 2026, driven by aggressive store openings from leading retail chains and a strategic push into smaller cities and rural areas, according to market research firm Q&Me.
Companies - Thu, May 21, 2026 | 3:26 pm GMT+7
Phat Dat seeks shareholder approval for Thu Thiem Eco Smart City investment
Phat Dat Real Estate Development Corporation (HoSE: PDR) is seeking to become a strategic investor in the Thu Thiem Eco Smart City project developed by South Korean-backed Lotte Properties HCMC in Ho Chi Minh City.
Real Estate - Thu, May 21, 2026 | 1:38 pm GMT+7
The end of the ‘cash cow’ era: Central Vietnam condotels give way to luxury apartments
After a boom period fueled by attractive profit commitments, the condotel segment in Vietnam’s central city of Danang has entered a prolonged downturn, while the high-end apartment segment is rapidly gaining momentum as the new focal point of the coastal urban real estate market.
Real Estate - Thu, May 21, 2026 | 11:35 am GMT+7
