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 dividend-paying stocks create buzz among investors
Cash dividend-paying stocks in Vietnam continue to capture attention from investors, particularly newcomers, to the stock market.
Finance - Wed, May 14, 2025 | 4:33 pm GMT+7
Bao Viet-led insurance consortium signs agreement with high-tech firm on healthcare projects
A consortium of insurers led by Bao Viet Insurance on Tuesday signed a framework agreement to provide comprehensive insurance services to Nhat Hai New Technology JSC (OIC New) for its healthcare projects scheduled for implementation during 2026-2036.
Finance - Wed, May 14, 2025 | 4:29 pm GMT+7
Northern Vietnam province seeks Korean law firm’s help to attract more investments
The Vinh Phuc People’s Committee has asked Lee & Ko, a leading South Korean law firm, to provide legal consultations to attract more Korean investors to the northern province.
Industries - Wed, May 14, 2025 | 1:36 pm GMT+7
Vietnam's major pharma firm DHG to pay 60% cash dividend
Hau Giang Pharmaceutical JSC (DHG Pharma), a leading pharma company in Vietnam, said it will pay a 60% cash dividend, equivalent to VND6,000 ($0.23) per share.
Companies - Wed, May 14, 2025 | 12:28 pm GMT+7
Vietnam's strategic positioning in a changing global landscape
Vietnam definitely needs foreign direct investment (FDI), but more importantly, it must cultivate internal strength, says Dr. Vu Thanh Tu Anh, a senior lecturer at the Fulbright School of Public Policy and Management.
Economy - Wed, May 14, 2025 | 12:22 pm GMT+7
Vietnam hopes for progress in US-China trade negotiations: PM
Vietnamese Prime Minister Pham Minh Chinh on Tuesday expressed his hope that the ongoing trade negotiations between the U.S. and China will make progress and result in mutually beneficial agreements - both in the short and long term.
Economy - Wed, May 14, 2025 | 11:50 am GMT+7
Malaysia’s Gamuda acquires prime land plot to develop high-rise project in northern Vietnam
Gamuda Berhad, a leading developer of Malaysia, has acquired a prime land plot in the northern port city of Hai Phong for $38.9 million, expanding its footprint in Vietnam.
Real Estate - Wed, May 14, 2025 | 11:10 am GMT+7
Promoting renewable energy transition: Vietnam proactively seeks technological, policy solutions
In the context that Vietnam is facing major challenges from climate change and increasing demand for electricity, the seminar "Renewable Energy Transition in Vietnam: Policy, Technology and Solutions" held on April 25 gained special attention from experts, businesses and policy makers.
Companies - Wed, May 14, 2025 | 10:00 am GMT+7
Vietnam stock market: Positive signals and investment opportunities
The Vietnamese stock market has been riding a wave of good news, including easing U.S.-China trade tensions, the successful rollout of the new trading system KRX, and a surge in newly opened trading accounts, opening up immense opportunities for investors.
Finance - Wed, May 14, 2025 | 8:17 am GMT+7
Gelex Electric majority shareholder of new tech firm
Gelex Electric, under Vietnam's leading multi-sector corporation Gelex Group, has announced a board decision on capital contribution to establish a technology company, bringing its subsidiaries to 10.
Companies - Tue, May 13, 2025 | 9:25 pm GMT+7
Vietnam’s auto sales in April increase 21% year-on-year
The Vietnam Automobile Manufacturers’ Association (VAMA) on Tuesday said that its members, not including VinFast and Hyundai, reported sales of 29,585 units in April, down 7% month-on-month but up 21% year-on-year.
Companies - Tue, May 13, 2025 | 9:16 pm GMT+7
Malaysia a prime site for nuclear plants: expert
Malaysia is a logical choice to host nuclear power plants given that it is less prone to tectonic activities such as earthquakes compared with its Southeast Asian neighbors, according to an expert.
Southeast Asia - Tue, May 13, 2025 | 9:07 pm GMT+7
Thailand sends trade proposal to US
Thailand has sent a trade proposal to the U.S., Prime Minister Paetongtarn Shinawatra said on Tuesday, as her government seeks negotiations to reduce U.S. tariffs.
Southeast Asia - Tue, May 13, 2025 | 9:01 pm GMT+7
UOB forecasts USD price at VND26,100 in Q2, VND26,300 in Q3
Singaporean bank UOB's updated forecasts on the price of USD against the Vietnamese dong (VND) are 26,100 in Q2/2025, 26,300 in Q3, 26,000 in Q4, and 25,800 in Q1/2026.
Banking - Tue, May 13, 2025 | 4:15 pm GMT+7
US’s manufacturing service provider Key Tronic expanding in Vietnam despite tariff uncertainties
Key Tronic, a leading American design and manufacturing service provider, is proceeding with the buildout of new production capacity in Arkansas (U.S.) and Vietnam despite tariff uncertainties.
Industries - Tue, May 13, 2025 | 4:01 pm GMT+7
Motorbike maker Piaggio plans €26 mln paint shop at Vietnam plant
Italian motorbike manufacturer Piaggio plans to build a new paint shop at its factory in Vietnam by 2027, with an expected investment of €26 million, according to its 2024 financial statements.
Industries - Tue, May 13, 2025 | 3:37 pm GMT+7
