Novaland says southern Vietnam projects under construction after customers lodge police complaints

By Vu Pham, Minh Hue
Wed, May 8, 2024 | 5:32 pm GMT+7

Responding to Ho Chi Minh City police requests for project documents, Vietnam real estate major Novaland says all its projects in southern Vietnam provinces are under construction.

Novaland said in a Wednesday press release that the projects include NovaWorld Phan Thiet and NovaWorld Ho Tram in the southern provinces of Binh Thuan and Ba Ria-Vung Tau respectively, as also some projects in HCMC.

Illustration of Novaland's Aqua City project in Dong Nai province, southern Vietnam. Photo courtesy of the company.

Illustration of Novaland's Aqua City project in Dong Nai province, southern Vietnam. Photo courtesy of the company.

These projects are on the priority list for clearing legal obstacles by ministries, agencies and local authorities, he added.

The police had asked for documents related to the firm’s Aqua City project in neighboring Dong Nai province.

"Many customers have expressed their solidarity with the group, but some have wanted to withdraw their money due to financial difficulties, so they sent petitions to the police. In fact, the business is facing many difficulties. The Aqua City project is still under construction and just waiting for more cash flow for work to be completed.”

The source noted that the firm will negotiate a 36-month payment period for customers who have purchased products with a buyback commitment.

“The company did not make empty promises. If customers still want their cash back when projects are about to be handed over, they will put the business under great pressure," he stressed.

“We understand that under the pressure of prolonged financial difficulties, a few customers could not resolve disputes through civil proceedings in court or arbitration but sent petitions to the authorities, including the investigative agency of Ho Chi Minh City police.”

Therefore, the investigative agency has been carrying out information verification under prescribed legal procedures to provide official feedback to customers, the Novaland rep said.

With objective actions by the HCMC police’s investigative agency and timely coordination between relevant agencies and organizations, “we believe that the verification results will make customers and investors feel secure and continue to stay with the group as it overcomes difficulties, recovers and develops sustainably,” he added.

The rep noted that Novaland has also received requests for documents for projects other than Aqua City. "Such police requests for project documents are normal in the context of the struggling real estate market."

Novaland, listed on the Ho Chi Minh Stock Exchange as NVL, hit its floor price of VND13,600 ($0.53) per share Wednesday.

Comments (0)
  • Read More
Thai rice exports to face stiffer competition from India

Thai rice exports to face stiffer competition from India

Thailand’s rice exports are expected to face stiffer competition as India has removed export restrictions and taxes, allowing unlimited rice exports, according to Charoen Laothammatas, president of the Thai Rice Exporters Association.

Southeast Asia - Wed, November 6, 2024 | 10:51 pm GMT+7

Lego completes 90% of $1.3-bln Vietnam factory, to open in 2025

Lego completes 90% of $1.3-bln Vietnam factory, to open in 2025

Danish toymaker Lego has completed 90% of its $1.3-billion plant in Vietnam’s southern province of Binh Duong and aims to launch the factory in early 2025.

Companies - Wed, November 6, 2024 | 7:34 pm GMT+7

Tourism growth boosts aviation retail potential in Vietnam: exec 

Tourism growth boosts aviation retail potential in Vietnam: exec 

Vietnam’s aviation retail trade potential has risen alongside growth in the number of tourists visiting the country, says Johnathan Hanh Nguyen, chairman of the Inter-Pacific Group (IPPG).

Companies - Wed, November 6, 2024 | 4:45 pm GMT+7

VN-Index up 15 points on hopes for Trump victory

VN-Index up 15 points on hopes for Trump victory

Vietnam’s benchmark gained 15.52 points, or 1.25%, to 1,261.28 on Wednesday, supported by investor expectations of Trump re-election as the 47th President of the US, the world’s largest economy.

Finance - Wed, November 6, 2024 | 4:10 pm GMT+7

Vietnam embraces new wave of investments: HSBC exec

Vietnam embraces new wave of investments: HSBC exec

Embracing new investment flows is in the interest of Vietnam and will support the country’s advancement higher up in the value-added ladder across industries and sectors, writes Joon Suk Park, head of international subsidiary banking, wholesale banking, HSBC Vietnam.

Opinion - Wed, November 6, 2024 | 3:44 pm GMT+7

Vietnam posts $23.3 bln trade surplus in Jan-Oct, FDI sector $42.9 bln

Vietnam posts $23.3 bln trade surplus in Jan-Oct, FDI sector $42.9 bln

Vietnam posted a trade surplus $23.31 billion in the first 10 months of this year, with the foreign direct investment (FDI) sector making a trade surplus of $42.92 billion.

Economy - Wed, November 6, 2024 | 3:25 pm GMT+7

Vietnam listed banks’ bad debt up $2.3 billion in 9 months

Vietnam listed banks’ bad debt up $2.3 billion in 9 months

The bad debt of listed banks in Vietnam continued to grow during the first nine months of 2024, with some seeing it increase as much as 70% from the end of 2023.

Banking - Wed, November 6, 2024 | 3:14 pm GMT+7

AI tool to help Vietnam curb tax evasion by e-commerce platforms: Deputy PM

AI tool to help Vietnam curb tax evasion by e-commerce platforms: Deputy PM

An artificial intelligence (AI)-based tool will be used to check revenues and trades on e-commerce platforms operating in Vietnam as part of a broader attempt to prevent tax losses, says Deputy Prime Minister Ho Duc Phoc.

Economy - Wed, November 6, 2024 | 2:12 pm GMT+7

Cambodia announces new initiative to encourage use of local currency

Cambodia announces new initiative to encourage use of local currency

The National Bank of Cambodia (NBC) and the country's Ministry of Commerce have recently announced a major step to promote the use of the local currency by encouraging businesses to register new bank accounts in riel.

Southeast Asia - Wed, November 6, 2024 | 2:02 pm GMT+7

Thailand, Turkey agree to resume FTA negotiations

Thailand, Turkey agree to resume FTA negotiations

Thai Deputy Commerce Minister Suchart Chomklin and his Turkish counterpart Mustafa Tuzcu have agreed to resume negotiations on a free trade agreement (FTA) between the two countries.

Southeast Asia - Wed, November 6, 2024 | 2:00 pm GMT+7

Singapore Airlines aims to attract high-spending passengers to longest flights

Singapore Airlines aims to attract high-spending passengers to longest flights

Singapore Airlines is planning to add a four-seat first class to the Airbus aircraft it uses for its longest routes, a bet to attract high-spending travelers to flights that can top 17 hours.

Southeast Asia - Wed, November 6, 2024 | 1:58 pm GMT+7

Indonesia eyes $120 bln investment for economic development

Indonesia eyes $120 bln investment for economic development

Indonesia aims to secure an investment of $120 billion by 2025 to promote its national economy, Minister of Investment Rosan Roeslani said on Monday.

Southeast Asia - Wed, November 6, 2024 | 1:56 pm GMT+7

Vietnam’s Jan-Oct industrial production grows 8.3%

Vietnam’s Jan-Oct industrial production grows 8.3%

Vietnam’s January-October index of industrial production (IIP) grew 8.3% year-on-year, extending the recovery of the sector, backed by a 4% increase from September to October, the General Statistics Office (GSO) said.

Economy - Wed, November 6, 2024 | 1:36 pm GMT+7

AES earns $27 mln pre-tax income from Vietnam coal-fired power plant in Jan-Sept

AES earns $27 mln pre-tax income from Vietnam coal-fired power plant in Jan-Sept

U.S.-based AES Corporation earned a pre-tax income of $27 million from the Mong Duong II coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first nine months of this year.

Companies - Wed, November 6, 2024 | 12:06 pm GMT+7

Vietnamese businesses able to leverage e-commerce, overcome market challenges: experts

Vietnamese businesses able to leverage e-commerce, overcome market challenges: experts

Amidst the rapid expansion of low-cost Chinese e-commerce platforms like Temu, 1688 and Taobao, several Vietnamese businesses have managed to hold their own, showing how e-commerce can be leveraged to achieve success, experts say.

Finance - Wed, November 6, 2024 | 11:09 am GMT+7

Vietnam’s Eximbank seeks to move headquarters to Hanoi after ownership changes

Vietnam’s Eximbank seeks to move headquarters to Hanoi after ownership changes

Eximbank, among the leading mid-sized banks in Vietnam, has announced a plan to move its head office from Ho Chi Minh City, the largest economic hub in the south, to Hanoi after recent changes in shareholders.

Banking - Wed, November 6, 2024 | 10:41 am GMT+7