Vietnam property developer Novaland incurs first yearly loss since 2016 listing
Novaland, a leading real estate developer in Vietnam, reported a yearly loss for the first time since its listing in late 2016 as the firm has been struggling with financial distress.
In its Q4/2024 earnings report, Novaland recorded a loss of VND4.35 trillion ($173.44 million) in 2024, which the company attributed to provisions made by the auditor for the semi-annual reporting period.
Despite the loss, the firm, listed on the Ho Chi Minh Stock Exchange as NVL, posted net revenue of nearly VND9 trillion ($358.8 million) in 2024, nearly double that from 2023.
Illustration of Novaland's urban project Aqua City in Dong Nai province, southern Vietnam. Photo courtesy of the firm.
The primary revenue driver was sales, which generated VND8.35 trillion ($33.17 million), marking a 104% increase year-on-year. This growth was fueled by deliveries from major projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, and Palm City.
However, the high cost of goods sold, coupled with a significant rise in sales and financial expenses, gobbled up much of the revenue, leading Novaland to report a yearly loss for the first time since its listing in late 2016.
As of the end of 2024, Novaland’s total assets stood at VND238.18 trillion ($9.5 billion), including VND146.6 trillion ($5.85 billion) in inventory, 94% of which comprised land and ongoing construction projects.
Last year, Novaland delivered over 1,400 units, including 691 in Q4. The company has also been accelerating progress on most of its projects.
After nearly two years of comprehensive financial restructuring, Novaland said it has restructured most of its debts. The company has also secured additional capital to implement its project.
It also plans to repurchase all bonds issued since 2020 ahead of their maturity dates for an estimated of maximum VND7 trillion ($275 million).
Recently, the realty developer announced that bondholders of its $300 million international bond package must pay more than triple the market price to convert their bonds to shares. These international convertible bonds were issued for foreign investors without warrants and collateral in 2021, and are listed on the Singapore Stock Exchange.
On January 10, NLV shares fell below par value to VND9,920 ($0.39) apiece, marking their lowest level since its listing.
NVL closed last Friday at VND8,930.
- Related News
- Read More
Coteccons dismisses concerns over executive departure, competition from Vingroup's arm
Vietnam's leading contractor Coteccons (HoSE: CTD) said a recent change in senior management was unrelated to the company's share price performance, as executives highlighted record order backlog and accelerating earnings growth amid a recovery in Vietnam's construction industry.
Companies - Tue, June 16, 2026 | 5:26 pm GMT+7
VinaCapital lists 2 strategic ETFs as Vietnam fund market broadens
Vietnam’s leading investment management firm VinaCapital has listed two strategic exchange-traded funds (ETFs) on the Ho Chi Minh City Stock Exchange, expanding investment options for investors seeking targeted exposure to Vietnam's long-term economic growth themes.
Finance - Tue, June 16, 2026 | 4:39 pm GMT+7
Oil & gas industry gives Vietnam edge in offshore wind supply chain: Global Wind Energy Council CEO
Vietnam is well positioned to play a significant role in the offshore wind power supply chain thanks to its established manufacturing base and expertise developed through its oil & gas industry and existing wind power projects, according to Ben Backwell, CEO of the Global Wind Energy Council (GWEC).
Energy - Tue, June 16, 2026 | 4:31 pm GMT+7
Vietnam banking, retail, oil stocks well placed for market recovery: brokerages
Vietnamese banking, retail and oil-gas stocks are among the sectors best positioned to benefit from a potential market recovery after months of pressure from geopolitical tensions and macroeconomic headwinds, according to local brokerages.
Finance - Tue, June 16, 2026 | 1:04 pm GMT+7
Petrovietnam, Huawei discuss cooperation in digital transformation, AI, energy technologies
State-owned Petrovietnam and China's Huawei Technologies discussed potential cooperation in digital transformation, artificial intelligence and digital energy infrastructure during a meeting last week, as the Vietnamese giant seeks to modernize its operations and expand into new energy sectors.
Companies - Tue, June 16, 2026 | 12:20 pm GMT+7
Over 38% of Vietnamese businesses still face informal costs despite reforms: survey
More than 38% of businesses in Vietnam still pay informal charges, highlighting persistent gaps between regulatory reforms and their implementation, according to a survey by the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Tue, June 16, 2026 | 11:26 am GMT+7
China ready to expand railway, power connectivity with Vietnam: PM
China is prepared to strengthen railway cooperation and enhance power grid connectivity with Vietnam, thereby expanding logistics corridors, trade links, and energy cooperation, said Chinese Premier Li Qiang during a phone talk with his Vietnamese counterpart Le Minh Hung on Monday.
Economy - Tue, June 16, 2026 | 8:52 am GMT+7
VN-Index approaches 1,800-point mark as easing Middle East tensions lift sentiment
Vietnam's benchmark VN-Index edged closer to the 1,800-point threshold on Monday as improving sentiment over easing tensions in the Middle East boosted risk appetite, driving gains in brokerage stocks while oil and Vingroup-related stocks weighed on the market.
Finance - Mon, June 15, 2026 | 8:34 pm GMT+7
Japanese products dominate Vietnamese consumer trust, but younger shoppers rewriting rules
Japanese products continue to enjoy the highest level of trust among Vietnamese consumers, reinforcing the country’s position as the benchmark for quality and reliability in one of Southeast Asia’s fastest-growing consumer markets, according to a new survey by market research firm Q&Me.
Economy - Mon, June 15, 2026 | 6:48 pm GMT+7
VinEnergo ramps up renewable energy push with 4 new subsidiaries
VinEnergo, the energy arm of Vietnamese conglomerate Vingroup, has accelerated its expansion into the power sector, establishing four new subsidiaries within a week as it builds a growing portfolio of renewable energy and infrastructure projects across Vietnam.
Companies - Mon, June 15, 2026 | 4:52 pm GMT+7
Thaco deepens ties with Hyundai Rotem to localize railway manufacturing in Vietnam
Vietnamese conglomerate Thaco and South Korea’s Hyundai Rotem have signed a detailed technology transfer and localization agreement for railway rolling stock production.
Industries - Mon, June 15, 2026 | 4:01 pm GMT+7
UOB Vietnam appoints Pham Hong Hai as deputy country CEO
Singapore's United Overseas Bank (Vietnam) Limited on Monday appointed Pham Hong Hai, former CEO of HSBC Vietnam and later Vietnamese bank OCB, as deputy country CEO, effective immediately.
Banking - Mon, June 15, 2026 | 2:26 pm GMT+7
Shinhan Bank Vietnam launches AI translation desk, strengthening customer experience, digital innovation
Shinhan Bank Vietnam has officially launched AI Translation Desk, an AI-powered interpretation solution designed to help foreign customers communicate more easily while using banking services in Vietnam.
Banking - Mon, June 15, 2026 | 12:03 pm GMT+7
FDI listings a missing piece in Vietnam's stock market development
As Vietnam's stock market moves closer to its long-awaited upgrade to secondary emerging market status and seeks to attract higher-quality capital, allowing more foreign-invested companies to list on domestic exchanges could broaden the pool of investable assets and support the next phase of capital market development.
Finance - Mon, June 15, 2026 | 11:14 am GMT+7
Chinese robot 'eyes' manufacturer builds 10-hectare factory in northern Vietnam
Orbbec Inc., a Chinese company specializing in 3D vision sensors and robotic hardware, is building an over-10-hectare manufacturing center in the northern province of Bac Ninh to serve international markets.
Industries - Mon, June 15, 2026 | 8:00 am GMT+7
Long Thanh airport project faces shortage of 2,000 workers
The Long Thanh International Airport project in the southern province of Dong Nai is still short nearly 2,000 workers compared to actual requirements during its final acceleration phase.
Infrastructure - Sun, June 14, 2026 | 6:08 pm GMT+7
