Vietnam's leading property developer Novaland denies 'panic selling' amid chairman-linked share divestments
Novaland has denied allegations of panic selling following major planned divestments by entities linked to its chairman Bui Thanh Nhon, affirming that the moves are strategic steps to support its ongoing debt restructuring, not signs of instability.

A real estate project developed by Novaland. Photo courtesy of the company.
On Monday, three individual internal shareholders and two institutional stakeholders - all related to chairman Nhon - registered to sell a combined 18.8 million NVL shares.
Among them, NovaGroup, Novaland’s largest shareholder, plans to offload 3.9 million shares between May 16 and June 13. Upon completion, its stake will decrease from 338.8 million shares (17.4%) to 334.9 million shares (17.2%).
Diamond Properties, another major shareholder, registered to sell 3.2 million NVL shares. Post-transaction, the company is expected to retain nearly 165.44 million shares, equivalent to an 8.483% ownership.
The company stated that these sales are part of an effort to rebalance investment portfolios and provide financial support for Novaland’s debt restructuring strategy.
Additionally, Cao Thi Ngoc Suong, Bui Cao Nhat Quan, and Bui Cao Ngoc Quynh - Nhon's wife and children - have registered to sell a total of 11.6 million shares for "personal reasons". Their combined stake will drop to 6.8% after the transactions.
Addressing concerns over the coordinated sell-offs, Novaland’s leadership reiterated that there is “no mass sell-off” taking place. The transactions are being positioned as supportive measures to aid the company’s financial reorganization and ensure it can meet its debt obligations.
To maintain operations and reassure stakeholders, Novaland confirmed it has received written commitments from major shareholders affirming their readiness to continue supporting the company, especially in meeting debt obligations, ensuring operational continuity for at least the next 12 months.
A company spokesperson added that the share sales by NovaGroup and Diamond Properties demonstrate their ongoing financial commitment to helping Novaland address upcoming maturities and sustain its business operations.
Debt and bond repayments slated for 2026-2027
Novaland’s leadership has laid out a long-term roadmap for restructuring, stating that most loans and bond repayments will be made between late 2026 and 2027.
Domestic loans have largely been restructured by extending repayment schedules. Banks and credit institutions have also approved a VND18.2 trillion ($700.8 million) credit line to enable continued construction, handovers, and revenue collection across projects.
For foreign loans and bond obligations, Novaland is either in the process of negotiating terms or has already developed plans to restructure and extend maturities through 2025–2027.
Project development and legal progress
Despite financial challenges, Novaland reports positive momentum in project execution. The company aims to deliver 1,546 housing units in 2025.
In Ho Chi Minh City, legal clearance and issuance of land use rights certificates (also known as “pink books”) are being accelerated across key projects such as Lakeview City, The Sun Avenue, Sunrise Riverside, Kingston Residences, Orchard Garden, Lucky Palace, and Garden Gate. Over 7,000 units are expected to receive certificates in 2025.
Elsewhere, The Grand Manhattan and the high-rise section of Victoria Village are being fast-tracked for completion, with handovers projected to begin by late 2025 or early 2026.
Novaland’s flagship mega-developments - Aqua City, NovaWorld Ho Tram, and NovaWorld Phan Thiet - are also making progress, with new amenities entering operation. Legal bottlenecks at these projects are targeted for resolution by Q2/2025.
Despite ongoing restructuring, Novaland remains in a recovery phase, though executives acknowledged that debt negotiations still pose significant challenges and risks.
On the Ho Chi Minh Stock Exchange, NVL shares have rebounded strongly in the past month, rising from VND8,000 to VND12,600 ($0.49). However, in the three most recent trading sessions (May 8-12), the stock pulled back slightly to around VND12,000.
For 2025, Novaland has outlined two cautious business scenarios, heavily dependent on the legal progress of ongoing projects.
Projected revenue could range from VND10.45 trillion ($401.7 million) to VND13.41 trillion ($515.38 million), representing growth of 15-48%, while losses are projected at either VND688 billion ($26.43 million) or VND12 billion ($461,157 million), depending on the scenario.
The company will not distribute dividends for 2024. Instead, it plans to allocate its VND13.28 trillion ($510.38 million) in undistributed post-tax profits to business recovery initiatives.
- Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital
The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.
Economy - Mon, September 15, 2025 | 2:20 pm GMT+7
Agribank introduces sizable $4.17 bln preferential credit package
Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.
Companies - Mon, September 15, 2025 | 1:32 pm GMT+7
'Precious space' in Vietnam's monetary policy
The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.
Economy - Mon, September 15, 2025 | 10:15 am GMT+7
Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS
The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).
Banking - Mon, September 15, 2025 | 8:04 am GMT+7
Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026
A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.
Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7