Who to receive over 97 mln ESOP shares from Vietnam's leading developer Novaland
Novaland, a major real estate developer in Vietnam, will simultaneously implement plans to issue bonus shares and offer ESOP (employee stock ownership plan) shares, with a total issuance rate of 5%, equivalent to more than 97 million units.
Novaland ((HoSE: NVL) has announced two board of directors resolutions approving the plans, which were already approved at its 2025 AGM.
Accordingly, the company will issue a total of 97.4 million ESOP shares, including 48.7 million units for bonuses from capital surplus and another 48.7 million units offered at VND10,000 ($0.38) per share.

Novaland expects to collect nearly VND500 billion ($19.2 million) from the ESOP offering. Photo courtesy of the company.
Following the issuance, Novaland expects to raise nearly VND500 billion ($19.2 million) to strengthen its working capital and support business operations.
The issuance is expected to take place in Q2 and Q3 of this year, pending confirmation from the State Securities Commission that it has received all required documentation.
The new shares will be subject to a one-year lock-up period from the completion date of the issuance per regulations.
A Novaland representative stated that the 2025 ESOP plan was introduced to replace previously planned programs that were not executed over the past three years due to unfavorable market conditions.
The goal of the 2025 ESOP is to recognize the efforts, dedication, and contributions of the company’s leadership during a challenging two-year period. The program also aims to attract and retain skilled and experienced employees, encouraging long-term commitment and contributing to the company’s sustainable growth.
Novaland has published the list of employees eligible for bonus shares and participation in the offering. These individuals were selected based on criteria outlined in the ESOP bonus and offering Regulations, approved by the board of directors.
Selection factors include seniority, internal ranking, performance, and specific strategic needs for talent acquisition.
A total of 25 individuals are participating in the 2025 ESOP. Among them, CEO Duong Van Bac - at the top internal rank (level 15) - is eligible to purchase 4.46 million shares at VND10,000 ($0.38 million) each and will also receive 4.46 million bonus shares.
Two deputy general directors, Tran Thi Thanh Van and Cao Tran Duy Nam, both ranked at level 13, will each receive more than 5.64 million shares. Other key leaders will be granted between 3 million and 4.5 million shares each.
As of now, NVL shares are trading at around VND14,000 ($0.54), marking an 80% increase from their low point on April 9.
Two additional capital-raising plans
After the ESOP issuance, Novaland’s charter capital will rise to approximately VND20,476 billion ($786 million). The company’s board of directors has also ensured that this ESOP issuance will not affect the current 49% cap on foreign ownership, in line with regulatory limits.
Apart from the ESOP plan, shareholders have approved an additional issuance of up to 350 million shares to 20 professional investors, also at a price of VND10,000 ($0.38) per share.
Furthermore, Novaland plans to seek shareholder approval for a debt-for-equity swap. This would involve issuing new shares to shareholders who sold off collateral to repay company debts, including two major shareholders - NovaGroup and Diamond Properties - both of which are affiliated with board chairman Bui Thanh Nhon.
According to Novaland's leadership, major shareholders have committed to supporting the company through its most difficult periods, including helping to settle debt and maintain operations.
Between 2022 and 2024, shares pledged by these shareholders were liquidated to pay down company debts. These transactions have been reflected as debt obligations to the respective shareholders in Novaland’s financial statements.
In Q1/2025, Novaland recorded total financial support of VND2,687 billion ($97.5 million) - VND2,528 billion ($97.1 million) from NovaGroup and VND111.8 billion ($4.29 million) from Diamond Properties.
These figures have steadily increased over the years, from VND995 billion ($38.2 million) by end-2022 to VND 2,040 billion ($78.4 million) in 2023, and VND2,686 billion ($97.4 million) in 2024.
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