Novaland has weathered its toughest period in its history, says Chairman Bui Thanh Nhon

Novaland’s chairman, Bui Thanh Nhon, said the company has “passed through the most difficult period in its development history” and is entering a new cycle defined by caution, lean operations, efficiency and more sustainable growth. In its 2025 annual report, Novaland described 2025 as a pivotal year in its recovery journey, citing gradual resolution of legal bottlenecks at key projects, re-acceleration of construction, resumption of product handovers, and continued prioritization of customers’ legitimate rights.

Recovery plan: legal progress, schedules and product delivery

Novaland said it has implemented restructuring measures and is proactively engaging with shareholders, investors, creditors and other stakeholders to protect its operating base, gradually unlock cash flow and strengthen its ability to meet commitments. The company also stated that its recovery is tracked through legal progress, project schedules and tangible product outcomes.

“Novaland not only develops real estate projects. What the Group is pursuing is to contribute to creating better living spaces, more synchronized cities, and more vibrant destinations for people, for localities and for the economy,” the annual report said.

Restructuring and debt reduction in 2025

Novaland said its financial structure and business operations are being adjusted during the restructuring phase, with NVL building a growth recovery plan. By the end of 2025, NVL reduced about 18% of privately issued bond debt compared with end-2022.

The company also reported cutting more than VND 3,324 billion in debt through share issuance to swap debt for shareholders and converting part of its international bond package. In addition, Novaland said some new loans were disbursed, adding to available financial resources for project implementation.

Financing capacity for projects

Novaland stated that the total credit limit approved and expected to be extended for projects is nearly VND 30,500 billion, with disbursements planned according to construction progress.

2026 targets and delivery focus

For the plan to be presented to the General Meeting of Shareholders on April 23, 2026, Novaland aims for 2026 net revenue of VND 22,715 billion, equivalent to 3.26 times the 2025 level. The company also expects to return to profitability, with after-tax profit forecast at VND 1,852 billion.

In 2026, Novaland said its priorities include stabilizing cash flow by accelerating handovers of more than 2,600 units and continuing new sales with over 2,100 units ready to sell.

Medium-term outlook

Novaland added that by 2030, potential revenue from ongoing projects is expected to exceed VND 470,000 billion.