Novaland restructures Board of Directors

Accordingly, the Board of Directors of Novaland has received the resignation letter from Jeffrey David Perlman from the position of Independent Member of the Board of Directors, effective from November 30.

Facing the current volatile situation of the global macroeconomy and the tight monetary policy of the State Bank of Vietnam, the Board of Directors and Executive Management Board of Novaland came up with strong solutions, specifically reducing non-core industries, reducing staff and adjusting strategies.

In parallel, it has invited leading global experts and consulting firms to help restructure its business to ensure stable production and business activities.

Novaland, together with shareholders, foreign partners, and leading expert teams of EY - Parthenon and YKVN Law Firm, plans to assess the overall situation and offer comprehensive restructuring solutions. According to the restructuring plan, Bui Thanh Nhon will return to the position of chairman of the Board of Directors.

NovaWorld Phan Thiet economic and tourism urban area is a tourist attraction in Binh Thuan province

Dao Thi Thien Huong of EY Consulting Vietnam said that this was a period when the domestic and international markets faced challenges, negatively affecting many businesses' operations and liquidity.

“With the EY-Parthenon team, this is not only a debt restructuring project of a single enterprise but also a story affecting hundreds of thousands of workers' families, including thousands of employees of Novaland, and hundreds of thousands of others in the ecosystem that cooperates with Novaland from construction, materials, iron and steel, cleaning services, trees, security, retail, and thousands of shareholders, and tens of thousands of customers are waiting for a stable life," Huong said.

“We see Novaland's capacity and potential in creating real products with real value for customers and the community. We believe such businesses deserve companionship and support to get through this challenging period. Our initial analysis of the Group's financial situation shows an optimistic medium and long-term picture."

Novaland is focusing on completing key projects - NovaWorld Phan Thiet Economic and Tourism Urban Area

With the existing resources, Novaland has been continuing to make efforts to deploy sales activities, arrange capital sources, and cut down investments that are not necessary to optimise costs, focus resources on maximum efficiency, and complete key projects in progress, such as Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram and other real estate projects in Ho Chi Minh City.

NovaGroup awarded Best Workplace in Asia 2022 by HR Asia Magazine On August 11, NovaGroup was honoured to receive the Best Companies to Work for in Asia 2022 award voted by HR Asia. Previously, Novaland also won this award for three consecutive years (2019-2021).

Aqua City to be ideal location for expanded business activities Located at the heart of arterial traffic routes and surrounded by a unique river and natural landscape, as well as good infrastructure and facilities, Aqua City is poised to become the most modern business urban area in the region.

NovaGroup celebrates three decades with huge incentives for investors Exclusive products with discounts of up to 5 per cent, check-in gifts worth up to $4,300, and a commitment programme to buy and lease back and flexible financial solutions are some of the great incentives that Novaland is offering to its customers on the occasion of the Group’s 30th anniversary, motivating investors to delve into resort property.

NovaGroup to purchase eight million Novaland shares NovaGroup JSC has registered to buy eight million shares of No Va Real Estate Investment Group JSC, a transfer of share ownership through the stock exchange’s system.