In Novaland’s 2024 semi-annual review report, alongside a staggering loss of over VND 7,300 billion, the financial statements also revealed several achievements in the ‘Going Concern’ assumptions, acknowledged by an independent auditor:
Negotiations with lenders and bondholders for debt restructuring: The Group has secured initial restructuring agreements with creditors and bondholders, totaling VND 17,336 billion. Lenders remain open to discussions regarding extensions and are willing to provide the Group with time to overcome challenges.
Asset liquidation at expected sale prices: As part of their asset liquidation plan, totaling VND 25,439 billion:
a. The Group has successfully sold one asset, generating VND 1,000 billion;
b. Novaland has signed preliminary contracts for the sale of seven assets, valued at VND 12,363 billion;
c. Memorandums of Understanding have been signed for the sale of three assets, worth VND 9,100 billion;
d. The Group has received non-binding offers from prospective buyers for three assets, totaling VND 1,982 billion.
Collecting proceeds from sold and expected-to-be-sold products in ongoing projects upon completion of legal procedures: Novaland is closely coordinating with the government and local authorities to address legal obstacles for these projects and anticipates achieving certain legal milestones in 2024 for sales targets in the next 12 months.
Obtaining additional credit lines from banks: The Management Board believes the Group will secure an additional credit limit of VND 12,468 billion in the next 12 months.
Receiving financial support from other major shareholders if necessary: The Group’s major shareholders have provided written confirmation of their continued commitment and support, ensuring the repayment of debts as needed to maintain continuous operations for at least the next 12 months.
Other assumptions: This includes the decision by the Tax Department of Ho Chi Minh City and Thu Duc City to revoke the enforcement of administrative decisions on tax management, pending the outcome of the competent authority’s resolution regarding land use and rental fees for C21’s Lakeview City project.
This decision provides a basis for the Management Board’s belief that the Group will not have to pay VND 6,707 billion in land rental and usage fees in the next 12 months. The content regarding land use obligations and rental fees related to C21 has been transparently disclosed by Novaland in the ‘Contingent Liabilities’ section of previous financial statements.
In connection with this project, in the reviewed semi-annual financial statements, Novaland recorded a provision for land tax liability of VND 4,358 billion, which was one of the main reasons for the loss of VND 7,300 billion.
Novaland expects that based on the achievements made, along with synchronized solutions from the Government and relevant ministries and sectors to address the common difficulties in the real estate market, the Group will have sufficient working capital for business operations and be able to meet its obligations in the next 12 months.


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