Aqua City, a sprawling urban development in Bien Hoa, Vietnam
Aqua City, a subsidiary of Novaland Group and the developer of the 1,000-hectare Aqua City urban area in Bien Hoa, Dong Nai, has turned its fortunes around. The company, which incurred a loss of over VND 100 billion in the first half of 2024, has reported a remarkable profit after tax of VND 546 billion, as per its disclosure to HNX.
Aqua City is a pivotal project for Novaland, as described by its chairman, Bui Thanh Nhon. The project faced legal hurdles and was temporarily halted in 2021 due to approval issues related to planning adjustments and disagreements over social housing land funds.
Aqua City’s legal troubles came to an end in late 2023, paving the way for sales and construction to resume.
In late 2023, the Dong Nai Construction Department gave the green light for the sale of 752 low-rise houses in Zones I and V as future homes. This included a mix of 441 terraced houses, 82 semi-detached villas, 58 garden villas, and 171 detached houses.
The momentum continued in December 2024, with the Dong Nai Construction Department approving 521 low-rise houses in Zone II for sale. Furthermore, in January 2025, the department gave the go-ahead for the sale of an additional 422 low-rise houses in the project.
Aqua City is on track to deliver approximately 1,500 products to customers in 2025. In terms of financial health, Aqua City reduced its total debt by about 3.9% from VND 11,412 billion at the end of 2023 to VND 10,972 billion at the end of 2024. This amount is 6.54 times its owner’s equity of VND 1,678 billion.
The company has also improved its debt-to-equity ratio, which stood at 1.43 in 2024, down from 2.12 in the previous year. Novaland remains in control of Aqua City, holding a 51% stake after selling 19% of the capital of this company in March 2025.
The new shareholder, Commercial Investment Services Joint Stock Company, holds 19% of the capital with its headquarter sharing the same address as Novaland’s head office at 65 Nguyen Du, Ben Nghe Ward, District 1, Ho Chi Minh City.
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