On June 18th, Nova Group, a leading real estate company in Vietnam, announced that its flagship project, Aqua City in Bien Hoa City, Dong Nai Province, has finally overcome all legal obstacles after three years of persistent efforts.
According to the People’s Committee of Bien Hoa City, the Chairman of the City’s People’s Committee has issued Decisions No. 3782/QD-UBND and 3786/QD-UBND, approving adjustments to the detailed construction planning at a scale of 1/500 for areas belonging to the Aqua City and Aqua Waterfront City projects.
These adjustments are in line with Decision No. 1746/QD-UBND dated May 29, 2025, of the People’s Committee of Dong Nai Province, on the approval of adjustments to the detailed planning of Sub-area C4 at a scale of 1/5,000, which is part of the master plan of Bien Hoa City. The scope of the adjustments includes Long Hung commune and a part of Tam Phuoc ward.
This positive development not only paves the way for Aqua City to proceed with its construction schedule but also boosts the real estate market, which has been awaiting positive signals after a prolonged stagnant period.
This milestone is considered a significant step forward, reflecting not only the perseverance of the company but also acknowledging the supportive role of the Government task force and local authorities in addressing challenges faced by businesses.
A glimpse of the Aqua City project in Bien Hoa City, Dong Nai Province.
Along with the detailed planning adjustments for Aqua City and Aqua Waterfront City, the assignment for adjusting the planning of the high-end commercial and service urban area in Cu Lao Phuoc Hung (Phoenix Sub-area) has also been approved through Decision No. 3781/QD-UBND on June 16th. The detailed planning design at a scale of 1/500 for this sub-area is expected to be passed by the end of June 2025.
With these new decisions, all legal procedures for the Aqua City project have been finalized, ensuring synchronization between planning levels, from Sub-area C4 at a scale of 1/5,000 to the master plan of Bien Hoa City at a scale of 1/10,000 (approved in November 2024).
According to Nova Group, this provides a solid foundation for financial institutions to accelerate disbursement, supporting construction, infrastructure development, and home deliveries in the projects during the 2025-2026 period.
Currently, the total amount of bank disbursement for Aqua City has reached approximately VND 3,250 billion. Additionally, several financial institutions have committed to providing additional credit packages worth more than VND 10,000 billion to continue their partnership with Nova Group in developing the project.
In the stock market, Nova Group’s shares (NVL) have witnessed a positive performance. Recently, the NVL stock price surged by around 30% within a month, reaching over VND 15,550 per share. Some securities companies have even recommended buying NVL, with target prices above VND 19,000 per share, reflecting the market’s optimistic outlook on Nova Group’s recovery prospects due to legal and financial advancements.
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