On June 27, the People’s Committee of Binh Thuan Province issued a decision approving the conversion of land use purposes for the NovaWorld Phan Thiet project in Tien Thanh, Phan Thiet City. This decision marks a significant milestone for Novaland Group, resolving long-standing legal issues surrounding the project.
The decision allows for the conversion of 3,810,986.7 square meters of commercial and service land out of a total area of 7,994,306.5 square meters within the project. This land will be converted from annual land rent payment to a one-time payment for the entire lease term. The Binh Thuan authorities have instructed relevant agencies to calculate the land rent for the area with the one-time payment method and issue a land use right certificate to Delta-Valley Binh Thuan Company Ltd., the project investor, upon completion of its financial obligations.
NovaWorld Phan Thiet project has cleared crucial legal hurdles.
Earlier, on June 24, the Binh Thuan authorities also approved adjustments to the investment policy for the NovaWorld Phan Thiet project, focusing on updating the project’s objectives and implementation progress.
With these recent approvals, the NovaWorld Phan Thiet project has completed its crucial legal framework, providing Novaland with the basis to continue negotiations with credit institutions for project financing. This will enable the project’s timely implementation and operation, contributing to the development of local tourism, economy, and society, in line with the province’s double-digit growth target.
As of June 2025, NovaWorld Phan Thiet has officially handed over 1,500 villas and townhouses to customers, with over 750 completed villas already in operation for rent. The project has also secured significant financial support, with banks providing credit packages worth up to VND 7,558 billion and financial institutions committing additional funds for Novaland to continue its development.
