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 ward, Phan Thiet city. This project, undertaken by Novaland Group, has now overcome legal hurdles after years of delays.
The decision clarifies that 3,810,986.7 square meters of commercial and service land out of the total area of 7,994,306.5 square meters in the project will be converted from annual land lease payments to a one-time payment for the entire lease period. The Binh Thuan authorities have instructed relevant agencies to calculate the land rent for the area with a one-time payment and issue a certificate of land use rights and ownership of assets attached to the land to Delta-Valley Binh Thuan Company Ltd., the project investor, upon completion of its financial obligations.
NovaWorld Phan Thiet project has completed its key legal steps.
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 key legal steps for the NovaWorld Phan Thiet project have been completed, providing a prerequisite for Novaland to continue working with credit institutions to secure funding for the project’s implementation. This will contribute to the development of tourism, the local economy, and society, aiming for double-digit growth in the province.
Currently, banks have provided loan packages worth up to VND 7,558 billion for the NovaWorld Phan Thiet project and are disbursing funds according to the progress. Additionally, several financial institutions have committed to providing additional loan packages to Novaland for the project’s continuation.
As of June 2025, NovaWorld Phan Thiet has officially handed over 1,500 villa and townhouse products to customers, with over 750 completed villas already in operation for rent.
Unlocking Novaland’s Potential: A New Project Freed from Legal Constraints
With a whopping $5 billion price tag, the NovaWorld Phan Thiet project by Novaland has finally received legal completion. This massive undertaking is set to make waves in the industry and establish itself as a landmark development.
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On June 27, 2025, the People’s Committee of Binh Thuan province issued a decision to approve the change of land use purpose for the NovaWorld Phan Thiet project, an integrated ocean valley tourism complex in Tien Thanh, Phan Thiet City.
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The recent adjustment in the investment policy for the NovaWorld Phan Thiet project is expected to resolve existing obstacles and facilitate an accelerated and elevated transformation of the project into a landmark tourism destination in the South Central region of Vietnam.
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The People’s Committee of Binh Thuan province has issued Decision No. 1209, approving adjustments to the investment policy for the NovaWorld Phan Thiet tourism complex project in Tien Thanh, Phan Thiet City.
