An Phu Project Perspective
On August 25th, Nova Land Investment Group Joint Stock Company (Novaland – stock code: NVL) and its subsidiary, Nova An Phu
Limited Company, received Decision No. 233/2025/QD-PQTT dated July 29th, 2025, from the Ho Chi Minh City People’s Court. The
decision rejected Saigon Co.op Investment Development Joint Stock Company’s (SCID) request to annul the arbitral award dated
March 11th, 2025, in the dispute case No. 55/23 HCM. As per the court’s decision, the arbitral award is valid and enforceable.
This means that SCID must fulfill its obligations under the Project Development Cooperation Contract signed on December 30th,
2016, between Novaland, Nova An Phu, and SCID. If SCID fails to comply, Novaland and Nova An Phu reserve the right to initiate
necessary procedures with authorized agencies to secure a land handover decision from the state, thereby safeguarding their
legitimate rights and interests.
Saigon Co.op Investment Development Joint Stock Company is the owner of the Saigon Co.op An Phu project, a mixed-use complex
comprising a commercial center, office buildings, and luxury apartments. The project’s total investment amounts to nearly $450
million (over VND 10 trillion). It includes a commercial center, luxury apartment blocks, and office buildings, with an initial
plan for development from 2011 to 2016.
In late 2016, Saigon Co.op Investment Development Joint Stock Company signed a contract with Nova An Phu Company Ltd., a
subsidiary of Novaland, to cooperate on the project’s development. However, the parties could not agree on a plan during the
implementation process.
In 2019, the Ho Chi Minh City People’s Committee granted Saigon Co.op Investment Development Joint Stock Company a three-year
investment license, allowing them to obtain land and deposit project funds at the Department of Planning and Investment. However,
due to the prolonged pandemic and changes in legal procedures, the company is currently working on extending its investment
license.
Regarding their collaboration with Novaland, at the 2025 Annual General Meeting of Shareholders, SCID’s General Director, Pham
Trung Kien, mentioned that SCID had proposed terminating the existing cooperation contract and signing a new one in accordance
with updated regulations, as the previous contract, signed in 2020, no longer aligned with current policies.
Nevertheless, Novaland decided to file a lawsuit against SCID, demanding the continuation of the previously signed contract.
On March 11th, 2025, the Vietnam International Arbitration Center (VIAC) accepted Novaland and Nova An Phu’s request to initiate
legal proceedings, obligating SCID to fulfill its obligations under the Project Development Cooperation Contract signed in
December 2016.
Subsequently, SCID submitted a request to the Economic Court of the Ho Chi Minh City People’s Court to overturn VIAC’s ruling.
The $53 Billion Project: Vietnam’s Historic Venture with Vingroup.
Today, 250 iconic projects and constructions in Vietnam are officially inaugurated and launched.
“Thai Nguyen Prepares to Resettle Over 1,300 Households for a 300-Hectare Industrial Park Worth Up to VND 4,100 Billion”
The Thai Nguyen province is embarking on an ambitious project – the Yen Binh 3 Industrial Park. Encompassing nearly 300 hectares of land, this endeavor underscores the province’s commitment to fostering economic growth and attracting foreign investment. With a strategic vision, Thai Nguyen is poised to become a thriving hub of industrial activity, offering a plethora of opportunities for businesses and entrepreneurs alike.
The Future of Da Nang: A Visionary Project
The Lang Van Tourism and Urban Resort Complex is a visionary development that is set to redefine the landscape of Danang. This ambitious project is a masterpiece in the making, a fusion of architectural brilliance and a catalyst for growth in this vibrant central coastal city. With its meticulous design and world-class amenities, Lang Van is poised to become an iconic destination, elevating Danang’s reputation as a leading tourist hub in the region.
“ArtStella Ignites the Market: Hundreds Flock to View Showflat”
The grand opening of the Chill Home – ArtStella showflat on the morning of August 24 was a testament to the project’s allure. A diverse crowd, comprising Gen Zers, young families, and seasoned investors, flocked to the An Phong Tower on Dien Bien Phu to immerse themselves in the envisioned lifestyle and seize a unique investment opportunity.
“Renowned Developer Novaland Appoints New CFO”
As of June 30, 2025, Novaland’s total assets amounted to over VND 238,619 billion, with a total loan debt of over VND 61,000 billion. Notably, approximately VND 32,000 billion of this debt is due for maturity within the next 12 months.
