According to the periodic disclosure on the financial situation for the first six months of 2025, Aqua City Joint Stock Company (Aqua City) reported a loss of over 70 billion VND, an improvement from the 100 billion VND loss in the first half of 2024.
As of the end of the second quarter of 2025, the company’s owner’s equity increased to 1,608 billion VND, including 845 billion VND in owner’s investment capital and a significant rise in retained earnings to 762 billion VND.
Source: HNX
Total liabilities decreased by approximately 1,300 billion VND from the same period last year to 9,974 billion VND, which is 6.2 times the owner’s equity. Among these liabilities, bond debt decreased by 300 billion VND to 2,102 billion VND; other payables decreased by nearly 1,200 billion VND to 7,780 billion VND, and a bank loan of 93 billion VND was incurred.
According to data from the Hanoi Stock Exchange (HNX), Aqua City has four bond issues currently in circulation.
In the first half of 2025, the investor of the Aqua City project made timely interest payments totaling 24 billion VND for the TPACH2125001 bond issue, 24 billion VND for TPACH2124002, 29 billion VND for TPACH2024003, and over 24 billion VND for TPACH2025004.
For the TPACH2025004 bond issue, on January 15, 2025, the issuer repurchased 298 billion VND out of the total issuance value of 800 billion VND, thereby reducing the outstanding value to 502 billion VND.
By the maturity date on June 23, 2025, Aqua City had paid only 100 million VND out of the total 502 billion VND. The remaining 501.9 billion VND was paid on July 1, 2025, at which point the bond issue was fully redeemed.
Thus, as of July 1, 2025, the investor of the Aqua City project had 1,600 billion VND in outstanding bonds, comprising: 500 billion VND in TPACH2125001 bonds issued on September 17, 2021; 500 billion VND in TPACH2124002 bonds also issued on September 17, 2021; and 600 billion VND in TPACH2024003 bonds issued in June 2020.
The above three bond issues have been extended in terms of maturity while also adjusting interest rates and collateral.
Aqua City Joint Stock Company was established in 2008, with Mr. Bui Dat Chuong as its Chairman. It is known that Mr. Bui Dat Chuong is the brother of Mr. Bui Thanh Nhon, Chairman of Novaland Group.
Aqua City is the investor of the Aqua City project (over 110.5 hectares), which is a key component of the super project, the 1,000-hectare Aqua Urban Area, invested by Novaland in Dong Nai province.
Aqua City is considered a pivotal and vital project for Novaland. With a total investment of approximately 8 billion USD, the project enjoys a prime location along the Dong Nai River.
The Aqua City cluster of projects by Novaland in the old Bien Hoa City’s C4 subdivision includes: Aqua City, Aqua Riverside City, Aqua Marina City, Aqua Waterfront City, and the high-end commercial and service urban area project on Phuoc Hung Island.
Recently, this super project has achieved important legal milestones. The Aqua City cluster of projects is expected to contribute 23,000 billion VND to the state budget during the period of 2025-2028, with 500 billion VND contributed in 2025 alone. This is considered a significant source of revenue, contributing to the socio-economic development of Dong Nai province.
The Rebirth of the Aqua City Mega-Project: Novaland Group Seeks Permission to Commence Sales
I hope that captures the essence of your request and showcases the level of English proficiency and creativity you are seeking.
On September 5, the People’s Committee of Dong Nai province chaired a meeting with Novaland Group to review the progress of the Aqua City project cluster and address any bottlenecks.
“Novaland’s Billion-Dollar Revival: A Mountain of Debt Remains After Mr. Bui Thanh Nhon’s Promise of a Rebirth”
Amidst the positive legal and progress-related news, Novaland still grapples with a formidable debt of over VND 186,000 billion.
Tax Evasion: Novaland Chairman’s Brother Faces Potential Exit Ban in the Next 30 Days
The Dong Nai Tax Department has announced that it will impose a temporary suspension of exit on Mr. Bui Dat Chuong, brother of Bui Thanh Nhon – Chairman of Novaland Group, if he fails to fulfill his tax obligations.
“Novaland Signs Off on Asset Liquidation: A Whopping 28,380 Billion VND Worth of Deals”
Novaland continues to navigate financial challenges through its asset liquidation strategy, alongside debt restructuring and additional capital raised from both banking institutions and shareholders.
“Court Rejects Request to Annul SCID’s Arbitration Award in Novaland Lawsuit Over the 10,000 Billion VND Project”
According to the arbitral award, SCID is obligated to fulfill its contractual duties as outlined in the Project Development Cooperation Contract signed on December 30, 2016, between Novaland, Nova An Phu, and SCID.
