Opening the week’s trading session, selling pressure surged on Novaland shares (ticker: NVL), causing the stock price to plummet to the floor at VND 15,450 per share. At one point, the sell orders for NVL reached up to 7 million shares at the floor price.
As of 10:00 AM, the stock price recovered slightly to VND 15,600 per share, with trading volume spiking dramatically to over 45 million shares exchanged.
The shocking decline in NVL shares followed the Inspectorate’s conclusion announced on October 17, where the Government Inspectorate transferred case files involving suspected violations by Novaland and related companies to the Ministry of Public Security for further investigation.
The results of the specialized inspection by the Government Inspectorate on the corporate bond market from 2015 to 2023, conducted across 67 major issuers including banks and large corporations, revealed that the Novaland group and its affiliates were a key focus of the inspection, with several complex cases referred to investigative agencies for clarification.
For Novaland Group, the conclusion highlighted a serious act of creating transactions to withdraw funds from bond capital. Specifically, to execute the transaction, Ms. Vo Thi Kim Khoa received funds from Nova Real Estate Trading JSC to contribute capital to The Golden Century Real Estate Company.
However, the inspection concluded that “this capital contribution did not exist in reality as most of it was transferred on the same day.” Subsequently, Novaland used VND 1.5 trillion raised from bond issuance to repurchase this “phantom” capital contribution.
The funds were then transferred through multiple intermediary companies and eventually returned to Nova Real Estate Trading JSC.
Response from Novaland
In response, Novaland stated that these were bond packages issued from 2015 to mid-2023, with a total outstanding debt of VND 34,878 billion as of June 30, 2023. After financial restructuring in 2024–2025, the group settled VND 15,319 billion, accounting for nearly 44% of the total debt, reducing the outstanding private bond debt to VND 19,559 billion as of September 30, 2025.
Regarding the 24 bond packages mentioned in the Inspectorate’s conclusion, Novaland reported settling 15 packages with an initial value of approximately VND 7,000 billion (57.7% of the initial total debt); successfully restructuring and extending one VND 250 billion bond package; maintaining timely payments for 7 packages from legal project revenues; and partially settling the remaining overdue package (8.2% of the initial total debt), reducing it from VND 1,000 billion to VND 833 billion, with the consent of bondholders.
A Novaland representative stated, “We have seriously acknowledged the conclusions, proactively reviewed, and addressed each bond package. To date, most obligations have been fulfilled, and the remaining ones are being implemented according to a clear roadmap to ensure maximum investor rights.”
Regarding issues related to bond issuance disclosures, Novaland acknowledged minor omissions and delays during the COVID-19 social distancing period but promptly rectified and supplemented accurate information as soon as conditions allowed, in compliance with legal regulations.
The company has proactively submitted explanatory documents to the Government Inspectorate and pledged transparent cooperation with authorities to clarify issues and swiftly address shortcomings to protect bondholders’ interests.
Businesses and Banks Respond to Government Inspectorate’s Findings
Following the Government Inspectorate’s release of inspection findings for 67 conglomerates and banks, several entities have promptly issued their responses.
Expert Kafi’s Guide: What Percentage of Your Assets Should Be Invested in Gold?
On October 18th, in Ho Chi Minh City, Kafi Securities and VIB Bank jointly hosted the Kafi Insight 2025 seminar. The event focused on asset allocation strategies in the context of the VN-Index surging over 37% since the beginning of the year, positioning Vietnam as one of the world’s most dynamic markets.
Government Inspectors Uncover Series of Bond Issuance Violations by Multiple Banks and Companies
Government inspectors have uncovered a series of bond issuance violations involving 5 banks, 37 joint-stock companies, and 25 limited liability companies.
Upcoming Quarter: VND 48.08 Trillion in Bond Maturities, with Major Players Poised to Raise Thousands of Billions of Dong
In September, the corporate bond market witnessed a significant decline in new issuance volumes, amid mounting pressure from maturing debts and year-end payment obligations.
Government Inspectorate Hands Novaland Case to Investigators, Unveiling the Mysterious Trail of 7,000 Billion VND, Affected Parties Speak Out
Furthermore, the conclusion highlights the mobilization of trillions of dong for real estate projects that lack the necessary legal conditions for sale or business partnerships.
