Novaland Group

What Novaland Group does

Novaland Group (Công ty Cổ phần Tập đoàn Đầu tư Địa ốc No Va, HoSE: NVL) is a publicly listed Vietnamese real estate developer headquartered in Ho Chi Minh City, founded in 1992 and listed on the Ho Chi Minh Stock Exchange since December 28, 2016. The company operates across three core real estate product lines: residential real estate (apartments, office-tels, villas, commercial lots in urban Ho Chi Minh City and surrounding provinces), hospitality and tourism real estate (integrated resort complexes such as NovaWorld Phan Thiet and NovaWorld Ho Tram with PGA-standard golf courses, water parks, and the ATF Gold-certified NovaWorld International Tennis Complex), and industrial real estate. Its portfolio spans 50+ projects anchored by a 10,600+ hectare land bank, with ~6,000 products delivered to date and flagship master-planned township Aqua City (~1,000 hectares with 32 km of river frontage in Dong Nai Province) leading the pipeline.

Novaland generates revenue through one-time property sales (license-type revenue model) across mid- and high-end market segments, with pricing varying by project, product type, and launch timing and not publicly disclosed. The company relies primarily on a direct sales-led GTM motion: 11 sales offices in Ho Chi Minh City plus offices in Da Nang, dedicated Novaland Gallery experience centers in HCMC and Hanoi, a customer service hotline (1900 63 6666), banking partnerships (LPBank, NCB) for buyer financing, and large-scale project launch events. Customer segments include affluent residential buyers, tourism and hospitality investors seeking rental income, business owners purchasing Smart Office units, and—via the government's 2030 social housing mandate—industrial and rental housing occupiers.

Since 2023 the company has been executing a recovery and restructuring program under NovaGroup Chairman Bui Thanh Nhon and CEO Duong Van Bac (appointed November 2024). Key 2025-2026 milestones include the conversion of a $335M international convertible bond package, an additional VND 84.2B bond-to-equity conversion with BNP Paribas (March 2026), the LPBank strategic cooperation (March 2026), Dong Nai provincial approval of the Aqua City master plan (November 2024), the GreenViet ESG partnership (April 2025), and the KinderWorld international school joint venture at Aqua City (June 2025). FY2025 delivered net profit of VND 1.82 trillion (~$70M) on revenue of VND 6.97 trillion (~$265M), reversing a >VND 4.39T loss in 2024. Outstanding regulatory matters include Government Inspectorate findings on bond-issuance compliance (concluded August 2025) and an ongoing tax-violation administrative penalty (May 2026), which remain material overhangs on the turnaround.

Name

Novaland Group

Legal name

Công ty Cổ phần Tập đoàn Đầu tư Địa ốc No Va

Website

https://novaland.com.vn

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Novaland Group (HoSE: NVL) is a publicly listed Vietnamese real estate developer operating residential, hospitality/tourism, and industrial property segments across 50+ projects and 10,600+ hectares, serving affluent home buyers and tourism investors primarily in Ho Chi Minh City and southern Vietnam, currently in a debt restructuring and operational turnaround phase.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Real Estate and Rental and Leasing (53), Rental and Leasing Services (532), Lessors of Real Estate (5311)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Luxury Villa Resorts & Branded Villa Communities (THAMAEAI), Luxury Beachfront & Waterfront Villas (THAMAEAE)

Keywords

• Residential real estate
• Hospitality real estate
• Eco-smart townships
• Integrated resort development
• Industrial real estate

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Infrastructure, Others

Revenue model

1. Residential Real Estate Sales: Novaland generates the majority of its revenue from the sale of residential properties including apartments, office-tels, commercial lots, and villas across its portfolio of over 50 projects in Ho Chi Minh City and southern provinces. Revenue from real estate sales fluctuates based on project handovers and market conditions, with 2025 total consolidated net revenue reaching VND 6.97 trillion.
2. Hospitality and Tourism Real Estate: Revenue from tourism and hospitality real estate products including resort villas, hotel units, and tourism-linked properties at NovaWorld Phan Thiet, NovaWorld Ho Tram, and NovaHills Mui Ne. These products serve both end-users and investors seeking rental income returns.
3. Industrial Real Estate: Novaland develops industrial real estate as one of its three key product lines, expanding into industrial zones and manufacturing facility developments as part of its diversification strategy.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Novaland Group develops and sells residential, hospitality/tourism, and industrial real estate across Vietnam, anchored by more than 50 projects and over 10,600 hectares of land bank. Its core products include apartments, office-tels, villas, and commercial lots in Ho Chi Minh City, the 1,000-hectare Aqua City eco-smart satellite township in Dong Nai, and integrated tourism complexes NovaWorld Phan Thiet and NovaWorld Ho Tram. Properties are positioned in the medium- and high-end segments for owner-occupiers and yield-seeking investors.

Product overview

Novaland Group is Vietnam's leading real estate developer operating across three key product lines: Residential Real Estate (urban apartments, villas, townships), Hospitality/Tourism Real Estate (integrated resort complexes, hotels), and Industrial Real Estate. The portfolio includes flagship developments such as Aqua City (1,000-ha eco-smart satellite township in Dong Nai), NovaWorld Phan Thiet (tourism/entertainment complex in Binh Thuan with PGA golf courses), NovaWorld Ho Tram (coastal resort in Ba Ria-Vung Tau), The Grand Manhattan (mixed-use in central HCMC), and various residential projects across Ho Chi Minh City. The company targets medium-to-high-end market segments with diversified products including apartments, office-tels, commercial lots, and integrated urban areas.

Differentiator

Problem solved

Functional benefit

Brands

• NovaGroup: Parent ecosystem containing Novaland Group, Nova Services Group, and Nova Consumer Group
• Aqua City
• NovaWorld Phan Thiet
• NovaWorld Ho Tram
• The Grand Manhattan
• Victoria Village
• Sunrise Riverside
• The Park Avenue
• Kingston Residence
• Palm City
• Sunrise City North
• Novadreams Magic House
• NovaLoyalty

Products and services

• Aqua City Eco-smart satellite township spanning approximately 1,000 hectares with 32km of river frontage in Dong Nai Province, integrating residential, commercial, and recreational facilities with green building standards and smart infrastructure.
• NovaWorld Phan Thiet Integrated tourism and hospitality complex in Binh Thuan Province featuring beach resorts, PGA-standard golf courses, water parks, entertainment venues, residential villas, and the NovaWorld International Tennis Complex (ATF Gold Recognition 2026).
• NovaWorld Ho Tram Coastal resort and tourism development in Ba Ria-Vung Tau Province featuring beachfront properties, wellness facilities, entertainment amenities, and residential villas for vacation and rental income use.
• The Grand Manhattan Premium mixed-use development in central Ho Chi Minh City combining luxury apartments with commercial and retail spaces, marketed as a green and smart project.
• Victoria Village Premium residential development project offering housing units in Ho Chi Minh City under Novaland's medium- to high-end product range.
• Sunrise Riverside Riverside residential complex in District 7, Ho Chi Minh City featuring Smart Office 24/24 units and modern amenities near the Metro Line 4 corridor, serving both end-users and SME investors.
• The Park Avenue Mixed-use apartment and commercial complex on Ba Thang Hai Street in Ho Chi Minh City, comprising two 32-story towers with a 5-story commercial base and 3 basement levels totaling 20,000 m², providing nearly 1,000 luxury real estate products.
• Palm City
• Kingston Residence
• Novadreams Magic House

Quantifiable outcome

• Revenue grew from VND 5,026 trillion in 2020 to VND 14,903 trillion in 2021, with total assets reaching VND 201,834 trillion by end of 2021.
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Cenland and Strategic PartnersminorChannel Partner/ Reseller/ Distributor · 1 November 2025Novaland maintains strategic partnerships with real estate brokerage and distribution companies including Cenland for sales and distribution of its property products. These partnerships supplement Novaland's direct sales network.
• KinderWorld Education Group (Singapore)coreStrategic or Co-development Partner · 28 June 2025Novaland Group and KinderWorld Education Group (Singapore) officially signed an agreement on June 28, 2025, to jointly invest in and develop an international school at Aqua City. The project will provide comprehensive K-12 international education services within Novaland's eco-smart township in Dong Nai Province.
• Vietnam Public Security Sports AssociationminorStrategic or Co-development Partner · 9 May 2025NovaGroup signed a cooperation agreement with the Vietnam Public Security Sports Association on May 9, 2025, to promote sustainable sports development in Vietnam. The partnership aims to support the advancement of physical training within the People's Public Security Forces and elevate Vietnamese sports on the global stage.
• GreenVietcoreStrategic or Co-development Partner · 15 April 2025Novaland Group signed a strategic partnership with GreenViet — GRESB's first partner in Vietnam — on April 15, 2025, to develop an ESG (Environment, Social, Governance) roadmap for the 2025–2030 phase. This partnership aims to establish Novaland as Vietnam's pioneering real estate corporation meeting international sustainability standards, with GreenViet providing GRESB-aligned ESG assessment and advisory services.
• Hoang Quan GroupminorStrategic or Co-development Partner · 22 May 2024Novaland Group signed an investment cooperation agreement with Hoang Quan Group on May 22, 2024, to develop social housing projects in Ho Chi Minh City and southern provinces. This initiative supports Novaland's participation in social housing development aligned with the government's one-million-unit social housing target by 2030.
• PRO Vietnam (Packaging Recycling Organization)minorStrategic or Co-development Partner · 1 January 2022Novaland Group signed a MOU with PRO Vietnam (Packaging Recycling Organization) to segregate and collect recyclable waste at source, raising awareness of green living in local communities. The first recycling initiative was organized at RichStar II Apartment in Tan Phu District.
• Michael Dukakis Institute for Leadership and InnovationminorStrategic or Co-development Partner · 13 November 2020Novaland signed a strategic cooperation agreement with the Michael Dukakis Institute to establish a 'Michael Dukakis Institute - Vietnam' branch at NovaWorld Phan Thiet. The partnership includes implementing an AI Leadership Social Innovation training program with participation from world leaders and professors from the Michael Dukakis Institute and the AI World Society Innovation Network (AIWS.net).

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Vinhomes: Vinhomes is the largest publicly listed residential real estate developer in Vietnam and the most direct competitor to Novaland. Both target the mid- to high-end residential segment in HCMC, develop large master-planned townships (Vinhomes Grand Park vs. Aqua City), and pursue hospitality/urban real estate expansion. Comparable in scale and product portfolio.
• Sun Group: Sun Group is a leading Vietnamese developer specializing in integrated tourism, resort, and hospitality real estate (e.g., InterContinental Danang, Sun World, Sun Premier Village). Directly comparable to Novaland's NovaWorld Phan Thiet and NovaWorld Ho Tram in resort/tourism mega-projects.
• Nam Long Group: Nam Long is a publicly listed Vietnamese real estate developer focused on mid-market residential townships (e.g., Mizuki Park, Akari City) and is also registered to build social housing in HCMC. Comparable in product positioning and target segment to Novaland's residential business.
• Dat Xanh Group: Dat Xanh is a major Vietnamese real estate services and development company operating in brokerage, primary distribution, and project development. Comparable in residential market focus and Vietnam-wide sales distribution network, though more weighted toward brokerage services.
• Phat Dat Real Estate Development: Phat Dat is a Ho Chi Minh City-based real estate developer focused on mid- to high-end residential and commercial projects (e.g., Phu Dong Premier, The Maison, Astral City). Direct competitor in HCMC residential segment with similar customer target.

Broad incumbents

• Vingroup: Vingroup is Vietnam's largest private conglomerate and parent of Vinhomes, operating across real estate, retail, healthcare, education, and electric vehicles. As a broad incumbent, Vingroup competes with Novaland's NovaGroup ecosystem in real estate while exceeding in scale and diversification.

Emerging players

• Kinh Bac City Development Holding: Kinh Bac City develops industrial parks, urban areas, and satellite townships in northern Vietnam. Comparable to Novaland's industrial real estate segment and master-planned community approach, though focused on the Hanoi–Bac Ninh corridor.
• Him Lam Joint Stock Company: Him Lam is a Vietnamese real estate developer focused on residential, commercial, and resort projects (e.g., Him Lam Riverside, Him Lam Phu An). Comparable as a mid-tier HCMC developer with overlap in residential and hospitality segments, though smaller in scale than Novaland.

Regional players

• Becamex IDC: Becamex is Vietnam's largest industrial real estate developer operating industrial parks and urban developments primarily in Binh Duong Province. Comparable to Novaland's industrial real estate segment, though concentrated in a different geography.

Others

• Hoa Binh Construction Group: Hoa Binh is one of Vietnam's largest construction contractors, providing general contracting services for residential and commercial developments. Comparable as a key supplier/partner to Vietnamese developers including Novaland, though not a direct competitor in property sales.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/novalandgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novaland Group