Vietnamese property giant Novaland has unveiled plans to issue nearly 152 million new shares to swap over VND 6 trillion (US$228.8 million) in bond principal, as part of a broader restructuring effort to address unresolved debt and tight liquidity, The Investor has reported→view source.
Key details:
- Swap terms: Shares priced at VND 40,000 (US$1.53), more than double NVL’s market price of VND 18,200 on the Ho Chi Minh Stock Exchange.
- Debt covered: 13 bond codes issued between 2021–2023, most maturing by 2025.
- Implementation target: 2026, pending shareholder and SSC approval; shares to be locked for one year.
- Charter capital impact: Would increase to over VND 21.02 trillion (US$801.66 million); the issuance represents 7.79 percent of NVL’s floating shares.
Financial context:
- First-half loss: VND 666 billion (US$25.4 million)
- Total debt: Exceeds VND 61.8 trillion (US$2.36 billion), with VND 32.3 trillion due in the next 12 months.
Novaland’s large-scale debt-for-equity swap signals severe financial stress masked by tactical optimism.
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