Novaland informs about the decision of the HCM City Court in the dispute with Taekwang Vina at a nearly 10 trillion VND project

On August 21, Novaland announced the Ho Chi Minh City Court’s decision to not accept Taekwang Vina’s request to annul the arbitration ruling regarding a 10 trillion VND real estate project in Thu Duc City. The arbitration ruling from the Vietnam International Arbitration Center (VIAC) requires Taekwang Vina to fulfill its contract to transfer the project to Gia Huy Company, a subsidiary of Novaland. This project has undergone numerous complex ownership transitions from 2003 to 2018, with the formal transfer to Gia Huy occurring in 2018. However, Taekwang Vina was delayed in compensating and, after being denied a price increase request, declared the contract null. Gia Huy sued Taekwang Vina to enforce the contract, while Taekwang Vina also sued, claiming Gia Huy had violated obligations. VIAC rejected Taekwang’s arguments and recognized Gia Huy’s legal rights.