Doubts about continuous operation capability: Novaland bets on extending 18 trillion VND debt and borrowing another 10 trillion VND, continuing to liquidate 26.5 trillion VND in assets.

Novaland Corporation has collaborated with Moore AISC to audit its 2024 financial statements, which recorded a loss of 4.395 trillion VND. The company is facing difficulties with debt obligations, with total debt exceeding 61.5 trillion VND. Novaland is restructuring 18 trillion VND of debt and liquidating 26.5 trillion VND of assets to improve its financial situation. The group has reached some restructuring agreements and plans to recover funds from asset sales and new project deployments. However, auditors express concerns about the firm’s viability due to several uncertain factors. Specifically, the loss in 2024 was mainly due to increased financial costs and unfulfilled land rent obligations. Revenue reached 9.08 trillion VND but gross profit was only 84 billion VND. Novaland is striving to improve its situation and will need sustainable financial support from its shareholders and the banking system.