CTCP No Va Real Estate Investment Group (Novaland) announced its victory in two lawsuits against Taekwang Vina regarding a real estate project in Thu Duc worth nearly 10 trillion VND. The Vietnam International Arbitration Centre (VIAC) rejected Taekwang Vina’s claims and upheld the request of Gia Huy Investment and Development Company – a subsidiary of Novaland, compelling Taekwang to continue fulfilling a contract related to the project. Taekwang Vina had repeatedly violated terms and requested to terminate the contract; however, VIAC confirmed the legitimate rights of Gia Huy. The 7/5 residential project was previously a military shooting range managed by Military Zone 7 and was transferred to Gia Huy in 2018. After receiving the transfer payment, Taekwang Vina delayed fulfilling contractual conditions, leading to the dispute. This court victory is viewed as a positive signal for Novaland, following support from the government and related agencies for the company’s project developments.
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