What does Novaland say about the bond issuance violations 'named' by the Government Inspectorate?

Regarding the violations in issuing corporate bonds and using bond money of the Novaland group of enterprises that the Government Inspectorate pointed out, Novaland has officially spoken out.

Novaland 's Aqua City project in Dong Nai - Photo: NGOC HIEN

Responding to the information regarding the conclusions of the Government Inspectorate 's inspection on the issuance of private corporate bonds and the use of funds from these private corporate bonds, as reported by Tuoi Tre Online , Novaland stated that these were bond packages issued from February 1, 2015 to June 30, 2023, with a total outstanding debt of VND 34,878 billion as of June 30, 2023.

According to Novaland, after the restructuring process in 2024-2025, most of these bond packages have now been fully repaid in principal and interest, with only "a few packages remaining with outstanding debt".

"The total outstanding debt of privately issued bonds as of September 30, 2025 is VND 19,559 billion. Thus, Novaland has settled VND 15,319 billion, accounting for nearly 44% of the total outstanding debt as of June 30, 2023," Novaland stated.

Regarding the 24 bond packages that the Government Inspectorate recommended forwarding information to relevant agencies, Novaland stated that the group has paid and settled 15 bond packages with an initial total value of VND 7,000 billion (accounting for 57.7% of the initial outstanding debt).

Essentially, the restructuring and extension of one bond package with an initial value of VND 250 billion has been completed, and timely payments have been maintained for seven bond packages from the legitimate revenue sources of the projects.

Regarding the remaining overdue bond package (representing 8.2% of the initial total outstanding debt), Novaland has also made principal and interest payments to bondholders to reduce the outstanding debt from VND 1,000 billion to VND 833 billion and is continuing to address the issue through various solutions agreed upon by the bondholders.

Explaining the violations in the disclosure of information regarding the issuance of bond packages, Novaland stated that "due to a number of objective, force majeure events beyond the company's control, especially during the social distancing period caused by the COVID-19 pandemic, the process of disclosing bond information resulted in omissions of some non-material information and delays."

Regarding the alleged use of issued capital to purchase equity shares where the seller's equity contribution was not genuine, as mentioned in the inspection report, Novaland explained that it was "unrelated" to the seller's previous transactions.

Novaland stated that at the time of the capital contribution/share transfer transaction, the seller committed to Novaland regarding the legality of the transferred capital contribution, and the seller was recognized as a shareholder/member owning the transferred capital contribution in the company issuing the shares/capital contribution. Simultaneously, the seller was responsible for ensuring that this capital contribution was entirely under their sole and legal ownership and disposal.

"Novaland respectfully acknowledges the shortcomings in the private bond issuance activities mentioned in the inspection report and is always striving to the best of its ability to develop solutions to rectify those shortcomings and fulfill its commitments to bondholders," Novaland stated.

NGOC HIEN

Source: https://tuoitre.vn/novaland-noi-gi-ve-cac-vi-pham-phat-hanh-trai-phieu-bi-thanh-tra-chinh-phu-diem-ten-20251017215112035.htm