Bui Thanh Nhon Steps Down as Novaland Chairman for Second Time, Son Takes Over

Overview

Bui Thanh Nhon, founder of Novaland (NVL), has resigned as Chairman of the Board of Directors for the second time, with his son Bui Cao Nhat Quan elected to the role at the annual general meeting on April 23, 2026. Nhon will serve as Chairman of the newly established Strategy & ESG Committee. This leadership transition comes as Novaland continues to recover from a severe bond and real estate market crisis that began in late 2022.

Key Facts

• Bui Cao Nhat Quan was elected to the Board of Directors and subsequently appointed Chairman at the AGM on April 23, 2026, for the 2026-2031 term.
• Bui Thanh Nhon transitions to Chairman of the newly formed Strategy & ESG Committee.
• This is the second time Nhon has stepped down as Chairman; the first was in early 2022 when he handed over to Bui Xuan Huy.
• Nhon returned to the Chairman role in late 2022 when Novaland faced a crisis triggered by bond defaults and a real estate downturn.
• NovaGroup, Novaland’s parent company, had previously announced the leadership change, with Nhon retaining the Chairmanship of Nova Holding, the controlling shareholder of NovaGroup.
• As of May 11, 2026, Nhon is no longer the legal representative of Novaland per business registration updates.
• NVL shares closed at VND 16,700 on May 13, 2026, up 2.45% with volume of 21.5 million shares.

What Happened

At Novaland’s annual general meeting on April 23, 2026, shareholders elected Bui Cao Nhat Quan, son of founder Bui Thanh Nhon, to the Board of Directors. Immediately following the meeting, the Board unanimously appointed Quan as Chairman for the 2026-2031 term, replacing Nhon. Nhon will now lead the newly created Strategy & ESG Committee, focusing on long-term strategic direction and sustainability.

Speaking at the AGM, Nhon stated that the Board had thoroughly discussed and planned the leadership succession to ensure stability and sustainable development. He emphasized the need to combine the experience of the older generation with the innovation and energy of the next generation. This transition mirrors a similar move in early 2022, when Nhon handed the chairmanship to Bui Xuan Huy but returned later that year as Novaland’s bond and real estate crisis deepened.

Market Context

Novaland (NVL, listed on HOSE) has been recovering from a severe crisis that began in late 2022, when its stock fell for 17 consecutive sessions amid a bond market freeze and real estate downturn. The company had aggressively issued corporate bonds in 2020-2021, and when the market turned, many projects stalled and debt repayment became difficult. NVL shares have since stabilized, closing at VND 16,700 on May 13, 2026, up 2.45% on the day, though still well below pre-crisis levels.

Strategic Significance

The leadership transition signals Novaland’s effort to institutionalize management and prepare for the next growth phase under the founder’s son. By moving Nhon to a strategic oversight role, the company aims to leverage his experience while empowering a younger generation to drive operational execution. The establishment of the Strategy & ESG Committee also reflects a focus on governance and sustainability, which may help restore investor confidence and facilitate access to capital markets. However, the success of this transition depends on Quan’s ability to navigate the remaining challenges, including project restarts and debt restructuring.

What to Watch

• Progress on Novaland’s key delayed projects, particularly large-scale developments in Ho Chi Minh City and surrounding provinces.
• Updates on bond restructuring negotiations and any new debt repayment plans.
• Q2 2026 earnings release, expected in July or August, to assess operational recovery.
• Any further changes in legal representation or management team composition.
• Market reaction to the new leadership, especially foreign investor sentiment and trading volumes.