Novaland (NVL) Legal Review Could Unlock 166 Hectares in Ho Chi Minh City

Overview

The Ministry of Agriculture and Environment has issued a document asking local authorities to review and resolve legal obstacles facing two large Novaland projects in Ho Chi Minh City: Thanh My Loi B and Binh Khanh – The Water Bay. The review could unlock more than 166 hectares of land in the city’s eastern corridor, a potential boost to Novaland (NVL, HOSE) as it works through a prolonged restructuring of its project pipeline.

Key Facts

• Thanh My Loi B spans 136 hectares in Cat Lai ward, with plans for about 1,500 low-rise homes and roughly 980,000 square meters of high-rise floor area across 7,000 apartments.
• Binh Khanh – The Water Bay covers about 30.2 hectares inside the Thu Thiem new urban area, with plans for about 700,000 square meters of residential floor area (6,000 units) and 400,000 square meters of commercial space.
• The two projects together could free up more than 166 hectares of land in eastern Ho Chi Minh City.
• For Thanh My Loi B, Novaland submitted a request to adjust the project timeline in 2022, but the dossier has not yet been resolved; the land has not been allocated, leased, or approved for land-use conversion.
• For Binh Khanh – The Water Bay, the ministry asks the Ho Chi Minh City People’s Committee to check whether the project qualifies for special handling under Resolution 29/2026/QH16.
• The previous land allocation decision for Binh Khanh – The Water Bay was revoked after a conclusion citing violations in investor selection and land management and use.
• The ministry’s document follows a Government Office request to implement directives related to Novaland’s report and recommendations.

What Happened

The Ministry of Agriculture and Environment sent a document to provincial and municipal People’s Committees asking them to urgently and actively review the legal status of Novaland’s stalled projects, identify specific difficulties at each site, and conduct inspections to clarify the situation, causes, and responsibilities of relevant organizations and individuals. The ministry also asked localities to consider, case by case, whether special mechanisms under Resolution 29/2026/QH16 and its guiding documents can be applied. The document was issued after the ministry received a Government Office request to implement directives tied to Novaland’s report and recommendations.

For Thanh My Loi B, the ministry said the decision to adjust the project timeline falls under the authority of the Ho Chi Minh City People’s Committee and involves input from the Ministry of Finance. According to Novaland’s petition, cited in the document, the timeline adjustment dossier was filed in 2022 but remains unresolved, and the project has not been allocated or leased land or permitted to convert land-use purpose. For Binh Khanh – The Water Bay, the ministry said the project has completed compensation and technical infrastructure, with 506 apartments finished at lot D07 and foundations completed at the remaining eight lots. However, the prior land allocation decision was revoked after violations were found in investor selection and land management, making the correct legal basis and conditions a key step before authorities decide how to proceed.

Market Context

Novaland (NVL) trades on the Ho Chi Minh Stock Exchange (HOSE) and closed at 11,050 on 2026-09-28. The stock has been closely tied to news flow around legal bottlenecks in its project portfolio, which has been a central overhang since the real estate sector’s liquidity crunch. The ministry’s request is part of a broader government effort to review and unblock stalled property projects, a theme that has shaped sentiment across Vietnamese real estate equities. Resolution 29/2026/QH16 provides a potential special mechanism for handling certain projects, and any movement on NVL’s two large HCMC sites would be read against that policy backdrop.

Strategic Significance

For long-term investors, the key question is whether the review translates into actual land allocation, construction resumption, and presales at Thanh My Loi B and Binh Khanh – The Water Bay. These are among Novaland’s most valuable remaining assets in Ho Chi Minh City, and unlocking them would restore a source of inventory and cash flow that has been frozen by legal disputes. The Binh Khanh case is more complex because the prior land allocation was revoked, so the path forward depends on whether Resolution 29/2026/QH16 can be applied. Thanh My Loi B hinges on a timeline adjustment that has sat unresolved since 2022. Progress on either would signal that the government’s project-unblocking drive is reaching NVL’s balance sheet, not just the broader sector.

What to Watch

• Ho Chi Minh City People’s Committee’s response to the ministry’s request, including any decision on the Thanh My Loi B timeline adjustment.
• Ministry of Finance input on the Thanh My Loi B dossier, as cited in the ministry document.
• A determination on whether Binh Khanh – The Water Bay qualifies for special handling under Resolution 29/2026/QH16.
• Any new land allocation, land lease, or land-use conversion decision for either project.
• Novaland’s next financial disclosure for updates on project status, cash flow, and restructuring progress.