Novaland (NVL): 7 Aqua City Sub-Zones Cleared of Extra Land-Use Fees

Overview

Dong Nai province approved specific land prices for eight sub-zones within Novaland’s Aqua City mega-project, with seven of the eight requiring no additional land-use fees following local planning adjustments. The outcome removes a potential capital call on Novaland (NVL), a HOSE-listed real estate developer, and supports the project’s continued legal and construction progress.

Key Facts

• On 28 and 29 September 2026, the Chairman of the Dong Nai People’s Committee issued eight decisions approving specific land prices for Aqua City sub-zones.
• Seven of the eight sub-zones require no additional land-use fees after planning adjustments; one sub-zone’s obligation is not specified in the source.
• The decisions cover Aqua City, Aqua Riverside City, Aqua Waterfront City, and sub-zones of the Cu Lao Phuoc Hung premium commercial-service urban area.
• Novaland states the project has commitments of approximately VND 20,000 billion in financing from financial institutions, alongside contractor participation.
• Dong Nai’s Department of Construction previously confirmed thousands of homes in the Aqua City cluster are eligible for sale under regulations.
• Construction of Long Hung Bridge component 2, linking Dong Nai and Ho Chi Minh City, began on 29 September 2026 and is scheduled for operation in 2029.
• NVL closed at VND 10.00 (+0.29%) on 30 September 2026, with volume of 76,549,000 shares.

What Happened

According to the provincial decisions, each document defines the land area, land-use structure before and after planning adjustments, the valuation date, and the applicable specific land price. The financial-obligation assessment concluded that seven of the eight sub-zones owe no additional land-use fees after the adjustments, meaning Novaland does not need to provision further land-use payments for those areas.

Duong Van Bac, General Director of Novaland, said resolving legal bottlenecks at Aqua City and NovaWorld Phan Thiet is key to making the company’s financial solutions effective, and credited central agencies and government working groups with helping address outstanding issues. The company said the land-price decisions provide a basis to complete remaining legal procedures and focus resources on construction and handover.

Market Context

NVL trades on HOSE and closed at VND 10.00 on 30 September 2026, up 0.29% on volume of 76.5 million shares. The stock has been under pressure amid the broader Vietnamese real estate sector’s legal and liquidity challenges, and the Aqua City land-price outcome follows a series of procedural milestones for the project. The reference to a same-day event affecting shareholders on 30 September suggests a separate corporate action was also in focus for the market.

Strategic Significance

For long-term investors, the removal of additional land-use fees on seven sub-zones reduces an uncertain cash obligation that would otherwise compete with construction spending and debt servicing. Combined with the roughly VND 20,000 billion in stated financing commitments and the confirmation that thousands of units are eligible for sale, the decision shifts Aqua City from a legal-workstream story toward an execution and revenue-recognition story. The infrastructure angle matters as much as the land pricing: completion of the Nguyen Huu Canh boulevard section and the Vam Cai Sut bridge, plus the Long Hung bridge link to Ho Chi Minh City, would improve accessibility and support the handover and commercial operation of the urban area.

What to Watch

• The financial obligation for the eighth sub-zone, which the source does not specify.
• Further Dong Nai approvals or adjustments covering remaining Aqua City legal procedures.
• Progress on the Nguyen Huu Canh boulevard extension connecting to the Ho Chi Minh City - Long Thanh - Dau Giay expressway.
• Novaland’s next financial disclosure, including any update on the VND 20,000 billion financing commitments.
• The 30 September 2026 shareholder-related event referenced in the source, and any resulting change to NVL’s share count or ownership.