Novaland Group divests subsidiary and faces subsidiary tax debts

Novaland Group has reported significant financial shifts in its first half of 2026, including the divestment of its stake in Ngoi Nha Mega. Following the transfer of 99.93% of the company's capital, Novaland no longer holds ownership in the entity. This move contributed to Novaland recording 1,039 billion VND from subsidiary divestments and investment recoveries. The group's revenue for the first six months of 2026 reached 5,096 billion VND, a 37.6% increase compared to the same period last year, with after-tax profit reaching nearly 1,772 billion VND.

Simultaneously, two companies within the Novaland ecosystem, The Forest City and Ngan Hiep Real Estate, have been identified as owing significant tax debts to Ho Chi Minh City authorities. As of June 2026, The Forest City, a developer for the NovaWorld Ho Tram project, owes more than 210 billion VND, while Ngan Hiep Real Estate owes over 62 billion VND. These debts were included in a public list of over 7,000 taxpayers with outstanding obligations to the state budget.