Novaland's short-term debt nears $1.2 billion

According to its consolidated financial statements for the third quarter of 2026, Novaland remained among Vietnam's most heavily indebted property developers.

As of September 30, the company's total outstanding financial borrowings stood at approximately VND72.41 trillion ($2.78 billion), equivalent to 28% of its total assets.

Short-term borrowings accounted for nearly VND29.75 trillion ($1.14 billion), or 41.1% of total outstanding debt, while long-term borrowings exceeded VND42.66 trillion ($1.64 billion).

Notably, short-term debt included more than VND12.5 trillion ($481 million) in bonds, VND9.26 trillion ($356 million) in third-party loans and nearly VND7.96 trillion ($306 million) in bank loans.

MBBank, VPBank and TPBank were Novaland's three largest creditors, with combined outstanding loans of approximately VND23.36 trillion ($898 million).

Although the developer reported after-tax profit of more than VND1.1 trillion ($42.4 million) in the third quarter, its cumulative operating cash flow for the first nine months remained negative at over VND5.36 trillion ($206 million).

Overdue interest payments exceeded VND5.24 trillion ($202 million).

Another developer carrying substantial debt was Phat Dat Real Estate Development Corporation.

As of September 30, its total outstanding borrowings reached approximately VND13.64 trillion ($525 million), 2.34 times the VND5.82 trillion ($224 million) recorded at the beginning of the year.

More than VND8.83 trillion ($340 million) of Phat Dat's debt came from three loans provided by MBBank.

The financing was used to acquire a 35% equity stake in Lotte Properties HCMC and increase capital in the company, which is associated with the Lotte Eco Smart City project in the Thu Thiem New Urban Area of Ho Chi Minh City.

The loans have principal repayment deadlines ranging from November 2030 to August 2034.

Interest rates are calculated based on the bank's reference lending rate for large corporate customers, plus a margin of 3.37 percentage points per year.

Collateral includes property rights arising from transfer agreements, Phat Dat's entire equity holding in Lotte Properties HCMC, rights associated with the company's capital increase agreement and rights arising from a share transfer transaction involving Hoa Phu High-Rise Investment and Development Real Estate Joint Stock Company.

Khang Dien House Trading and Investment Joint Stock Company also reported a significant increase in borrowing.

Its combined short-term and long-term debt reached nearly VND17.78 trillion ($684 million) at the end of September, up approximately 75.1% from the beginning of the year.

During the first nine months, Khang Dien generated positive net operating cash flow of more than VND470 billion ($18.1 million), while interest payments exceeded VND862 billion ($33.2 million).

Meanwhile, TTC Land's total borrowings and finance lease liabilities reached approximately VND4.72 trillion ($181 million) at the end of the third quarter, an increase of around VND530 billion ($20.4 million) since the beginning of the year.

Of that amount, short-term borrowings stood at nearly VND1.88 trillion ($72.2 million), while long-term debt totaled approximately VND2.84 trillion ($109 million).

Property developers turn to executives and relatives for loans

Hoang Quan Consulting - Trading - Service Real Estate Corporation reported combined short-term and long-term borrowings of approximately VND1.06 trillion ($40.8 million), down nearly 14% from the beginning of the year.

Despite the reduction, the social housing developer held just VND24.3 billion ($935,000) in cash and cash equivalents at the end of the third quarter, equivalent to roughly 2.3% of its outstanding borrowings.

In early September 2026, Hoang Quan faced additional repayment pressure when HDBank announced plans to seize collateral to recover overdue loans.

Bluemarq Group, formerly known as Dat Xanh Group, reported total borrowings and finance lease liabilities of approximately VND5.58 trillion ($214 million) at the end of the third quarter, up nearly VND780 billion ($30 million) from the beginning of the year.

Its total liabilities also increased from VND17.13 trillion ($659 million) to more than VND20.05 trillion ($771 million).

Quoc Cuong Gia Lai Joint Stock Company, meanwhile, reported combined short-term and long-term borrowings of more than VND910 billion ($35 million) as of September 30, a decline of approximately 12% from the beginning of the year.

However, the company continued to face financial pressure as it needed to arrange VND1.47 trillion ($56.6 million) to fulfill payment obligations related to the Bac Phuoc Kien residential development in Nha Be Commune, Ho Chi Minh City.

Of Quoc Cuong Gia Lai's approximately VND910 billion in outstanding loans, more than VND557 billion ($21.4 million) came from individual lenders.

Nguyen Ngoc Huyen My, daughter of General Director Nguyen Thi Nhu Loan, lent the company more than VND186 billion ($7.15 million) for a 12-month term without interest.

Nguyen Quoc Cuong, widely known as Cuong "Do La," provided a VND30 billion ($1.15 million) loan, while Board Chairman Lai The Ha lent VND20 billion ($769,000).

The company also borrowed nearly VND200 billion ($7.69 million) from Lau Duc Duy, Huyen My's husband, and nearly VND130 billion ($5 million) from Lai Thi Hoang Yen, daughter of Chairman Lai The Ha.

Anh Phuong