Vietnam's second-biggest listed developer, No Va Land, is firing staff and seeking urgent asset sales, company and industry sources said, as it struggles to pay creditors in the latest sign of distress in the country's real estate sector.
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The company's signals of distress come amid wider turmoil in Vietnam's property and credit market, which has been exacerbated by arrests of bosses of real estate companies suspected of wrongdoing and a rapid fall in the value of the country's currency, the dong, after the central bank relaxed its peg against the dollar.
Two sources with direct knowledge of the matter told Reuters the company was trying to sell distressed assets, including hotels and resorts, to raise cash to pay back loans and fund its operations. The sources declined to be named because of the sensitivity of the matter.
No Va Land did not respond to an emailed request for comment.
The company's stock price was down by nearly 7 per cent by midday on Monday (Nov 7), making it one of the worst performers in the Vietnam index, which was down by 2.7 per cent at 0600 GMT (2pm, Singapore time).
Trading has nearly stopped, according to data from Hochiminh Stock Exchange, with only 17,600 shares of the company traded by midday, the lowest volume in a year.
No Va Land has lost nearly 40 per cent since the beginning of this year, reaching its lowest level since April 2021.
