On June 27, the People's Committee of Binh Thuan province issued a decision allowing the change of land use form for the Ocean Valley Tourism Complex project in Tien Thanh commune, Phan Thiet city, Binh Thuan province (NovaWorld Phan Thiet project). This is a project of No Va Real Estate Investment Group Corporation (Novaland) that has been resolved after many years of legal entanglement.
The decision clearly states that the area of 3,810,986.7m2 out of the total area of 7,994,306.5m2 of commercial service land belonging to the project is allowed to change from the form of annual land rental payment to the form of land rental payment for the entire rental period. The People's Committee of Binh Thuan province assigns relevant authorities to calculate the land rental payable for the land rental area with one-time land rental payment for the entire rental period; at the same time, grant the certificate of land use rights and ownership of assets attached to the land to Delta - Valley Binh Thuan Company Limited (project investor) which has fulfilled its financial obligations according to regulations.
NovaWorld Phan Thiet project has completed key legal steps.
Previously, on June 24, the People's Committee of Binh Thuan province also issued a decision approving the adjustment of the investment policy for the NovaWorld Phan Thiet project. This adjustment focuses on updating the project's goals and progress.
Thus, with the newly approved decisions, the key legal steps of the NovaWorld Phan Thiet project have been completed, which is a prerequisite for Novaland to continue working with credit institutions to provide capital for the project to continue to be implemented, soon put into synchronous operation, contributing to promoting tourism and socio-economic development, aiming for the local double-digit growth target.
Currently, for the NovaWorld Phan Thiet project, banks have provided credit packages of up to VND7,558 billion and are disbursing according to schedule. At the same time, a number of financial institutions have also committed to providing additional loan packages for Novaland to continue implementing the project.
As of June 2025, NovaWorld Phan Thiet has officially handed over 1,500 villas and townhouses to customers. Of these, more than 750 villas have been completed and put into operation for rent.
Source: https://nld.com.vn/them-1-du-an-cua-novaland-duoc-go-vuong-phap-ly-196250627181747001.htm
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