Bui Thanh Nhon, chairman of the board at Novaland

The group's latest information was updated with a focus on comprehensive restructuring activities and consolidating a strong and experienced workforce for the incoming activities.

According to the latest announcement, Novaland has adjusted the number of board members from seven to five members and re-elected others. Accordingly, Nhon was officially elected as chairman and legal representative of the group.

According to the restructuring plan, Novaland will streamline the apparatus with a clearer separation and decentralisation to operate independently as well as clearly assigned rights and responsibilities between the board of directors, executive board, and each individual.

With the support and advice of professional partners, Novaland is drastically and comprehensively restructuring the group with effective and focused management solutions ensuring the interests of related customers and stakeholders.

Novaland has been working with leading consulting firms such as KPMG, E&Y Parthenon, Deloitte and many others to build a restructuring plan, rearrange organisational structure, streamline personnel, and redefine the goal of its development strategy.

In his New Year’s message sent to employees, Nhon wrote, “After 30 years of development, Novaland has become a national brand name. I believe that all our members past and present realise that every effort we have made is bringing added value for our customers and the country in general.”

NovaWorld Phan Thiet tourism urban area in Binh Thuan province

Novaland, with a team of hundreds of thousands of employees, has strived to develop quality products that bring value to customers and investors, contributing to urban development and changing the landscape of many localities, Nhon added.

The determination to maintain brand reputation and implement urban areas associated with local economic development is helping to contribute to a developed Vietnam, he said.