The approval marks a major breakthrough for NovaWorld Phan Thiet, a 1,000-hectare resort and residential complex developed by Delta-Valley Binh Thuan Co. Ltd., a Novaland subsidiary.

The project is located in what was formerly Binh Thuan province, which merged with Lam Dong in June 2025.

The project had been delayed by incomplete investment and land procedures, including valuation challenges tied to phased land leases.

Former Binh Thuan authorities also issued land-use certificates and collected rental fees before the developer fulfilled its financial obligations, complicating the legal process.

The deadlock began to ease in June 2025, when provincial authorities issued two key decisions: revising the project’s investment objectives to align with current regulations and approving the conversion of 381 hectares of commercial land from annual rental to a one-time payment, paving the way for unified land valuation.

Lam Dong authorities have since worked to remove remaining procedural barriers, including the reissuance of the investment certificate on October 12.

Novaland said phase one of the project is largely complete, featuring the Mövenpick Hotel, an amusement park, golf course, and seaside square, with about 1,500 villas and townhouses already handed over to buyers.

Novaland shares closed down 2.78% to VND14,000 ($0.53) each on Wednesday.