According to the Vietnam’s National Business Registration Portal, Nova F&B has recently undergone notable changes in its top leadership. Nguyen Thanh Ha Ngoc has assumed the position of CEO and legal representative.

Ngoc currently holds the position of CEO at IN Hospitality, the parent company responsible for overseeing conference centres GEM Center and White Palace.

However, an undisclosed source revealed to local media that a Singaporean partner has acquired Nova F&B, the food and beverages (F&B) division of Novagroup, and rebranded it as In Dining. The partner entered into a strategic cooperation agreement for management and operation with IN Hospitality, a subsidiary of IN Holdings founded by Nguyen Huu Phu and Nguyen Huu Quy.

In addition, VinaCapital acted as the orchestrator of the deal.

As part of the agreement, Nova F&B will transfer its brand portfolio and certain operational premises that remain under valid leases. However, most Nova F&B's properties are presently subject to temporary suspension due to legal complications. Consequently, only a select few premises will be retained during the transitional phase.

IN Hospitality emphasised that their Singaporean partner has been engaged primarily for the operational management of Nova F&B, rather than outright acquisition.

Ngoc from IN Hospitality said, "With the introduction from VinaCapital (currently a shareholder of IN Holdings) and recognising the potential for the Vietnamese culinary market's potential, we agreed to enter a strategic cooperation agreement for operations with our Singaporean partner, who would take over Nova F&B. The transition process has been smooth with the support of shareholders, franchisors, and the operational teams of both parties."

After restructuring, IN Hospitality decided to rename Nova F&B as In Dining, and it will be operated by IN Holdings.

"After more than three years of focused development, Nova F&B currently operates 46 stores with 18 familiar brands for customers, including self-developed brands like Marina Club, The Dome Dining & Drinks, Dynasty House, Phindeli, Mojo Boutique Coffee, and Carpaccio, as well as internationally franchised and cooperative brands such as Jumbo Seafood from Singapore, Crystal Jade Palace from Singapore, and Gloria Jean's Coffees from Australia," Ngoc said.

IN Hospitality, formerly recognised as PQC Convention, holds ownership of GEM Center, the pre-eminent conference centre in the bustling District 1 of Ho Chi Minh City.

The firm operates as a subsidiary of IN Holdings, established by the entrepreneurial siblings, Nguyen Huu Phu and Nguyen Huu Quy, with an authorised capital of VND510 billion.

In addition to GEM Center, IN Holdings boasts ownership of the venerable White Palace wedding centre, a well-established brand since 2007, and the Log Restaurant.

IN Hospitality recently released its financial performance figures for 2022, disclosing them to the Hanoi Stock Exchange. The company reported a staggering 11-fold increase in profits compared to the previous year, amounting to VND130 billion.

Concurrently, IN Hospitality demonstrated its commitment to financial prudence by improving its debt repayment capabilities, resulting in a reduced outstanding debt of VND310 billion.

Nova F&B specialises in providing comprehensive F&B services, including culinary offerings, brand management, and operational oversight across various projects developed by Novaland.

However, several outlets associated with Nova F&B have announced closures or relocations. Most notably, Saigon Casa Café and PhinDeli stores situated in the Turtle Lake area of District 1 in Ho Chi Minh City ceased operations in May.