NovaGroup Chairman Bui Thanh Nhon on Friday officially became Chairman of the Vietnamese conglomerate’s real estate subsidiary Novaland, continuing to drive the developer’s entire restructuring process.

Novaland’s Board of Directors announced the new chair the same day, saying Nhon, founder of NovaGroup, is also Novaland’s legal representative.

The Ho Chi Minh City-based property developer has also scaled down its number of Board members to five from seven, together with board re-election, in line with its restructuring process, which is streamlining its corporate structure, including clearer decentralization to executive positions under the body with clearly assigned responsibilities and duties.

Nhon asserted his determination earlier last November, “I return to the role as the Chairman and legal representative of Novaland since a true entrepreneur has to take on difficulties and challenges.”

Mr Bui Thanh Nhon, Founder cum Chairman of the Board of Novaland

Novaland is currently on constructive discussion with leading consulting firms including KPMG or E&Y to adjust and reform its business structure and strategic plan in the future.

NovaWorld Phan Thiet – the 1.000ha urban tourism of Binh Thuan province

The 30-year-journey of Novaland embraced a long haul of business development thanks to the dedication of hundreds of thousands employees. Novaland has put all of its efforts to to develop quality real estate products that bring values to homebuyers and society, thus contributing to the urban development in many regions.

With strong willpower to maintain the reputation of a 30-year-old-brand, along with the companionship and belief of homebuyers, shareholders and partners, investors, international financial institutions, especially the support of the Government and the community, Novaland is determined to overcome difficulties and challenges. Therefore, it will be on track of implementing urban areas linked to local economic development, social welfare, and contributing to a developed Vietnam.