Bui Thanh Nhon has again become chairman of Novaland. — Photo Courtesy Novaland

NovaLand Group, a member of Nova Group, has announced that Bui Thanh Nhon will again become its chairman.

The founder and chairman of NovaGroup and one of the first private entrepreneurs in HCM City established Thanh Nhon Joint Stock Company in 1992, which then became NovaGroup.

In 2007 NovaGroup restructured and started developing properties under the Novaland Group brand. In 2021 NovaGroup restructured for a second time by setting up eight subsidiaries, and Nhon handed over the chairman’s position to Bui Xuan Huy to focus on managing NovaGroup.

Currently, the HCM City-based Novaland has also scaled down the number of directors from seven to five. 

It plans to streamline its apparatus with clearer separation and decentralisation to operate independently.

It has said it is working with “big four” auditors and consultancies KPMG, E&Y Parthenon and Deloitte to draft restructuring plans, rearrange the organisation and human resources and redefining goals and development strategies. 

“After 30 years of development, Novaland has become a national brand,” Nhon said in a New Year message to employees. 

“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.” — VNS