Novaland's Q3 2026 consolidated financial statements show nine-month net profit of VND 2,874 billion, against a loss of more than VND 1,819 billion a year earlier. That is roughly 155% of the company's full-year profit plan.Người Quan Sát Nine-month net revenue reached more than VND 10,216 billion, or 45% of the full-year revenue plan.
On November 7, 2026, Novaland (HoSE: NVL) brought more than 500 investors, shareholders and partners to the Aqua City site in Dong Nai and presented its 2026–2030 plan. Aqua City alone is expected to bring in about VND 219 trillion in project revenue. Look at the numbers and the yardstick for that plan is not how many guests showed up or how many contracts were signed. It is how many homes get handed over each quarter. This post walks through the project's milestones and sets the financial picture of the same period beside each one.
Milestone one: legal clearance to sign sales contracts
According to Novaland, Aqua City has made progress on land-use fee obligations in its main sub-zones and has been eligible to reopen sales since October 31, 2026.Người Quan Sát The developer also said that by the end of October the project could sign sales contracts, and that the October 31 sales event drew nearly 1,000 customers.Nhịp sống thị trường
For buyers this is the most important step, since the sales contract is the basis for paying in installments. For shareholders it reopens the flow of customer cash into a project that needs large amounts of capital to keep building. Both points are the company's own account at the October 31 and November 7 events.
Milestone two: the VND 516.8 trillion plan and Aqua City's share
At the meeting, Novaland updated its 2026–2030 plan to total project revenue of more than VND 516.8 trillion and project profit of more than VND 188.3 trillion.Người Quan Sát Aqua City's VND 219 trillion is more than 40% of that revenue. VTC News, quoting a Novaland representative, tied the figure to 2026–2029 and reported that the project comprises 13,173 units.VTC News
Project revenue is a planning figure, not accounting revenue. For townhouses and villas, revenue only enters the income statement when the home is handed over. Each additional handover therefore moves the plan one step from paper into the financial statements.
Milestone three: over 2,100 homes complete, nearly 1,300 handed over
According to Novaland, Aqua City now has more than 2,100 completed homes, while cumulative handovers through the end of September stand at nearly 1,300.Người Quan Sát The gap of more than 800 homes is built but not yet in buyers' hands. Press reports note that some families have moved in and some amenities have begun operating.FireAnt
For Q4 2026, Novaland plans to hand over more than 200 additional units at Aqua City, as part of 331 units across the group.VTC News The company's target is more than 9,000 cumulative handovers by 2028.
Put the figures side by side and the gap to close is clear. If the 9,000-plus target runs through the end of 2028, Aqua City must hand over about 7,700 more homes across nine quarters starting in Q4 2026. That averages more than 850 homes a quarter, roughly four times the 200-plus planned for Q4. This is Investify's own calculation, based on Novaland figures reported by VTC News and Người Quan Sát. VTC News also notes that Novaland expects handovers to accelerate sharply in 2028–2029, meaning the company is not planning an even pace but a back-loaded one.
Another Novaland project shows handovers can speed up quickly once conditions are in place. At Victoria Village, apartments handed over rose from 28 at the end of June to 920 at the end of September.Người Quan Sát But Victoria Village is a high-rise apartment project in Ho Chi Minh City, while Aqua City is townhouses and villas on more than 1,000 hectares. The pace of one does not carry over automatically to the other.
On construction funding, Novaland says its total approved credit limit is more than VND 34.3 trillion. By the end of September, more than VND 10.8 trillion had been disbursed, leaving more than VND 23.4 trillion, of which Aqua City accounts for about VND 14.3 trillion.
The financial picture over the same period
Nine-month profit is already above the full-year plan
In Q3, Novaland recorded net revenue of VND 5,120 billion, up 204% year on year, and net profit of VND 1,102 billion, versus a loss of more than VND 1,153 billion in Q3 2025.Người Quan Sát In its explanatory filing, the company said the improvement came mainly from transfers of land-use rights and real estate at Victoria Village, Aqua City and Sunrise Riverside. Investment cooperation profit and exchange-rate differences also contributed.Vietnam Finance
The nine-month numbers match that explanation. Real estate transfer revenue was about VND 9,831 billion, nearly double the VND 4,944 billion of a year earlier, and more than 96% of total revenue. Financial income included about VND 1,039 billion in gains from divesting subsidiaries and recovering investments.Vietnam Finance
Operating cash flow is still negative, though narrower
Net operating cash flow for nine months was negative at nearly VND 5,364 billion, a sharp narrowing from more than negative VND 9,081 billion a year earlier. According to Vietnam Finance, higher receivables cut operating cash flow by nearly VND 5,399 billion, and the group paid nearly VND 3,740 billion in loan interest. Investing cash flow was positive at more than VND 5,015 billion, mainly from recovering more than VND 7,808 billion of capital contributed to other entities. Cash and equivalents at the end of September were nearly VND 3,752 billion, versus VND 4,352 billion at the start of the year.Vietnam Finance
One line item bears directly on home buyers: short-term customer prepayments, which rose from more than VND 20,353 billion to VND 23,446 billion. That is money customers have paid under contracts, and it becomes revenue when the product is handed over. It is both a source of project funding and an obligation to deliver homes.
Borrowings flat, overdue interest under negotiation
Total consolidated financial debt at September 30 was VND 72,412 billion, down 0.21% from the start of the year, made up of VND 29,749 billion short-term and VND 42,663 billion long-term.Người Quan Sát According to Doanh Nhân Việt Nam magazine, the group has VND 14,975 billion of overdue loan and bond principal, of which VND 2,884 billion has been extended by creditors.Doanh Nhân Việt Nam Novaland also recorded VND 5,241 billion of overdue loan interest and said it is working with lenders to extend payment deadlines.Vietnam Finance
That obligation has already surfaced in one specific bond. For the NVLH2123007 bond, outstanding principal on October 23, 2026 was more than VND 110.34 billion. Novaland has paid only VND 615.3 million late, said it has not yet arranged the funds, and is negotiating with bondholders on the rest.Người Quan Sát
One yardstick for two groups of readers
Someone who has bought a home at Aqua City and someone holding NVL shares are looking at the same metric from opposite sides. For the buyer, handovers per quarter say when their own home will be delivered. For the shareholder, handovers per quarter are what turn a VND 219 trillion plan into accounting revenue, and then into cash to deal with overdue debt.
The thesis here is that the 2026–2030 plan depends first on the pace of handovers. The nine-month results show the company has converted part of the plan into profit, but operating cash flow is still negative and overdue debt is still under negotiation, so each quarter of deliveries will decide whether the plan stays on pace or slips. Three things to watch next: Q4 2026 handovers against the plan of more than 200 homes at Aqua City and 331 units group-wide; the 2026 annual financial statements, where full-year operating cash flow will show whether cash from newly signed customers offsets the negative figure; and the outcome of negotiations on the VND 5,241 billion of overdue interest and the NVLH2123007 bond.
Both scenarios are measured with the same ruler. If Aqua City reaches a pace of nearly 1,000 homes a quarter in 2027, the 9,000-plus target for 2028 is on track. If quarterly handovers stay in the low hundreds, a large part of the VND 219 trillion will slide beyond 2028, consistent with Novaland's own view that handovers peak in 2028–2029.