On the evening of Nov 10, Novaland (HoSE: NVL) published the transaction result report of Mr. Dương Văn Bắc, board member and CEO. He sold 10,634,988 shares, exactly the amount he had registered, through negotiated trades on Nov 2 and Nov 3. His holding fell from 15,797,720 shares (0.657% of capital) to 5,162,732 shares (0.215%).VnEconomy
His sale is one link in a chain of buy and sell orders from Novaland executives and the founding family's relatives, disclosed since late October. Some orders have been filled; others are still only registrations. For anyone holding NVL shares, or rights to the VND 10,000 share offering, the useful question is where each order stands: which ones have traded, which are pending, and when official numbers will arrive.
Late October: orders registered in both directions
The orders were disclosed in two batches. In the first, Diamond Properties JSC, an entity linked to the family of Chairman Bùi Cao Nhật Quân, registered to buy 7 million shares. In the same Oct 26–30 window, Ms. Cao Thị Ngọc Sương, Mr. Quân's mother, registered to sell 6.3 million shares.CafeF
In the second batch, announced Oct 28, Ms. Bùi Cao Ngọc Quỳnh, daughter of founder Bùi Thành Nhơn and Mr. Quân's sister, registered to buy 30 million shares by order matching or negotiated trade, with a window of Nov 2 to Nov 13.Tài chính Doanh nghiệp On the selling side, besides Mr. Bắc, two Deputy CEOs, Ms. Trần Thị Thanh Vân and Mr. Cao Trần Duy Nam, each registered to sell nearly 7.6 million shares in the same Nov 2–13 window.moneyf
A registration shows intent and nothing more. A holding changes only when an order fills, and the official figure exists only once the result report is filed.
Oct 30: Diamond Properties fills its buy, Ms. Sương does not sell
Diamond Properties bought the full 7 million shares by negotiated trade on Oct 30, lifting its stake from 178.44 million shares (7.42%) to 185.44 million shares (7.71%).Doanh nhân & Pháp luật
In the same window, Ms. Sương's sell order filled nothing. She reported selling none of the 6.3 million shares registered, citing a change in trading timing, so she still holds more than 51.8 million shares, or 2.15% of capital.CafeF She then registered to sell 6.3 million shares again, in a Nov 5–16 window, citing personal reasons. If fully sold, her holding would drop to 45.5 million shares, or 1.89%.Doanh nhân & Pháp luật
One more family-group transaction did not come from a registered order. NovaGroup JSC, Novaland's largest shareholder and chaired by Mr. Quân since April,Doanh nhân & Pháp luật reported that a securities firm force-sold 780,000 of its shares between Oct 28 and Oct 30, taking its stake from 21.96% to 21.92%. NovaGroup then registered to sell another 3.1 million shares between Nov 5 and Dec 4, citing the need to balance its resources.CafeF
Nov 2–3: the CEO sells everything in the first two sessions
Mr. Bắc did not use his full Nov 2–13 window. All 10.63 million shares were sold by negotiated trade within the first two sessions, equal to about 67% of what he held.VnEconomy
According to HoSE data cited by VnEconomy, 16,075,751 NVL shares changed hands in negotiated trades over the two sessions, worth VND 162 billion in total, an average of about VND 10,073 per share. On that basis the paper estimates Mr. Bắc received more than VND 107 billion. That is the newspaper's estimate, not a figure from his report. On the order-matching board, NVL closed at VND 10,350 on Nov 2 and VND 10,250 on Nov 3.
On Nov 10, the day the report came out, NVL closed at VND 10,850, the highest in this window. The two events fall in the same week, but the data are not enough to tie that price to the report.
Mr. Bắc's holding came almost entirely from the employee share program. He became CEO on Nov 1, 2024. In September and October 2025 he bought 7,347,777 shares under the program and received another 7,347,777 bonus shares. In June 2026 he received 1,102,166 more from the rights offering to existing shareholders.VnEconomy About 70% of the bonus shares remain restricted until October 2027, so the amount he could sell before this round was roughly 10.7 million shares, close to what he just sold.moneyf
Nov 10: report filed on schedule
Under Circular 96/2020/TT-BTC as currently in force, insiders and related persons must report transaction results within 5 working days, counted from the day the trade is completed if that is earlier than the registered window, or from the end of the window.LSVNMr. Bắc finished on Nov 3, and Nov 10 is the fifth working day after that.
Applying the same count to the remaining orders gives clear dates:
- The windows of Ms. Quỳnh, Ms. Vân and Mr. Nam ended Friday, Nov 13, so their reports are due by Nov 20.
- Ms. Sương's re-sale window ends Nov 16, so her report is due by Nov 23.
- NovaGroup's 3.1 million-share sale runs to Dec 4, so its report will come after the payment deadline of the share offering.
As of Nov 11, per moneyf, Novaland had published results only for Mr. Bắc among the three executives who registered to sell.moneyf
The founding family's net position
On the management side, the decline has already happened in the CEO's holding. If the two Deputy CEOs sell in full, the three together will have sold about 25.8 million shares.Doanh nhân & Pháp luật
On the founding family's side, what is settled is Diamond Properties' 7 million shares bought and NovaGroup's 780,000 shares force-sold. Net, the group is up about 6.22 million shares. Three open orders will decide the direction of that sum:
- Ms. Quỳnh's 30 million-share buy: the largest order, pointing up, with its window closed since Nov 13.
- Ms. Sương's 6.3 million-share sale: pointing down, window ends Nov 16.
- NovaGroup's 3.1 million-share sale: pointing down, window ends Dec 4.
If all three fill completely, the family group's holding rises by a net 26.8 million shares, over 1% of capital. If Ms. Quỳnh's order does not fill while both sales fill in full, the group falls by a net 3.2 million shares. These figures are arithmetic on registered amounts, not results. Because the 30 million-share buy is larger than the two sales combined, Ms. Quỳnh's report is the number that decides whether the family group ends up holding more or less.
The 3:1 rights sit outside these trades
The offering to existing shareholders is priced at VND 10,000 on a 3:1 ratio. Per HoSE's notice, the ex-rights date was Sep 30 and the final record date was Oct 1.Doanh nhân & Pháp luật Shares bought from Sep 30 onward do not carry rights to this offering. Every trade above, from Diamond Properties' order to the negotiated trades of Nov 2–3, took place after that date. A rights holder receives entitlement based on the shares held on Oct 1, whether they later bought more or sold some.
Novaland has extended the rights transfer period to Nov 23 and the registration and payment deadline to Nov 26.Doanh nhân & Pháp luật
Dates ahead
NVL holders will get answers in order. By Nov 20 at the latest, the reports of Ms. Quỳnh and the two Deputy CEOs must be filed, three days before the rights transfer deadline. Nov 23 is Ms. Sương's reporting deadline, which coincides with the last day rights can be transferred. Nov 26 is the deadline to pay for the new shares.
By then, the management side will already be clear in the CEO's case. The family side becomes clear only when the report on the 30 million-share order is filed. If it filled in full or nearly so, the family group will have added shares while the CEO sold. If it filled little or not at all, the group's buying and selling roughly cancel out, or even tilt toward selling. Ms. Quỳnh's report is therefore the signal most worth watching next week.