No Va Land has lost nearly 40% since the beginning of this year, reaching its lowest level since April 2021. Founded in 2007, No Va Land is active mostly in residential property and luxury resorts. It is Vietnam's second-biggest listed property firm, with a market capitalisation of $4.7 billion, after Vingroup's real estate unit Vinhomes. Demand in Vietnam's real estate market is expected to stay strong through 2023, Moody's said in a report in late August. No Va Land is planning to meet with creditors on Monday afternoon to negotiate further loans, according to a fifth source familiar with the matter.
