Vietnam Property Woes Rear Up With Novaland-Creditor Spat (1)

The turmoil in Vietnam’s property sector continues, with creditors embroiled in a dispute with developer Novaland Investment Group Corp. after it failed to pay interest on a $300 million bond.

The company is committed to resolving the impasse with holders of its 2026 overseas convertible note in “a cooperative spirit, aiming to find optimal solutions that safeguard the interests of bondholders,” Novaland said Tuesday.

The statement came a day after an ad-hoc group of bondholders accused the builder of foot-dragging and urged it to reach an agreement so as not to damage international investors’ confidence in the country.

Novaland ...