In October 2022, after the Vạn Thịnh Phát incident, both domestically and internationally faced intense challenges. The State Bank of Vietnam sent out a message of “real estate credit control,” causing the entire financial system to freeze: bonds defaulted en masse, the stock market lost liquidity and plummeted uncontrollably.

Thousands of Novaland customers could not secure loans to pay for purchased real estate products. Novaland struggled to settle payments to contractors including credit contracts, and maturing bonds. International creditors faced immense pressure as they also grappled with the crisis.