Top Vietnam property developer faces cash crunch

Rough patch: Workers transport construction materials in Ho Chi Minh City. No Va Land, a predominantly residential and luxury resorts Vietnam developer, is cutting its workforce and suspending projects as it struggles to pay creditors. — AFP

HANOI: Vietnam’s second biggest listed developer, No Va Land, is firing staff and seeking urgent asset sales, company and industry sources say.

It is struggling to pay creditors in the latest sign of distress in the country’s real estate sector, they said.