HANOI: Vietnam's second-biggest listed developer, No Va Land, is firing staff and seeking urgent asset sales, company and industry sources said, as it struggles to pay creditors in the latest sign of distress in the country's real estate sector.
The company's signals of distress come amid wider turmoil in Vietnam's property and credit market, which has been exacerbated by arrests of bosses of real estate companies suspected of wrongdoing and a rapid fall in the value of the country's currency, the dong, after the central bank relaxed its peg against the dollar.
