Vietnamese Developer Nam Long Completes Capital Transfer to Japanese Partner, Securing Profitability for Second Quarter
In recent news, Nam Long has completed the transfer of 25% of its capital at the Dai Phuoc project in Dong Nai to a Japanese partner, Nishi Nippon Railroad. This strategic partnership has resulted in Nishi Nippon Railroad acquiring a quarter of the capital in the project for 662 billion VND. As a result, Nam Long expects to earn a profit of about 200 billion VND after tax, which will be reflected in the company’s second quarter business results.
The Paragon Dai Phuoc project is a joint venture between Nam Long and Nishi Nippon Railroad and spans 45 hectares on Dai Phuoc island in Dong Nai province. Surrounded by the Saigon River and adjacent to Thu Duc City in Ho Chi Minh City, this development is set to deliver high-end semi-detached and single villas. With site clearance compensation, approved planning, and land use rights already in place, this project is well on track to meet its goals for revenue and profitability.
Nam Long’s goal for this year includes revenue exceeding 6,650 billion VND and a profit of over 500 billion. Despite a decline in revenue in the first quarter of the year, the company aims to sell over 3,000 products focusing on affordable housing to navigate the challenging market conditions. The Paragon Dai Phuoc project is just one part of an extended investment by DIC Corp up to 2027. This partnership with Nishi Nippon Railroad adds to Nam Long’s extensive experience in real estate development, with a strong focus on delivering quality housing products in the Vietnamese market.
