Housing developer Nam Long transfers 25% stake in subsidiary Paragon Dai Phuoc
Vietnam's leading housing developer Nam Long Investment Corporation has transferred a 25% stake in its subsidiary Paragon Dai Phuoc Co., Ltd.
After the transfer, the shareholder structure of Paragon Dai Phuoc at the end of December 2022 includes: Nam Long Investment Corporation (75%), TBS Group (21.6%) and Tan Hiep Investment Co. Limited (3.4%).
The transfer value was not disclosed in the firm's release on January 1.
Paragon Dai Phuoc was established in 2018 with capital contribution from Nam Long and Japan's Nishi Nippon Railroad to invest in the Nam Long Dai Phuoc urban area, at a scale of more than 45 hectares in Dong Nai province.
By September 30, 2022, Nam Long owned 100% of this company. It currently has a charter capital of nearly VND1,678 billion ($71 million).
An artist’s impression of the Nam Long Dai Phuoc urban area in Nhon Trach district, Dong Nai province, southern Vietnam. Photo courtesy of Nam Long.
Previously, Nam Long had said it planned to transfer 50% of capital at the Paragon Dai Phuoc project to Nishi Nippon Railroad. The deal was expected to bring in revenue of VND1,300 billion ($55 million) and after-tax profit of VND350 billion ($14.81 million) for the company, recorded in 2022.
In the period of 2023 - 2024, Nam Long can continue selling stakes at the Izumi City project in Dong Nai province and the Waterpoint project phase 2 in Long An province.
Izumi City, an urban area project in Bien Hoa city, about 35 kilometers east of Ho Chi Minh City, is invested by Nam Long and Japan's Hankyu Hanshin. The Nam Long Waterpoint project is a residential township by the Vam Co Dong river, about 30 kilometers southwest of HCMC.
Early April, the World Bank’s financial arm IFC had proposed a $73 million investment in Nam Long to support the major affordable housing developer in a project in Greater HCMC.
In a disclosure, IFC said its latest proposed proceeds from Vietnam dong bonds will be used to finance the development of residential housing units of Nam Long’s Waterpoint project phase 2.
- Related News
- Read More
Vietnam's Politburo requests prioritizing administrative measures to handle economic violations, instead of criminal prosecution
The Politburo, Vietnam's highest decision-making body, has ordered amendments to legal regulations to ensure that administrative measures are prioritized in handling civil and economic cases.
Economy - Tue, May 6, 2025 | 12:30 pm GMT+7
EC postpones Vietnam’s seafood inspection until year end
The European Commission (EC) has delayed its fifth inspection of Vietnam's efforts to combat illegal, unreported and unregulated (IUU) fishing to the end of 2025, according to the Ministry of Agriculture and Environment (MAE).
Southeast Asia - Tue, May 6, 2025 | 8:53 am GMT+7
Thailand lowers growth forecast for 2025
The Thai Ministry of Finance has cut its forecast for the country’s economic growth this year to 2.1% from 3%, saying that the impact of U.S. tariffs and a global slowdown would weigh on Southeast Asia's second-largest economy.
Southeast Asia - Tue, May 6, 2025 | 8:49 am GMT+7
Vietnam’s top lighting manufacturer Rang Dong posts 48% drop in Q1 profit
Hanoi-based Rang Dong Light Source & Vacuum Flask JSC, a veteran in Vietnam’s consumer goods sector, reported a 48% decline in Q1 post-tax profit to nearly VND101 billion ($3.9 million), blaming intensifying competition from Chinese imports and foreign-invested enterprises.
Companies - Tue, May 6, 2025 | 8:17 am GMT+7
Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants
Vietnam spent more than $1.8 billion importing 17.27 million tons of coal in Q1, primarily to fuel thermal power plants, according to the General Department of Customs.
Economy - Mon, May 5, 2025 | 10:24 pm GMT+7
Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge
Private utility firm REE Corporation posted strong profit growth in Q1, primarily driven by a significant improvement in its power segment compared to the same period last year.
Companies - Mon, May 5, 2025 | 10:00 pm GMT+7
Vietnam to hold first round of trade talks with US on Wednesday
Vietnam will hold its first round of negotiations with the U.S. on bilateral trade Wednesday, Prime Minister Pham Minh Chinh said at the ongoing session of the country's parliament.
Economy - Mon, May 5, 2025 | 4:40 pm GMT+7
Nestlé Vietnam announces new investment in flagship coffee plant
Nestlé will make an additional investment of $75 million to expand its Nestlé Tri An plant in the southern Vietnam province of Dong Nai, bringing its total investment in the facility over 2024-2025 to $175 million.
Companies - Mon, May 5, 2025 | 4:35 pm GMT+7
Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'
The National Assembly's session which opened on Monday morning will make a critical step forward in institutional reform, paving the way for a new era of modernization, digital transformation, green growth, and sustainable development, said the parliament's Chairman Tran Thanh Man.
Politics - Mon, May 5, 2025 | 3:53 pm GMT+7
Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global
Business confidence in Vietnam dropped sharply in April to the lowest since August 2021, as manufacturers were concerned about the impact of U.S. tariffs on production in the months ahead, according to S&P Global.
Economy - Mon, May 5, 2025 | 3:24 pm GMT+7
Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder
Ngo Thi Hanh, wife of Ford distributor City Auto (HoSE: CTF) chairman Tran Ngoc Dan, has registered to buy 6 million CTF shares to increase her ownership to 6.4%, according to the Ho Chi Minh Stock Exchange (HoSE).
Companies - Mon, May 5, 2025 | 11:41 am GMT+7
HCMC street retail spaces vacant despite rent cuts
Street retail spaces in Ho Chi Minh City, Vietnam's economic hub, continue to face persistent vacancies, as they struggle to compete with modern retail spaces that offer a wider array of goods and services.
Real Estate - Mon, May 5, 2025 | 11:14 am GMT+7
State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices
Vietnam Rubber Group-JSC reported a net profit of VND1,184 billion ($45.5 million) in Q1/2025, 2.5 times higher than Q1/2024, which was largely driven by sustained high rubber latex prices amid rising global demand and tight supply.
Companies - Mon, May 5, 2025 | 8:22 am GMT+7
KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade
The official launch of the new KRX trading system on May 5, after more than a decade of preparations, will mark a pivotal turning point for Vietnam’s stock market status upgrade, said Nguyen Duy Hung, chairman of leading broker Saigon Securities Inc. (SSI).
Finance - Sun, May 4, 2025 | 10:02 pm GMT+7
Vietnam distributor of Chinese EVs reports big profit growth in Q1
Vietnam’s TMT Motors Corporation (HoSE: TMT), the distributor of Chinese electric vehicle brand Wuling, reported VND33.76 billion ($1.3 million) in Q1 after-tax profit, about 125 times higher than Q1/2024.
Companies - Sun, May 4, 2025 | 7:38 pm GMT+7
Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant
VinFast, the electric vehicle arm of Vietnam's leading private conglomerate Vingroup, has secured a long-term syndicated loan agreement worth IDR1.85 trillion ($110 million) and an $80 million accordion facility from two Indonesian banks to finance the construction of its plant in Indonesia.
Companies - Sun, May 4, 2025 | 12:55 pm GMT+7
