IFC eyes $73 mln bond funding for developer Nam Long
An artist’s impression of Waterpoint Project in Ben Luc, Long An province, southern Vietnam. Photo courtesy of Nam Long.
The World Bank’s financial arm IFC has proposed a $73 million investment in Nam Long to support the major affordable housing developer in a project in Greater Ho Chi Minh City.
In a disclosure on Friday, 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.
It is a residential township project by the Vam Co Dong river in Long An province’s Ben Luc district, about 30 km southwest of HCMC.
Both phases comprise 359 hectares of land, with 194 for phase 2. HCMC-based Nam Long is undertaking phase 2 site clearance, drainage installation, and other earthworks. After that, the company and Japan’s Nishi Nippon Railroad Company will co-develop, construct, and market the project’s housing units.
Nam Long launched a partnership with Nishi Nippon Railroad in September 2021 to co-develop the Nam Long Dai Phuoc Township on a 46-hectare site in Dong Nai province’s Nhon Trach district, also within Greater Ho Chi Minh City.
IFC, which focuses on the private sector in developing countries, invested in Nam Long by subscribing to its shares in 2014, and that project was completed and closed in June 2017, with the company materially completing its environmental and social obligations.
Nam Long, one of the leading affordable housing developers in Southeast Asia, has three product lines covering affordable apartments, premium affordable apartments and affordable townhouses. It mainly targets low- to middle-income families in Vietnam.
- Read More
Malaysian eyes global hub for advanced chip industry
Malaysia is rapidly emerging as a preferred destination for high-value investments in the semiconductor sector, Prime Minister Anwar Ibrahim said at the launch of the East Coast Rail Link (ECRL) operations and maintenance training program.
Southeast Asia - Thu, May 8, 2025 | 10:53 pm GMT+7
Indonesia faces challenge of boosting labour productivity
Despite being in a demographic golden period, Indonesia continues to struggle with low labor productivity, prompting calls for clear and sustainable reforms.
Southeast Asia - Thu, May 8, 2025 | 10:49 pm GMT+7
Singapore, EU ink digital trade agreement
Singapore and the EU on May 7 signed a landmark Digital Trade Agreement (DTA) to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly.
Southeast Asia - Thu, May 8, 2025 | 10:46 pm GMT+7
Operation of Vietnam's retail giant Petrolimex 'still normal' despite CEO suspension
Petrolimex is operating normally despite the Ministry of Finance's (MoF) recent "temporary suspension" of its CEO Dao Nam Hai, says a corporate representative.
Companies - Thu, May 8, 2025 | 8:54 pm GMT+7
Initiative to position Malaysia as Southeast Asia’s digital hub
Malaysia is positioning itself as Southeast Asia's digital hub through its digital agenda program, a move aligned with the nation's transition towards a high-technology economy.
Southeast Asia - Thu, May 8, 2025 | 5:45 pm GMT+7
Central Vietnam province proposes including geothermal power project in national power plan
Authorities of Binh Dinh province have proposed the Ministry of Industry and Trade include the 15-megawatt Hoi Van geothermal power plant project in the revised National Power Development Plan VIII (PDP8).
Energy - Thu, May 8, 2025 | 4:56 pm GMT+7
Vietnam firms vow to intensify cooperation with US partners, facilitate country trade talks
Major Vietnamese enterprises have committed to intensifying cooperation with U.S. partners from now until June 2025 to realize signed agreements and MoU, paving the way for trade talks with the U.S.
Economy - Thu, May 8, 2025 | 4:19 pm GMT+7
Phu My Fertilizer becomes main sponsor of Vietnam Women’s Volleyball Team
PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phu My) has become the main sponsor of the Vietnam Women’s Volleyball Team, the firm announced in a Wednesday release.
Companies - Thu, May 8, 2025 | 4:15 pm GMT+7
AES earns $12 mln in Q1 pre-tax income from coal-fired power plant in Vietnam
U.S.-based energy giant AES Corporation earned a pre-tax income of $12 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first quarter of this year.
Companies - Thu, May 8, 2025 | 3:33 pm GMT+7
Vietnam insurer Pjico stock plummets amid insurance sector gains
Petrolimex Insurance Corporation (Pjico) saw its stock (HoSE: PGI) tumble nearly 6% on Wednesday, which contrasts with the broader insurance sector which posted solid gains of 1.77%, second only to telecommunications (2.54%).
Companies - Thu, May 8, 2025 | 3:21 pm GMT+7
Vietnam tech unicorn VNG reports loss for 7th straight quarter
VNG Corporation, Vietnam’s first tech unicorn, recorded a post-tax loss of VND15 billion ($577,723) in Q1, marking the seventh consecutive quarterly loss, according to its Snapshot Q1/2025.
Companies - Thu, May 8, 2025 | 12:01 pm GMT+7
Vietnam's government bond auctions raise $1.62 bln in April
The Hanoi Stock Exchange (HNX) held 20 government bond auctions on the primary market in April, raising over VND42.42 trillion ($1.62 billion), the bourse reported.
Finance - Thu, May 8, 2025 | 8:32 am GMT+7
Malaysia’s investment growth in 2025 faces challenges
In the context of global trade uncertainty, Malaysia may not achieve a hat-trick in approved investments this year after two straight years of record-high numbers.
Southeast Asia - Wed, May 7, 2025 | 10:59 pm GMT+7
Thaco seeks to remove obstacles to hotel, bauxite projects in Vietnam's Central Highlands
Thaco expects the Central Highlands province of Lam Dong to help the multi-industry corporation remove barriers to its hotel, bauxite, and aluminum projects in Da Lat town, said a company representative.
Industries - Wed, May 7, 2025 | 10:55 pm GMT+7
Q1 proves tough for Vietnam's oil and gas giants
Profits for major Vietnamese oil companies dropped significantly in Q1, as global oil prices plunged, driven by U.S. tax policy shifts and the ongoing Russia-Ukraine war.
Companies - Wed, May 7, 2025 | 5:06 pm GMT+7
How much is your identity worth?
With 87% of Vietnamese adults having bank accounts and approximately 95% of transactions conducted via online channels, how banks can protect their customers’ personal data has become important more than ever, writes Phillip Wright, chief operating officer at HSBC Vietnam.
Consulting - Wed, May 7, 2025 | 4:01 pm GMT+7
