Nam Long sells 15% stake in southern Vietnam project developer to Japan’s Tokyu

Property developer Nam Long (HoSE: NLG) has completed the sale of a 15.1% stake in Dong Nai Waterfront City Company Limited, the developer of a major urban project in southern Vietnam, to Japan’s Tokyu Corporation, according to the company’s latest filing.

Following the transaction, Nam Long’s ownership in the joint venture falls to 50%, while Japan’s Hankyu Hanshin Properties retains its 34.1% stake.

The updated enterprise registration certificate, issued on Tuesday, November 4, confirms the company’s charter capital at nearly VND2.59 trillion ($98.29 million).

Nam Long said the profit from the divestment could be booked in the fourth quarter of 2025, potentially generating a one-off gain that would help the developer meet or surpass its full-year earnings target.

Founded in 2008, Dong Nai Waterfront City is a joint venture between Nam Long and Hankyu Hanshin. It is the developer of Izumi City, a 170-hectare urban project in Bien Hoa town, Dong Nai province. The project features Flora-branded apartments, shophouses, townhouses, and detached villas.

As of September 30, 2025, the project’s work-in-progress inventory reached VND8.7 trillion ($330.55 million), slightly higher than at the beginning of the year.

For the first nine months of 2025, Nam Long recorded revenue of VND3.94 trillion ($149.74 million), a five-fold increase year-on-year, mainly driven by the deliveries of its major projects. Net profit surged eight-fold to VND441 billion ($16.76 million).

The developer targets 2025 revenue of VND6.79 trillion ($258.14 million) and net profit of VND701 billion ($26.63 million).

As of end-September, total assets stood at VND28.39 trillion ($1.08 billion), down 6.4% year-to-date. Inventories, mostly property-related, accounted for VND17.85 trillion ($678.28 million), or 63% of total assets.

Total liabilities declined 11% to VND14.02 trillion ($532.69 million), including VND1.44 trillion ($54.79 million) in short-term loans and VND5.55 trillion ($210.87 million) in long-term borrowings.

In July, Fiera Capital (UK) Limited become a major shareholder in Nam Long after raising its ownership in the Vietnamese real estate giant to 5.71%. Fiera Capital acquired 10 million NLG shares on July 25, just one day after Ibeworth Pte. Ltd, a wholly owned subsidiary of Singapore’s Keppel Land, divested its entire stake in Nam Long.

On July 24, Ibeworth offloaded over 29.4 million NLG shares, or a 7.64% stake, as part of a portfolio restructuring plan. Following the transaction, Ibeworth is no longer a shareholder in Nam Long.

NLG shares ended at VND37,950 ($1.44) each on Thursday.