Real estate major Nam Long sells 25% project stake to Japanese partner for $26 mln
Vietnam real estate major Nam Long Group has sold a 25% stake in its 45-hectare Nam Long Dai Phuoc project to Japanese partner Nishi Nippon Railroad for VND662 billion ($26 million).
In a Monday statement, the group, listed on the Ho Chi Minh Stock Exchange (HoSE) as NLG, said it can earn a post-tax profit of VND200 billion ($7.86 million) in the second quarter of this year from the transaction.
An illustration of the 45-hectare Nam Long Dai Phuoc township project in Dong Nai province, southern Vietnam. Photo courtesy of Nam Long Group.
Located in the southern province of Dong Nai, the project has strategic location advantages of being close to Ho Chi Minh City, various expressways in the southern region, and Long Thanh airport that is under construction in Dong Nai province.
The project has completed site clearance and land leveling, and received its 1-to-500 ratio master plan and land use right certificates, the group said.
In September 2021, NLG introduced Nishi Nippon Railroad as joint developer of the Nam Long Dai Phuoc project, which was the eighth such cooperation between the two sides.
As planned, the project will mainly offer high-class semi-detached houses and villas.
NLG shares closed Tuesday at VND41,750 ($1.64), up 1.83%.
- Related News
- Read More
Southern Vietnam province Ben Tre to encroach 50,000 hectares of sea for economic development
The Mekong Delta province of Ben Tre will establish a 50,000-hectare sea encroachment zone in a bid to accelerate its economic development.
Economy - Thu, September 26, 2024 | 11:27 pm GMT+7
Muslim tourists generate over $3.5 billion to Malaysia's tourism industry
Malaysia welcomed 4.5 million Muslim tourists last year, generating RM14.7 billion (over $3.5 billion) in revenue, director-general of the Islamic Tourist Centre (ITC), Nirzan Nordin said on Wednesday.
Southeast Asia - Thu, September 26, 2024 | 8:56 pm GMT+7
Thai government approves support package for EV buyers
The Thai cabinet has approved the allocation of THB7.12 billion ($215 million) from the central reserve budget for emergency and essential purposes to fund a electric vehicle (EV) subsidy programme.
Southeast Asia - Thu, September 26, 2024 | 8:54 pm GMT+7
Indonesia applies for CPTPP membership to boost exports
Indonesia has officially applied to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to boost its export growth.
Southeast Asia - Thu, September 26, 2024 | 8:51 pm GMT+7
Thai farm culls 125 crocodiles as flood waters rise
A crocodile farm in Thailand culled 125 of the reptiles for fears that they could escape during ongoing floods and endanger human lives, its owner said on Wednesday.
Southeast Asia - Thu, September 26, 2024 | 8:49 pm GMT+7
Vietnam most important overseas market for Japanese retail giant Aeon
Vietnam is the most important overseas market in Japanese retail giant Aeon Group's growth strategy, so it will continue to invest in the country, says Furusawa Yasuyuki, general director of Aeon Vietnam.
Companies - Thu, September 26, 2024 | 8:01 pm GMT+7
Typhoon Yagi inflicts $2.4 bln damage on Vietnam’s agriculture sector: Deputy Minister
Yagi, the biggest storm to hit Asia this year, has inflicted damages estimated at VND60 trillion ($2.44 billion) on Vietnam’s agricultural sector, says Deputy Minister of Agriculture and Rural Development Hoang Trung.
Economy - Thu, September 26, 2024 | 6:05 pm GMT+7
China’s LONGi delivers rooftop solar installations for Vietnam garment firm
China-headquartered energy solutions provider LONGi and Hanoi-based Solar Electric Vietnam JSC (SEV) have delivered a rooftop solar photovoltaic (PV) project to Tan De Company, one of Vietnam's largest garment manufacturers and exporters.
Energy - Thu, September 26, 2024 | 6:03 pm GMT+7
Vietnam ministry backs tax on second properties to curb speculation, stabilize real estate market
Vietnam’s Ministry of Construction has supported taxing second properties and beyond as a potential measure to curb speculation and stabilize the real estate market.
Real Estate - Thu, September 26, 2024 | 3:48 pm GMT+7
Vietnam may see gas shortage for power generation in 2025: S&P Global
Vietnam is likely to face a shortage of domestic natural gas for power generation in 2025, while LNG supply for LNG-fired power is not yet a suitable solution, according to S&P Global.
Energy - Thu, September 26, 2024 | 3:40 pm GMT+7
Key trends shaping the future of trade and implications for Vietnam
Surajit Rakshit, country head of global trade solutions at HSBC Vietnam, analyzes key trends that will shape the future of global trade and their implications for Vietnam.
Consulting - Thu, September 26, 2024 | 3:05 pm GMT+7
US utility AES eyes partnerships with PV Gas, EVN on clean energy supply
Virginia-based AES Corporation plans to work with Vietnamese utilities like PV Gas and Vietnam Electricity (EVN) to optimize clean energy supply for industrial projects in the country, a senior executive said Wednesday.
Energy - Thu, September 26, 2024 | 12:30 pm GMT+7
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
Typhoon Yagi and its aftermath have provided valuable lessons in managing and mitigating the impacts of natural disasters on supply chains, particularly in a region as industrially significant as northern Vietnam, writes Julien Brun, managing partner of CEL, a leading consulting firm specializing in supply chain solutions.
Consulting - Thu, September 26, 2024 | 12:04 pm GMT+7
American firm SpaceX plans $1.5 bln investment in Vietnam
U.S.-based SpaceX, a provider of spacecraft, satellite launch services, and satellite communications, plans to invest up to $1.5 billion in Vietnam, facilitating the nation’s digital growth.
Infrastructure - Thu, September 26, 2024 | 10:17 am GMT+7
Vietnam a top partner in the region: President Biden
The U.S. considers Vietnam as a top partner in the region, President Joe Biden told Vietnam's Party chief and State President To Lam at a meeting in New York on September 25 (local time).
Politics - Thu, September 26, 2024 | 9:03 am GMT+7
Vietnam stock market charms foreign investors with non pre-funding solution: broker
The Vietnamese stock market is anticipated to welcome an influx of foreign capital once the non pre-funding solution (NPS) is effective from November 2, says leading broker VNDirect Securities.
Finance - Thu, September 26, 2024 | 8:07 am GMT+7
