On December 5-6, Head of Investments Giang Nguyen attended our portfolio company NLG’s "Nam Long Journey 2025" event in Ho Chi Minh City. The event brought together investors and industry partners, featuring the launch of four residential projects across different market segments. On-the-ground observations reinforced our view that Nam Long Group’s products remain well aligned with genuine homeowner demand, supported by both improved market conditions and more efficient project execution under the company’s new leadership.
About Nam Long Group
Nam Long Group (NLG) is one of Vietnam’s leading real estate developers focused on affordable and mid-range housing, a segment supported by structural growth in urbanization and first-time home ownership. As domestic demand recovers and mortgage conditions improve, the company is well positioned to benefit from the next phase of Vietnam’s property cycle.
As of 28 November 2025, NLG accounted for 4.4% of the portfolio weight in the Kenno Vietnam Fund.
Our Observations
Our participation aimed to assess market reception across newly launched condominium, townhouse, and villa projects, with a particular focus on understanding customer composition and real demand. We also reviewed NLG’s growth following operational changes over the past two years, and discussed management’s expectations for 2026 presales and market conditions.
Simultaneous Launches of a Diverse Product Range
The event highlighted the launches of four distinct property projects by NLG: Trellia Cove (condominium), Solaria Rise (condominium), Izumi Carania (townhouse), and Elyse Island (high-end villas). The breadth of these offerings, spanning beyond the affordable housing segment, also reflected the company's operational improvements under the leadership of the new CEO over the last 20 months.
Genuine Interest from End-User Buyers
Attendance at the event was high, including many families with young children, indicating that NLG’s projects continue to attract genuine homeowners rather than speculative buyers. The company’s strategy remains focused on affordable housing paired with practical facilities and livable environments, targeting first-time homeowners.
Strong Presales Supported by Market Recovery
In the first ten months of 2025, NLG recorded presales of VND 9.3 trillion (approximately USD 352 million), a substantial increase from VND 5.2 trillion (or USD 197 million) in 2024. Besides good product-market fit, these strong results been supported by faster project licensing, lower mortgage rates enabling affordability, and recovering homebuyer sentiment after a sector-wide slowdown in 2023-2024.
Our Takeaways
The presales performance to date, combined with the company’s active launch schedule, provides a solid foundation for NLG’s earnings visibility over the next two to three years. Management expects 2026 presales to maintain the momentum seen in 2025, supported by continued demand for first-home purchases and a healthier financing environment.
Our conviction in Nam Long Group and the growth of Vietnam's domestic consumption remains strong. The recent visit reinforced our view that NLG is well positioned to capture the next upcycle in Vietnam’s property market, supported by genuine end-user demand, improving market conditions, and enhanced management execution. We will continue to monitor presales performance and market conditions as the company officially executes its launches next year.
