The signing took place on April 24 in Ho Chi Minh City, formalising a joint venture in which Nam Long Group will hold a 51 per cent stake and NNR a 49 per cent stake.
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| Nam Long ADC partnership with NNR to accelerate affordable housing |
The deal lifts over a decade of project-level cooperation between Nam Long Group and NNR to the corporate level, with the Japanese firm set to take an active role in governance, management, and technical operations.
According to Chu Chee Kwang, senior director, JVs Operation, Partnership & Alliance of Nam Long Group, and chairman of Nam Long ADC, the strategic partnership reaffirms the company’s commitment to the development of affordable and social housing in Vietnam through the EHome and EHomeS product lines, respectively.
“Annual demand for social and affordable housing in Vietnam reaches approximately 100,000 units, yet actual supply remains far short of that figure. According to the Ministry of Construction, only four projects with a combined scale of fewer than 580 units were completed in the first quarter of 2026. Under this partnership roadmap, the company targets delivery of over 22,000 units by 2035, a goal set against that stark market gap,” said Kwang.
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| Chu Chee Kwang, senior director, JVs Operation, Partnership & Alliance of Nam Long Group, and chairman of Nam Long ADC |
As a strategic shareholder, NNR will inject unconditional funding into Nam Long ADC, capital the company said will be prioritised for land bank acquisition and development in the near term.
Taro Koyama, CEO of NNR, said the Japanese partner will also transfer advanced construction methods and quality standards to upcoming projects, and will assign a dedicated team of experts to assist with design optimisation, material selection, and quality control.
“Nam Long commitment to delivering affordable housing perfectly resonates with NNR’s core philosophy of sustainable development and a commitment to improving housing access for first-time buyers and young families. Our transition from project-based cooperation to a corporate-level partnership reflects our deep trust in their proven execution and allows us to contribute more actively to governance and operational excellence,” said Koyama.
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| Taro Koyama, CEO of Nishi-Nippon Railroad |
NNR is part of the Nishitetsu Group, one of Japan’s most enduring multi-sector conglomerates with over 100 years of experience across transportation, logistics, real estate, and hospitality. The group has been active in Vietnam since 2015 and has completed eight housing projects in the country to date, including Mizuki Park and Akari City in Ho Chi Minh City and Waterpoint (Southgate) in Long An province, all developed alongside Nam Long Group.
NNR had previously partnered with Nam Long ADC at the project level on the development of EHome Southgate, the affordable housing site in the Waterpoint initaitive.
Truong Cong Nghia, general director of Nam Long ADC, said it was that shared experience which gave NNR the confidence to seek a strategic alliance to develop the affordable housing product line at scale.
“Strategically, the joint venture will prioritise smaller projects of 2-3 hectares and move into tier-two cities and other emerging hubs, given that the remaining land bank for affordable and social housing development in Hanoi and Ho Chi Minh City is limited and faces regulatory hurdles. We will work to keep product pricing at a level of around $800-2,000 per square metre,” said Nghia.
As of 2025, Nam Long ADC posted delivery revenue of approximately $20 million across 397 units, while sales bookings for the year reached $34.4 million covering 436 products. Key contributors included An Zen Residences, which drove the bulk of sales activity after opening mid-year and extended Nam Long ADC’s presence into the northern market, alongside the completion of final tower handovers and title transfers at EHome Southgate and the rental of the last tower at EHomeS Nam Saigon’s 242-unit block.
The EHome and EHomeS lines together delivered 1,119 units in 2025, accounting for 56.6 per cent of Nam Long Group’s total deliveries of 1,978 units for the year and representing more than a threefold increase from 351 units in 2024. Revenue from the two product lines reached $45.7 million, or 19.2 per cent of the group’s total delivery revenue of $238.1 million, underscoring the growing weight of the affordable housing segment within the broader group portfolio.
Nam Long ADC is one of five core business segments of the Nam Long Group ecosystem, playing a pivotal role as Vietnam’s first developer of affordable and social housing. To date, Nam Long ADC has handed over more than 10,000 affordable housing units (Ehome) and social housing units (EhomeS) to the southern market, including Ho Chi Minh City, Binh Duong, and Long An. Of these, more than 8,500 apartments have come from five Ehome projects: Ehome 1 and Ehome 2 in Phuoc Long ward, Ho Chi Minh City; Ehome 3 in An Lac ward; Ehome 4 in Lai Thieu ward; and Ehome Southgate Ben Luc in Tay Ninh.
Now entering a new phase of development with a solid foundation, a clear business model, and a sustainable growth strategy, Nam Long ADC plans to expand into the northern market in 2026, with two focal projects in Haiphong and Halong. For more information, visit www.namlongadc.com
