Akteure am vietnamesischen Immobilienmarkt
Nam Long Group review: services, fees, pros and cons
Is Nam Long Group a good developer for foreign buyers in Hanoi?
Nam Long Group at a glance
Developer- Full name
- Nam Long Investment Corporation (Công ty Cổ phần Đầu tư Nam Long)
- Founded
- 1992
- Renamed Nam Long Investment Corporation in 2005
- Listing
- HOSE: NLG — listed 2013
- Ho Chi Minh Stock Exchange
- Headquarters
- Ho Chi Minh City
- Hanoi presence
- Representative office in Hanoi; no delivered or announced residential project in the capital identified
- Verify the current project list directly with the developer
- Core markets
- Ho Chi Minh City, Long An, Đồng Nai and Cần Thơ; a separate industrial-park project in Hải Phòng
- Flagship projects
- Waterpoint (355-hectare township, Bến Lức, Long An), Mizuki Park and Akari City (Ho Chi Minh City), Izumi City (Đồng Nai)
- Key financing partners
- Hankyu Hanshin Properties & Nishi Nippon Railroad (Japan, joint ventures since 2015); IFC (World Bank Group), VND 1,000 billion bond, 2022
- Keppel Land (Singapore) was a strategic shareholder 2015–2025, since divested
- Languages
- Vietnamese; English limited to investor-relations and joint-venture disclosures
Editorial rating breakdown
- Foreigner accessibility
- 2.5 / 5
- English support
- 3.0 / 5
- Track record
- 4.2 / 5
- Fees & transparency
- 4.0 / 5
- Documentation & process
- 3.0 / 5
Representative office in Hanoi has not translated into a delivered capital project; standard domestic process on its southern portfolio.
English materials concentrated in investor-relations filings and Japanese joint-venture communications, not a retail sales desk.
HOSE-listed since 2013, over three decades of operating history, with phased delivery at Waterpoint, Mizuki Park and Akari City.
Public HOSE disclosures plus a decade of Keppel Land shareholder scrutiny (2015–2025) and IFC financing covenants on Waterpoint Phase II.
Standard statutory bank-guarantee, SPA and Pink Book sequence; nothing added specifically for foreign buyers.
Who is Nam Long Group?
Nam Long Investment Corporation — trading as Nam Long Group or by its ticker HOSE: NLG — was founded in 1992 and took its current corporate name in 2005, before listing on the Ho Chi Minh Stock Exchange in 2013. Headquartered in Ho Chi Minh City, it built its reputation on large-scale integrated townships rather than single towers: its flagship Waterpoint development in Bến Lức, Long An province, spans roughly 355 hectares, while its Mizuki Park and Akari City projects sit within Ho Chi Minh City itself.
A distinguishing feature of Nam Long's model is a long run of joint ventures with Japanese partners Hankyu Hanshin Properties and Nishi Nippon Railroad, dating to 2015 and spanning several completed residential phases — a form of institutional co-investment few Vietnamese developers can point to. In 2022, the International Finance Corporation (IFC), the World Bank Group's private-sector arm, invested VND 1,000 billion (roughly €37 million, indicative FX) to help fund Waterpoint's second phase. Singapore's Keppel Land was also a strategic shareholder in Nam Long for a decade, from 2015 until it fully divested its roughly 7.6% stake in July 2025; Vietnam-focused fund manager VinaCapital and Canada's Fiera Capital have since been reported taking meaningful positions.
Within the tier of Ho Chi Minh City-focused, HOSE-listed mid-cap developers, Nam Long sits alongside names such as Khang Điền and An Gia Group — companies with genuine delivery records and public disclosure obligations, but without the capital-city footprint of Vinhomes. For a side-by-side view of how Nam Long compares with these and other developers, see our comparison of Vietnam's best property developers.
+ Strengths and points to verify
- +Listed on the Ho Chi Minh Stock Exchange (HOSE: NLG) since 2013, with over a decade of audited financial statements and material disclosures publicly available.
- +Rare depth of institutional co-investment: decade-long Japanese joint-venture partners (Hankyu Hanshin Properties, Nishi Nippon Railroad) plus a 2022 IFC bond financing Waterpoint Phase II.
- +Large-scale, master-planned township model — Waterpoint alone spans roughly 355 hectares — rather than a single isolated tower, with a phased delivery record since the mid-2010s.
- +A full decade of scrutiny from Keppel Land as a strategic shareholder (2015–2025), succeeded by newly reported positions from VinaCapital and Fiera Capital — continuous institutional oversight.
- +Subject to the same statutory bank-guarantee, developer-licensing and Pink Book rules as every Vietnamese developer, giving buyers a baseline legal floor regardless of brand size.
−
- −No delivered or publicly announced project in Hanoi at the time of this review, despite the representative office — not a relevant shortlist name for a buyer set on the capital.
- −No dedicated English-language retail sales or after-sales function identified; the process runs in Vietnamese by default.
- −Flagship Waterpoint township sits in Long An province, outside Ho Chi Minh City proper — a commute and location trade-off worth weighing even for HCMC-focused buyers.
- −Keppel Land's full 2025 exit means the current institutional shareholder base is younger and less proven than the decade-long relationship it replaced.
- −Lower international brand recognition than Vinhomes, Sun Group or Masterise Homes, worth weighing for future resale liquidity.
Nam Long Group for foreign buyers eyeing Hanoi
Nam Long Group keeps a representative office in Hanoi, but as far as we can verify it has no delivered, under-construction or publicly announced residential project in the capital — its flagship developments remain concentrated in Ho Chi Minh City, Long An, Đồng Nai and Cần Thơ, alongside a separate industrial-park project (VSIP Hải Phòng) in the north that is unrelated to residential sales. If your search is anchored specifically on the districts that matter for foreign buyers in the capital, Nam Long is not currently a name to shortlist for a Hanoi unit — a Hanoi-first developer such as Vinhomes is a more directly relevant starting point.
Where Nam Long becomes relevant is for buyers also open to Ho Chi Minh City or its satellite provinces. There, the same statutory protections apply as with any Vietnamese developer: eligible foreign buyers can hold units for a 50-year term, renewable once, capped at 30% of the units in any single building, under the framework set out in our Vietnam property law guide. Before paying a reservation deposit on an off-plan phase at Waterpoint, Mizuki Park or Akari City, confirm the specific project's developer license is in order and that a bank guarantee has been issued by an SBV-eligible commercial bank — a statutory requirement for off-plan sales, not a courtesy extended selectively. The transaction sequence itself is the standard local one: a reservation, then a Sale & Purchase Agreement, staged payments during construction, and a Pink Book (Sổ hồng) issued after handover and registration.
We have not identified a dedicated English-language retail sales or after-sales desk comparable to what an internationally branded operator offers; English materials are concentrated in investor-relations disclosures and the Japanese joint-venture communications. Treat due diligence — verifying the selling entity, the project's legal status and the specific unit's paperwork — as your own responsibility, supported by independent bilingual legal counsel rather than the sales office. If you plan to lean on a local mortgage, check our guide to mortgages for foreigners before assuming financing will be available on a specific unit. Once a building reaches the required occupancy threshold, day-to-day decisions — service charges, the maintenance fund, choice of management company — run through the owners' general assembly, identical to any other Vietnamese condominium.
✓ Who should consider Nam Long Group
- ✓Investors open to Ho Chi Minh City or its satellite provinces (Long An, Đồng Nai, Cần Thơ) rather than Hanoi specifically
- ✓Buyers who weight a listed company's audited disclosures and a multi-decade Japanese joint-venture track record over brand prestige
- ✓Buyers drawn to a large-scale, integrated township lifestyle — such as Waterpoint — rather than a standalone high-rise tower
- ⚠Buyers whose search is specifically for Hanoi
- ⚠Buyers who need an in-house English-speaking sales or after-sales desk
- ⚠Buyers prioritising maximum international brand recognition and resale liquidity in the capital
Our verdict
3.3 / 5Nam Long Group is a genuine, HOSE-listed developer with three decades of history, a rare run of Japanese joint ventures, IFC-backed financing on Waterpoint and a decade of Keppel Land shareholder scrutiny that only ended in 2025 — a depth of institutional validation few Vietnamese developers can match. But for the reader this site serves, someone buying in Hanoi, it is not currently relevant: the representative office in the capital has not translated into a delivered or announced residential project there. Where Nam Long earns its place in this directory is for buyers casting a wider net toward Ho Chi Minh City and its satellite provinces, who value listed-company transparency and multi-decade township delivery over an English-speaking Hanoi sales desk that does not appear to exist. Verify the developer license and bank guarantee on any specific phase before committing a deposit.
Sources
This review draws on Nam Long Group's public HOSE (Ho Chi Minh Stock Exchange) disclosures, its Japanese joint-venture and IFC financing announcements, and mainstream Vietnamese and regional business press coverage of the 2025 Keppel Land divestment, cross-referenced against Vietnam's current statutory framework for foreign property ownership and developer obligations:
- Housing Law 2023 (27/2023/QH15) — foreign ownership tenure and quota
- Law on Real Estate Business 2023 (29/2023/QH15) — developer licensing and bank-guarantee requirements for off-plan sales
- Land Law 2024 (31/2024/QH15) — land-use rights framework underlying all Pink Book issuance
- Nam Long Group corporate disclosures filed with the Ho Chi Minh Stock Exchange (HOSE: NLG), and its investor-relations announcements on the Waterpoint IFC financing and its Japanese joint ventures
Frequently asked questions
Does Nam Long Group build in Hanoi?
Not as far as we can verify. Nam Long keeps a representative office in Hanoi, but its delivered and publicly announced residential projects — Waterpoint, Mizuki Park, Akari City, Izumi City — are concentrated in Ho Chi Minh City, Long An, Đồng Nai and Cần Thơ. If you are set on Hanoi specifically, see our review of a Hanoi-focused developer such as Vinhomes for a more directly relevant shortlist.
Can foreigners legally buy a Nam Long Group property?
Yes, subject to the same rules that apply to any developer: foreign buyers can own eligible units for a renewable 50-year term, within the 30% foreign quota per building set by Vietnamese law. Nam Long does not offer terms outside these national rules.
Is Nam Long Group financially reliable?
It is a listed company (HOSE: NLG since 2013) with over three decades of operating history, a decade of scrutiny from former strategic shareholder Keppel Land (2015–2025), and a 2022 IFC bond financing its Waterpoint expansion. These are positive institutional signals, but listing status is not a guarantee of any individual project's performance — verify each phase independently.
What is Waterpoint?
Waterpoint is Nam Long's flagship integrated township in Bến Lức, Long An province, spanning roughly 355 hectares. It was developed in partnership with Japan's Nishi Nippon Raiload from 2018, and in 2022 the IFC (World Bank Group) invested VND 1,000 billion to help fund its second phase — one of the largest single financings behind a Nam Long project.
What happened with Keppel Land's stake in Nam Long Group?
Singapore's Keppel Land became a strategic shareholder in Nam Long in 2015, holding roughly 7–8% of the company through its subsidiary Ibeworth Pte Ltd. It fully divested that stake — about 7.6% — in July 2025 as part of a wider group-level portfolio reallocation. VinaCapital and Canada's Fiera Capital have since been reported as new major shareholders.
Are there verified customer reviews of Nam Long Group?
We have not identified an independent, verifiable customer-review platform covering Nam Long Group specifically, and this page does not invent or simulate one. The assessment above is our own editorial view, built from public corporate disclosures and our transactional experience — see the methodology section for our independence disclosure.
Does Nam Long Group offer English-language contracts or support?
We have not identified a dedicated English-language sales or after-sales function. Contracts and building administration run in Vietnamese by default, so budgeting for independent bilingual legal counsel before signing is advisable.
Ähnliche Artikel
Pink Book (sổ hồng) in Vietnam: who issues it, when you receive it, what it costs, and the pitfalls foreign buyers must check before signing.
Due diligence checklist for buying property in Vietnam: verify the developer, the Pink Book title, the foreign quota, the bank guarantee, and disputes.
Hanoi's best districts for foreign buyers compared: Tây Hồ, Ba Đình, Hoàn Kiếm and the new townships — which one suits your budget and lifestyle.
Considering a purchase from Nam Long Group — or comparing it to Hanoi-based developers?
Our Hanoi desk gives independent second opinions on any Vietnamese developer, not just the ones already in our network. Tell us your budget and target city, and we'll tell you plainly whether a name like Nam Long Group belongs on your shortlist.