Is Nam Long Investment Corporation profitable in 2026?

Yes. Nam Long posted FY2025 net income of about VND 661.30 billion, up 35% year over year, and 9M-2025 net profit of VND 354 billion, roughly half its full-year profit plan, per a January 2026 report.

Who owns Nam Long Investment Corporation?

Chairman Nguyen Xuan Quang holds about 7.86% (38.15M+ shares) as of July 2026. Keppel Land fully exited in July 2025, replaced by Fiera Capital (5.71%) and VinaCapital, which became a major shareholder in January 2026.

Is Vinhomes Nam Long's biggest competitor?

Vinhomes is the dominant Vietnamese developer by scale, leading high-end and large-township supply, while Nam Long specializes in the mid-tier affordable segment. Vinhomes has not yet launched a dedicated affordable sub-brand as of mid-2026.

Could AI replace Nam Long's business?

Unlikely. Nam Long's core moat is a 600-681 hectare clean land bank, decade-long Japanese JV capital (Hankyu Hanshin, Nishi-Nippon Railroad, Tokyu), and multi-year Vietnamese permitting, all physical and regulatory assets AI cannot substitute, per March 2025 KB Securities data.

Did Nam Long's revenue decline in 2025?

Yes. FY2025 net revenue was about VND 5.65 trillion, down 21.55% year over year from VND 7.20 trillion in FY2024, and TTM revenue as of Q1 2026 was VND 5.63 trillion, down about 32% YoY, per stockanalysis.com.

What is Nam Long's land bank size?

Nam Long holds over 600 to 681 hectares of clean, development-ready land bank as of a March 2025 KB Securities report, a key asset supporting future project pipelines like Izumi City and Waterpoint.

Real estate developers · Vietnam

Nam Long Investment Corporation

namlonggroup.com ↗

Vietnamese developer building affordable to mid-range housing since 1992.

Defensible for now

Assessed 26 July 2026 · Evidence as of 26 July 2026

Real protection, with named pressure against it.

On the recordSince 26 July 2026 · Checkable from Q4 2026 · Every call on the record Checkpoint: Full-year 2026 presales results against KB Securities' 7,813B VND forecast

The call

Nam Long holds land, permits, and Japanese partners that buy time, while a slow property cycle and a bigger rival's future moves stay the things to watch.

Nam Long buys land in Vietnam, gets permits (a slow 33-step process that takes years), partners with Japanese railroad and real estate companies, and builds apartment buildings for middle-income buyers. The main rival is Vinhomes, a much larger company that builds luxury and mega-projects, though Vinhomes could move downmarket if it wanted to. The hard part for Nam Long is that the Vietnamese housing market is struggling right now (sales down 22% last year, messy leadership changes), so even though the company owns good land and has been around 34 years, it will only do well if the market recovers and buyers start buying homes again in 2026.

Why

AI pressure: None apparent. AI tools speed up design and sales analytics but do not replace land, permits, or physical construction here. Could AI do the core job? Unlikely.

Bigger players: Vinhomes (Vingroup). Vinhomes dwarfs Nam Long in scale but has not launched an affordable sub-brand to fight in this segment yet. Could a giant copy it? Probably.

What protects it. Clean 600 to 681 ha land bank plus decade-long Japanese JV partners (Hankyu Hanshin, Tokyu, Nishi-Nippon Railroad) hard to replicate fast.

What would change this call

Nam Long's 2026 presales come in near or above the ~7.8T VND forecast. Would show the property cycle is turning back in Nam Long's favor.
Vinhomes launches a named affordable-housing sub-brand within 12 months. Would show the dominant incumbent is moving to contest Nam Long's core segment.
Nishi-Nippon Railroad JV hits its April 2026 land assembly or permitting milestones on schedule. Would show the Japanese JV moat and delivery pipeline remain intact.

Key numbers

Land bank: 600 to 681 ha clean, ready to build (2025-03-11)
2026 presales forecast: 7,813B VND (KBSV) (2025-03-11)
Assets 28.39T VND, cash 3.26T VND (Sept 30) (2026-01-19)

Named risks

Vietnamese property downcycle: FY2025 revenue fell 21.55% YoY amid stressed market conditions. Severity: high
Legal representative change filed April 2026 signals possible governance flux. Severity: medium
Shareholder base churn after Keppel Land exit, Fiera and VinaCapital entries since mid-2025. Severity: medium
Cash declined to VND 3.26 trillion by Sept 30, 2025, tightening liquidity buffer. Severity: medium
Vinhomes could launch a competing affordable-housing sub-brand given its scale advantage. Severity: high

Rivals, as read in July 2026

Rival	Direction	Evidence
Vinhomes (Vingroup)	contesting	Dominant high-end/large-township developer; no affordable sub-brand launched as of mid-2026
Khang Dien House (KDH)	contesting	Covered as direct residential peer by KB Securities, Dec 2024 outlook
Dat Xanh Group (DXG)	contesting	Listed as main residential developer peer alongside NLG, Dec 2024
Novaland	contesting	Named among major Vietnamese residential developer peers in industry coverage

Questions people ask

Is Nam Long Investment Corporation profitable in 2026?: Yes. Nam Long posted FY2025 net income of about VND 661.30 billion, up 35% year over year, and 9M-2025 net profit of VND 354 billion, roughly half its full-year profit plan, per a January 2026 report.
Who owns Nam Long Investment Corporation?: Chairman Nguyen Xuan Quang holds about 7.86% (38.15M+ shares) as of July 2026. Keppel Land fully exited in July 2025, replaced by Fiera Capital (5.71%) and VinaCapital, which became a major shareholder in January 2026.
Is Vinhomes Nam Long's biggest competitor?: Vinhomes is the dominant Vietnamese developer by scale, leading high-end and large-township supply, while Nam Long specializes in the mid-tier affordable segment. Vinhomes has not yet launched a dedicated affordable sub-brand as of mid-2026.
Could AI replace Nam Long's business?: Unlikely. Nam Long's core moat is a 600-681 hectare clean land bank, decade-long Japanese JV capital (Hankyu Hanshin, Nishi-Nippon Railroad, Tokyu), and multi-year Vietnamese permitting, all physical and regulatory assets AI cannot substitute, per March 2025 KB Securities data.
Did Nam Long's revenue decline in 2025?: Yes. FY2025 net revenue was about VND 5.65 trillion, down 21.55% year over year from VND 7.20 trillion in FY2024, and TTM revenue as of Q1 2026 was VND 5.63 trillion, down about 32% YoY, per stockanalysis.com.
What is Nam Long's land bank size?: Nam Long holds over 600 to 681 hectares of clean, development-ready land bank as of a March 2025 KB Securities report, a key asset supporting future project pipelines like Izumi City and Waterpoint.

Timeline

2026-04-28Nam Long filed notice of legal representative change (governance flag)
2026-04-25Nam Long ADC formed JV with Nishi-Nippon Railroad, 51/49 split, targeting 80% growth by 2030
2026-01-19VinaCapital became major shareholder after raising stake above 5%
2025-11-06Sold 15.1% stake in Izumi City JV to Japan's Tokyu Corporation, retained 50%
2025-08-19Broke ground on Trellia Cove at Mizuki Park; launched Easy Pay 40-year financing
2025-07-25Fiera Capital (UK) became major shareholder with 5.71% stake
2025-07-24Keppel Land fully divested its NLG stake via Ibeworth Pte Ltd
2025-07-07Launched An Zen Residences, first EHome project in northern Vietnam
2025-05-14Marked 10-year JV partnership with Hankyu Hanshin and Nishi-Nippon Railroad, 20,000+ units delivered

Head to head

Nam Long Investment Corporation vs Vinhomes

Revision history

26 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

In the same band

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