In which year did we first invest?
We first invested in Nam Long in 2018.
Where is their head office?
The head office is in Ho Chi Minh City, Vietnam.
What does the company do?
Affordable housing developer with a focus on township development in Ho Chi Minh City. It is among the three largest housing developers in Vietnam.
Why do we like the investment?
For starters, we like the pent-up demand for affordable housing in Vietnam on the back of strong economic growth and constrained supply. This provides a structural tailwind for growth which Nam Long is well-placed to capture given their solid financial position, strong execution capabilities and attractive land bank. We also like the company’s openness to minority investors and strong governance credentials, with the added benefit of reputable partners from Singapore and Japan co-investing in their projects helping de-risk their pipeline and shorten their cash cycle.