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Nam Long Investment (NLG VN) – H1 2026 – Affordable Apartments Support Resilient Demand
Summary of H1 2026 results and outlook of Nam Long Investment (NLG VN)
- The residential real estate market saw a further increase in new supply as more streamlined legal procedures shortened development timelines and allowed more projects to enter the sales phase. However, the supply composition remained misaligned with end-user affordability, with high-end products accounting for most new launches in major cities and an increasing share of launches in satellite markets, where demand remained largely investor-led. Elevated mortgage rates and tighter financing conditions weakened investment demand, slowing absorption across key markets and softening secondary-market prices. Looking ahead, infrastructure investment and targeted housing policies to expand lower-priced products should gradually improve affordability and contribute to greater housing price stability.
- NLG has eight projects under development, with nearly 85% of the remaining units comprising affordable and mid-end apartments. The remainder comprises townhouses and villas, broadening its customer base and supporting resilience across market cycles. During the period, the company recorded presales of 1,074 units with total value of VND5,079bn. Affordable and mid-end apartments accounted for over 67% of units and 31% of presales value, with contributions from Mizuki Park in HCMC and apartment phases within its townships. The remaining value came from low-rise products in Long An, Dong Nai, the new project in Hai Phong, and land-lot sales in Can Tho. Given average selling prices of VND40-70mn/sqm for most low-rise products and VND130mn/sqm for premium villas in Dong Nai, demand remained largely investor-led. Presales at existing low-rise projects declined for two consecutive quarters from late 2025 as high borrowing costs weighed on demand.
- NLG handed over 326 units with a total handover value of VND1,202bn, with low-rise products in Long An and Can Tho accounting for 64% of the total. The remainder came mainly from mid-end and affordable apartments. Meanwhile, most projects launched since late 2025 remained under construction, with handovers expected to commence from late 2026 through early 2027. Net profit after minority interests reached VND123bn.
- For H2/2026, we forecast around 80% of the presales should come from apartments, underpinned by relatively resilient owner-occupier demand. Earnings are expected to be supported by scheduled handovers of low-rise units, particularly in Can Tho and Long An, partly offset by the absence of one-off gains from project stake divestments.
Interested in NLG? Click here to read more of our previous analysis on NLG’s quarterly earnings.
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