HANOI – Nomura Real Estate of Japan has made a significant move to deepen its footprint in Vietnam’s real estate sector by acquiring a 49% stake in a major urban development project in northern Vietnam. The stake was sold by Taiwan-backed developer Phu My Hung in a deal that signals a key partnership for the two Asian real estate heavyweights.
| Key Project Details | |
| Project Name | Hong Hac City |
| Location | Bac Ninh province, northern Vietnam (neighbor of Hanoi) |
| Scale | 197.8-hectare, mixed-use development |
| Total Value | $1.1 billion |
| New Joint Developers | Nomura Real Estate Vietnam and Phu My Hung |
Strategic Expansion for Both Developers
The partnership will see Nomura Real Estate Vietnam and Phu My Hung jointly develop Hong Hac City, a $1.1 billion, 197.8-hectare mixed-use project located in Bac Ninh province. Bac Ninh is a strategically important area, neighboring the capital city Hanoi and serving as a major industrial hub, notably home to a large Samsung factory.
For Phu My Hung, this acquisition marks its first large-scale expansion outside of Ho Chi Minh City (HCMC). The company is already renowned for developing Phu My Hung City, one of Vietnam’s most successful urban areas in southern HCMC, a 409-hectare flagship that houses approximately 30,000 residents, half of whom are foreigners. The move north signals a new growth chapter for the developer, which is also reportedly finalizing legal procedures for another major township in the northern province of Phu Tho.
Nomura’s Growing Commitment to Vietnam
The acquisition reinforces Nomura Real Estate’s strategy of expanding its presence in Vietnam through collaborations with prominent local developers. Nomura Real Estate Vietnam, a subsidiary of Nomura Real Estate Holdings, has a growing portfolio in the country:
- Joint Ventures: It co-developed The Peak condominium complex with Phu My Hung and has also partnered with other major Vietnamese developers like Vingroup and Ecopark.
- Office Assets: Nomura also holds notable commercial real estate in HCMC, including Zen Plaza and a 24% stake in the prominent Sun Wah Tower.
The stake was acquired in Vietinbank Trade-Union Investment JSC, the subsidiary that owns the project, where Phu My Hung previously held a 99% stake. Updated business registration filings confirmed that Nomura Real Estate Asia now holds the 49% interest.
Background on Phu My Hung’s Performance
The deal comes as the Taiwan-backed developer faces a challenging period, despite its strong track record. Phu My Hung reported a second consecutive annual decline in pre-tax profit in 2024, posting nearly VND2.09 trillion ($79.3 million)—a 5% drop year-on-year. This trend continued into the first half of this year, with pre-tax profit falling a sharper 27.5% year-on-year to VND1.23 trillion ($46.8 million).
Furthermore, the company’s financial filings show that as of June 30: Owner’s equity stood at VND10.47 trillion ($397.4 million), down 17% year-on-year. Total liabilities rose by over VND1 trillion ($38 million) to VND23.41 trillion ($888.6 million).
The influx of capital and strategic partnership with a global player like Nomura could provide a significant boost to Phu My Hung’s balance sheet and operational capacity as it ventures into the dynamic northern Vietnam market.
