Nomura Real Estate Vietnam Acquires 49% Stake in Hong Hac City Project
Nomura Real Estate Vietnam is making waves in Vietnam's property scene, forging partnerships with prominent developers and expanding its influence. In a significant move, Nomura has acquired a 49% stake in the Hong Hac City project in Bac Ninh, marking Manchester City's first large-scale expansion beyond Ho Chi Minh City.
Phu My Hung, a joint venture between Tan Thuan Industrial Promotion Co. and Phu My Hung Asia Holdings, is teaming up with Nomura Real Estate Vietnam for the Hong Hac City project. This 197.8-hectare mixed-use development, valued at $1.1 billion, is located in Bac Ninh province, neighboring Hanoi and home to a Samsung factory. Nomura's involvement extends beyond Hong Hac City, with Phu My Hung preparing for another large township project in Phu Tho, likely involving Nomura as well.
Phu My Hung's financials reflect a decrease in owner's equity, from VND10.47 trillion ($397.4 million) as of June 30, 2025, compared to the previous year. Pre-tax profits have also seen a decline, with a 5% decrease in 2024 and a 27.5% decrease in the first half of 2025 compared to the same period last year. Despite these fluctuations, Phu My Hung has sold a 49% stake in its subsidiary's major urban project in northern Vietnam to Nomura Real Estate, indicating continued confidence in the market and Nomura's potential.
Nomura Real Estate Vietnam's investment in the Hong Hac City project signals a growing presence in Vietnam's property market. Despite recent financial fluctuations, Phu My Hung's collaboration with Nomura on this and potential future projects demonstrates a commitment to expansion and partnership.
