Nam Long (NLG) Partners with Thrive Senior Living for Vietnam Senior Housing

Overview

Nam Long Group (NLG) has entered into a strategic partnership with Thrive Senior Living to develop senior living projects in Vietnam, beginning with a 400-unit facility at its Waterpoint integrated township in Ben Luc, Tay Ninh. The collaboration aims to address the widening gap between supply and demand for elderly care services in a rapidly aging population.

Key Facts

• Nam Long Group (NLG) and Thrive Senior Living signed a partnership agreement on April 23, 2026.
• The first project will be a 400-unit, 600-bed senior living facility within the Waterpoint integrated township in Ben Luc, Tay Ninh.
• Thrive has 25 years of experience and operates 59 senior living communities in the U.S., U.K., and South Korea.
• Vietnam had approximately 14.2 million people aged 60 and above in 2024, projected to reach 20.9 million by 2034.
• Currently, there are only 218 elderly care facilities nationwide, serving around 15,000 people.
• The development will include multiple service tiers: adult day care, in-home care, long-term residency, and specialized medical support.
• NLG’s stock closed at VND 29,000 on April 15, 2026, down 0.51% with volume of 3.3 million shares.

What Happened

On April 23, 2026, Nam Long Group announced a strategic partnership with Thrive Senior Living, a U.S.-based operator with 25 years of experience in senior living communities across the U.S., U.K., and South Korea. The agreement was signed by Nguyen Hoang Vinh Vien, Managing Director of Nam Long Commercial Property, and Jeremy Ragsdale, Founder and Group CEO of Thrive Senior Living LLC.

The partnership will focus on developing integrated senior living projects that combine accommodation, healthcare, community amenities, and professional operations. The first project is planned within the Waterpoint integrated township in Ben Luc, Tay Ninh, with approximately 400 units and 600 beds. The development will feature low construction density, green spaces, waterways, and park systems. Services will include 24/7 monitoring, health management, digital updates for families, and community-based activities.

Market Context

NLG, listed on HOSE, closed at VND 29,000 on April 15, 2026, down 0.51% with a trading volume of 3.3 million shares. The partnership comes as Vietnam’s real estate sector faces headwinds from regulatory tightening and credit constraints. However, the senior living segment represents a niche with strong demographic tailwinds. The country’s elderly population (60+) is projected to grow from 14.2 million in 2024 to 20.9 million by 2034, while existing facilities serve only about 15,000 people, indicating a massive supply-demand gap.

Strategic Significance

For NLG, this partnership marks a strategic shift beyond traditional residential development into operating assets and recurring income streams. By integrating senior living into its township projects, NLG can enhance long-term value and differentiate its offerings. The collaboration with Thrive brings international expertise in design, operations, and care models, which is critical in a nascent market. This move aligns with government efforts to pilot community-based care models and addresses changing family structures and rising quality-of-life expectations.

What to Watch

• Progress of the first project at Waterpoint, including construction timeline and pre-sales.
• NLG’s Q2 2026 earnings report for any impact on financials or guidance.
• Regulatory developments regarding senior living zoning and licensing in Vietnam.
• Potential expansion of the partnership to other NLG township projects.
• Demographic data updates from the General Statistics Office on elderly population growth.