Nam Long Commercial Property and Thrive sign strategic partnership to develop senior living communities in Vietnam

Nam Long Commercial Property, a member of Nam Long Group (HOSE: NLG), has signed a strategic partnership with Thrive, a company with 25 years of global experience in housing and elder care services. The strategic partnership aims to deploy a senior living community model in Vietnam. Under the collaboration, the two parties will co-develop projects to international standards that are not only housing but a complete living ecosystem for older residents, including activity spaces, healthcare services, community amenities, and a comprehensive operations support system. With Thrive's experience managing 59 Senior Living communities in the United States, the United Kingdom and South Korea, Thrive is a strategic fit, together with Nam Long, to create a unique and creative product to meet the demand for specialized living spaces and elevate the quality of life for seniors in Vietnam. The first project is located in Waterpoint integrated township (Ben Luc, Tay Ninh) with an estimated scale of about 400 units and 600 beds, equipped with full amenities, modern equipment, and designs suitable for seniors. Waterpoint township features a low building density (about 30%), running along 6 km of the Vàm Cỏ Đông river with a 50 m natural vegetation belt along the river, an 8 km canal system, an 8.6-ha freshwater bay park, and a central park spanning 95 ha, creating a natural space that is ideal for elderly residents to enjoy nature within a fully equipped urban area. Choosing the Waterpoint riverside city to initiate the project demonstrates Nam Long's strategic steps toward completing a multi-generational ecosystem of amenities in a model integrated township where residents can live, learn, work, shop, and entertain themselves within minutes. Nam Long's first Senior Living project will be built in the Waterpoint integrated township. The Senior Living community will be implemented at multiple levels, including daytime care, in-home care, and long-term staying, with services ranging from independent living to intensive medical care. Services will include 24/7 monitoring staff, online periodic medical reports for families, and detailed daily nutrition reporting as required. In addition, applying technology to health management, nutrition, operations, and oversight will help raise care quality and strengthen connections between the elderly and their families, delivering a comfortable living experience with meaningful community connections. Mr. Dan Cerf, CEO Thrive Southeast Asia, said: “At Waterpoint, our top priority is to base our operating quality, care capability, and resident living experience at the center. Together with Nam Long Commercial Property, we will create livable communities—where the elderly continue to develop, enjoy and live fully every day. At the same time, a comprehensive housing and care ecosystem will fully meet the growing needs of multi-generational families.” Mr. Nguyen Hoang Vinh Vien, CEO of Nam Long Commercial Property, emphasized: “Nam Long always aims to create communities where residents feel secure to stay for many generations. The pioneering Senior Living model continues to reflect our strong commitment to the future of geriatric care and real estate serving the elderly. This will be a strategic foundation with the potential for large-scale replication and leadership in the market, shaping new standards of care in Vietnam.” Caption: “Mr. Jeremy Ragsdale – Founder & CEO, Thrive Senior Living LLC (USA) shares about the potential and necessity of developing the project in Vietnam.” According to the General Statistics Office, in 2024 Vietnam had about 14.2 million people aged 60 and above, projected to rise to 20.9 million by 2034. Meanwhile, data from the Social Welfare Department (Ministry of Health) shows the country currently has 218 elder care facilities with about 15,000 people receiving care. This reality has prompted the Ministry of Health to propose community-based elder care models to address welfare gaps as the health system struggles to keep pace with population aging. Expanding services and introducing new offerings marks a strategic move by Nam Long Commercial Property to meet the urgent need for specialized elderly living spaces and care, while realizing a broader strategy to expand operating assets and increase real-world value by building high-quality, sustainable communities.