Nomura Real Estate Development: A Strategic Venture in Vietnam

By Hai Yen
Thu, October 9, 2025 | 8:57 am GMT+7

Since its entry into the Vietnamese market in 2015, Japan’s Nomura Real Estate Development has established itself as a key player, investing billions in joint ventures with some of the country’s largest developers. This strategy has made Vietnam one of its most critical overseas markets, built on a foundation of careful planning and long-term investment goals.

Expanding Through Partnerships

Since commencing operations in Vietnam, Nomura has developed a diversified portfolio, contributing over 30,000 housing units alongside premium commercial properties. This impressive growth has largely been fueled by strategic partnerships with leading local developers.

In southern Vietnam, particularly in Ho Chi Minh City, Nomura, in collaboration with Mitsubishi Estate, has invested nearly VND13 trillion ($493 million) to co-develop two residential subdivisions within the Vinhomes Grand Park complex, a flagship project by Vingroup’s subsidiary Vinhomes. This joint venture retains an 80% stake in two entities, MV1 Vietnam and MV Vietnam, symbolizing an approach that combines local insight with global expertise.

Northern Ventures and Key Investments

Nomura’s ambitions extend beyond southern Vietnam. In northern regions, the company has made significant inroads. A standout investment is its VND9.3 trillion ($353 million) stake in Vinhomes Royal Island, a mega urban initiative in Hai Phong city, which showcases Nomura’s appetite for landmark projects.

In Hanoi, Nomura has collaborated with Ecopark to develop the Swan Lake Onsen Residences, reflecting a trend towards luxury living. Moreover, the company joined forces with Singapore’s CapitaLand Development to create The Senique Hanoi, another luxury residential offering. These developments underline Nomura’s commitment to premium real estate in Vietnam.

Recently, the company made headlines by acquiring a 49% stake in the developer behind the Hong Hac City urban area in Bac Ninh province from Phu My Hung. With a footprint of nearly 200 hectares and a valuation of around $1.1 billion, this marks one of Nomura’s largest investments to date in the country.

Joint Ventures as a Strategic Advantage

Nomura’s strategy typically emphasizes forming joint ventures with reputable local developers that possess established land banks. Through this model, the company often takes a controlling or majority position in projects—an approach exemplified by its 80% ownership in Vinhomes projects and 42.2% in Phu My Hung Midtown. This allows Nomura to effectively manage risk while capitalizing on the local expertise and operational capabilities of its partners.

Vietnam: A Core Profit Engine

Vietnam holds a pivotal role in Nomura’s global growth strategy, underscored by insights from COO Daisaku Matsuo during a briefing in April 2025. He highlighted that Vietnam would continue to serve as a key profit driver through the fiscal year ending March 2028. Along with ongoing contributions from property sales in major international markets like London and the U.S., Vietnam remains a central focus.

Looking ahead, the group plans to inject approximately JPY150 billion ($1 billion) across its overseas ventures between 2025 and 2027, with Vietnam consistently designated as a principal destination for this investment.

While Nomura’s leadership remains optimistic about its growing footprint in Vietnam, it also emphasizes a balanced approach to growth. Matsuo noted the importance of diversifying income sources by exploring expansions in markets like the U.K. and the Philippines, thereby reducing reliance on a single market.

Nomura Real Estate Development’s extensive investments and strategic partnerships showcase a well-calibrated approach to real estate development in Vietnam, reinforcing its position in a rapidly growing economy. This commitment not only highlights the potential of Vietnam as a burgeoning market but also underscores the significance of collaboration in attaining long-term success in the real estate sector.