Under the agreement announced on April 23, the two parties will jointly develop projects that integrate accommodation, healthcare, community amenities, and professional operations, rather than focusing solely on residential functions.
Thrive, which has 25 years of experience and operates 59 senior living communities across the U.S., U.K., and South Korea, will contribute expertise in design, operations, and care models as a strategic partner.
Representatives of Nam Long and Thrive perform a signing ceremony on April 23, 2026. Photo courtesy of Nam Long |
The first project is planned within the Waterpoint integrated township in Ben Luc, Tay Ninh, with a scale of around 400 units and 600 beds. The development is designed with low construction density and incorporates green spaces, waterways, and park systems as part of the broader township.
According to the developer, the model will include multiple service tiers, ranging from adult day care and in-home care to long-term residency and specialized medical support. Services are expected to include 24/7 monitoring, health management, and digital updates for families, along with community-based activities for residents.
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Jeremy Ragsdale, Founder and Group CEO of Thrive Senior Living LLC (USA), highlighted the potential and the urgent need for senior living development in Vietnam. Photo courtesy of Nam Long |
The partnership comes as demand for elderly care services in Vietnam continues to rise.
Data from the General Statistics Office shows the country had approximately 14.2 million people aged 60 and above in 2024, a figure projected to increase to 20.9 million by 2034.
Currently, there are 218 elderly care facilities nationwide, serving around 15,000 people.
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Nguyen Hoang Vinh Vien, Managing Director of Nam Long Commercial Property, stated a shared commitment to the future of healthcare and real estate in Vietnam. Photo courtesy of Nam Long |
Industry observers note a widening gap between supply and demand, while the healthcare system faces pressure to adapt to rapid population aging.
Authorities have also proposed pilot community-based care models to address the shortfall.
Representatives from both companies said the partnership reflects a shared focus on developing integrated, community-based living environments for seniors, in line with changing family structures and rising expectations for quality of life.
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The inaugural Senior Living project will be located at Waterpoint Integrated Township. Photo courtesy of Nam Long |
For Nam Long Commercial Property, the move forms part of a broader strategy to diversify its portfolio beyond traditional residential products, expand operating assets, and enhance long-term value within its integrated township developments.
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