Muangthong, impressed by Lam’s performance in the recent AFF Cup, bought out the remaining one year in his contract with Hai Phong F.C, and will pay him a salary of $10,000 a month besides giving him a house and car during his tenure.
He is set to join the team after Vietnam finish at the Asian Cup starting this week.
Hai Phong F.C. had earlier refused offers from Vietnamese, South Korean and Indonesian clubs.
The Russian-born goalkeeper joined the V-League club in 2015 and helped Hai Phong finish sixth last season. At the AFF Cup, he kept a clean sheet in five group games and went on to help his team win the title.
The 25-year-old is currently preparing for Vietnam’s opener against Iraq at the Asian Cup in the UAE.