diff --git a/change/react-native-windows-45b71ac8-193e-4478-85ad-df5bc0197d2a.json b/change/react-native-windows-45b71ac8-193e-4478-85ad-df5bc0197d2a.json
new file mode 100644
index 00000000000..6cc5ea5d269
--- /dev/null
+++ b/change/react-native-windows-45b71ac8-193e-4478-85ad-df5bc0197d2a.json
@@ -0,0 +1,7 @@
+{
+  "type": "patch",
+  "comment": "Use HybridCRT for react-native-win32",
+  "packageName": "react-native-windows",
+  "email": "vmorozov@microsoft.com",
+  "dependentChangeType": "patch"
+}
diff --git a/vnext/Common/Common.vcxproj b/vnext/Common/Common.vcxproj
index 8c652366030..23047df86da 100644
--- a/vnext/Common/Common.vcxproj
+++ b/vnext/Common/Common.vcxproj
@@ -1,12 +1,12 @@
 <?xml version="1.0" encoding="utf-8"?>
 <Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
   <PropertyGroup Label="Globals">
-    <ProjectGuid>{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}</ProjectGuid>
-    <ProjectName>Common</ProjectName>
+    <ProjectGuid Condition="'$(ReactTargetWin32)' != 'true'">{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}</ProjectGuid>
+    <ProjectName Condition="'$(ReactTargetWin32)' != 'true'">Common</ProjectName>
     <Keyword>StaticLibrary</Keyword>
-    <AppContainerApplication>true</AppContainerApplication>
-    <ApplicationType>Windows Store</ApplicationType>
-    <ApplicationTypeRevision>10.0</ApplicationTypeRevision>
+    <AppContainerApplication Condition="'$(ReactTargetWin32)' != 'true'">true</AppContainerApplication>
+    <ApplicationType Condition="'$(ReactTargetWin32)' != 'true'">Windows Store</ApplicationType>
+    <ApplicationTypeRevision Condition="'$(ReactTargetWin32)' != 'true'">10.0</ApplicationTypeRevision>
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
@@ -56,6 +56,7 @@
   </ImportGroup>
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" Condition="'$(ReactTargetWin32)' == 'true'" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <PropertyGroup>
diff --git a/vnext/Common/Common.win32.vcxproj b/vnext/Common/Common.win32.vcxproj
new file mode 100644
index 00000000000..03b81d3d36f
--- /dev/null
+++ b/vnext/Common/Common.win32.vcxproj
@@ -0,0 +1,10 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
+  <PropertyGroup Label="Globals">
+    <ProjectGuid>{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}</ProjectGuid>
+    <ProjectName>Common.win32</ProjectName>
+    <Keyword>StaticLibrary</Keyword>
+    <ReactTargetWin32>true</ReactTargetWin32>
+  </PropertyGroup>
+  <Import Project="Common.vcxproj" />
+</Project>
diff --git a/vnext/Desktop.DLL/React.Windows.Desktop.DLL.vcxproj b/vnext/Desktop.DLL/React.Windows.Desktop.DLL.vcxproj
index 9252de6f3f3..d9036bada55 100644
--- a/vnext/Desktop.DLL/React.Windows.Desktop.DLL.vcxproj
+++ b/vnext/Desktop.DLL/React.Windows.Desktop.DLL.vcxproj
@@ -44,6 +44,7 @@
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
+  <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\Generated\PackageVersion.g.props" />
   <PropertyGroup Label="Configuration">
     <ConfigurationType>DynamicLibrary</ConfigurationType>
diff --git a/vnext/Desktop.IntegrationTests/React.Windows.Desktop.IntegrationTests.vcxproj b/vnext/Desktop.IntegrationTests/React.Windows.Desktop.IntegrationTests.vcxproj
index ca2cf7bb792..9fa682dd445 100644
--- a/vnext/Desktop.IntegrationTests/React.Windows.Desktop.IntegrationTests.vcxproj
+++ b/vnext/Desktop.IntegrationTests/React.Windows.Desktop.IntegrationTests.vcxproj
@@ -34,6 +34,7 @@
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
+  <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   <PropertyGroup Label="Configuration">
     <ConfigurationType>DynamicLibrary</ConfigurationType>
     <UseOfMfc>false</UseOfMfc>
diff --git a/vnext/Desktop.Test.DLL/React.Windows.Desktop.Test.DLL.vcxproj b/vnext/Desktop.Test.DLL/React.Windows.Desktop.Test.DLL.vcxproj
index fda8c8cf40b..c003986a257 100644
--- a/vnext/Desktop.Test.DLL/React.Windows.Desktop.Test.DLL.vcxproj
+++ b/vnext/Desktop.Test.DLL/React.Windows.Desktop.Test.DLL.vcxproj
@@ -40,6 +40,7 @@
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
+  <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   <PropertyGroup Label="Configuration">
     <ConfigurationType>DynamicLibrary</ConfigurationType>
   </PropertyGroup>
diff --git a/vnext/Desktop.UnitTests/React.Windows.Desktop.UnitTests.vcxproj b/vnext/Desktop.UnitTests/React.Windows.Desktop.UnitTests.vcxproj
index deb48217dfc..68c9a880f51 100644
--- a/vnext/Desktop.UnitTests/React.Windows.Desktop.UnitTests.vcxproj
+++ b/vnext/Desktop.UnitTests/React.Windows.Desktop.UnitTests.vcxproj
@@ -38,6 +38,7 @@
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
+  <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   <PropertyGroup Label="Configuration">
     <ConfigurationType>DynamicLibrary</ConfigurationType>
   </PropertyGroup>
diff --git a/vnext/Desktop/React.Windows.Desktop.vcxproj b/vnext/Desktop/React.Windows.Desktop.vcxproj
index 1b7b522c805..b2602d64b2a 100644
--- a/vnext/Desktop/React.Windows.Desktop.vcxproj
+++ b/vnext/Desktop/React.Windows.Desktop.vcxproj
@@ -88,6 +88,7 @@
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
     <Import Project="..\PropertySheets\WinUI.props" Condition="'$(UseWinUI3)'=='true'" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <PropertyGroup>
@@ -267,17 +268,17 @@
     <ClInclude Include="pch.h" />
   </ItemGroup>
   <ItemGroup>
-    <ProjectReference Include="..\Common\Common.vcxproj">
-      <Project>{fca38f3c-7c73-4c47-be4e-32f77fa8538d}</Project>
+    <ProjectReference Include="..\Common\Common.win32.vcxproj">
+      <Project>{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}</Project>
     </ProjectReference>
-    <ProjectReference Include="..\Folly\Folly.vcxproj">
-      <Project>{A990658C-CE31-4BCC-976F-0FC6B1AF693D}</Project>
+    <ProjectReference Include="..\Folly\Folly.win32.vcxproj">
+      <Project>{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}</Project>
     </ProjectReference>
     <ProjectReference Include="..\FollyWin32\FollyWin32.vcxproj">
       <Project>{74085F13-2DDE-45E5-A0CA-927AC9D0B953}</Project>
     </ProjectReference>
-    <ProjectReference Include="..\ReactCommon\ReactCommon.vcxproj">
-      <Project>{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}</Project>
+    <ProjectReference Include="..\ReactCommon\ReactCommon.win32.vcxproj">
+      <Project>{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}</Project>
     </ProjectReference>
   </ItemGroup>
   <ItemGroup>
diff --git a/vnext/Folly/Folly.vcxproj b/vnext/Folly/Folly.vcxproj
index ab9d5344d55..184604ca4d7 100644
--- a/vnext/Folly/Folly.vcxproj
+++ b/vnext/Folly/Folly.vcxproj
@@ -1,14 +1,14 @@
 <?xml version="1.0" encoding="utf-8"?>
 <Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
   <PropertyGroup Label="Globals">
-    <ProjectGuid>{a990658c-ce31-4bcc-976f-0fc6b1af693d}</ProjectGuid>
+    <ProjectGuid Condition="'$(ReactTargetWin32)' != 'true'">{a990658c-ce31-4bcc-976f-0fc6b1af693d}</ProjectGuid>
     <Keyword>StaticLibrary</Keyword>
-    <ProjectName>Folly</ProjectName>
+    <ProjectName Condition="'$(ReactTargetWin32)' != 'true'">Folly</ProjectName>
     <RootNamespace>Folly</RootNamespace>
     <DefaultLanguage>en-US</DefaultLanguage>
-    <ApplicationType>Windows Store</ApplicationType>
-    <ApplicationTypeRevision>10.0</ApplicationTypeRevision>
-    <AppContainerApplication>true</AppContainerApplication>
+    <ApplicationType Condition="'$(ReactTargetWin32)' != 'true'">Windows Store</ApplicationType>
+    <ApplicationTypeRevision Condition="'$(ReactTargetWin32)' != 'true'">10.0</ApplicationTypeRevision>
+    <AppContainerApplication Condition="'$(ReactTargetWin32)' != 'true'">true</AppContainerApplication>
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
@@ -250,6 +250,7 @@
   </ImportGroup>
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" Condition="'$(ReactTargetWin32)' == 'true'" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <PropertyGroup>
@@ -259,6 +260,7 @@
   <ItemDefinitionGroup>
     <ClCompile>
       <PrecompiledHeader>Use</PrecompiledHeader>
+      <PrecompiledHeaderFile>pch.h</PrecompiledHeaderFile>
       <CompileAsWinRT>false</CompileAsWinRT>
       <SDLCheck>true</SDLCheck>
       <AdditionalIncludeDirectories>$(ReactNativeWindowsDir)stubs;$(FollyDir);$(FmtDir)\include;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
@@ -333,7 +335,10 @@
     <Message Importance="High" Text="Applying temporary patches to folly." />
     <Copy DestinationFiles="@(TemporaryFollyPatchFiles->'$(FollyDir)folly\%(RecursiveDir)%(Filename)%(Extension)')" SourceFiles="@(TemporaryFollyPatchFiles)" />
   </Target>
-  <ItemGroup>
-    <ProjectReference Include="..\Fmt\Fmt.vcxproj" Project="{14b93DC8-FD93-4A6D-81CB-8BC96644501C}" />
+  <ItemGroup Condition="'$(ReactTargetWin32)' != 'true'">
+    <ProjectReference Include="..\fmt\fmt.vcxproj" Project="{14B93DC8-FD93-4A6D-81CB-8BC96644501C}" />
+  </ItemGroup>
+  <ItemGroup Condition="'$(ReactTargetWin32)' == 'true'">
+    <ProjectReference Include="..\fmt\fmt.win32.vcxproj" Project="{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}" />
   </ItemGroup>
 </Project>
\ No newline at end of file
diff --git a/vnext/Folly/Folly.win32.vcxproj b/vnext/Folly/Folly.win32.vcxproj
new file mode 100644
index 00000000000..c3f700bad9e
--- /dev/null
+++ b/vnext/Folly/Folly.win32.vcxproj
@@ -0,0 +1,10 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
+  <PropertyGroup Label="Globals">
+    <ProjectGuid>{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}</ProjectGuid>
+    <ProjectName>Folly.win32</ProjectName>
+    <Keyword>StaticLibrary</Keyword>
+    <ReactTargetWin32>true</ReactTargetWin32>
+  </PropertyGroup>
+  <Import Project="Folly.vcxproj" />
+</Project>
diff --git a/vnext/FollyWin32/FollyWin32.vcxproj b/vnext/FollyWin32/FollyWin32.vcxproj
index ef49708a792..9fa98991a9e 100644
--- a/vnext/FollyWin32/FollyWin32.vcxproj
+++ b/vnext/FollyWin32/FollyWin32.vcxproj
@@ -62,6 +62,7 @@
   </ImportGroup>
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <ItemDefinitionGroup>
@@ -85,6 +86,6 @@
   </ImportGroup>
   <!-- Make sure we've downloaded Folly -->
   <ItemGroup>
-    <ProjectReference Include="..\Folly\Folly.vcxproj" Project="{A990658C-CE31-4BCC-976F-0FC6B1AF693D}" />
+    <ProjectReference Include="..\Folly\Folly.win32.vcxproj" Project="{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}" />
   </ItemGroup>
 </Project>
\ No newline at end of file
diff --git a/vnext/FollyWin32/packages.lock.json b/vnext/FollyWin32/packages.lock.json
new file mode 100644
index 00000000000..90a02952249
--- /dev/null
+++ b/vnext/FollyWin32/packages.lock.json
@@ -0,0 +1,26 @@
+{
+  "version": 1,
+  "dependencies": {
+    "native,Version=v0.0": {
+      "boost": {
+        "type": "Transitive",
+        "resolved": "1.83.0",
+        "contentHash": "cy53VNMzysEMvhBixDe8ujPk67Fcj3v6FPHQnH91NYJNLHpc6jxa2xq9ruCaaJjE4M3YrGSHDi4uUSTGBWw6EQ=="
+      },
+      "fmt.win32": {
+        "type": "Project"
+      },
+      "folly.win32": {
+        "type": "Project",
+        "dependencies": {
+          "boost": "[1.83.0, )",
+          "fmt.win32": "[1.0.0, )"
+        }
+      }
+    },
+    "native,Version=v0.0/win": {},
+    "native,Version=v0.0/win-arm64": {},
+    "native,Version=v0.0/win-x64": {},
+    "native,Version=v0.0/win-x86": {}
+  }
+}
\ No newline at end of file
diff --git a/vnext/IntegrationTests/React.Windows.IntegrationTests.vcxproj b/vnext/IntegrationTests/React.Windows.IntegrationTests.vcxproj
index 2d2794ded96..a8a892a4627 100644
--- a/vnext/IntegrationTests/React.Windows.IntegrationTests.vcxproj
+++ b/vnext/IntegrationTests/React.Windows.IntegrationTests.vcxproj
@@ -52,6 +52,7 @@
   </ImportGroup>
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <PropertyGroup>
@@ -68,11 +69,11 @@
   </ItemDefinitionGroup>
   <Import Project="$(ReactNativeWindowsDir)\PropertySheets\ReactCommunity.cpp.props" />
   <ItemGroup>
-    <ProjectReference Include="..\Common\Common.vcxproj">
-      <Project>{fca38f3c-7c73-4c47-be4e-32f77fa8538d}</Project>
+    <ProjectReference Include="..\Common\Common.win32.vcxproj">
+      <Project>{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}</Project>
     </ProjectReference>
-    <ProjectReference Include="..\Folly\Folly.vcxproj">
-      <Project>{A990658C-CE31-4BCC-976F-0FC6B1AF693D}</Project>
+    <ProjectReference Include="..\Folly\Folly.win32.vcxproj">
+      <Project>{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}</Project>
     </ProjectReference>
   </ItemGroup>
   <ItemGroup>
diff --git a/vnext/PropertySheets/HybridCRT.props b/vnext/PropertySheets/HybridCRT.props
index 610fd928118..1bf913c665d 100644
--- a/vnext/PropertySheets/HybridCRT.props
+++ b/vnext/PropertySheets/HybridCRT.props
@@ -1,34 +1,38 @@
 <?xml version="1.0" encoding="utf-8"?>
 <!-- Copyright (c) Microsoft Corporation. All rights reserved. Licensed under the MIT License. See LICENSE in the project root for license information. -->
+<!--
+  Hybrid CRT: Uses static C++ runtime with dynamic Universal CRT to avoid VCRUNTIME140[d].dll and MSVCP140[d].dll dependency.
+  See: https://github.com/microsoft/WindowsAppSDK/blob/main/docs/Coding-Guidelines/HybridCRT.md
+-->
 <Project ToolsVersion="14.0" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
 
-	<ItemDefinitionGroup Condition="'$(Configuration)'=='Debug'">
-		<ClCompile>
-			<!-- We use MultiThreadedDebug, rather than MultiThreadedDebugDLL, to avoid DLL dependencies on VCRUNTIME140d.dll and MSVCP140d.dll. -->
-			<RuntimeLibrary>MultiThreadedDebug</RuntimeLibrary>
-		</ClCompile>
-		<Link>
-			<!-- Link statically against the runtime and STL, but link dynamically against the CRT by ignoring the static CRT
+  <ItemDefinitionGroup Condition="'$(Configuration)'=='Debug'">
+    <ClCompile>
+      <!-- We use MultiThreadedDebug, rather than MultiThreadedDebugDLL, to avoid DLL dependencies on VCRUNTIME140d.dll and MSVCP140d.dll. -->
+      <RuntimeLibrary>MultiThreadedDebug</RuntimeLibrary>
+    </ClCompile>
+    <Link>
+      <!-- Link statically against the runtime and STL, but link dynamically against the CRT by ignoring the static CRT
            lib and instead linking against the Universal CRT DLL import library. This "hybrid" linking mechanism is
            supported according to the CRT maintainer. Dynamic linking against the CRT makes the binaries a bit smaller
            than they would otherwise be if the CRT, runtime, and STL were all statically linked in. -->
-			<IgnoreSpecificDefaultLibraries>%(IgnoreSpecificDefaultLibraries);libucrtd.lib</IgnoreSpecificDefaultLibraries>
-			<AdditionalOptions>%(AdditionalOptions) /defaultlib:ucrtd.lib</AdditionalOptions>
-		</Link>
-	</ItemDefinitionGroup>
-	<ItemDefinitionGroup Condition="'$(Configuration)'=='Release'">
-		<ClCompile>
-			<!-- We use MultiThreaded, rather than MultiThreadedDLL, to avoid DLL dependencies on VCRUNTIME140.dll and MSVCP140.dll. -->
-			<RuntimeLibrary>MultiThreaded</RuntimeLibrary>
-		</ClCompile>
-		<Link>
-			<!-- Link statically against the runtime and STL, but link dynamically against the CRT by ignoring the static CRT
+      <IgnoreSpecificDefaultLibraries>%(IgnoreSpecificDefaultLibraries);libucrtd.lib</IgnoreSpecificDefaultLibraries>
+      <AdditionalOptions>%(AdditionalOptions) /defaultlib:ucrtd.lib</AdditionalOptions>
+    </Link>
+  </ItemDefinitionGroup>
+  <ItemDefinitionGroup Condition="'$(Configuration)'=='Release'">
+    <ClCompile>
+      <!-- We use MultiThreaded, rather than MultiThreadedDLL, to avoid DLL dependencies on VCRUNTIME140.dll and MSVCP140.dll. -->
+      <RuntimeLibrary>MultiThreaded</RuntimeLibrary>
+    </ClCompile>
+    <Link>
+      <!-- Link statically against the runtime and STL, but link dynamically against the CRT by ignoring the static CRT
            lib and instead linking against the Universal CRT DLL import library. This "hybrid" linking mechanism is
            supported according to the CRT maintainer. Dynamic linking against the CRT makes the binaries a bit smaller
            than they would otherwise be if the CRT, runtime, and STL were all statically linked in. -->
-			<IgnoreSpecificDefaultLibraries>%(IgnoreSpecificDefaultLibraries);libucrt.lib</IgnoreSpecificDefaultLibraries>
-			<AdditionalOptions>%(AdditionalOptions) /defaultlib:ucrt.lib</AdditionalOptions>
-		</Link>
-	</ItemDefinitionGroup>
+      <IgnoreSpecificDefaultLibraries>%(IgnoreSpecificDefaultLibraries);libucrt.lib</IgnoreSpecificDefaultLibraries>
+      <AdditionalOptions>%(AdditionalOptions) /defaultlib:ucrt.lib</AdditionalOptions>
+    </Link>
+  </ItemDefinitionGroup>
 
 </Project>
\ No newline at end of file
diff --git a/vnext/ReactCommon.UnitTests/ReactCommon.UnitTests.vcxproj b/vnext/ReactCommon.UnitTests/ReactCommon.UnitTests.vcxproj
index 038707bf99a..db6a05a6c11 100644
--- a/vnext/ReactCommon.UnitTests/ReactCommon.UnitTests.vcxproj
+++ b/vnext/ReactCommon.UnitTests/ReactCommon.UnitTests.vcxproj
@@ -28,6 +28,7 @@
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\ReactCommunity.Cpp.props" />
+  <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   <PropertyGroup Label="Configuration">
     <ConfigurationType>Application</ConfigurationType>
   </PropertyGroup>
@@ -164,12 +165,10 @@
   <ItemDefinitionGroup Condition="'$(Configuration)'=='Debug'">
     <ClCompile>
       <BasicRuntimeChecks>EnableFastChecks</BasicRuntimeChecks>
-      <RuntimeLibrary>MultiThreadedDebugDLL</RuntimeLibrary>
     </ClCompile>
   </ItemDefinitionGroup>
   <ItemDefinitionGroup Condition="'$(Configuration)'=='Release'">
     <ClCompile>
-      <RuntimeLibrary>MultiThreadedDLL</RuntimeLibrary>
       <DebugInformationFormat>ProgramDatabase</DebugInformationFormat>
     </ClCompile>
     <Link>
@@ -179,7 +178,7 @@
   </ItemDefinitionGroup>
   <ItemGroup>
     <PackageReference Include="boost" Version="1.83.0.0" />
-    <PackageReference Include="Microsoft.googletest.v140.windesktop.msvcstl.static.rt-dyn" Version="1.8.1.7" />
+    <PackageReference Include="Microsoft.googletest.v140.windesktop.msvcstl.static.rt-static" Version="1.8.1.7" />
     <PackageReference Include="$(V8PackageName)" Version="$(V8Version)" Condition="'$(UseV8)' == 'true'" />
   </ItemGroup>
 </Project>
\ No newline at end of file
diff --git a/vnext/ReactCommon/ReactCommon.vcxproj b/vnext/ReactCommon/ReactCommon.vcxproj
index 4a70c003acc..62b9784247f 100644
--- a/vnext/ReactCommon/ReactCommon.vcxproj
+++ b/vnext/ReactCommon/ReactCommon.vcxproj
@@ -1,13 +1,13 @@
 <?xml version="1.0" encoding="utf-8"?>
 <Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
   <PropertyGroup Label="Globals">
-    <ProjectGuid>{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}</ProjectGuid>
+    <ProjectGuid Condition="'$(ReactTargetWin32)' != 'true'">{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}</ProjectGuid>
     <Keyword>StaticLibrary</Keyword>
-    <ProjectName>ReactCommon</ProjectName>
+    <ProjectName Condition="'$(ReactTargetWin32)' != 'true'">ReactCommon</ProjectName>
     <RootNamespace>ReactCommon</RootNamespace>
-    <AppContainerApplication>true</AppContainerApplication>
-    <ApplicationType>Windows Store</ApplicationType>
-    <ApplicationTypeRevision>10.0</ApplicationTypeRevision>
+    <AppContainerApplication Condition="'$(ReactTargetWin32)' != 'true'">true</AppContainerApplication>
+    <ApplicationType Condition="'$(ReactTargetWin32)' != 'true'">Windows Store</ApplicationType>
+    <ApplicationTypeRevision Condition="'$(ReactTargetWin32)' != 'true'">10.0</ApplicationTypeRevision>
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
@@ -57,6 +57,7 @@
   </ImportGroup>
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" Condition="'$(ReactTargetWin32)' == 'true'" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <PropertyGroup>
@@ -66,6 +67,7 @@
   <ItemDefinitionGroup>
     <ClCompile>
       <PrecompiledHeader>Use</PrecompiledHeader>
+      <PrecompiledHeaderFile>pch.h</PrecompiledHeaderFile>
       <CompileAsWinRT>false</CompileAsWinRT>
       <SDLCheck>true</SDLCheck>
       <AdditionalIncludeDirectories>
@@ -189,11 +191,16 @@
     <CLCompile Include="$(ReactNativeDir)\ReactCommon\react\nativemodule\samples\ReactCommon\NativeSampleTurboCxxModuleSpecJSI.cpp" />
     <CLCompile Include="$(ReactNativeDir)\ReactCommon\react\nativemodule\samples\ReactCommon\SampleTurboCxxModule.cpp" />
   </ItemGroup>
-  <ItemGroup>
+  <ItemGroup Condition="'$(ReactTargetWin32)' != 'true'">
     <ProjectReference Include="..\Folly\Folly.vcxproj">
       <Project>{A990658C-CE31-4BCC-976F-0FC6B1AF693D}</Project>
     </ProjectReference>
   </ItemGroup>
+  <ItemGroup Condition="'$(ReactTargetWin32)' == 'true'">
+    <ProjectReference Include="..\Folly\Folly.win32.vcxproj">
+      <Project>{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}</Project>
+    </ProjectReference>
+  </ItemGroup>
   <ItemGroup>
     <PackageReference Include="boost" Version="1.83.0.0" />
   </ItemGroup>
diff --git a/vnext/ReactCommon/ReactCommon.win32.vcxproj b/vnext/ReactCommon/ReactCommon.win32.vcxproj
new file mode 100644
index 00000000000..8028e25329b
--- /dev/null
+++ b/vnext/ReactCommon/ReactCommon.win32.vcxproj
@@ -0,0 +1,10 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
+  <PropertyGroup Label="Globals">
+    <ProjectGuid>{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}</ProjectGuid>
+    <ProjectName>ReactCommon.win32</ProjectName>
+    <Keyword>StaticLibrary</Keyword>
+    <ReactTargetWin32>true</ReactTargetWin32>
+  </PropertyGroup>
+  <Import Project="ReactCommon.vcxproj" />
+</Project>
diff --git a/vnext/ReactWindows-Desktop.sln b/vnext/ReactWindows-Desktop.sln
index 87c3b33978b..1f63220fbaf 100644
--- a/vnext/ReactWindows-Desktop.sln
+++ b/vnext/ReactWindows-Desktop.sln
@@ -2,22 +2,7 @@ Microsoft Visual Studio Solution File, Format Version 12.00
 # Visual Studio Version 17
 VisualStudioVersion = 17.3.32929.385
 MinimumVisualStudioVersion = 10.0.40219.1
-Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "Folly", "Folly\Folly.vcxproj", "{A990658C-CE31-4BCC-976F-0FC6B1AF693D}"
-EndProject
-Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "fmt", "fmt\fmt.vcxproj", "{14B93DC8-FD93-4A6D-81CB-8BC96644501C}"
-EndProject
-Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "ReactCommon", "ReactCommon\ReactCommon.vcxproj", "{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}"
-	ProjectSection(ProjectDependencies) = postProject
-		{74085F13-2DDE-45E5-A0CA-927AC9D0B953} = {74085F13-2DDE-45E5-A0CA-927AC9D0B953}
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D} = {A990658C-CE31-4BCC-976F-0FC6B1AF693D}
-	EndProjectSection
-EndProject
 Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "React.Windows.Desktop.DLL", "Desktop.DLL\React.Windows.Desktop.DLL.vcxproj", "{88BAB0FA-E1AC-4DA7-A30C-F91702A8EADB}"
-	ProjectSection(ProjectDependencies) = postProject
-		{74085F13-2DDE-45E5-A0CA-927AC9D0B953} = {74085F13-2DDE-45E5-A0CA-927AC9D0B953}
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D} = {A990658C-CE31-4BCC-976F-0FC6B1AF693D}
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD} = {A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}
-	EndProjectSection
 EndProject
 Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "React.Windows.Desktop.UnitTests", "Desktop.UnitTests\React.Windows.Desktop.UnitTests.vcxproj", "{96CD24DC-91C2-480A-BC26-EE2250DA80D7}"
 EndProject
@@ -103,8 +88,6 @@ Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "React.Windows.Desktop.Test.
 EndProject
 Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "Include", "include\Include.vcxitems", "{EF074BA1-2D54-4D49-A28E-5E040B47CD2E}"
 EndProject
-Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "Common", "Common\Common.vcxproj", "{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}"
-EndProject
 Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "Mso.UnitTests", "Mso.UnitTests\Mso.UnitTests.vcxproj", "{1958CEAA-FBE0-44E3-8A99-90AD85531FFE}"
 EndProject
 Project("{2150E333-8FDC-42A3-9474-1A3956D46DE8}") = "Mso", "Mso", "{4DE630AE-EC50-4F21-942E-7B811A1C5FA3}"
@@ -117,6 +100,14 @@ Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "ReactCommon.UnitTests", "Re
 EndProject
 Project("{9A19103F-16F7-4668-BE54-9A1E7A4F7556}") = "Microsoft.ReactNative.Test.Website", "TestWebsite\Microsoft.ReactNative.Test.Website.csproj", "{C5B2EB41-849E-41F7-BC70-DEFF26F09E5E}"
 EndProject
+Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "fmt.win32", "fmt\fmt.win32.vcxproj", "{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}"
+EndProject
+Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "Folly.win32", "Folly\Folly.win32.vcxproj", "{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}"
+EndProject
+Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "ReactCommon.win32", "ReactCommon\ReactCommon.win32.vcxproj", "{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}"
+EndProject
+Project("{8BC9CEB8-8B4A-11D0-8D11-00A0C91BC942}") = "Common.win32", "Common\Common.win32.vcxproj", "{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}"
+EndProject
 Global
 	GlobalSection(SolutionConfigurationPlatforms) = preSolution
 		Debug|x64 = Debug|x64
@@ -129,56 +120,6 @@ Global
 		Release|ARM64EC = Release|ARM64EC
 	EndGlobalSection
 	GlobalSection(ProjectConfigurationPlatforms) = postSolution
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|ARM64.ActiveCfg = Debug|ARM64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|ARM64.Build.0 = Debug|ARM64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|x64.ActiveCfg = Debug|x64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|x64.Build.0 = Debug|x64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|x86.ActiveCfg = Debug|Win32
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Debug|x86.Build.0 = Debug|Win32
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|ARM64.ActiveCfg = Release|ARM64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|ARM64.Build.0 = Release|ARM64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|ARM64EC.Build.0 = Release|ARM64EC
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|x64.ActiveCfg = Release|x64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|x64.Build.0 = Release|x64
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|x86.ActiveCfg = Release|Win32
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D}.Release|x86.Build.0 = Release|Win32
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|ARM64.ActiveCfg = Debug|ARM64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|ARM64.Build.0 = Debug|ARM64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|x64.ActiveCfg = Debug|x64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|x64.Build.0 = Debug|x64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|x86.ActiveCfg = Debug|Win32
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|x86.Build.0 = Debug|Win32
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Debug|x86.Deploy.0 = Debug|Win32
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|ARM64.ActiveCfg = Release|ARM64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|ARM64.Build.0 = Release|ARM64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|ARM64EC.Build.0 = Release|ARM64EC
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|x64.ActiveCfg = Release|x64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|x64.Build.0 = Release|x64
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|x86.ActiveCfg = Release|Win32
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|x86.Build.0 = Release|Win32
-		{14B93DC8-FD93-4A6D-81CB-8BC96644501C}.Release|x86.Deploy.0 = Release|Win32
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|ARM64.ActiveCfg = Debug|ARM64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|ARM64.Build.0 = Debug|ARM64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|x64.ActiveCfg = Debug|x64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|x64.Build.0 = Debug|x64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|x86.ActiveCfg = Debug|Win32
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Debug|x86.Build.0 = Debug|Win32
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|ARM64.ActiveCfg = Release|ARM64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|ARM64.Build.0 = Release|ARM64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|ARM64EC.Build.0 = Release|ARM64EC
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|x64.ActiveCfg = Release|x64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|x64.Build.0 = Release|x64
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|x86.ActiveCfg = Release|Win32
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD}.Release|x86.Build.0 = Release|Win32
 		{88BAB0FA-E1AC-4DA7-A30C-F91702A8EADB}.Debug|ARM64.ActiveCfg = Debug|ARM64
 		{88BAB0FA-E1AC-4DA7-A30C-F91702A8EADB}.Debug|ARM64.Build.0 = Debug|ARM64
 		{88BAB0FA-E1AC-4DA7-A30C-F91702A8EADB}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
@@ -305,22 +246,6 @@ Global
 		{473FE8E8-26DA-4B46-A7B3-7B4A758075D0}.Release|x64.Build.0 = Release|x64
 		{473FE8E8-26DA-4B46-A7B3-7B4A758075D0}.Release|x86.ActiveCfg = Release|Win32
 		{473FE8E8-26DA-4B46-A7B3-7B4A758075D0}.Release|x86.Build.0 = Release|Win32
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|ARM64.ActiveCfg = Debug|ARM64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|ARM64.Build.0 = Debug|ARM64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|x64.ActiveCfg = Debug|x64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|x64.Build.0 = Debug|x64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|x86.ActiveCfg = Debug|Win32
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Debug|x86.Build.0 = Debug|Win32
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|ARM64.ActiveCfg = Release|ARM64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|ARM64.Build.0 = Release|ARM64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|ARM64EC.Build.0 = Release|ARM64EC
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|x64.ActiveCfg = Release|x64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|x64.Build.0 = Release|x64
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|x86.ActiveCfg = Release|Win32
-		{FCA38F3C-7C73-4C47-BE4E-32F77FA8538D}.Release|x86.Build.0 = Release|Win32
 		{1958CEAA-FBE0-44E3-8A99-90AD85531FFE}.Debug|ARM64.ActiveCfg = Debug|Win32
 		{1958CEAA-FBE0-44E3-8A99-90AD85531FFE}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
 		{1958CEAA-FBE0-44E3-8A99-90AD85531FFE}.Debug|x64.ActiveCfg = Debug|x64
@@ -359,13 +284,83 @@ Global
 		{C5B2EB41-849E-41F7-BC70-DEFF26F09E5E}.Release|x64.Build.0 = Release|Any CPU
 		{C5B2EB41-849E-41F7-BC70-DEFF26F09E5E}.Release|x86.ActiveCfg = Release|Any CPU
 		{C5B2EB41-849E-41F7-BC70-DEFF26F09E5E}.Release|x86.Build.0 = Release|Any CPU
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|ARM64.ActiveCfg = Debug|ARM64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|ARM64.Build.0 = Debug|ARM64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|x64.ActiveCfg = Debug|x64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|x64.Build.0 = Debug|x64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|x86.ActiveCfg = Debug|Win32
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|x86.Build.0 = Debug|Win32
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Debug|x86.Deploy.0 = Debug|Win32
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|ARM64.ActiveCfg = Release|ARM64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|ARM64.Build.0 = Release|ARM64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|ARM64EC.Build.0 = Release|ARM64EC
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|x64.ActiveCfg = Release|x64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|x64.Build.0 = Release|x64
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|x86.ActiveCfg = Release|Win32
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|x86.Build.0 = Release|Win32
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}.Release|x86.Deploy.0 = Release|Win32
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|ARM64.ActiveCfg = Debug|ARM64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|ARM64.Build.0 = Debug|ARM64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|x64.ActiveCfg = Debug|x64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|x64.Build.0 = Debug|x64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|x86.ActiveCfg = Debug|Win32
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|x86.Build.0 = Debug|Win32
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Debug|x86.Deploy.0 = Debug|Win32
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|ARM64.ActiveCfg = Release|ARM64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|ARM64.Build.0 = Release|ARM64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|ARM64EC.Build.0 = Release|ARM64EC
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|x64.ActiveCfg = Release|x64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|x64.Build.0 = Release|x64
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|x86.ActiveCfg = Release|Win32
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|x86.Build.0 = Release|Win32
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA}.Release|x86.Deploy.0 = Release|Win32
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|ARM64.ActiveCfg = Debug|ARM64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|ARM64.Build.0 = Debug|ARM64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|x64.ActiveCfg = Debug|x64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|x64.Build.0 = Debug|x64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|x86.ActiveCfg = Debug|Win32
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|x86.Build.0 = Debug|Win32
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Debug|x86.Deploy.0 = Debug|Win32
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|ARM64.ActiveCfg = Release|ARM64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|ARM64.Build.0 = Release|ARM64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|ARM64EC.Build.0 = Release|ARM64EC
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|x64.ActiveCfg = Release|x64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|x64.Build.0 = Release|x64
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|x86.ActiveCfg = Release|Win32
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|x86.Build.0 = Release|Win32
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5}.Release|x86.Deploy.0 = Release|Win32
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|ARM64.ActiveCfg = Debug|ARM64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|ARM64.Build.0 = Debug|ARM64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|ARM64EC.ActiveCfg = Debug|ARM64EC
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|ARM64EC.Build.0 = Debug|ARM64EC
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|x64.ActiveCfg = Debug|x64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|x64.Build.0 = Debug|x64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|x86.ActiveCfg = Debug|Win32
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|x86.Build.0 = Debug|Win32
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Debug|x86.Deploy.0 = Debug|Win32
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|ARM64.ActiveCfg = Release|ARM64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|ARM64.Build.0 = Release|ARM64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|ARM64EC.ActiveCfg = Release|ARM64EC
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|ARM64EC.Build.0 = Release|ARM64EC
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|x64.ActiveCfg = Release|x64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|x64.Build.0 = Release|x64
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|x86.ActiveCfg = Release|Win32
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|x86.Build.0 = Release|Win32
+		{07B21646-07A1-4C53-9D5C-FE7C8C9FA5C6}.Release|x86.Deploy.0 = Release|Win32
 	EndGlobalSection
 	GlobalSection(SolutionProperties) = preSolution
 		HideSolutionNode = FALSE
 	EndGlobalSection
 	GlobalSection(NestedProjects) = preSolution
-		{A990658C-CE31-4BCC-976F-0FC6B1AF693D} = {41F31595-2F20-4D6B-A6CF-60444415012A}
-		{A9D95A91-4DB7-4F72-BEB6-FE8A5C89BFBD} = {F90FDFD1-2C76-4DCD-B248-F6FB2BB15BDF}
 		{74085F13-2DDE-45E5-A0CA-927AC9D0B953} = {41F31595-2F20-4D6B-A6CF-60444415012A}
 		{43A78B84-278B-4B99-8887-4029D551173E} = {6F24927E-EE45-4DB2-91DA-DCC6E98B0C42}
 		{102E37B8-4BE5-4DC1-A650-16706EFB3306} = {6F24927E-EE45-4DB2-91DA-DCC6E98B0C42}
@@ -376,6 +371,9 @@ Global
 		{4DE630AE-EC50-4F21-942E-7B811A1C5FA3} = {978A75A5-B8D2-4306-9AEF-D00793F33F5F}
 		{84E05BFA-CBAF-4F0D-BFB6-4CE85742A57E} = {4DE630AE-EC50-4F21-942E-7B811A1C5FA3}
 		{B0941079-7441-4A69-868C-FE5EC62C2E9E} = {F90FDFD1-2C76-4DCD-B248-F6FB2BB15BDF}
+		{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239} = {978A75A5-B8D2-4306-9AEF-D00793F33F5F}
+		{BFF1EAC8-4C70-4A55-9A88-3810052E8FBA} = {41F31595-2F20-4D6B-A6CF-60444415012A}
+		{5CB3C038-4A3C-4F09-A36B-66DB8EC650F5} = {F90FDFD1-2C76-4DCD-B248-F6FB2BB15BDF}
 	EndGlobalSection
 	GlobalSection(ExtensibilityGlobals) = postSolution
 		SolutionGuid = {C1055EEE-3785-4C0E-8934-FBAA21BFF90C}
diff --git a/vnext/Test/React.Windows.Test.vcxproj b/vnext/Test/React.Windows.Test.vcxproj
index a1046a4fbe1..fe23473f0a6 100644
--- a/vnext/Test/React.Windows.Test.vcxproj
+++ b/vnext/Test/React.Windows.Test.vcxproj
@@ -78,6 +78,7 @@
   </ItemDefinitionGroup>
   <Import Project="$(ReactNativeWindowsDir)\PropertySheets\ReactCommunity.cpp.props" />
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.targets" />
+  <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" />
   <ItemGroup>
     <ClInclude Include="HttpServer.h" />
     <ClInclude Include="WebSocketServer.h" />
diff --git a/vnext/fmt/fmt.vcxproj b/vnext/fmt/fmt.vcxproj
index 20f21859bc6..67e35e486b7 100644
--- a/vnext/fmt/fmt.vcxproj
+++ b/vnext/fmt/fmt.vcxproj
@@ -1,14 +1,14 @@
 <?xml version="1.0" encoding="utf-8"?>
 <Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
   <PropertyGroup Label="Globals">
-    <ProjectGuid>{14b93dc8-fd93-4a6d-81cb-8bc96644501c}</ProjectGuid>
+    <ProjectGuid Condition="'$(ReactTargetWin32)' != 'true'">{14b93dc8-fd93-4a6d-81cb-8bc96644501c}</ProjectGuid>
     <Keyword>StaticLibrary</Keyword>
-    <ProjectName>fmt</ProjectName>
+    <ProjectName Condition="'$(ReactTargetWin32)' != 'true'">fmt</ProjectName>
     <RootNamespace>fmt</RootNamespace>
     <DefaultLanguage>en-US</DefaultLanguage>
-    <AppContainerApplication>true</AppContainerApplication>
-    <ApplicationType>Windows Store</ApplicationType>
-    <ApplicationTypeRevision>10.0</ApplicationTypeRevision>
+    <AppContainerApplication Condition="'$(ReactTargetWin32)' != 'true'">true</AppContainerApplication>
+    <ApplicationType Condition="'$(ReactTargetWin32)' != 'true'">Windows Store</ApplicationType>
+    <ApplicationTypeRevision Condition="'$(ReactTargetWin32)' != 'true'">10.0</ApplicationTypeRevision>
   </PropertyGroup>
   <Import Project="$(VCTargetsPath)\Microsoft.Cpp.Default.props" />
   <Import Project="$(ReactNativeWindowsDir)PropertySheets\React.Cpp.props" />
@@ -80,6 +80,7 @@
   </ImportGroup>
   <ImportGroup Label="PropertySheets">
     <Import Project="$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props" Condition="exists('$(UserRootDir)\Microsoft.Cpp.$(Platform).user.props')" Label="LocalAppDataPlatform" />
+    <Import Project="$(ReactNativeWindowsDir)PropertySheets\HybridCRT.props" Condition="'$(ReactTargetWin32)' == 'true'" />
   </ImportGroup>
   <PropertyGroup Label="UserMacros" />
   <PropertyGroup>
@@ -89,6 +90,7 @@
   <ItemDefinitionGroup>
     <ClCompile>
       <PrecompiledHeader>Use</PrecompiledHeader>
+      <PrecompiledHeaderFile>pch.h</PrecompiledHeaderFile>
       <CompileAsWinRT>false</CompileAsWinRT>
       <SDLCheck>true</SDLCheck>
       <AdditionalIncludeDirectories>$(FmtDir)\include;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
diff --git a/vnext/fmt/fmt.win32.vcxproj b/vnext/fmt/fmt.win32.vcxproj
new file mode 100644
index 00000000000..22e30a59008
--- /dev/null
+++ b/vnext/fmt/fmt.win32.vcxproj
@@ -0,0 +1,10 @@
+<?xml version="1.0" encoding="utf-8"?>
+<Project DefaultTargets="Build" ToolsVersion="Current" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
+  <PropertyGroup Label="Globals">
+    <ProjectGuid>{4A98E8E8-F0B2-4F45-8A0E-9F4C7A81A239}</ProjectGuid>
+    <ProjectName>fmt.win32</ProjectName>
+    <Keyword>StaticLibrary</Keyword>
+    <ReactTargetWin32>true</ReactTargetWin32>
+  </PropertyGroup>
+  <Import Project="fmt.vcxproj" />
+</Project>