Decoding Vinhomes’ Success Formula in Asia according to The New York Times

The attractiveness of Vietnam to international residents

In a recent article on the global real estate investment landscape, the New York Times argues that Vinhomes’ Ocean City is “leading the green and global future of the industry.” The American newspaper points out that the 1,200-hectare super urban area in the east of Hanoi will be an attractive investment channel as the wave of foreign direct investment (FDI) pouring into Vietnam continues to grow.

According to the New York Times, at a conference on home buying for foreigners and overseas Vietnamese in 2023, Mr. Peter Hong, Permanent Vice Chairman of the Vietnamese Business Association Overseas, said that many overseas Vietnamese want to return to Vietnam to settle down and invest but do not know how to own real estate.

Ocean City is expected to be an attractive investment channel as the wave of foreign direct investment (FDI) pouring into Vietnam continues to grow.

Mr. Hong’s comment highlights a fast-growing trend. It is that foreign investors and overseas Vietnamese are paying attention to the Vietnamese real estate market. In addition to that, the bright outlook of Vietnam’s economy is also attracting international real estate investors. According to statistics from the Ministry of Construction, about 4 million people want to buy a house in Vietnam in the future, including foreigners and overseas Vietnamese.

Data from the Ministry of Planning and Investment shows that in 2023, the real estate sector ranked second in attracting FDI with a total investment of nearly $4.67 billion, up 4.8% compared to the same period. In the past 35 years, about $66.4 billion of foreign capital has been poured into about 1,100 real estate projects in Vietnam. 

Notably, in the first month of 2024, for the first time, the real estate business sector surpassed processing and manufacturing industries to lead in attracting FDI. Specifically, as of January 20, the registered foreign investment in the real estate business reached over $1.27 billion, double the same period in 2023.  

In just under 5 years of operation, Ocean City has attracted over 60,000 Vietnamese and international residents, with the potential to reach 200,000 residents in the future

One of the most potential areas is located in the east of Hanoi, the region leading the country in terms of supply and population growth rate. Experts in the industry said that the success rate of transactions in real estate projects in the east of Hanoi is the highest in the market.

The New York Times tells the story of Jennie Hoang, a Vietnamese who has lived and worked in Germany for 8 years, decided to return to Vietnam. But nostalgia for her homeland is not the only reason she decided to come back. “I do miss home. But I also see business opportunities here,” she said. 

Back in Vietnam, she decided to buy a townhouse in Ocean City, rent out the ground floor and live on the upper floors. “The digital age allows me to work freely. Living in Ocean City, I have the perfect balance between work and life. Renting out shophouses also helps me generate passive income,” she explained. 

Jennie is just one of the increasing number of foreign entrepreneurs and experts who want to return to Vietnam to live and invest, taking advantage of opportunities from a promising economic region. 

The winning formula of Vinhomes in Asia

From a different perspective, the New York Times evaluates that real estate developer Vinhomes is a typical example of promoting the green development wave with Ocean City, aiming to attract global citizens seeking comprehensive happiness.

“Dubbed the best city to live in the world, Ocean City embodies a seamless ecosystem to meet the increasing demand for sustainable development,” the New York Times points out. The metropolitan area not only brings business opportunities but also focuses on the comprehensive happiness of residents in all aspects, from physical, mental to emotional and social aspects. 

The unique living space meets all needs for career development, entertainment, recreation at Ocean City, a type of space not seen in any other major cities in Vietnam

In the heart of Ocean City are artificial saltwater lakes, clean freshwater lakes adorned with white sand beaches, a type of space not seen in any other major cities in Vietnam, bringing a unique integration between resort experiences, immersion in nature, and vibrant urban life. 

Moreover, Ocean City also miniaturizes wonders of the world to place within its premises with classical European-style buildings, Gondola boats floating gently under Venice-style bridges. On the other side of the 830m-long miniaturized Venice river is the K-Town area with an Asian vibe featuring characteristic Korean-style houses.

The largest real estate developer in Vietnam is creating a diverse living space with utilities suitable for a community of residents from many countries

The vision of the largest real estate developer in Vietnam is to create a diverse living space with utilities suitable for a community of residents from many countries, especially the Korean community present in Vietnam. Previously, this place has also organized programs, activities, and festivals specifically for the Korean community. The “city worth living in” is also preparing to inaugurate the Korean International School Korean Global School in Vinhomes Ocean Park 2.

Nurturing mental health while constantly looking forward, Ocean City also satisfies the development needs of all generations living here with the TechnoPark Tower office tower, a high-quality education system within the city, along with hundreds of business establishments including restaurants, cafes, shops…

The New York Times tells the story of Linh Le, a young mother immersed in the bustling scene after school at Vinschool, a school located right in the heart of the large Ocean City. “We chose to stay in Vietnam, even though initially, we planned to return to Germany, my husband’s homeland, to live because this place can provide a good development environment for my daughter,” Linh Le said.

“To me, the fresh air, peace, and the ability to access all facilities within reach have turned Ocean City into the most livable place on the planet,” the woman shared.