Thanh Hoa: A Rising Economic Powerhouse in Vietnam
In recent times, Thanh Hoa has emerged as one of the most dynamic economic regions in North-Central Vietnam. During the first half of 2024, the province achieved an impressive 11.5% economic growth rate, ranking 3rd in the country. Additionally, Thanh Hoa topped the nation in terms of public investment disbursement. The province established 1,364 new enterprises and boasts an impressive portfolio of industrial zones, including the key economic zone of Nghi Son and over 8 industrial parks spanning more than 14,000 hectares. This has positioned Thanh Hoa as a leading investment destination in the region.
Thanh Hoa is also a prominent destination for tourism, often referred to as the “smoke-free industry.” In the first six months of 2024, the province welcomed approximately 9.8 million tourists, with total tourism revenue reaching an estimated VND 19,848.5 billion, a significant increase of 30.2% compared to the same period in 2023. This remarkable performance has propelled Thanh Hoa into the top 5 tourism destinations in Vietnam.
The province has successfully attracted 71 direct investment projects, including 15 FDI projects, reflecting a 91.9% increase in the number of projects and a 22.3% surge in registered capital compared to the previous year. Social investment capital mobilization for the first half of the year reached 48.8% of the plan, a 3.2% increase compared to the same period. Over 1,600 enterprises were established in the province during this period, solidifying its position as a leading investment hub in North-Central Vietnam.
Mr. Do Minh Tuan, Chairman of the Provincial People’s Committee, affirmed the province’s ambitious growth target of achieving an 11% increase in GRDP for the whole of 2024. To accomplish this, the province aims to attain a GRDP growth rate of at least 10.6% in the last six months of the year. Additionally, the province is striving to achieve a state budget revenue of over VND 20,275 billion.
The provincial leadership also revealed plans to attract investments for 36 large-scale projects in various sectors, including industry, urban infrastructure, industrial parks, agriculture, and healthcare. The total investment for these projects is estimated to exceed USD 5 billion.
Thanh Hoa’s remarkable economic growth has attracted prominent investors such as Vingroup, Taseco Land, Sungroup, Eurowindow, T&T, Flamingo, and Van Phu, who have embarked on significant real estate ventures in the region. Local giants, including the Central Corporation, HUD1, Minh Huong Company, Ngoc Sao Thuy Company, and Dong Bac Company, have also actively participated in the market, fueling a robust real estate investment wave in Thanh Hoa.
The development of synchronous infrastructure lays the foundation for large-scale real estate projects in the heart of Thanh Hoa.
Real Estate Sector Rides the Wave of Economic Growth
Thanh Hoa’s real estate market has been on a remarkable journey since 2021, experiencing surges in land prices, particularly in areas like Quang Phu and Quang Tam, located near the center of Thanh Hoa city. Prices in these areas tripled within just 1-2 months, attracting investors from other provinces such as Quang Ninh, Hai Phong, and Bac Giang.
After a relatively quiet period in 2024, the recent inauguration of several large-scale tourism projects has reignited the real estate market in Thanh Hoa. During the national holiday in late April and early May, Sungroup unveiled its ambitious project, including a seaside square and an eco-tourism, resort, and entertainment complex, solidifying the city’s position as a year-round tourist destination.
Additionally, Asia’s largest water park, Sun World, spanning 33 hectares along the Do River, opened its doors in June. In the same month, the Flamingo Ibiza Hai Tien project in Hoang Hoa district also commenced operations, further enhancing the province’s tourism appeal.
The completion of these large-scale projects has catalyzed extraordinary growth in Thanh Hoa’s tourism sector, attracting investors back to the market in search of lucrative opportunities. With prices remaining stable since 2021, investors are poised to capitalize on the next price hike.
According to real estate agents in Thanh Hoa city, investors are particularly keen on properties along the Ma River Boulevard, which connects the new administrative center of the province to the bustling Sam Son beach area. Riding on this investor interest, projects along this axis are witnessing robust sales.
Princess’s Manor, a high-rise subdivision within the Vinhomes Star City project, currently commands prices ranging from VND 45-50 million per square meter. Meanwhile, villas and townhouses in the same development are trading at VND 70 million per square meter in the secondary market.
Across the river is the Central Riverside project by Taseco Land, featuring 94 shophouses, 339 townhouses, and 60 villas with land prices starting from just VND 35 million per square meter. With construction already completed and ready for handover, this project is one of the few low-rise developments in the city center, making it highly attractive to buyers as the new Land Law comes into effect on August 1st.
About 15 kilometers away is The Pathway, a high-rise vacation condo subdivision within the Sun Grand Boulevard complex in Sam Son, developed by Sun Property, a member of Sun Group. With towers reaching 20 stories high and a prime location at the beginning of the festival axis and Sam Son beach square, these vacation condos are priced at an average of VND 70 million per square meter.
Experts attribute the continued interest in Thanh Hoa’s real estate market to the presence of prominent developers, sustained infrastructure development, and the growing influx of tourists. This combination of factors is expected to further fuel land prices in certain areas, including the new provincial administrative center, Quang Phu, and Sam Son.
