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, with the industry experiencing significant growth. In the first six months of 2024, the province welcomed 9.8 million tourists, generating approximately VND 19,848.5 billion in revenue, a 30.2% increase compared to the same period in 2023. This performance 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 over 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 that to achieve the province’s GRDP growth target of 11% for 2024, a growth rate of at least 10.6% must be maintained in the second half. He emphasized the province’s determination to reach a state budget collection of over VND 20,275 billion for the year.
The provincial leadership also shared plans to attract investments for 36 large-scale projects in various sectors, including industry, urban infrastructure, industrial and craft zones, agriculture, and healthcare. The total expected 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 launched significant real estate projects 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 the real estate investment wave in Thanh Hoa.
The development of synchronous infrastructure lays the foundation for the deployment of 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 a surge in demand and prices. Areas like Quang Phu and Quang Tam, located close to the center of Thanh Hoa city, witnessed land prices triple within just 1-2 months. Investors from other provinces, such as Quang Ninh, Hai Phong, and Bac Giang, have also flocked to Thanh Hoa, contributing to the establishment of new price benchmarks in the region.
After a relatively quiet period in 2024, the real estate market in Thanh Hoa is once again buzzing with activity, thanks to the recent inauguration of several large-scale tourism projects. During the April 30-May 1 holiday, Sungroup unveiled its ambitious project, including a seaside square and an eco-tourism, resort, and entertainment complex, reinforcing the city’s reputation 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 Hoang Hoa district’s Hai Tien beach, the Flamingo Ibiza Hai Tien project also commenced operations in May, offering a range of tourism services.
The completion of these large-scale projects has catalyzed the remarkable growth of Thanh Hoa’s tourism industry, attracting investors back to the market in search of promising opportunities. As prices have remained stable since 2021, investors are keen to capitalize on the upcoming price hike.
According to real estate brokers in Thanh Hoa city, investors are particularly interested in 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 boulevard 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 around 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 priced from just VND 35 million per square meter. With construction already complete and ready for handover, this project is one of the few low-rise developments in the city center, making it highly sought-after, especially with the new Land Law coming into effect on August 1st.
About 15 kilometers away is The Pathway, a high-rise resort apartment complex within the Sun Grand Boulevard mega-project in Sam Son by Sun Property, a member of Sun Group. With apartments averaging VND 70 million per square meter, The Pathway offers a prime location at the beginning of the scenic festival route and the Sam Son seaside square.
Experts predict that the entry of major real estate players, coupled with continuous infrastructure development and growing tourist numbers, will fuel demand for tourism, trade, and commercial spaces in Thanh Hoa. This is expected to further drive up land prices in certain areas, including the new provincial administrative center, Quang Phu, and Sam Son.
