Vingroup Leads Consortium to Develop Bac Ninh’s New Urban Area
The People’s Committee of Bac Ninh province has approved the selection of investors for the new urban area in the northwest of Bac Ninh city, with a total expected investment of over VND 41,270 billion.
The consortium includes Vingroup as the leading investor, along with three other companies: Thanh Binh Trading Investment Consulting Co., Ltd., New Life Real Estate Investment and Development Co., Ltd., and Phu Tho Land Joint Stock Company.
Spanning over 277 hectares in Hoa Long ward, the project encompasses a well-planned mix of residential areas, social infrastructure, green spaces, and transportation networks. With a maximum construction area of over 2.6 million square meters, the new urban area is designed to accommodate a population of approximately 33,000 people.
The development comprises low-rise and social housing in the form of apartments, as well as mixed-use complexes integrating residential and commercial spaces. Notably, 9.5 hectares or 16.2% of the total land area is allocated for social housing. Additionally, the investors are committed to contributing technical infrastructure to support an additional area of approximately 22,300 square meters (3.8%) for social housing.
Artist’s impression of the new urban area in Bac Ninh
The project has a lifespan of 50 years, including a 7-year implementation period from the selection of investors. The investment preparation phase is expected to last one year, focusing on the establishment, appraisal, and approval of detailed planning at a 1/500 scale and a feasibility study report. The execution phase will then span six years from the land handover to the investors.
As the leading investor in the consortium, Vingroup demonstrated strong financial performance in the first quarter of 2025, with consolidated revenue reaching VND 84,053 billion, a 287% increase compared to the same period last year. After-tax profit stood at VND 2,243 billion, marking a 68% year-on-year growth. As of March 31, 2025, the group’s total assets amounted to VND 823,270 billion.
With its substantial investment scale, long-term vision, and the involvement of reputable enterprises, the new urban area in the northwest of Bac Ninh city is anticipated to catalyze the province’s urban and economic development, elevating Bac Ninh’s stature in the northern region’s urbanization landscape.
Bac Ninh, known as the “industrial powerhouse” of northern Vietnam, boasts a strategic location adjacent to Hanoi, proximity to Noi Bai International Airport, and convenient access via major transportation arteries such as National Highway 1A and the Hanoi-Bac Giang and Hanoi-Haiphong expressways.
The province is home to over 15 large-scale industrial parks, hosting global technology giants like Samsung, Canon, Foxconn, Goertek, and Amkor. Bac Ninh consistently leads the nation in industrial production value and exports, and its per capita GRDP index is among the highest in the country. The province also consistently ranks high in the Provincial Competitiveness Index (PCI), reflecting its attractive business environment.
Bac Ninh is currently on its path to becoming a centrally-governed city by 2030, signifying its pivotal role in the region’s economic landscape.
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