The signing ceremony of the Memorandum of Investment for the Phu Dong Complex Project between the People’s Committee of Gia Lai province and Doan Nguyen Duc – Chairman of Hoang Anh Gia Lai Joint Stock Company.
At the recent Investment Promotion Conference in Gia Lai province in 2025, the People’s Committee of Gia Lai province handed over the investment memorandum for the Phu Dong Complex Project to Mr. Doan Nguyen Duc, Chairman of the Board of Directors of Hoang Anh Gia Lai Joint Stock Company.
The Phu Dong Complex Project comprises a 25-story mixed-use apartment complex and a 3.5-story commercial townhouse area, built on a clean land area of nearly 7,000 square meters in Pleiku Ward. The total expected investment is VND 400 billion. The enterprise stated that it has prepared financially and can commence construction as soon as the legal procedures are completed.
Mr. Doan Nguyen Duc – Chairman of the Board of Directors of Hoang Anh Gia Lai Joint Stock Company.
Hoang Anh Gia Lai Group once had a golden era in the real estate industry. From 2006 to 2012, real estate was the main sector, bringing record revenue to the group. In 2009, with four large projects in Ho Chi Minh City, including New SaiGon, Hoang Anh River View, Phu Hoang Anh, and Hoang Anh Golden House, the company earned more than VND 3,300 billion (accounting for 77% of the total revenue that year). The Hoang Anh Gia Lai brand also left its mark in Gia Lai, Quy Nhon, Dak Lak, Da Nang, and Can Tho.
However, after the financial crisis in 2015, Mr. Doan Nguyen Duc had to gradually withdraw from the real estate sector to restructure. Up to now, when talking about the decision to withdraw from the real estate market at that time, Mr. Doan Nguyen Duc still has no regrets.
Hoang Anh Gia Lai has successfully converted its debt, attracted new shareholders, and escaped from cumulative losses. Currently, the Group is focusing on agriculture, with its main products being two plants and one animal: bananas, durians, silkworms, coffee, and pigs.
Mr. Le Phuoc Vu – Chairman of the Board of Directors of Hoa Sen Group shared about the Group’s return to the real estate sector.
Another “big player” who has signaled his return to real estate is Mr. Le Phuoc Vu, Chairman of the Board of Directors of Hoa Sen Group (HSG). At the General Meeting of Shareholders in March 2025, Mr. Le Phuoc Vu shared that Hoa Sen is working on a real estate project, but it is not yet complete, so he cannot provide specific details.
He revealed: “We are not as reckless as other real estate corporations, collecting money from people without having the legal framework in place and failing to deliver houses. We have the resources, money, and the advantage of low-cost materials. We must build a township of 600-700 hectares. We will utilize our resources from one side and channel them to the other.”
Mr. Le Phuoc Vu, Chairman of the Board of Directors of Hoa Sen Group, is ambitious: “Hoa Sen must build a township of 600-700 hectares instead of a small-scale project.”
This is the third time that this steel enterprise has decided to “venture” into real estate. The first time was in 2009, when Hoa Sen, with its orientation to become a multi-industry group, simultaneously invested in real estate with five projects. Just two years later, in 2011, Hoa Sen unexpectedly announced its withdrawal from this ancillary business to focus on its core steel business. The company divested and withdrew all capital from four projects, only retaining the Pho Dong – Hoa Sen project, which was under construction.
The second “attempt” at real estate was in 2016, when Hoa Sen established four subsidiary companies specializing in real estate investment. However, by 2018, Hoa Sen also dissolved these companies.
Along with the two “big players” who withdrew from the market but are now returning to real estate, the market has also witnessed the comeback of other prominent names such as Le Thanh Thuan (Muong Thanh Group), Do Anh Dung (Tan Hoang Minh), and FLC Group.
Specifically, Le Thanh Thuan made a surprising comeback in late August 2025 when he worked with the authorities of Tam Hung commune (Hanoi) to accelerate the progress of the My Hung Township project, which started in 2008 but had been stagnant for many years.
Le Thanh Thuan attended the meeting with the authorities of Tam Hung commune, Hanoi, and committed to speeding up the progress of the My Hung project.
Do Anh Dung also marked his return by commencing the construction of the Greenera Southmark project in Hanoi and proposing a super township of 4,300 hectares in Da Lat, integrating high technology, eco-tourism, and an international film studio.
Do Anh Dung, Chairman of Tan Hoang Minh, proposed to continue studying, developing ideas for detailed planning, and implementing the smart township project in Xuan Tho, Da Lat city.
Meanwhile, FLC Group is also actively participating in the market: in June 2025, they held a groundbreaking ceremony for the Hausman Premium Residences project in FLC Premier Parc Township (Hanoi), and earlier, they were allowed by Gia Lai province to research and plan an airport township in Cat Tan.
The return of these real estate enterprises indicates the reactivation of capital and investment plans in the real estate sector. It is also expected to contribute to accelerating the progress of urban development projects nationwide.
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