According to VietNamNet’s report, over the past week, hundreds of cars have been flocking daily to the rural area of Toan Luu Commune in Ha Tinh Province. The surge is driven by real estate buying, selling, and brokering activities, fueled by news of an upcoming Western Industrial Zone construction in the region.
Observations in villages like Ngoc Ha and Vinh Cat reveal that land has been subdivided into smaller plots, with makeshift infrastructure hastily erected to attract potential buyers.
 Hundreds of cars line up in Toan Luu Commune to inquire about land. Photo: T.P
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Posing as a prospective land buyer, we were guided by a real estate broker to Vinh Cat Village. According to this individual, land in Vinh Cat Village (formerly part of Luu Vinh Son Commune) and Ngoc Ha Village (formerly part of Thach Ngoc Commune) in Thach Ha District is experiencing a rapid price surge daily.
The broker attributed this frenzy to the planned development of the Western Ha Tinh Industrial Zone.
“In Ngoc Ha Village, plots are priced in the billions, but I advise against buying there due to potential price bubbles. The 140 sqm plot I’m selling in Vinh Cat Village is priced at 1.6 billion VND. Hesitate, and tomorrow it’ll be 1.8 billion VND. If you’re interested, I’ll contact the landowner for negotiations and a deposit,” he stated.
A 140 sqm plot in Vinh Cat Village is offered at 1.6 billion VND. Photo: Thien Luong |
Land agents use persuasive tactics to attract investors. “Land near the Western Industrial Zone offers significant advantages. Buy now, build rental housing for workers later. From planning to groundbreaking, land prices will rise in waves. The plot I’m offering at 1.6 billion VND will likely reach 2 billion VND,” one broker assured.
Ms. Nguyen Thi T. (Ngoc Ha Village, Ha Tinh Province) noted that over the past five days, hundreds of cars from various regions have converged near her home for land transactions.
She shared, “A neighboring plot of less than 200 sqm has changed hands multiple times recently. Initially priced at 500 million VND, it was resold for 600 million VND, then 900 million VND. Now, it’s valued at over 1 billion VND.”
Land in Ngoc Ha Village, Toan Luu Commune, is subdivided into small plots for sale. Photo: Thien Luong
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“They claim the upcoming industrial zone is driving prices up hourly. However, I believe it’s a speculative bubble, as land here was very affordable just months ago,” added Ms. T.
Similarly, Ms. Phan Tu L., a vendor near Provincial Road 3 in Toan Luu Commune, remarked, “The past two days have seen more visitors than a market day. Since the industrial zone announcement, land prices have soared daily,” said Ms. L.
Ms. L. also noted that buyers are primarily outsiders, especially from Nghe An Province. Local residents, owning large plots measured in “sao” (500 sqm per sao), have no need to purchase additional land.
Transactions are conducted through handwritten contracts. Photo: T.P |
“As a vendor, I witness land deals at my stall, where buyers often stop for drinks and draft deposit agreements. A single plot can change hands up to four times in a day, each time with a price increase of 100-200 million VND.
This is the first time I’ve seen local land prices soar from a few million VND per sqm to 10 million VND per sqm,” recounted Ms. L.
Regarding this situation, the Toan Luu Commune People’s Committee informed VietNamNet that on September 12, the Provincial Economic Zone Management Board held a conference to announce the 1/2,000-scale detailed planning for the Western Ha Tinh Industrial Zone in Toan Luu Commune.
“We’ve consulted residents on the planning but remain uncertain about the implementation timeline,” stated a commune official.
 Land subdivision and sales surge in Toan Luu Commune. Photo: Thien Luong
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The Toan Luu Commune People’s Committee also noted that due to this announcement, hundreds have recently flocked to the area for land deals, driving prices up by approximately 30%.
“Previously, land in Ngoc Ha Village was priced at 1.5-2 million VND per sqm, but now it’s much higher. This is a speculative bubble. If the industrial zone is built, it will be a closed system, so buying nearby land won’t be advantageous. Savvy investors avoid living near industrial zones. Many are flipping land for profit, and even locals are engaging in land trading.”
“Following these developments, we’ve advised residents to exercise caution regarding speculative land purchases,” added the commune leader.
Thien Luong
– 06:00 17/09/2025
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