“From Street Vendor to Real Estate Titan: How a Former Roadside Seller in Binh Duong Aims to Build 40,000 Affordable Homes”

Amid the escalating demand for social housing in satellite cities around Ho Chi Minh City, Kim Oanh Group has emerged as a leading real estate conglomerate in the Southern region, actively investing in this critical sector. With an ambitious plan to develop dozens of social housing projects between 2023 and 2028, the group aims to position itself as a dominant player, second only to Hoang Quan Real Estate—a long-standing leader in this field.

At the helm of Kim Oanh Group is Ms. Dang Thi Kim Oanh (born in 1970, from Thua Thien Hue), serving as both Chairwoman and CEO.

Few would guess that before entering real estate, Ms. Oanh was a roadside beverage vendor in Binh Duong. During those early days, Binh Duong was sparsely populated, and investors would often stop by her stall to discuss real estate opportunities. These conversations sparked her interest, marking the beginning of her journey into real estate brokerage.

From Binh Duong’s Land Boom to the Vision of a Social Housing Titan

The land boom in Binh Duong before 2008 presented Ms. Oanh with the opportunity to establish a consultancy office, laying the foundation for Kim Oanh Real Estate.

In April 2009, she founded Kim Oanh Construction and Trading Service Corporation with an initial capital of 48 billion VND. The company initially focused on affordable land plots and housing. By understanding market trends, it quickly expanded to Dong Nai and Ho Chi Minh City within a year. By 2014, the company transitioned from brokerage to project development.

Kim Oanh Group’s most significant milestone came in 2023 with the announcement of 26 housing projects for 2023-2028, including 23 social housing and 3 low-income housing projects, totaling 40,000 units with an investment of 31 trillion VND. In Phase 1, the group plans to launch 25,000 units by 2026.

If successful, Kim Oanh Group will become a social housing powerhouse, second only to Hoang Quan Real Estate (HQC).

Recently, the group has initiated several social housing projects. On September 23, Kim Oanh Land broke ground on the K-Home Cityview project in Dong Nai. Earlier, on August 21, 2025, the group simultaneously started K-Home Avenue, K-Home Midtown, and K-Home Skyview in Nhon Trach and Trang Bom, offering 5,500 apartments.

In early 2025, the company unveiled Vietnam’s first Singapore-standard social housing project, K-Home New City, in the new Binh Duong city. Spanning 27 hectares, it will provide 3,310 apartments and townhouses.

Over nearly two decades, Kim Oanh Group has become a major real estate developer in the South. It currently manages over 50 projects across Dong Nai, Ho Chi Minh City, Binh Duong, and Ba Ria-Vung Tau, including notable developments like Golden Center City, Richland Residence, Mega City 1 & 2, Century City, The EastGate, and Legacy Central.

Beyond mid-sized projects, Kim Oanh Group has ventured into billion-dollar developments. The One World in Binh Duong, covering 50 hectares with over $1 billion in investment, is a prime example. On September 27, the group began construction on the One Era project in Thu Dau Mot, Ho Chi Minh City, a $1 billion venture with Japanese partners.

According to its website, Kim Oanh Group holds 500 hectares of land, launches 6,000 units annually, and employs nearly 1,200 staff.

Challenges on the Path to Dominance

Despite its ambitions, Kim Oanh Group faces significant hurdles in becoming a social housing leader. Legal issues, particularly in land cost recognition, pose major challenges.

Ms. Oanh noted that for some projects, the company spent over 780 billion VND since 2018 to acquire land, but when converting to social housing, authorities valued it at only 100 billion VND, resulting in a 600 billion VND accounting loss.

“A land asset worth 1 trillion VND is reduced to 100 billion VND when converted to social housing. This is an unreasonable discrepancy,” she emphasized.

Beyond costs, Kim Oanh Group advocates for streamlined procedures, lower interest rates, extended loan terms, and higher profit caps for social housing to encourage developer participation.

Rapid expansion has also led to controversies. The group faced issues like transferring the Mega City 2 project prematurely and land disputes related to the Phu Tan Industrial Zone in Binh Duong.

Notably, in 2023, Chairwoman Dang Thi Kim Oanh was involved in a high-profile lawsuit with Tran Qui Thanh’s family (Tan Hiep Phat), drawing significant public attention.