Unveiling the Mastermind: The Mega-Corporation’s Latest Blockbuster Projects

Planting Trees for Decades Before Harvesting Fruits

Starting from 2024, the real estate market has been heating up, with businesses re-entering the race as numerous projects are launched. Among them, Vingroup has stood out by consecutively unveiling mega-projects ranging from hundreds to thousands of hectares across the North and South regions.

Notable projects include Vinhomes Royal Island (877 ha; Hai Phong), Vinhomes Wonder City (133 ha; Hanoi), Vinhomes The Gallery (7 ha; Hanoi), Vinhomes Golden City (240 ha; Hai Phong), Vinhomes Green Paradise (2,780 ha; Ho Chi Minh City)… Simultaneously, the developer is also preparing to launch several large-scale projects in Hanoi, Khanh Hoa, and Tay Ninh…

Why can Vingroup consecutively launch such large projects, especially in 2025? Is the developer just lucky or favored with nearly simultaneous approvals for these mega-projects?

With decades of market observation, Prof. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, believes such questions are unrealistic. Each project by major developers like Vingroup requires a long and persistent preparation process, sometimes spanning over 20 years.

For instance, Vinhomes Giang Vo began in 2014 but took 11 years to complete legal procedures before its launch in mid-2025. Vinhomes Dan Phuong, also launching in 2025, had an even longer preparation time of 13 years, starting in 2012. Meanwhile, Vinhomes Vu Yen, conceived in 2015, only entered the market in 2024.

Notably, to commence the Vinhomes Can Gio urban area in April 2025, preparations began in 2004, 21 years prior, with the establishment of Can Gio Tourism Urban Development JSC in September 2004…

“These projects don’t just fall from the sky, especially when the developer’s approach is unique. It’s not just about building homes but creating a quality living environment. This demands vision, perseverance, and the courage to navigate the market’s toughest phases, pursuing projects for decades, meticulously preparing legal and planning aspects, and investing significant financial resources to transform barren lands into modern urban areas today,” analyzed Prof. Dang Hung Vo.

Over the past 20 years, Vietnam’s real estate market has endured multiple major crises, such as 2008-2012 and 2022-2024… During these periods, many developers abandoned projects due to high investment costs and uncertain returns. In contrast, Vingroup quietly completed procedures, maintained land reserves, invested in infrastructure, and patiently waited for the “storm” to pass before launching products.

“To achieve this, a developer must not only have substantial resources but also sacrifice immediate interests and opportunities for long-term value. This is a rare display of resilience and determination,” the expert emphasized.

“Expecting a Flood of Supply and Price Drops is an Illusion

Experts view Vingroup’s recent launch of multiple projects and the legal clearance of many long-stalled projects as positive signs.

However, they note that the market’s recovery process has primarily focused on procedural steps like land-use conversions, planning approvals, and investment permits. From this stage to actual product launches, there’s still a long way to go.

Prof. Dang Hung Vo illustrates that with the current segmented management approach, project approvals can take up to a decade. Even for Vingroup, the fastest projects require 5-7 years. For mega-urban areas spanning hundreds or thousands of hectares, the timeline is even longer.

Thus, a sudden surge in supply or price reversal is unlikely in the coming years. Additionally, rising input costs and material prices year after year force housing prices to remain high, leaving no room for reduction.

“Anyone claiming house prices will drop doesn’t understand Vietnam’s real estate market. With only about 30 years of development, the supply is insignificant. Expecting price drops based on a few recently launched projects is an illusion,” Mr. Vo observed.

In reality, urban housing demand in Vietnam remains extremely high. For apartments alone, the World Bank estimates that major cities need approximately 374,000 units annually. However, in 2024, the total supply was only about 24,000 units—the highest in five years—meeting less than 10% of demand. The supply-demand gap continues to widen, especially in Hanoi and Ho Chi Minh City, where populations grow by hundreds of thousands annually.

According to Dr. Le Xuan Nghia, former Vice Chairman of the National Financial Supervisory Commission, a global rule is that house price growth equals GDP growth plus inflation and urbanization rates. Governments implement policies to control real estate price increases but cannot halt this trend.

“In Vietnam, housing demand has been pent up for years, growing higher each year. Even with additional supply, it would be like a drop in the ocean, insufficient to create a surplus shock that could lower prices. Waiting for prices to drop means missing out on good opportunities,” Dr. Le Xuan Nghia advised.