According to Batdongsan.com.vn’s Q3 market report, apartment prices in areas recently merged into Ho Chi Minh City, such as Di An, Thuan An (formerly Binh Duong), and Ba Ria – Vung Tau, have increased compared to the previous quarter, with respective rises of 6%, 8%, and 12%.
In terms of pricing, apartments in Phu My (formerly Ba Ria – Vung Tau) currently range from 35 to 40 million VND per square meter, while former Thu Duc reaches 80-150 million VND per square meter, Di An 50-80 million VND per square meter, and Thuan An 45–70 million VND per square meter.
Mr. Dinh Minh Tuan, Director of Batdongsan in the Southern region, stated, “Apartment prices in Phu My are 40-100% lower than those in the inner city of Ho Chi Minh City and former Thu Duc.”
However, he noted that rental yields for apartments in Phu My (formerly Ba Ria – Vung Tau) are a bright spot in the rental market. Specifically, investment returns from renting apartments in former Ho Chi Minh City continue to decline, reaching only 2.4%, lower than the 2024 average of 3.6%. In newly merged areas like Di An, Thuan An (formerly Binh Duong), and former Vung Tau, yields are 3.9%, 3.2%, and 2.4%, respectively, all significantly lower than the previous year’s 3.5-4%. Meanwhile, Thu Dau Mot maintains the highest rental yield at 5.1%, with Phu My second at 4.3%.
Explaining the higher rental yields in Thu Dau Mot and Phu My compared to other areas, Mr. Tuan attributed it to the demand for rentals primarily coming from professionals and engineers working in industrial zones.
In Thu Dau Mot, due to limited rental supply in the city center, rental prices remain high but still achieve good occupancy rates, resulting in better profit margins for landlords compared to the overall market.
As for Phu My, the apartment market is still very small. Mr. Tuan mentioned that the entire area has only two projects: the high-end Maison Grand Phu My apartment complex with 25 floors, 2 basements, offering 1,248 units, and another project under construction since 2023.
“Limited supply and low competition keep the rental market stable, with high occupancy rates despite non-cheap rental prices,” Mr. Tuan emphasized.
He added that rental prices here range from 7 to 11 million VND per month, while the average selling price is only 35 million VND per square meter, creating a significant gap between purchase costs and rental income, making this area the most profitable in the former Ba Ria – Vung Tau region.
Commenting on the Phu My market, Mr. Tuan said, “Phu My is one of the rare areas with a scarce apartment supply, yet prices remain attractive compared to infrastructure growth potential.”
Currently, the locality has 12 industrial clusters and zones in operation, with over 200 large-scale projects in heavy industry, energy, and the Cai Mep – Thi Vai deep-water port system.
Numerous key infrastructure projects are underway to connect the port cluster with Long Thanh International Airport, ring roads, highways, and inter-regional railways.
Specifically, the Bien Hoa – Vung Tau Expressway is being expedited, with basic completion expected within the next two years, while Phase 1 of Long Thanh International Airport is slated to open in 2026. Additionally, Ring Road 4, the Ben Luc – Long Thanh Expressway, and the expanded National Highway 51 are nearing completion, creating a robust regional connectivity network by land, sea, and air.
At a recent event, Prof. Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, assessed that the completion of this transportation network will foster an interconnected ecosystem between sea, land, and air—a foundation for a sustainable industrial-service urban model. Within this, the Cai Mep Ha Free Trade Zone (FTZ) is seen as a crucial nucleus, driving large-scale logistics and export-import activities.
“Once these ‘conduits’ are fully operational, satellite and neighboring industrial cities will grow in sync, providing room for central hubs like Phu My to surge ahead,” Prof. Dr. Tran Dinh Thien remarked.
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