The Billionaire Behind Vietnam’s 2,870-Hectare Reclaimed Megacity and Its Multi-Billion-Dollar Projects: Two Decades of Silent Preparation by Pham Nhat Vuong

Vinhomes Green Paradise: A 21-Year Journey to the “City on the Sea”

In 2004, Can Gio Urban Tourism Joint Stock Company (a subsidiary of Vingroup) was established, laying the foundation for Vietnam’s most ambitious sea-reclamation urban project. However, it took 21 years for the project to officially break ground on April 19, 2025, after overcoming numerous legal hurdles and stringent environmental impact assessments.

Spanning 2,870 hectares, Vinhomes Green Paradise boasts an unparalleled location: three sides facing the sea and backed by the Can Gio Mangrove Biosphere Reserve. Vingroup aims to create a world-leading ESG++ smart, eco-friendly, and regenerative city, putting Vietnam on the global map of sustainable urban development. Upon completion, it will be Vietnam’s first-ever “city on the sea.”

Vinhomes Wonder City: 13 Years to Navigate Legal Complexities

Launched in 2012, Vinhomes Wonder City is hailed as “the most anticipated project of the decade” in Western Hanoi. Its prestige stems not only from its prime location along the Tay Thang Long golden avenue—a hub of billion-dollar infrastructure like Ring Road 4, Ring Road 3.5, Thuong Cat Bridge, Hong Ha Bridge, and metro line 4—but also from its decade-long preparation phase.

As the new political, administrative, and economic center of Hanoi, the Western region has suffered from a severe supply shortage of major projects over the past decade. All eyes are now on Dan Phuong, where Vingroup’s 133-hectare project is taking shape. Even for a “speedy” developer like Vingroup, launching Vinhomes Wonder City required over a decade of patience and perseverance.

Vinhomes The Gallery: 11 Years of Unpredictable Challenges

In late 2014, Vingroup proposed developing a commercial and residential complex on the 148 Giang Vo site. By 2016, Hanoi’s People’s Committee approved the 1:500 detailed planning.

After years of stagnation, the 6.8-hectare site’s new planning was only approved in 2024, shifting its purpose to commercial services and cultural functions—a significant departure from the original plan. Despite its prime location and market demand, this project took 11 years to reach legal completion, illustrating the unpredictable challenges businesses face.

Ocean City: 13 Years Crafting a Coastal Urban Mega-Complex

Ocean City, a 1,200+ hectare coastal urban mega-complex comprising Vinhomes Ocean Park 1, 2, and 3, has been Vingroup’s 13-year vision. Development began in 2010, 2011, and 2012, but Vinhomes Ocean Park 1 (420 hectares) only launched in 2018.

Since its 2020 handover, Vinhomes Ocean Park 1 sparked a migration wave across the Red River to Eastern Hanoi. Vinhomes Ocean Park 2 (458 hectares) and 3 (294 hectares) followed in 2022 and 2023. With its all-in-one ecosystem and record-breaking “sea wonders,” Ocean City now houses over 90,000 residents and attracts millions of annual visitors.

Vinhomes Royal Island: 10 Years Transforming a Wilderness into a “Billionaire’s Island”

In the early 2010s, Vingroup envisioned transforming the pristine Vu Yen Island in Hai Phong into an elite eco-city. Despite minimal relocation needs, the project took over a decade to complete legal procedures, officially launching in 2024.

The 877-hectare “Billionaire’s Island” offers a rare “island within the city” experience, featuring ultra-luxurious amenities like a 36-hole golf course, equestrian academy, marina, amusement park, safari, and riverside promenade—setting a new global standard for elite living.

According to Prof. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, Vingroup’s challenges reflect a systemic issue. Under the current fragmented management system, projects typically take 5–7 years to complete procedures. For mega-projects spanning hundreds or thousands of hectares, this timeline can double or triple.

“Even Vingroup, known for its precision and speed, requires a decade per project. This ‘blood clot’ severely restricts market supply,” Prof. Vo emphasized.

He noted that projects don’t materialize overnight. The path is especially arduous for pioneers like Vingroup, who eschew readily available “golden land” to develop challenging sites requiring infrastructure and environmental transformation. Their philosophy transcends mere construction, aiming to create a sustainable, high-quality living ecosystem.

“Pursuing such decades-long journeys amid unpredictable challenges demands far-sighted vision, robust capabilities, resilience, and sometimes sacrificing short-term gains for long-term value. This rare tenacity and consistency define true leadership,” the expert concluded.