Emerging Northern Market Attracts Real Estate Giants Like Vingroup, Sun Group, and BRG to Establish Their Presence

Haiphong has emerged as a rising market. During the 2018-2019 period, while the national real estate market boomed, Haiphong remained quiet, devoid of any vibrant activity. However, from 2021 to 2022, as the national market entered a lull, Haiphong surged ahead. Notably, in 2023, when the national market faced its most severe crisis, Haiphong experienced a dramatic upswing, breaking through barriers to become the sole bright spot in the real estate sector.

At a recent panel discussion, Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokerage Association, shared insights on Haiphong’s market. He noted that, to date, Haiphong continues to maintain its momentum.

Reflecting on Haiphong’s market since the beginning of the year, Dr. Dinh observed that the real estate sector began to show strong signs of revival from early March, fueled by the launch of numerous new projects. This vibrancy persisted through April before stabilizing.

Regarding the drivers of Haiphong’s growth, Dr. Dinh highlighted the city’s abundant land resources, coupled with synchronized infrastructure and economic development.

Haiphong is now a leading economic hub, with significant expansion following its merger. In 2024, the city’s GRDP ranked fifth nationally, while Hai Duong, with a similar economic structure, placed eleventh. The development of seaports, overpasses, highways, industrial zones, and logistics infrastructure is accelerating.

Concurrently, the demand for housing continues to rise, particularly for high-end residences among the middle and upper classes, as well as long-term professionals and engineers in industrial zones. The merger of Hai Duong and Haiphong has further increased housing demand among government officials and civil servants.

Major players are actively investing in integrated urban developments with modern infrastructure and amenities, fostering civilized communities and attracting both homebuyers and investors.

Current planning policies strongly support Haiphong’s transformation into a modern city with regional prominence, bolstering long-term confidence in the local real estate market.

“Haiphong has become a magnet for leading real estate developers. Prominent names from Japan, South Korea, and Vietnam, such as Vingroup, Sun Group, Geleximco, and BRG, are converging on Haiphong to develop projects,” Dr. Dinh noted.

In addition to these industry leaders, numerous other companies have entered Haiphong, including Hoang Huy, Van Phu Invest, Masterise Homes, BĐS HP, N.H.O (South Korea), and DOJILand.

Notable projects include Vinhomes Duong Kinh and Vinhomes Royal Island by Vingroup; Hoang Huy Green River by Hoang Huy Group and Vlasta Thuy Nguyen by Van Phu Invest, both spanning 32.5 hectares; and Ruby Coastal City, a 350-hectare resort urban area by BRG Group.

There are also numerous apartment projects, such as Diamond Crown Hai Phong and Golden Crown Hai Phong by DOJILand on Le Hong Phong Street; The Zenith Hai Phong in Kien An District, developed by HP Real Estate Trading JSC, featuring 508 apartments along Ring Road 2; Hoang Huy Commerce, comprising four high-rise towers by Hoang Huy; and Gem Park by N.H.O.

Dr. Dinh added that areas like Vu Yen, Duong Kinh, and Kien An, which are hubs for numerous projects, will reshape Haiphong’s landscape, driving high growth, quality population increases, enhanced business investment, and distinct opportunities for real estate development.

Bui Van Doanh, Director of the Vietnam Real Estate Research Institute, remarked, “Haiphong is a new market, and investors always seek fresh opportunities.

Two key factors drive investor interest: first, the market’s growth potential, and second, high liquidity. Investors, whether short-term or long-term, prioritize liquidity. As more investors enter, liquidity increases.

Observing the market, Mr. Doanh noted that residents in the North are more active in real estate investment than those in the South. Among Northern markets, Hanoi and Haiphong lead in investor interest and activity.

Specifically, markets surrounding Hanoi, such as Hung Yen and Bac Ninh, attract investors due to their long-term potential for children’s education. Previously, Hanoi investors favored the capital’s inner city, Da Nang, Nha Trang, and Ho Chi Minh City, but as these markets saturated, they turned to emerging markets like Haiphong.”