Recently, a series of mega-urban developments are being rolled out by major real estate conglomerates across Vietnam.
Vingroup stands out with its consecutive proposals for mega-urban projects such as Vinhomes Grand Park in Ho Chi Minh City, spanning 271 hectares, Vinhomes Ocean Park in Gia Lam with 420 hectares, and Vinhomes Smart City in Tay Mo, Hanoi, covering 280 hectares.
In the South, besides Vinhomes Can Gio, Vingroup is developing other mega-urban projects in suburban areas like Tay Ninh (formerly Long An), including Phuoc Vinh Tay (approximately 1,090 hectares) and Duc Hoa – Hau Nghia (nearly 200 hectares).
Apart from Vingroup, Sun Group is another major player developing mega-urban projects like Sun Mega City, a 1,690-hectare project in Ninh Binh (formerly Ha Nam).
Experts believe only large corporations have the capacity to undertake such mega-urban projects.
In Hanoi, a consortium has won the bid for the high-end Me Linh urban area in Quang Minh commune, covering 205 hectares with an estimated investment of 15 trillion VND.
According to Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), the emergence of large-scale urban projects integrated with comprehensive services and amenities reflects the significant maturity of Vietnamese real estate developers. However, only financially robust companies with strong capabilities in planning, design, project management, and strategic vision can execute these mega-projects.
“Instead of selling a place to live, companies are now selling an entire lifestyle. This philosophy indicates a major shift in urban development in Vietnam, showcasing a different perspective from domestic real estate developers and investors,” said Mr. Chau.
He cited examples: larger land-use projects facilitate better integration of amenities. For instance, Vingroup meticulously creates mega-urban areas and large-scale projects with international standards. Such mega-urban developments become new destinations with well-planned living spaces.
Vo Hong Thang, Investment Director at DKRA Group, also noted that the race to develop mega-urban projects is a test of corporate capability, as this model suits only experienced corporations with strong financial resources, legal expertise, and long-term strategies.
“The land cost alone for a 1,000-hectare urban area requires trillions of VND, which not every company can afford,” Mr. Thang emphasized.
Dr. Tran Xuan Luong, Deputy Director of the Vietnam Real Estate Market Research Institute, mentioned that developers of mega-urban projects are typically financially strong companies capable of implementing projects in line with planning, socio-economic development goals, and market supply diversification.
He believes mega-urban developments should be executed with a long-term, structured vision. Early investment in transportation infrastructure, electricity, schools, healthcare, inter-regional connections, highways, and underground utilities is essential for a solid project foundation.
According to him, without synchronized planning and development, the market may face unintended risks. Therefore, it’s crucial for developers to elevate urban development standards, balancing business efficiency with long-term sustainability.
Bui Van Doanh, Director of the Vietnam Real Estate Research Institute, stressed that developing such mega-projects requires developers to have substantial financial strength, governance capabilities, and strategic vision.
Growing Demand and Investment Appeal of Mega-Urban Projects
Mega-urban projects hold significant investment potential.
Mr. Nguyen Tan Phat and his wife (Cu Nam Ward, Hanoi) shared that in June 2024, they purchased a 60 m² apartment in an eastern Hanoi mega-urban project for over 3 billion VND. Recently, agents have been offering to buy their apartment for 3.8–4 billion VND.
“Agents say our apartment’s size is in high demand and could sell for around 4 billion VND. They even promised immediate deposits if we agree,” Mr. Phat said.
The 1 billion VND price increase surprised them, but they plan to keep the apartment for personal use.
“Properties in mega-urban projects typically appreciate better than those in standalone areas. These projects offer convenient transportation, strong connections to central Hanoi, and comprehensive amenities like large recreational areas, schools, supermarkets, and restaurants. Residents can enjoy a full range of services without leaving the urban area,” Mr. Phat explained.
Experts predict that from 2025 onward, the mega-urban market will see clear differentiation. Projects with good progress, reputable developers, and public investment benefits will thrive. The government is also enhancing policies to support homebuyers, sustaining real estate market growth.
Do Thi Thu Hang, Director of Research at Savills Vietnam, forecasts: “Strategically located urban areas with convenient transportation and full amenities will remain attractive to both investors and homebuyers.”
Major corporations are heavily investing in mega-urban projects. With robust infrastructure development and government support, well-planned mega-urban projects will continue to attract buyers in the coming years.
Experts also note that international investors will prioritize projects with synchronized planning, transparent legal frameworks, and sufficient scale to ensure growth. World-class mega-urban projects, with international standards, smart ecosystems, and modern management, will become “safe havens” for foreign investment.
As FDI flows into real estate, related sectors like construction, trade, and services will benefit, driving economic growth.
Investors favor large-scale projects for their long-term vision and lower progress risks. In contrast, smaller projects with limited amenities and fragmented legal frameworks are losing appeal, struggling to compete in both quality of life and investment value.
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