The Fierce Race of Mega-Cities: Vingroup, Sungroup, and Other Titans Shake Up the Real Estate Market with Bold All-In Moves

In 1993, Phu My Hung Corporation was established with two major functions: constructing Nguyen Van Linh Boulevard and five urban clusters along this boulevard. The Phu My Hung urban area project was officially launched during this period.

The Phu My Hung urban area project spans 433 hectares, located in the former District 7 of Ho Chi Minh City. This project became a symbol of urban planning and upscale living, not only for Ho Chi Minh City but for the entire country at that time.

For many years, Phu My Hung held the top position in terms of scale until the emergence of Vinhomes Can Gio (Vinhomes Green Paradise). This project, covering 2,870 hectares, broke ground in April 2025.

In reality, the race to develop mega-urban areas has been simmering for several years. Real estate giants have continuously proposed urban areas ranging from 200 to 400 hectares, promising a diverse range of products, from high-rise apartments to townhouses, low-rise villas, and shophouses.

However, in the past three years, the race has truly heated up. Mega-projects ranging from 500 to 1,000 hectares have emerged, each associated with prominent real estate tycoons.

Among them, Vingroup, led by billionaire Pham Nhat Vuong, has been a notable name through its subsidiary Vinhomes, consecutively launching a series of mega-urban projects. In 2018, Vingroup introduced three major projects: Vinhomes Grand Park (Ho Chi Minh City, 271 hectares), Vinhomes Ocean Park (Hanoi, 420 hectares), and Vinhomes Smart City (Hanoi, 280 hectares).

Vinhomes has shifted its focus from 100-200 hectare projects to large-scale mega-urban areas, creating mini-cities with self-contained ecosystems. In subsequent years, Vinhomes continued to realize its mega-urban development strategy by implementing and proposing numerous large-scale urban areas across the country.

In the North, the nation’s largest real estate developer has initiated additional urban areas around the capital, including Vinhomes Ocean Park 2 (nearly 460 hectares), Vinhomes Ocean Park 3 (294 hectares), Vinhomes Global Gate (385 hectares), and Vinhomes Dan Phuong (133 hectares). The company also won the bid for the New Urban Area project in the Northwest of Bac Ninh City (Zone 1), covering 277 hectares.

However, the most notable urban area project of Vingroup in the North is Ha Long Xanh in Quang Ninh. This complex urban area spans over 4,119 hectares, with a total investment estimated at 456.639 trillion VND (approximately 18 billion USD). It is the largest real estate project in Vietnam’s history.

According to the plan, Ha Long Xanh will provide over 55,000 units, including apartments, condotels, shophouses, villas, and hotels, catering to a population of more than 244,000 people.

In Hai Phong, Vingroup has Vinhomes Royal Island (approximately 877 hectares) on Vu Yen Island and Vinhomes Golden City (over 240 hectares). In Khanh Hoa, Vingroup is developing Vinhomes Cam Lam (nearly 10,400 hectares) and Vinhomes Cam Ranh (over 1,200 hectares).

In the South, besides the attention-grabbing Vinhomes Can Gio, Vingroup has other mega-urban areas in the pipeline around Ho Chi Minh City. Notably, two urban areas in Tay Ninh (formerly Long An) include Phuoc Vinh Tay (nearly 1,090 hectares) and Duc Hoa – Hau Nghia (nearly 200 hectares).

Other giants like Sun Group, Ecopark, and T&T Group have joined the race, shaking up the market.

After a long focus on resort real estate, in 2024, Sun Group returned to residential real estate. Marking this shift was the Sun Mega City project, covering 1,690 hectares in former Ha Nam (now Ninh Binh Province).

Following this shift, Sun Group continued to expand its development of mega-urban areas. In Hanoi, the group won the bid for the high-end Me Linh urban area in Quang Minh commune, spanning 205 hectares with an estimated investment of 15 trillion VND. The company also proposed two urban area projects in Bac Ninh with a total area of nearly 490 hectares.

In Ho Chi Minh City, Sun Group is the investor for the Tay An Tay and Dong An Tay urban areas, with respective scales of 268 hectares and 288 hectares. Notably, in the South, the consortium of this giant also won the bid for the Hiep Hoa urban area project, covering 291 hectares in Dong Nai.

As for Ecopark, in 2009, the company made its mark with the Ecopark urban area project, spanning approximately 500 hectares and a total investment of up to 10 billion USD – currently the largest project in Hung Yen Province.

T&T Group also made its mark with the T&T Millennia urban area, covering nearly 270 hectares in Tay Ninh. The participation of these market-leading conglomerates indicates that Tay Ninh is entering a new development cycle, promising to become a significant real estate growth hub in the Southern region.

In October, T&T Group, led by billionaire Do Quang Hien, proposed the development of a 236-hectare urban area with a total investment of 33.7 trillion VND in Hung Nguyen and Lam Thanh communes, Nghe An Province.

After years of making its mark with projects in Ho Chi Minh City, in 2025, Phu My Hung expanded to the North with the Hong Hac urban area, covering 198 hectares and an investment of 27 trillion VND in Bac Ninh Province.

It is evident that real estate giants are accelerating the development of mega-projects across the North and South. The areas where these giants invest are expected to attract significant capital and residents, gradually reshaping Vietnam’s real estate map.