Vietnam had 27 large-scale urban development projects with combined investment exceeding 3 quadrillion VND (115 billion USD) in 2025, according to a report by S&I Ratings, highlighting a nationwide push to build massive new townships.

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The projects, each covering hundreds to thousands of hectares, include developments newly launched, under construction or recently approved for investment across the country.

More than half of the total investment is led by major developers including Vingroup and Sun Group, the report says, reflecting intensifying competition to develop large-scale urban complexes in the real estate market.

Northern Vietnam accounts for nine mega projects, mainly in and around Hanoi as well as Hung Yen and Quang Ninh provinces.

The largest project is a proposed Olympic sports urban area in Hanoi, developed by Vingroup with an estimated investment of about 35.6 billion USD and spanning more than 9,000 hectares. If completed, it would become the largest urban development in Vietnam.

Another major development in the North is the Ha Long Xanh integrated urban project in Quang Ninh, also by Vingroup, covering more than 4,000 hectares with an estimated investment of about 17.5 billion USD. The project is planned as a large tourism and service hub linked to Ha Long Bay.

Central Vietnam accounts for eight projects, with the largest being the Cam Lam urban area in Khanh Hoa province, developed by a consortium led by Vinhomes. The project spans more than 10,000 hectares and has an estimated investment of nearly 11 billion USD.

Another major development is the Tu Bong new urban area project, developed by a consortium including Sun Group, covering 2,579 hectares with an investment of around 1.5 billion USD.

Southern Vietnam has 10 mega projects, half of which are still in the early stage of receiving investment approval.

Among them are three projects by Vingroup, including the Can Gio sea-reclamation tourism urban area near Ho Chi Minh City, along with the Phuoc Vinh Tay and Hau Nghia – Duc Hoa developments.

Economist Dinh Trong Thinh said new resolutions passed by the National Assembly had helped remove some bottlenecks related to project preparation, land clearance and compensation.

Improved legal frameworks and expanding transport infrastructure helped trigger a new wave of large-scale real estate development.

Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors, said administrative restructuring in some regions had expanded land availability and improved planning connectivity, creating favourable conditions for large urban projects.

However, analysts warn that the rapid rollout of mega developments could raise concerns about the market’s ability to absorb the new supply.

According to the Ministry of Construction, housing prices have risen by an average of 10–15% annually in recent years, with some periods seeing increases of up to 30%.

In Hanoi, primary apartment prices reached around 100 million VND per square metre last year, up 40% from 2024.

In Ho Chi Minh City, prices rose by 23% year-on-year to about 111 million VND per square metre.

The ministry said the rise in housing prices had significantly outpaced income growth, making property increasingly difficult for many households to afford.

Le Hoang Chau, Chairman of the HCM City Real Estate Association, said the wave of mega urban developments was reshaping Vietnam’s property market.

He urged developers to diversify housing products and include more affordable options to avoid oversupply of high-end units.

“Rising lending rates could increase financial pressure on developers, especially if legal procedures delay project timelines,” he said.

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