Housing developer Vinhomes, consortium partners win bid for $10 bln urban area project in central Vietnam

Vinhomes, the housing development arm of Vietnam’s conglomerate Vingroup (HoSE: VIC), and its consortium partners have won the bid to develop a VND260.3 trillion ($9.97 billion) urban area project in the south-central province of Khanh Hoa.

The provincial People’s Committee has issued a decision approving the investor selection result for the project located in Cam Lam district and Cam Ranh town.

The consortium includes Vinhomes JSC, Phat Dat Real Estate Development Corporation, Truong Loc Real Estate Development and Investment Co., Ltd., Green Urban Construction and Trading JSC, and Phu Tho Land JSC.

In March, the Cam Lam New Urban Area project received in-principle approval from Prime Minister Pham Minh Chinh.

Under the decision, the project will cover more than 10,300 hectares, including nearly 81 hectares of forest land that need land use purpose conversion.

The preliminary total investment of VND260.3 trillion excludes VND25 trillion ($957.87 million) in compensation and resettlement support costs.

The complex will feature around 58,576 villas and townhouses, 9,821 apartments, and 33,000 social housing units, accommodating about 584,364 people. It will also serve as a regional training, research, and innovation center.

It aims to develop a modern urban area with resorts, a 36-hole golf course, theme parks, residential and commercial housing for sale, lease, and lease-purchase.

The project will have a duration of 50 years from the date of land allocation, lease, or land-use conversion decision. Construction is scheduled from 2025 to 2037.

Vinhomes and expanded footprint in Khanh Hoa

Vinhomes, based in Long Bien district, Hanoi, has made a strong foray into Khanh Hoa with a series of large-scale projects.

In March 2025, the provincial People’s Committee selected Vinhomes as the investor for the resettlement area project in Cam Lam district and Cam Ranh town.

The project has a total investment of over VND2.7 trillion ($103.44 million) and covers an area of 239 hectares in the two locations.

Another is the 1,254-hectare"Urban area by Cam Ranh Bay" project, approved by Prime Minister Pham Minh Chinh in April 2023, with an initial investment of VND85.29 trillion ($3.27 billion).

The project is being developed by a consortium of Cam Ranh Investment JSC, Vinhomes JSC, and VinES Energy Solutions, also a member company of Vingroup.

Located in Cam Ranh town, the project is set to feature a housing complex, public services, parks and green spaces, a trading center, resort facilities, a golf course, and a theme park. Its construction is scheduled to take place from 2023-2027.

Vinhomes (HoSE: VHM) targets VND42 trillion ($1.63 billion) in net profit this year, up 20% from 2024, despite lingering challenges in the local real estate market.

The company guns for a 2025 revenue of VND180 trillion ($7 billion), up 76% year-on-year.

In 2024, Vinhomes posted a net profit of VND35.07 trillion ($1.36 billion) on a consolidated revenue of VND102.32 trillion ($3.97 billion), up 5% but down 1% year-on-year, respectively. The company contributed VND18 trillion ($698.62 million) to the state budget.

Khanh Hoa province is home to Nha Trang, one of the world’s most beautiful bays. It is located about 450 kilometers north of Ho Chi Minh City, Vietnam’s southern economic hub, and is well-known for its long beach, islands and islets.

In June 2022, the National Assembly, the country's highest legislative body, issued a resolution on distinct mechanisms and policies for Khanh Hoa to be implemented on a pilot basis to attract only mega projects. It also specified that urban area projects should accommodate at least 50,000 people or cover at least 300 hectares.