Steel firm VGS to join Vinaconex in developing $238 mln urban project in northern Vietnam
Vietnam Germany Steel Pipe JSC (HNX: VGS) will partner with construction giant Vinaconex (HoSE: VCG) to jointly develop its first property project, Viet Duc Legend City, after prolonged delays.
At an extraordinary shareholders’ meeting last week, VGS said the urban development had faced major setbacks in 2024-2025 following the merger of Vinh Phuc into Phu Tho province in July, which disrupted key procedures including land clearance, compensation, and land-use fee approvals.
Illustration of the Viet Duc Legend City urban project in Phu Tho province, northern Vietnam. Photo courtesy of VGS.
Under the approved resolution, VGS will remain the project’s main investor while Vinaconex will participate through a capital cooperation model rather than a new joint venture. Vinaconex will provide up to 50% of the investment capital at any stage and make advance deposits to help finalize legal processes and prepare for construction.
Located in Xuan Lang commune, Phu Tho province, the 62-hectare Viet Duc Legend City project has an estimated investment of VND6.27 trillion ($238.23 million). The first phase spans 27.5 hectares, with Coteccons Construction JSC (HoSE: CTD) contracted to build technical infrastructure for the eastern section.
Once completed, the project will feature 382 townhouses, 404 villas, 352 commercial apartments, and 952 social housing units. The high-rise social housing component received construction approval earlier this year.
As of Q3/2025, VGS recorded VND777 billion ($29.53 million) in work-in-progress costs for the project, up 3% from the start of the year.
VGS shares closed up 0.72% to VND27,800 ($1.06) each on Tuesday.
Vinh Phuc, Hoa Binh and Phu Tho were merged in July to form the new Phu Tho province, which borders Lao Cai, Ninh Binh, Son La, Thai Nguyen, Thanh Hoa, Tuyen Quang, and Hanoi.
The former Vinh Phuc province is a manufacturing hub in northern Vietnam, together with Hanoi, Hai Phong, Hai Duong, Ha Nam, Bac Ninh, and Thai Nguyen. It is home to many FDI giants like Toyota, Honda. Nissin, Piaggio, Compal, Foxcon, Fullpower, G.O. Max, Kumho, and YCH.
- Related News
- Read More
VN-Index approaches 1,800-point mark as easing Middle East tensions lift sentiment
Vietnam's benchmark VN-Index edged closer to the 1,800-point threshold on Monday as improving sentiment over easing tensions in the Middle East boosted risk appetite, driving gains in brokerage stocks while oil and Vingroup-related stocks weighed on the market.
Finance - Mon, June 15, 2026 | 8:34 pm GMT+7
Japanese products dominate Vietnamese consumer trust, but younger shoppers rewriting rules
Japanese products continue to enjoy the highest level of trust among Vietnamese consumers, reinforcing the country’s position as the benchmark for quality and reliability in one of Southeast Asia’s fastest-growing consumer markets, according to a new survey by market research firm Q&Me.
Economy - Mon, June 15, 2026 | 6:48 pm GMT+7
VinEnergo ramps up renewable energy push with 4 new subsidiaries
VinEnergo, the energy arm of Vietnamese conglomerate Vingroup, has accelerated its expansion into the power sector, establishing four new subsidiaries within a week as it builds a growing portfolio of renewable energy and infrastructure projects across Vietnam.
Companies - Mon, June 15, 2026 | 4:52 pm GMT+7
Thaco deepens ties with Hyundai Rotem to localize railway manufacturing in Vietnam
Vietnamese conglomerate Thaco and South Korea’s Hyundai Rotem have signed a detailed technology transfer and localization agreement for railway rolling stock production.
Industries - Mon, June 15, 2026 | 4:01 pm GMT+7
UOB Vietnam appoints Pham Hong Hai as deputy country CEO
Singapore's United Overseas Bank (Vietnam) Limited on Monday appointed Pham Hong Hai, former CEO of HSBC Vietnam and later Vietnamese bank OCB, as deputy country CEO, effective immediately.
Banking - Mon, June 15, 2026 | 2:26 pm GMT+7
Shinhan Bank Vietnam launches AI translation desk, strengthening customer experience, digital innovation
Shinhan Bank Vietnam has officially launched AI Translation Desk, an AI-powered interpretation solution designed to help foreign customers communicate more easily while using banking services in Vietnam.
Banking - Mon, June 15, 2026 | 12:03 pm GMT+7
FDI listings a missing piece in Vietnam's stock market development
As Vietnam's stock market moves closer to its long-awaited upgrade to secondary emerging market status and seeks to attract higher-quality capital, allowing more foreign-invested companies to list on domestic exchanges could broaden the pool of investable assets and support the next phase of capital market development.
Finance - Mon, June 15, 2026 | 11:14 am GMT+7
Chinese robot 'eyes' manufacturer builds 10-hectare factory in northern Vietnam
Orbbec Inc., a Chinese company specializing in 3D vision sensors and robotic hardware, is building an over-10-hectare manufacturing center in the northern province of Bac Ninh to serve international markets.
Industries - Mon, June 15, 2026 | 8:00 am GMT+7
Long Thanh airport project faces shortage of 2,000 workers
The Long Thanh International Airport project in the southern province of Dong Nai is still short nearly 2,000 workers compared to actual requirements during its final acceleration phase.
Infrastructure - Sun, June 14, 2026 | 6:08 pm GMT+7
Nghi Son Refinery and Petrochemical Complex turns profitable in Q1 on full-capacity operations
Operating at full capacity, the Nghi Son Refinery and Petrochemical Complex in Vietnam's central province of Thanh Hoa reported its first profit in Q1/2026, marking a significant turnaround after years of losses.
Economy - Sun, June 14, 2026 | 2:45 pm GMT+7
50 years of Gamuda Berhad and its urban development journey in Vietnam
Celebrating 50 years of establishment and growth, Gamuda Berhad – one of Malaysia’s leading infrastructure and urban development groups – has evolved from an infrastructure specialist into an integrated urban developer with a growing presence across Asia.
Real Estate - Sun, June 14, 2026 | 11:21 am GMT+7
Industrials, technology top Vietnamese sectors in M&A transaction volume
Vietnam’s M&A market recorded 24 transactions in May, with industrials, technology and healthcare sectors being the most active sectors in terms of transaction volume, writes Grant Thornton analysts.
Consulting - Sun, June 14, 2026 | 9:00 am GMT+7
Top Vietnamese garment maker Vinatex's H1 profit rises 14%, weak order visibility clouds outlook
Vietnam National Textile and Garment Group (UPCoM: VGT) reported consolidated profit growth of 14.4% in the first half of 2026, driven by a strong recovery in its yarn business, even as weakening global demand and uncertainty over U.S. trade policy cast a shadow over the sector’s outlook.
Companies - Sun, June 14, 2026 | 8:00 am GMT+7
Gamuda Land Vietnam recognized among Top 10 Enterprises Pioneering Green Transformation 2025-2026
Gamuda Land Vietnam has been recognized as one of the “Top 10 Enterprises Pioneering Green Transformation 2025-2026” at the 25th Golden Dragon Awards.
Companies - Sat, June 13, 2026 | 7:45 pm GMT+7
T&T pushes ahead with $97 mln industrial park project, eyes new urban area projects in northern Vietnam
Vietnamese conglomerate T&T Group is seeking to accelerate five projects in Bac Ninh while proposing two new developments in this northern province.
Infrastructure - Sat, June 13, 2026 | 7:09 pm GMT+7
VinFast guns for 300,000 EV deliveries in 2026, spins off manufacturing operations
VinFast, the EV arm of Vietnamese conglomerate Vingroup (HoSE: VIC) targets at least 300,000 electric vehicle deliveries globally this year, up 52% year-on-year, while pursuing a restructuring plan aimed at improving capital efficiency, according to a report by Vietcap Securities.
Companies - Sat, June 13, 2026 | 3:07 pm GMT+7
