Vingroup builds development hubs across multiple sectors

With the groundbreaking and inauguration of 11 large-scale projects on Friday, Vingroup (HoSE: VIC), Vietnam's biggest listed company by market cap, reinforces its role as a pioneering private enterprise in urban development, infrastructure, energy, and industry.

The projects are among the 234 developments that commenced construction or were inaugurated/opened for technical traffic across the country on the day to celebrate the 14th National Congress of the Communist Party of Vietnam (CPV).

The Vingroup projects span from Hanoi, and Quang Ninh and Hung Yen provinces in the north to Nghe An and Ha Tinh in the central region, as well as southern metropolis Ho Chi Minh City.

The event marks a rare milestone in the history of Vietnam’s private sector, while creating new growth engines and shaping long-term development space for the country.

$35.18 bln Olympic Sports Urban Area project on Hanoi outskirts

The Olympic Sports Urban Area – a highlight among the 234 projects – spans over 9,171 hectares, with total investment reaching VND925.65 trillion ($35.18 billion).

It is expected to become Vietnam’s largest urban complex, uniting a range of multi-purpose facilities, strategic transport connections, and initiatives to advance sports and cultural development at the international level.

At its heart lies Dong Son Bronze Drum Stadium, built on a 73.3-hectare plot of land with a designed capacity of 135,000 seats. According to a company release, this will be a FIFA-standard stadium with the world's largest capacity and the world's largest automatic retractable roof system.

The sports complex and stadium are expected to be completed in the second quarter of 2030, and the entire project is scheduled for 2035.

Speaking at the groundbreaking ceremony, Vingroup vice chairman Nguyen Viet Quang said this is the largest urban development ever launched in Vietnam, with a vision to become a premier destination for continental and global sporting events.

Footprint in Quang Ninh

In Quang Ninh province, Vingroup and its real estate arm Vinhomes (HoSE: VHM) broke ground on the Ha Long Xanh mixed-use urban area and Tuan Chau Park projects.

Carrying a total investment of approximately VND456.64 trillion ($17.35 billion), with a projected population of around 244,026 by 2030, Ha Long Xanh is seen as a miniature modern city spanning Tuan Chau, Ha An, and Dong Mai wards.

Adjacent to the UNESCO-listed Ha Long Bay, the 4,100-hectare project offers a desirable living environment for elite residents from around the world, said Vinhomes CEO Nguyen Thu Hang.

Ha Long Xanh stands to benefit directly from the region’s increasingly integrated infrastructure, including the Hanoi-Hai Phong-Ha Long-Van Don-Mong Cai expressway corridor, airports, seaports, and notably the upcoming Hanoi-Quang Ninh high-speed railway.

Meanwhile, the Tuan Chau Park project, covering more than 626 hectares, is set to become Vietnam’s largest ecological, cultural, and sports park. It marks a new step in Vingroup’s strategy to create large-scale green spaces, delivering lasting benefits for health, well-being, and quality of life to both Quang Ninh residents and domestic and international visitors.

The Tuan Chau Park, along with the initial components of the Ha Long Xanh project, is expected to open in 2028.

Standing Vice Chairman of the provincial People’s Committee Vu Van Dien noted his hope that the projects will help boost budget revenues, create jobs, and drive growth across tourism, services, and construction, while reinforcing Quang Ninh’s position as a province leading in growth and investment attraction.

The projects align with the Ha Long city master plan through 2040 as well as Quang Ninh’s master plan to 2050, he added.

Social housing in Hung Yen province

Vingroup continues to lead in the social housing segment with the groundbreaking of a social housing complex in Pho Hien ward, Hung Yen province, northern Vietnam.

The 31.1-hectare development includes 25 apartment buildings along with integrated amenities like schools, healthcare facilities, and green spaces.

Ha Tinh, a hub of metallurgy and energy

In Ha Tinh, Vingroup has simultaneously launched four projects in the Vinhomes Vung Ang Industrial Park, with combined investment exceeding VND127 trillion ($4.83 billion).

They are the VinMetal steel plant (Phase 1 with 4-6 million tons/year, reaching 20 million tons/year across three phases); the Eco Wind Ky Anh wind power plant (498 MW, expected annual output of 1,322.4 GWh); the Ky Anh wind power plant (400 MW, expected annual output of 1,053.3 GWh); and the Song Tri ward urban area (covering 84.12 hectares).

VinMetal CEO Pham Nhat Quan Anh said the steel plant is expected to begin operations in 2027, aiming to develop into a leading high-tech steel complex in the region, producing strategic materials to support Vietnam’s industrialization, including hot-rolled steel, steel plates, special alloy steel, rails, and structural steel meeting international standards.

All production will follow the blast furnace-basic oxygen furnace (BF-BOF) process, ensuring large-scale, modern steelmaking standards, he added.

Meanwhile, the two wind power projects by VinEnergo, another Vingroup unit, aim to contribute to Vietnam’s Net Zero target by 2050.

The Song Tri ward urban area project is designed to meet housing demand and enhance service quality for professionals, workers, and local residents in the area.

Spotlight in south-central region

The Cam Ranh Bay urban project in Khanh Hoa province is being developed by a consortium of investors, namely Vinhomes, VinES Energy Solutions JSC - another member company of Vingroup, and Cam Ranh Investment JSC.

The 1,254-hectare development, among the largest in the south-central region, is planned for a population of 230,779 with 8,474 townhouses, 10,732 villas, and 19,816 social housing units.

The project, worth over VND85 trillion ($3.23 billion), is scheduled to be completed and operational by Q1/2027.

Vingroup vice chairwoman Le Mai Lan said the Cam Ranh Bay urban project is envisioned as a modern development with integrated infrastructure, architecture, and landscaping.

In addition to residential areas, the project will feature public facilities and essential urban services, including schools, health stations, markets, shopping centers, green parks, and community spaces, according to the executive.

Vincom Plaza Vinh in Nghe An

In Nghe An province, Vincom Plaza Vinh officially opened, marking the 90th Vincom center nationwide and positioning itself as the most modern shopping mall in the north-central region.

Located on Quang Trung street with a total floor area exceeding 25,000 sq.m within the podium of a 37-story, five-star hotel, Vincom Plaza Vinh is set to become a premier destination for shopping, dining, and entertainment for both locals and visitors, while also introducing a fresh cultural experience to Nghe An for the first time.

Ben Thanh-Can Gio railway in HCMC

Spanning 54 kilometers with a top speed of 350 km/h, the railway line, to be Vietnam’s first high-speed railway, runs from Ben Thanh market in downtown Ho Chi Minh City to Vinhomes Green Paradise in outlying Can Gio.

Scheduled to open in Q4/2028, it is expected to enhance the national railway network and drive growth in trade, tourism, real estate, and particularly the maritime economy in HCMC and the broader southeastern region.

According to a study by VinSpeed High-Speed Rail Investment and Development JSC, where Vingroup chairman Pham Nhat Vuong holds a controlling stake, the line will cut travel time to just 16 minutes. Between 2030 and 2050, trains are expected to run every 12 minutes.

This latest series of Vingroup projects demonstrates that private enterprises in Vietnam are not merely participating but are leading, paving the way and taking responsibility in key sectors of the economy.

Notably, Vingroup approaches investment through an ecosystem model, creating tight integration across urban development, infrastructure, energy, industry, and services.

This approach reflects a shift among Vietnamese private enterprises from a purely “invest-and-operate” mindset to one of “build-and-co-develop,” aligning corporate interests with national and community benefits.

On a macro level, Vingroup’s project portfolio contributes to expanding growth corridors and establishing new development hubs across multiple strategic locations.

On the Ho Chi Minh Stock Exchange (HoSE), VIC shares closed Friday at VND148,500 ($5.64) apiece.

Resolution 68 of the Politburo, Vietnam's highest decision-making body, dated May 4, 2025, clearly identifies the private sector as the most important driving force of the economy, acting as a pioneer in scientific and technological development, innovation, and digital transformation.

By 2030, Vietnam is expected to have 2 million active private domestic enterprises, equivalent to 20 businesses per 1,000 people; and at least 20 large private domestic enterprises participating in global value chains. Their average annual growth rate will be 10-12%, exceeding the national economic growth rate.

The private domestic sector is expected to contribute 55-58% of GDP and 35-40% of total state budget revenue; and provide employment for around 84-85% of the total workforce. Their labor productivity growth is projected to average 8.5-9.5% per year.

Notably, the technological capability, innovation, and digital transformation of the private sector are set to rank among the top 3 in ASEAN and top 5 in Asia.