Vingroup’s $8.4 bln project makes up over half of HCMC’s land-use fee revenue in Jan-Aug

A mega urban project by Vietnam’s leading private conglomerate Vingroup (HoSE: VIC) contributed nearly 55% of Ho Chi Minh City’s land-use fee revenue in the first eight months of 2025, the municipal Department of Finance said on Tuesday.

Can Gio Tourist City Corporation, a Vingroup subsidiary, paid VND21.7 trillion ($822 million) in land-use fees for its Vinhomes Green Paradise project, a large-scale sea encroachment tourism-urban development.

The payment helped lift the city’s total budget revenue to VND524.23 trillion ($19.9 billion), up 15.5% from a year earlier, fulfilling 78.1% of the year's target.

Land-use fee collections surged 391% year-on-year to VND39.75 trillion ($1.5 billion), with Vinhomes Green Paradise equivalent to a quarter of HCMC’s full-year land revenue target of VND86 trillion.

In April, Vingroup broke ground on the project, which is estimated to cost VND VND217.05 trillion ($8.44 billion). With a scale of 2,870 hectares, a population of 230,000 people, and special ecological advantages, it seeks to become a leading ESG urban area in the world, according to a Vingroup release.

Vinhomes Green Paradise is located in Long Hoa commune and Can Thanh township, all in the coastal district of Can Gio, about 50 km southeast of HCMC's center. It will be connected to the inner city via the HCMC-Can Gio high-speed urban railway, with a maximum speed of 250 km per hour.

The project is expected to create growth momentum not only for HCMC but also for the entire southeastern region.

Under the HCMC planning for the period 2021-2030, with a vision until 2050 approved by Prime Minister Pham Minh Chinh, Can Gio, HCMC’s only coastal district, will become an ecological urban area, with biosphere reserves preserved.

VIC shares closed up 1.32% to VND137,800 ($5.2) on Friday.