Vingroup Lands Bac Ninh Plot for US$1.5 Billion Urban Project
Vietnam’s largest listed company, Vingroup, secured 112 hectares in Bac Ninh Province for a US$1.5 billion urban development. This initial allocation forms part of a larger 270-hectare project outside Hanoi.
Vingroup Secures Land in Bac Ninh
A Vingroup-led consortium received 112 hectares of land in northern Vietnam for an urban development. This project carries an estimated cost of VND41 trillion (US$1.5 billion). Vingroup, Vietnam’s largest listed company, is controlled by Pham Nhat Vuong, Southeast Asia’s wealthiest individual. His net worth stands at US$34.5 billion, ranking 62nd globally. The land is located in Bac Ninh Province, 40 kilometres northeast of Hanoi.
Project Scope and Land Use
The allocated land forms the first phase of the Northwest New Urban Area project, which will eventually span 270 hectares. Of the initial 112 hectares, 50 hectares are approved for residential construction. This includes villas, townhouses, and apartment towers. The remaining land is designated for public infrastructure, such as sports facilities, roads, and green spaces.
The consortium leases the residential portion and must hand over the public infrastructure land to local authorities upon completion, without payment for that segment.
Bac Ninh's Economic Significance
The full 270-hectare project plans for 60 hectares of residential construction. This will feature nearly 3,500 villas, townhouses, and apartment buildings up to 35 stories tall. Additionally, 9.5 hectares are reserved for social housing. Bac Ninh Province is a major industrial hub in Vietnam’s northern region.
It benefits from its strategic location within the Hanoi–Hai Phong–Quang Ninh key economic triangle, serving as a northeastern gateway to the capital.
Bac Ninh has seen strong real estate development across multiple segments recently, including housing and industrial parks. This Vingroup project further solidifies the province's appeal for urbanisation and investment. The National Assembly approved Bac Ninh to become a centrally administered city on 20 September this year.
This upgrade, alongside Quang Ninh, reveals Vietnam’s continued focus on developing secondary economic hubs beyond Hanoi and Ho Chi Minh City. Investors should watch these newly designated cities for infrastructure spending and property market shifts.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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