Real estate in Vietnam is a solid bet on the nation’s long-term demographic trends. If you’re looking to buy a home here, choosing a property developer is the first step.
The importance of a developer is usually understated. Indeed, even if you’re buying a condo from the resale market, the original developer’s construction quality still follows you!
You’re essentially picking a developer, even if you don’t realize it, when buying any type of recently-built housing in Vietnam.
Naturally, Vietnam’s real estate market has gained recognition in the global investment community. They’ve managed to consistently outperform other emerging markets in Asia.
Vietnam’s economy and population are growing and property values are on the rise again in some areas. In fact, the nation’s average GDP growth has exceeded 6% in the past three decades.
A competent government is yet another appealing factor here. They’ve taken important steps to liberalize the economy and welcome foreign investment, drawing manufacturers looking for alternatives to China.
At the same time, property values in Vietnam have remained relatively low by regional standards. Most apartments in Hanoi and other major cities cost under $100,000, and even luxury units are usually priced less than $500,000.
Granted, these low prices partly stem from market entry barriers and Vietnam’s leasehold property system.
Foreigners, and locals for that matter, can only lease real estate for periods between 50 and 70 years. There are hopes that Vietnam may change and allow freehold ownership in the future.
Investors also face challenges endemic to most frontier markets, such as language barriers and unreliable sellers.
Most foreigners opt to buy from developers to circumvent those issues. Not all real estate companies in Vietnam are equal though.
Subpar property developers can cause delays, cancellations, and structural issues that can undermine your investment.
When buying a house in Vietnam, you should look for a real estate developer with a great reputation and a proven track record of completed projects.
On that premise, here’s our list of the best real estate developers in Vietnam ranked in no specific order.
Vietnam’s best property developers include both foreign and local firms. Vinhomes, and their “Central Park Complex” in Saigon shown above, is a perfect example of a top local developer.
Vinhomes (Vingroup)
Vinhomes is one of Vietnam’s largest property developers. The company is a subsidiary of Vingroup, an established conglomerate with a presence in industries ranging from hospitality to healthcare.
In the real estate sector, Vingroup has a diverse portfolio of properties that includes homes, condos, resorts, and even malls. They won top-tier awards for these projects from groups like Euromoney Magazine and the Vietnam Report Joint Stock Company.
As Vingroup’s primary residential developer, Vinhomes has completed numerous high-end apartment and neighborhood projects throughout Vietnam. The firm is best known for developing Landmark 81, Vietnam’s tallest building, in Saigon’s Vinhomes Central Park.
The majority of Vinhomes’ developments are luxury residences with ample amenities, and the price of their units reflect that standard. Most condos built in Vinhomes Central Park, for instance, cost around $300,000.
However, given the breadth of its portfolio, Vinhomes also offers mid-range options. A unit in Vinhomes Royal City in Hanoi typically costs just under $100,000.
Novaland
Founded back in 1992, Novaland has grown into one of Vietnam’s biggest names in real estate development. It has a diverse portfolio of commercial, retail, and residential projects located primarily in Ho Chi Minh City.
To date, Novaland has completed over 30 residential developments. These include high-rise condominiums like Saigon Royal along with villas such as Lakeview City.
Novaland has won various awards for these projects, including various accolades in the Vietnam Property Awards. Unfortunately, headlines about the developer’s recent debt issues hindered its strong reputation lately.
Like others on this list, Novaland primarily offers luxury developments. Units at major complexes like Sun Avenue and Lakeview City typically cost upwards of $250,000.
The company does have some affordable options, such as a $60,000 condo for sale at the Richstar.
Novaland has ambitious plans, including Aqua City – a smart urban area about 20km northeast of Saigon. Yet the company’s recent debt issues are causing many investors to wonder if the project will ever happen.
Dat Xanh Group
Dat Xanh is among Forbes’ Top 50 Companies in Vietnam, and groups like BCI Asia have consistently named it one of the top Vietnamese developers.
While this real estate company’s primary focus is on residential development, they’ve also completed resort, office, and trade center projects.
In addition to property development, Dat Xanh offers a variety of services. It provides on-site property management at each of its apartment buildings along with brokerage and consultancy for buyers and sellers.
This makes Dat Xanh appealing to first-time investors looking for a streamlined experience. They offer a variety of housing types (condos, townhomes, etc.) primarily in HCMC. A majority of these developments are mid-range.
At Opal Riverside, for instance, buying a condo costs $70,000 on average. Dat Xanh does have one luxury complex, Lux City, where units typically cost around $100,000.
FLC Group
FLC Group emerged two decades ago to quickly rise to the top of Vietnam’s property market. The company consists of subsidiaries in various industries, such as finance, media, and technology.
Within a short period of time, FLC has completed more than a dozen developments and won top-tier awards from BCI Asia and the Vietnam Report Joint Stock Company.
These projects include high condos in Hanoi’s heart of Hanoi as well as resort villas in Quy Nhon and beyond.
Despite the company’s relative prestige, many FLC units are surprisingly affordable. An apartment at Urban Garden City costs just $42,000, and townhomes at FLC Residences Samson run less than $60,000.
You can find higher-end listings at properties like FLC Twins Tower, where units sell for roughly $175,000.
Nam Long
Nam Long is a major investment firm that develops land, houses, and commercial properties. The company is currently one of the fastest-growing and most accoladed developers in Vietnam.
Back in 2022, the company’s revenue grew by 26%, and it won Best Mixed-Use Development and Best Mixed-Use Architecture awards from the Asia Pacific Property Awards.
The majority of Nam Long’s residential projects target affluent Vietnamese and foreign investors. Most of its housing developments are mini-cities with expansive amenities like fitness centers, convenience stores, and luxurious pools.
This emphasis on high-end complexes makes most Nam Long properties much more expensive than average. The firm’s newest projects, Grand Villa and Riverfront Grand Villa, are standalone homes that cost upwards of $700,000.
Likewise, condos at Valora Fuji typically cost about $250,000. This property business does, however, offer some mid-range options, such as Falore Fuji.
Hung Trinh is now building Ho Tram Complex, one of Vietnam’s largest resort developments.
Hung Thinh
Originally founded back in 2002, Hung Thinh is now one of Vietnam’s largest real estate companies. The firm’s primary focus is on residential condos and houses.
Hung Thinh currently owns nearly 20 different brands that specialize in construction, property development, and green technology. The company also owns PropertyX which is a well-regarded real estate agency.
With more than 30 housing developments under its belt, Hung Thinh offers buyers plenty of choices. Mid-range apartments at Melody Residences and Rainbow 8X are for sale at prices between $50,000-$60,000.
Luxury condos at Q7 and Saigon Mia run closer to $150,000. Hung Thinh has also developed high-end villa projects with houses selling for upwards of $1 million.
EcoPark (Vihajico)
EcoPark is a division of Vihajico, an investment firm focused on sustainable development. Since 2003, the firm has set out to construct the first green city in Vietnam under the EcoPark brand.
This expansive project has attracted major partners like the EPGA Academy and Tokyo Medical University Vietnam.
Today, the community lies just outside of Hanoi, and the community is largely complete. EcoPark currently has 12 different residential complexes along with retailers, schools, hospitals, and parks.
Vihajico intends to continue to develop EcoPark by adding more residences and expanding amenities and infrastructure as needed.
EcoPark’s residential complexes range from high-rise apartment buildings to waterfront villas. West Bay and Aqua Bay, for instance, offer mid-range apartments for less than $50,000. On the other hand, a villa in Vuon Tung can cost more than $600,000.
BIM Group
BIM Group first emerged in 1994 as a hotel developer. The company is best known for its role in constructing the Halong Plaza Hotel – the first international luxury hotel in Ha Long Bay.
Since then, the company has partnered with major brands like Hyatt and Crowne Plaza throughout Southeast Asia.
In addition to hotels, the company also builds residential developments throughout Vietnam. Most of these projects are luxury lifestyle complexes like the Regent Residences in Phu Quoc and Green Bay Village in Quang Ninh.
BIM Group also led the Phu Quoc Marina project, a multipurpose development on the island.
Given the firm’s focus on high-end developments, most BIM group properties are luxury brands that are priced accordingly.
For example, buying a condo at the Palm Garden Shop Villas will cost over $500,000 on average. Meanwhile, houses for sale at the Park Hyatt Phu Quoc, expect to pay upwards of $3 million.
CapitaLand is one of Southeast Asia’s biggest real estate developers. The picture shown above is their “Interlace” project. Granted, it isn’t in Vietnam, but nonetheless is a great example of CapitaLand’s ingenuity.
CapitaLand
CapitaLand is one of Asia’s top property developers. This Singapore-based company operates in over two dozen countries, including China, Australia, and the US.
In Vietnam specifically, the firm has completed nearly 30 projects since it entered the market.
The majority of CapitaLand’s Vietnam projects are hotels and residences. Many of these are traditional condo buildings, such as Vista Verde and De La Sol.
CapitaLand also offers serviced apartments managed by its premier hospitality brand, the Ascott.
CapitaLand primarily develops luxury housing with few mid-range options. Condos at the Vista in Saigon cost nearly $200,000.
A unit at one of the company’s newer projects, D1Mension, is priced more than $300,000.
Phat Dat
Since its foundation in 2004, Phat Dat has become one of Vietnam’s most reputable developers. The company is best known for its role in building the Phan Dinh Phung Sport Center in HCMC.
Phat Dat has completed a variety of residential projects, primarily under its EverRich brand. They also frequently collaborate with Vietnam’s government to build ecotourism and infrastructure projects.
Phat Dat’s four EverRich complexes provide high-quality mid-range apartments. Phat Dat also recently completed the Millennium, a mixed use hotel and condo in Ho Chi Minh City.
At its five completed complexes, the company offers a wealth of options. Mid-range buyers can purchase a unit at the EverRich II for just $60,000.
Phat Dat’s luxury homes in Vietnam, including in the EverRich Infinity and the Millennium projects, typically sell for at least $200,000.
Vietnam Real Estate Developers: FAQs
What's the Largest Property Developer in Vietnam?
Vinhomes (Vingroup) is the biggest real estate developer in Vietnam in terms of both its assets and number of homes built.
How Much Does Real Estate in Vietnam Cost?
Vietnam is a large country of nearly 100 million inhabitants. Naturally, the cost of housing will vary based on location, built quality, and many other factors.
Generally, you should expect to pay about $4,000 per square meter for a condo in central Hanoi or HCMC.
Can Foreigners Buy Property in Vietnam?
Technically, all land in Vietnam is on a lease from the state. It's not possible to own freehold property as a foreigner in Vietnam in the conventional sense, whether as a foreigner or local.
