Vingroup gets land for $1.5B northern urban project in Bac Ninh Province

Vietnam's largest listed company, Vingroup, has secured land for a S$1.5 billion new urban area in Bac Ninh Province, 40 km northeast of Hanoi. The project covers 270 ha, with 50 ha designated for housing and the rest for public infrastructure, including social housing.

Vingroup, Vietnam's largest listed company, has received land approval for a S$1.5 billion (US$1.1 billion) new urban development in Bac Ninh Province, 40 km northeast of Hanoi. The Northwest New Urban Area will span 270 ha, with 50 ha allocated for the construction of villas, townhouses, and apartment towers, and the remainder for public infrastructure such as sports facilities, roads, and green spaces.

The consortium led by Vingroup must lease the 50 ha earmarked for housing but will not pay for the rest of the site, only handing it over to local authorities after completing the public works. This is the first land allocation within the broader master plan, which eventually will include 60 ha of residential land, hosting nearly 3,500 villas, townhouses, and apartment buildings of up to 35 stories. The project also sets aside 9.5 ha for social housing.

Vingroup, controlled by Pham Nhat Vuong – Southeast Asia's richest man with a net worth of S$34.5 billion (US$25.7 billion) and ranked 62nd globally – is spearheading the development. Bac Ninh, a key industrial hub, sits within the Hanoi-Hai Phong-Quang Ninh economic triangle and serves as a northeastern gateway to the capital. The province has recently seen strong activity across housing, urban, and industrial real estate segments.

On Monday, the National Assembly approved Bac Ninh's upgrade to a centrally administered city, effective Sep. 20, along with Quang Ninh on the Chinese border, raising the total to seven such cities, including Hanoi and Ho Chi Minh City.