Vietnam Shifts Toward Sustainable Growth In Real Estate And Stocks

As Vietnam’s financial landscape enters 2026, a striking transformation is underway across both the real estate and stock markets. Investors, once laser-focused on quick profits, now find themselves at a crossroads, compelled by shifting market conditions and bold new government directives to rethink their strategies. The days of speculative flips may not be over, but the writing is on the wall: sustainable value and long-term cash flow are now the names of the game.

According to Cafebiz, the real estate sector is experiencing what experts call a “filtering phase.” In this climate, investors are moving away from chasing short-term gains and instead seeking assets that appreciate steadily and generate stable cash flow. Real estate, once viewed as a ticket to rapid wealth, is increasingly seen as a “financial machine” that rewards patience and strategic holding. It’s a subtle but significant shift—one that’s changing the very DNA of property investment in Vietnam.

Low-rise shophouses have emerged as a particularly attractive option in this new era. Their appeal? Flexibility. Owners can choose to live in them, run a business, or rent them out, which helps cushion financial pressures while waiting for property values to rise. Even during challenging times, these shophouses have shown impressive resilience. Take the Him Lam Boulevard project in Thuong Tin, for example: at the end of 2024, it recorded an absorption rate of about 90% in less than a week after opening sales. That’s not just a blip—it’s a clear signal that investors and buyers are flocking to properties that offer both safety and the ability to generate cash flow, without being overly exposed to short-term market swings.

What’s driving this trend? As Cafebiz reports, experts point to three main factors: scarcity, the ability to create cash flow, and practical usage value. As urban infrastructure improves and demand for commercial spaces rises, the value of these shophouses tends to increase sustainably over time. It’s not just about location anymore—it’s about adaptability and real-world utility.

One project that stands out amid this changing landscape is Him Lam Thuong Phuc Legend. Located in the heart of South Hanoi, this development is making waves for its forward-thinking design and strategic positioning. The project supplies the market with 155 two-frontage shophouses, nestled at the crossroads of Ly Thu Tan Boulevard and Nguyen Vinh Tich Street. Its proximity to major arteries like National Highway 1A and Ring Road 4—within just over a kilometer—gives it a rare advantage in terms of regional connectivity, as detailed by Cafebiz.

But connectivity isn’t the only draw. Him Lam Thuong Phuc Legend is planned with multiple access points, making it easy for both residents and visitors to move in and out. This not only boosts daily convenience but also increases the potential for business by ensuring a steady, evenly distributed flow of traffic through the area. The project’s design, in other words, is as much about fostering community and commerce as it is about bricks and mortar.

Inside, residents and business owners enjoy access to 39 notable amenities, including a large swimming pool, a musical water park, a central square, multifunctional sports fields, and a clubhouse. These features aren’t just window dressing—they help attract people, create vibrant hubs of activity, and drive real commercial demand. For shophouse owners, this is a crucial factor: it means their investments aren’t just sitting idle, waiting for prices to rise, but are actively generating income and foot traffic.

As South Hanoi’s infrastructure continues to develop, projects like Him Lam Thuong Phuc Legend are expected to set new standards for livability and lead the way in establishing new price floors for the entire region. The exclusive consulting and development unit for this project is Won Direct Real Estate Development Joint Stock Company, which has positioned itself at the forefront of this evolving market.

Meanwhile, over in the stock market, a different but related story is unfolding. On January 21, 2026, Resolution 79-NQ/TW was introduced, setting ambitious targets for the period 2026-2030 and signaling fundamental changes in the management of state-owned enterprises. According to reports, the government will now focus on foundational and strategic sectors where the private sector is either unwilling or unable to participate, paving the way for more effective resource allocation throughout the economy.

The big question on every investor’s mind, as noted in multiple analyses, is whether these policy shifts have already been priced into stock values—or if there’s still room for certain sectors to be revalued as the resolution’s goals are gradually realized. Early reactions have been strongest among commercial banks with significant state capital, such as VCB, BID, and CTG, which saw positive movements in both price and liquidity immediately after the resolution was announced. However, as Mr. Vu Duy Khanh, Director of Analysis at Smart Invest Securities, points out, “The new Resolution’s impact is long-term, especially related to capital increase, governance improvement, and market upgrading. These factors may help banks with state capital improve ROE, maintain profit growth, and thus be valued higher by the market.”

Not everyone is convinced the market has fully digested the implications. Mr. Nguyen Anh Khoa, Director of Analysis at Agribank Securities, observes that, “the market has partially reflected the expectations into stock prices, evidenced by the rapid rise of many bank and enterprise stocks with high state ownership ratios such as GAS, BSR, PLX, POW, GVR, CTR, BVH. However, the current reflection is only at the level of directional expectations, not the economic value fully realized yet.”

Resolution 79 is seen as opening a new chapter for state-owned enterprise reform and stock market valuation adjustment. The reform isn’t just about short-term price spikes; it’s about laying the groundwork for structural change—something that takes time to filter through to actual business results and, eventually, to share prices. The consensus among analysts is that while there’s still room for growth, the opportunities won’t be spread evenly. Leading banks and large enterprises with strong state ownership and the capacity to implement reforms will likely see the clearest benefits, while stocks that have already surged on speculation may soon face profit-taking pressures.

In the meantime, the banking and large-cap stock groups have played a pivotal role in supporting the VN-Index, which continues to set new highs. Yet, as the dust settles, investors are redirecting their attention to sectors and companies with untapped growth potential—particularly those that haven’t yet seen their prospects fully reflected in current stock prices. The energy and oil and gas sectors, for instance, are drawing interest thanks to improving profit outlooks and the acceleration of major investment projects.

Ultimately, both the real estate and stock markets in Vietnam are navigating a period of profound transition. Investors are learning that, in this new era, patience, discernment, and a focus on fundamentals are more important than ever. Whether it’s a shophouse in South Hanoi or a blue-chip stock benefiting from sweeping reforms, the winners will be those who can adapt to the changing tides while keeping their eyes on the horizon.