Vietnam’s real estate and financial sectors have been thrust into the spotlight this week, as Vinhomes, the housing arm of Vingroup, announced its leadership of a colossal $10.97 billion urban project in the central coastal province of Khanh Hoa. The move comes amid a period of heightened volatility on the country’s stock exchanges, with Vin family stocks—Vingroup, Vinhomes, and Vincom Retail—experiencing sharp declines, contributing to a broader market downturn.
The Cam Lam new urban area, as detailed by The Investor, is set to be one of the largest undertakings in Vietnam’s property sector. Vinhomes’ board has approved a 35% capital contribution to the project, which will be executed by a consortium including Phat Dat Real Estate Development Corporation, Truong Loc Real Estate Investment and Development, Green Urban Construction and Trading, and Phu Tho Land. The provincial authorities gave Vinhomes the nod to lead this consortium back in June, signaling strong government support for the ambitious plan.
Spanning more than 10,350 hectares, the Cam Lam project will transform large swathes of Cam Lam commune and parts of Cam Ranh town, including Cam Duc town and several nearby communes. The development blueprint is staggering: more than 58,000 villas and townhouses, nearly 9,800 apartments, about 33,000 social housing units, and roughly 58,500 residential land plots are planned. The site will also feature a 36-hole golf course and an array of commercial, public, and social infrastructure. When complete, it’s expected to accommodate around 584,000 people—a veritable city within a city.
Construction is slated to begin in 2025 and extend through 2037, with an operating term of 50 years from the land allocation or lease approval date. The scale and timeline reflect both the ambition and complexity of the project, which aims to set new benchmarks for integrated urban living in Vietnam.
This bold expansion comes on the heels of a strong financial year for Vinhomes. According to The Investor, the developer reported consolidated net revenue of VND154.1 trillion ($5.93 billion) in 2025, with consolidated net profit hitting a record VND42.11 trillion ($1.62 billion)—up 30% and 20% year-on-year, respectively. The company’s robust performance has been driven largely by on-schedule and even ahead-of-plan handovers at its major developments, underscoring its operational prowess despite a challenging property market.
Yet, even as Vinhomes looks to the future with optimism, the present has brought its share of turbulence. On February 3, 2026, the VN-Index on the Ho Chi Minh Stock Exchange (HoSE) fell sharply, dropping 22.54 points, or 1.23%, to settle at 1,806.5 points after dipping below the 1,780-point mark during the session, as reported by Bizhub and Vietnam News. Market breadth was decidedly negative, with 210 stocks declining. However, liquidity remained robust, with nearly 974 million shares traded, amounting to a value of VND31.87 trillion ($1.2 billion).
The VN30-Index, which tracks the largest and most liquid stocks, also closed lower at 2,004.31 points, down 25.5 points or 1.26%. Within this basket, 18 stocks declined, 10 advanced, and three remained unchanged. Notably, Vin family stocks—Vingroup (VIC), Vinhomes (VHM), and Vincom Retail (VRE)—all hit their floor prices, while Vinpearl (VPL) plunged nearly 6.2%. Collectively, these companies accounted for more than 24.5 points of the index’s losses, highlighting their outsized influence on market sentiment.
Foreign investors added to the pressure, net selling over VND2.46 trillion worth of shares on HoSE, primarily targeting large-cap stocks such as VIC and VHM. On the Hanoi Stock Exchange (HNX), they also net sold VND33.33 billion. Despite this, the HNX-Index managed to buck the trend, rising 4.26 points, or 1.66%, to 260.39 points, with a trading volume of nearly 93.7 million shares worth VND2.19 trillion. This divergence suggests that while large-cap stocks faced headwinds, there was still optimism in certain corners of the market.
The banking sector mirrored the market’s mixed fortunes. Some state-owned banks, including BIDV, Vietinbank, and Vietcombank, managed to rebound positively toward the end of the session, gaining between 1.4% and 2%. This performance stood in contrast to the broader sell-off and provided a measure of stability amid the volatility.
Amid the gloom, the energy and oil sector emerged as a rare bright spot. Stocks like PV Drilling, Binh Son Refining and Petrochemical, PetroVietnam Technical Services Corporation, and Petrolimex all posted substantial gains in the 6-7% range. Their performance helped cushion the market’s losses and offered a glimmer of hope for investors seeking safe havens during the sell-off.
According to analysts at Vietcombank Securities, the 1,800-point mark is a crucial support level for the VN-Index in the current phase. They advise investors to keep a close eye on market movements and to hold onto stocks that show signs of successful price consolidation. In their words, “Investors are advised to closely monitor market movements and hold onto stocks showing signs of successful price consolidation.”
The timing of Vinhomes’ announcement is notable, coming just as the market grapples with uncertainty. Some observers see the Cam Lam project as a potential catalyst for renewed confidence in the real estate sector, particularly given its scale and the backing of a proven developer. Others caution that volatility in the equities market, coupled with strong foreign net selling, could temper investor enthusiasm in the short term.
Despite the market’s current jitters, Vietnam’s broader economic outlook remains upbeat, buoyed by infrastructure spending, a resilient retail sector, and ongoing foreign investment. The Cam Lam project stands as a testament to the country’s ambition to modernize and expand its urban footprint, even as it navigates the ebbs and flows of global and domestic financial markets.
As construction gears up for a 2025 start, all eyes will be on how Vinhomes and its partners execute on this vision—and whether the project can help restore momentum to both the property market and investor sentiment. For now, the story of Cam Lam is one of bold ambition meeting real-world complexity, unfolding against the ever-shifting backdrop of Vietnam’s dynamic economy.