On August 20, 2025, the People’s Committee of Ho Chi Minh City (HCMC) made headlines by officially announcing a sweeping list of 48 commercial housing projects now eligible for sale to foreign organizations and individuals. This move, reported by multiple Vietnamese news outlets, marks a significant step in opening up the city’s real estate sector to international buyers and strengthening HCMC’s ambition to become a global financial and business hub.
Among the newly approved projects, a remarkable 39 are developed by Phu My Hung Development Company Limited. All of these are situated in Area A of the New Urban Area in South Ho Chi Minh City, specifically within Tan Hung and Tan My wards. This concentration of projects highlights Phu My Hung’s central role in the city’s international housing strategy. As noted by Thuong Truong, "Phu My Hung continues to be the focal point in the strategy of developing housing to serve international demand."
Adding further weight to the city’s international aspirations, three additional projects in the same area are helmed by Phu Hung Thai Development Joint Stock Company. This firm is a joint venture between Phu My Hung and three major Japanese conglomerates: Daiwa House Group, Nomura Real Estate, and Sumitomo Forestry Group. Their involvement underscores the growing appeal of HCMC’s property market to foreign investors and developers, especially those from Japan, a country with a long-standing economic partnership with Vietnam.
The list of eligible projects isn’t limited to the southern district. The Dat Xanh Group has been authorized to sell apartments in two high-rise complexes, CC1 and CC5, collectively known as The Privé. These are located in Binh Trung ward and occupy nearly 43,000 square meters of land. Meanwhile, Capitaland - Thien Duc Company Limited is contributing three projects in Cat Lai ward: Vista Verde (lot Y2), lot Y1, and Define (lot Z2). Another approved project comes from CVH Mua Xuan Company Limited in Binh Trung Dong ward, further diversifying the city’s real estate offerings for potential foreign buyers.
Experts quoted by Điểm tin xây dựng emphasize that expanding the list of projects allowed for foreign ownership is more than just a real estate maneuver. It’s a calculated effort to boost market liquidity and attract high-quality international talent to live and work in HCMC. As the city aims to position itself as a leading center for finance, free trade, and advanced industries (including the burgeoning semiconductor sector), the demand for premium living spaces for foreign professionals is only expected to rise.
“Expanding the list of projects allowed to be sold to foreigners not only creates more opportunities for the real estate market but also helps attract and retain international experts and engineers,” experts told Điểm tin xây dựng. This sentiment is echoed by city officials, who see the move as vital to increasing HCMC’s competitiveness and prestige on the global investment map.
This is not the first time HCMC has taken steps to open its property market to non-Vietnamese buyers. Previously, the city had released a list of 17 commercial housing projects eligible for foreign ownership, featuring notable developments such as City Garden (developed by City Garden JSC), Dragon Village (by Dragon Village Real Estate), and Celadon City (by Gamuda Land). However, the latest expansion to 48 projects represents the most substantial opening yet, signaling a new era for the city’s property market.
Of course, there are strict legal frameworks governing foreign ownership of real estate in Vietnam. According to the 2023 Housing Law and Decree 95/2024, foreign organizations and individuals can only own houses in Vietnam if they possess valid legal operation licenses or investment registration certificates. Moreover, foreign ownership is strictly limited to projects outside national defense and security zones. There are also numerical caps: foreigners may own up to 30% of the apartments in any given building or block, and no more than 250 separate houses in an area with a population of 10,000 people. These regulations are designed to balance the benefits of international investment with national security and social stability.
The city’s approach is seen as a balancing act: on one hand, it seeks to attract global capital and talent; on the other, it maintains safeguards to ensure that local interests and security are not compromised. As Thuong Truong reports, "Ownership is limited to projects not in national defense-security areas, with a maximum of 30% of apartments in a building or block and no more than 250 separate houses in an area with a population of 10,000 people."
The announcement comes at a time when Vietnam’s real estate market is showing signs of recovery and renewed investor interest. Across the country, there are other notable developments in the sector. For instance, in Thanh Hoa province, authorities have approved auctions for two mixed-use residential projects in Hac Thanh ward, with starting prices set at 522.5 billion VND and 256.15 billion VND respectively. These projects are expected to generate significant revenue for local budgets and spur further urban development.
Meanwhile, in Ninh Binh province, a groundbreaking ceremony was held on August 19 for a major social housing project in Hoa Lu ward. With a total investment of approximately 1,976.45 billion VND and covering over five hectares, the project aims to provide 1,250 social housing units and 352 commercial apartments. The development, which will feature green spaces and energy-efficient designs, is scheduled for completion between 2025 and 2030. It’s part of a broader push to address housing needs for lower-income residents while also modernizing urban infrastructure.
These moves—both in Ho Chi Minh City and in other provinces—reflect a nationwide trend of leveraging real estate development to drive economic growth, urbanization, and social progress. By enabling foreign ownership in carefully selected projects, Vietnam hopes to attract not just investment, but also the expertise and dynamism of international residents, thereby fueling its transition from an emerging market to a regional powerhouse.
Still, the opening of the property market to foreign buyers is not without its critics. Some worry about the potential for speculation, rising property prices, or the displacement of local residents. Others point to the importance of maintaining strict oversight to ensure that foreign investment genuinely benefits the city and its people. City officials and lawmakers, for their part, insist that the current legal framework provides adequate safeguards and that the benefits—especially in terms of attracting global talent and capital—far outweigh the risks.
As Ho Chi Minh City looks to the future, the expanded list of eligible housing projects stands as a symbol of its global ambitions and its willingness to embrace change. For foreign investors and aspiring residents, it’s an open invitation to become part of one of Southeast Asia’s most dynamic urban stories. For locals, it’s a sign that their city is stepping confidently onto the world stage, ready to compete, collaborate, and thrive in the years ahead.
