MARKET SNAPSHOTS WEEK 01/2025
Bac Giang approved investment in a nearly 103 ha industrial park.
On December 27, 2024, the Deputy Prime Minister signed Decision No. 1679/Q?-TTg, approving the investment policy for the construction and infrastructure business of the Xuan Cam - Huong Lam Industrial Park Phase 1, as well as endorsing S-Dragon Infrastructure Investment Joint Stock Company as the investor. The project spans an area of 102.85 hectares, located in Xuan Cam and Huong Lam Communes, Hiep Hoa District, Bac Giang Province. The total investment capital for the project is approximately VND 1,467.5 billion, with S-Dragon Infrastructure Investment JSC contributing VND 234.8 billion. The project will operate for a duration of 50 years from the date of land allocation, lease, or land-use purpose conversion. The Ministry of Planning and Investment is responsible for evaluating the investment policy and overseeing state management of the industrial park in accordance with investment and related laws.
High-rise apartment tower in Sun Urban City Ha Nam topped out ahead of schedule.
On December 28, the first high-rise tower, Art Residence, in the Sun Urban City Ha Nam project was topped out after just five months of construction, surpassing the planned schedule. The project covers a total area of 420 hectares, with a construction density of only 18%, including approximately 4,400 units and over 200 hectares dedicated to greenery, water features, and outstanding amenities such as parks, a musical fountain stage, and the Sun World entertainment complex. The first tower has completed its structural work within five months, ahead of schedule. The remaining towers are expected to top out before March 2025, with apartment handovers planned for June 2025. According to the head of the high-rise management division at Sun Urban City, towers A2 through A8 will top out before March 2025. The first apartments, complete with land use certificates and a synchronized utility system, are scheduled to be handed over to buyers on June 30, 2025.
Vietnam established a fund to propel high-tech development and innovation.
On December 31, the government issued a decree establishing a non-profit investment support fund under the management of the Ministry of Planning and Investment. The fund is tasked with receiving, managing, and utilizing state budget allocations along with other legitimate sources to support enterprises in sectors outlined in the decree. Notably, the fund provides up to 50% of initial investment costs for research and development (R&D) projects in the semiconductor and artificial intelligence (AI) sectors. To qualify for support, enterprises must have no outstanding tax or budget debts. Additionally, the R&D projects must positively impact Vietnam's technology innovation ecosystem and fall within the priority high-tech categories. Eligible projects require a minimum investment of VND 3,000 billion (approximately USD 117.8 million) and must disburse at least VND 1,000 billion (USD 39.3 million) within three years of receiving approval.
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Can Tho has received approval for the industrial park project with a total investment exceeding VND 7,800 billion.
The Vinh Thanh Industrial Park Phase 2 in Can Tho City, spanning over 540 hectares with an investment capital of VND 7,850 billion, has been greenlit by the government. Thanh Binh Phu My Joint Stock Company is set to undertake the project, which is expected to be completed within 72 months following the land handover. The project is designed to follow a smart and sustainable industrial park model, envisioned as a major food processing and distribution hub in the southern region. This initiative is part of the broader Vinh Thanh Industrial Park project, covering nearly 900 hectares. Phase 1 (VSIP Can Tho), launched in September 2023, spans 294 hectares with an investment of VND 3,717 billion. Land clearance for phase 1 has been fully completed, and infrastructure development is underway. By 2050, Can Tho City plans to establish 13 industrial parks, covering a combined area of 7,473 hectares.
Ho Chi Minh City sets record budget revenue with over VND 500,000 billion and targets growth for 2025.
Ho Chi Minh City has become the first locality in Vietnam to surpass VND 500,000 billion in budget revenue, exceeding its 2024 target by 105.32% and growing 13.3% compared to 2023. For 2025, the city aims to collect VND 520,089 billion in revenue, reflecting a 7.71% increase year-on-year. To meet this ambitious target, the city plans to implement a comprehensive range of socio-economic management measures, prioritize public investment disbursement, and accelerate major infrastructure projects. Chairman of the People's Committee, Phan Van Mai, has issued Directive No. 19, outlining goals for a GRDP growth rate exceeding 10% and achieving 22 socio-economic objectives by 2025. The Ho Chi Minh City Institute for Development Studies (HIDS) has been tasked with formulating a double-digit growth scenario, while the Department of Planning and Investment will mobilize at least VND 600,000 billion in investment capital, including VND 112,000 billion from the state budget. The city will continue executing Resolution 98/2023/QH15, restructuring administrative systems, and supporting businesses to overcome challenges and stabilize operations.
Hanoi accelerates planning for 18 bridges across the Red River by 2050.
By 2050, Hanoi plans to construct 18 bridges over the Red River to enhance traffic flow and strengthen regional connectivity. On December 31, 2024, the Thuong Cat Bridge project was approved, linking Bac Tu Liem District to Dong Anh District. The bridge spans 5.2 km, with a width of 35 meters, and an investment of over VND 7,200 billion. Additionally, three key bridges—Tu Lien, Tran Hung Dao, and Ngoc Hoi—are being expedited. Tu Lien Bridge, spanning 11.5 km, will connect Tay Ho to Dong Anh, with an estimated investment of VND 22,000 billion, and is expected to break ground in Q3 2025. Tan Hung Dao Bridge will link central Hanoi with Long Bien, stretching 5.6 km, with an investment exceeding VND 16,300 billion. It will include six lanes for motor vehicles and two pedestrian lanes. Ngoc Hoi Bridge, 13.8 km long, will connect Thanh Tri to Gia Lam and Hung Yen, with a cost of VND 4,880 billion. Furthermore, Hanoi is prioritizing the construction of Me So and Hong Ha Bridges as part of the Ring Road 4 project, ensuring alignment with the transportation system anticipated to be completed by the end of 2025.