Investors seek opportunities in a market that has never experienced a real estate boom

Investors who have made significant gains during real estate booms driven by industrial infrastructure are flocking to a market just 90km from Hanoi, which is forecasted to be the next hotspot for FDI capital flows and the future industrial hub of Northern Vietnam. This is also the only region in the North that, despite having all the necessary conditions and strong growth drivers, has never experienced any real estate boom.

The allure of the new market

The real estate market in Phu Tho has witnessed a remarkable breakthrough, attracting the attention of secondary investors across all segments, including villas, land plots, townhouses, and shophouses. Soon, the market will also see the introduction of high-end apartments catering to experts working in industrial zones across the province.

Projects in the center of Viet Tri City and its expanding suburban areas are successively planning sales launches, introducing products that meet the current market demand shortage.

For instance, in the high-end apartment segment for foreign experts and skilled workers employed in industrial zones across Phu Tho province, a survey by Dat Xanh Mien Bac—a well-experienced sales consulting and project development unit in the industrial and residential real estate market—revealed that Phu Tho currently has nine major industrial zones and 26 industrial clusters, attracting nearly 14,000 skilled workers and foreign experts, along with nearly 50,000 young workers, considered the “golden population” for the real estate market. However, in the entire Viet Tri City, there are very few high-end apartments for rent, with virtually no supply available. As a result, many foreign experts working in Phu Tho have to reside in Vinh Yen or even farther away in Hanoi.

Vic Grand Square project is set to launch in Viet Tri City with luxury standards.

Surveying the future supply of high-end apartments, there is only one project—VIC Grand Square—located in the heart of the city. This iconic twin-tower development, standing 36 stories tall, will bring over 1,500 luxury apartments to the market.

Meanwhile, according to its socio-economic development strategy, Phu Tho aims to become a satellite city and northern gateway to Hanoi, as well as the next industrial hub of northern Vietnam. The province enjoys strong regional connectivity with key industrial zones in Vinh Phuc, Thai Nguyen, Bac Ninh, and Bac Giang. By 2025, Phu Tho is expected to host around 220 FDI enterprises, generating 40,000 to 50,000 new jobs, which will drive significant demand for housing, commercial services, and logistics infrastructure. Additionally, the province anticipates welcoming 850,000 tourists by 2025.

This creates a major catalyst for Phu Tho’s real estate market, boosting its potential and attracting investors, project developers, and secondary buyers looking for opportunities in emerging markets.

Notably, Phu Tho is the only province adjacent to Hanoi that has maintained a stable real estate price base, untouched by the speculative price surges seen nationwide. While neighboring provinces experienced rapid price spikes followed by market stagnation, Phu Tho remained outside this cycle, maintaining price stability. Investors view the current pricing as being at the ‘early wave’ stage, indicating significant growth potential.

And the experience of ''hunting for opportunities'' from the early wave

High demand, limited supply, combined with synchronized infrastructure and strong economic growth drivers, will inevitably push real estate prices to soar. While everyone can see this opportunity, seizing it requires foresight. The experience of investors who have successfully ‘ridden the wave’ in markets like Vinh Phuc, Thai Nguyen, Bac Ninh, and Bac Giang shows that getting in early ensures you don’t miss out. This remains a timeless lesson when investing in emerging markets.

Perspective view of the VIC Grand Square project

“When we invested in Bac Ninh ten years ago, in 2013, no one ever thought that land prices there could increase 30 times, but that’s exactly what happened in 2018-2019. The opportunity in Bac Ninh will not repeat itself because supply and demand have already reached equilibrium, and regional economic growth drivers have slowed down, leaving no more breakthrough factors. Phu Tho shares many similarities with Bac Ninh ten years ago, yet land prices here are even lower than Bac Ninh’s before its real estate boom. This is also the only market with well-developed industrial infrastructure and great potential but has never experienced a land price surge,” shared Nguyen Duy Ngoc, a highly successful real estate investor specializing in industrial logistics in Bac Ninh, Bac Giang, and Hai Phong.

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