Hung Yen Real Estate Report 03/2022

Welcome to Hung Yen Real Estate Newsletter Program. I’m Bảo Anh from Sen Vang group. And to start the program, let’s have a look at some highlights of Hung Yen’s real estate market in March 2022.

  • False new on Vinhomes Dream City project opened for sale. 

Recently, there are some information related to the sale of Vinhomes Dream City in Hung Yen floating on the market. In this regard, Vinhomes JSC has just issued a written notice indicating that there are no plans to open for sale and have not allowed any advertising or sales activities for the project. All activities of advertising, offering, receiving deposits, reservations,… are impulsive actions, without the company’s permission.


In addition, Vinhomes also reported that it has not signed a brokerage contract with any distribution agents for Vinhomes Dream City. Real estate agents or project distributors who claimed themselves to be the seller of this project is unfounded and untrue. Therefore, the company urge people to be careful against bias information in the market, not to make any transactions or deposit to any real estate brokers to avoid risks.

  • Hung Yen wants to legalize more than 200 villas built ‘underground’?


Dai Hung Company – the investor of Sago Palm Garden in Van Giang district organized a forbidden construction which illegally selling more than 200 villas and townhouses on the land of Tuynel brick factory. However, up to now, the agencies of Hung Yen province have sent a written request to the Ministry of Construction to guide the process of adjusting the project objective into house – building purpose. 


Specifically, in April 2020, the Inspectorate of Hung Yen province announced the conclusion on the inspection of Sago Palm’s villa and townhouse project with notion on a series of serious violations. Accordingly, at the time of inspection, this project has only received the agreement on the terms of policy, but Dai Hung Company has not completed the legal procedures for the project. In specific, the project has not been approved by the competent authority to adjust the investment policy or approval of the investment policy 


However, it has arbitrarily carried out the demolition on “Tuynel brick factory”project and change the purpose of land use, which is building more than 200 villas, townhouses and part of technical infrastructure, road system, trees, water supply and drainage on the project premises. Also, they have made contracts for investment cooperation, conduting house-selling to customers which making a total of more than VND 244 billion.


  • Cash flow is pouring into Hung Yen Real Estate Market 


Land prices in Hanoi have been pushed toa high level, creating a trend of shifting to neighboring provinces for investment. However, not all markets are at target of investors. 


In fact, the localities with thriving industries and good social infrastructure, are the subject of investment. Housing demand for foreign professionals and tens of thousands of workers is a driving force for rising prices in the market. 


Among the satellite cities of Hanoi, Hung Yen is in the leading position… With the advantage that the industrial province bordering Hanoi and more than 5 trillion is being poured into transport infrastructure, Hung Yen real estate is becoming a fertile land for investment, promising to become a “new focal point” of the Northern real estate market.


According to the actual survey, in many synchronous and legally transparent infrastructure areas located next to large industrial parks, land prices recorded an escalation of about 30% in the first half of 2018. Specifically, in the central area of Hung Yen, the average land price fluctuates at 15-25 million VND/m2. At the location of the main road such as the road facing highway 39, the price has increased to about 20-40 million VND/ m2, even the good trading places in Nhu Quynh town, Pho Noi, price has been at 40 – 50 million VND / m2, the area closed to central of My Hao district, Bao Bi’s market and The General Hospital of Phố Nối, land Price is at a rate of 35-45 million/m2.

  • Hung Yen approves detailed planning of 2 industrial clusters at nearly 100ha


Hung Yen People’s Committee has just issued decisions No. 387 and 388 on two detailed planning projects scaling of 1/500 for the two industrial clusters with a total area of nearly 100ha. Specifically, these are Minh Chau – Viet Cuong Industrial Cluster in Yen My district invested by Minh Chau Industrial Park Joint Stock Company.


The planning area covers an area of about 49.3ha; implemented in Minh Chau commune and Viet Cuong commune 


The main industries are allowed in this Industrial Cluster includes light industry, multidisciplinary industry, projects that do not pollute the environment.


Next is Phùng Chí Kiến Industrial Cluster, which is invested by Gia Hung Infrastructure Development Joint Stock Company.


The scope of planning research has a scale of about 50ha, carried out in Phùng Chí Kiến ward, Bạch Sam ward and Xuân Dục commune in Mỹ Hảo town. 

The projects are planning for investments in the fourth quarter of 2022 and put into use in the fourth quarter of 2023. 

  • Van Giang District becomes a Class II Urban in the future.

According to Decision No. 504 dated February 8, 2018 of the Provincial People’s Committee, the Urban Development Program of Van Giang District in the period of 2017 – 2020, oriented to 2030 is approved. The planning projection is to develop Van Giang district to the economic focus of the province, developing in a multidisciplinary and multi-sectoral direction (includes: trade,  services – industry – agriculture). Also, to turn it into a transport hub within Hanoi Capital region as well as with focus on the development of trade, services, tourism, education and training, scientific and technical research and ecological housing. Therefore, Van Giang district is built to ensure 3 development goals: socio-economic and environmental sustainability.


Currently, the urban development work in the district still has some difficulties, not ensuring the linkage; not fully promoting the advantages of a district adjacent to the capital of Hanoi. The main reason is that there is not enough planning and overall strategy for urban development in the modern direction to attract investments.\

  • Land price of Van Giang district increased rapidly

After the urban planning information of Van Giang district (in Hung Yen province), the price of land here has increased sharply by 20-30%. 

Specifically, a land plot of 100 m2 in Cửu Cao commune before Lunar New Year was offered for sale at VND 21 million/m2, now up to VND 26 million/m2. 


Similarly, a 100 m2 plot in Long Hưng commune has 2 facades, at the end of 2021 is for sale at 30 million VND / m2, but has now increased to 35 million / m2. Or another plot of land deep in the alley in Long Hưng commune has 3 facades with an area of 50m2, before Lunar New Year the price is just under 20 million / m2 but is now offered for sale at 25 million /m2. 


In addition, in the surrounding areas of Vinhomes Dream City, Ecopark or Vinhomes Ocean Park, land prices also increased by over VND 20 million / m2, ranging from VND 25 million to VND 30 million. Some lots have a prime location, the price can reach the “peak” at 45 million / m2.


Commenting on this rapid land price increase in Van Giang, Mr. Nguyễn Văn Đính – Chairman of Vietnam Real Estate Brokerage Association – recommended: ” Those who want to buy real estate at this time need to carefully study the market. Real estate increases annually by only 5-10% , therefore this price escalation of 20-30% is too high. Real estate increases in price when there are investments in infrastructure, but must be a substantive investment, not just based on planning”.

  • Hung Yen will have an additional 192ha industrial park

On 04/01/2022, Hung Yen People’s Committee has decided to approve the detailed planning project to build industrial park No. 5, under the management of Xuân Trúc commune, Quang Lãng commune and Nghĩa Dân commune. 


The project has a total investment of VND 2 385 billion. The operating term of the project is 50 years from the date the investor is granted a written approval of the investment policy and the investor’s approval.


The Deputy Prime Minister assigned Hung Yen People’s Committee to implement the project in accordance with the planning approved by competent authorities; inspecting and identifying investors who meet the requirements for leasing land by the State; to ensure requirements by the State to change the purpose of land use during the implementation of the project in accordance with the land law.


This is the end of Hung Yen Real Estate Newsletter in March 2022. Please Like and Subscribe to be able to update the latest information from Sen Vang Investment Channel. See you in the next Hung Yen real estate episode. Have a good day!!!