Vietnam's approach to urban development is undergoing a seismic shift. A wave of mega-urban projects - each spanning hundreds to thousands of hectares - is rising across the country. These developments, designed with modern, integrated lifestyles, mirror top-tier international cities and are reshaping both the real estate market and societal living patterns.

One such example is the young couple Do Van Thanh and his wife, who purchased a 45-square-meter apartment in a mega-urban area east of Hanoi for over 2 billion VND (about 83,000 USD) mid-last year. They financed nearly half of the purchase through a bank loan, intending to live there long-term.

Recently, multiple brokers have contacted them offering to buy the apartment back for over 3 billion VND (roughly 125,000 USD) - a profit margin of more than 40%. Some brokers even guaranteed instant deposits from interested clients. Though surprised, the couple is hesitant to sell due to their outstanding mortgage and the challenges of finding a new home amid rising prices.

Similarly, Nguyen Hong Linh from Hanoi acquired a 30-square-meter apartment in a new western Hanoi project through a priority program for about 1.5 billion VND (around 62,500 USD). At the time, the project was just a foundation under construction. By early this year, units in the same development were selling for over 2 billion VND (about 83,000 USD).

Linh recently listed her unit for 2.3 billion VND (nearly 96,000 USD) and quickly found a buyer, earning her a profit of 800 million VND - more than 50% - in less than a year.

These gains are part of a growing trend. Small-scale investors are pouring into suburban areas where mega cities are being developed, anticipating rapid price increases. According to real estate agents, some investors have “flipped” two or three apartments within a year thanks to a booming secondary market and bullish expectations. Many are willing to pay 50–200 million VND (2,000–8,300 USD) just to reserve units, later transferring them with markups.

From housing to holistic living: The rise of Vietnam’s integrated cities

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Mega-urban projects are capturing strong investor interest. Photo: Thach Thao

Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), believes these integrated mega projects - like those by Vingroup and Ecopark - demonstrate the maturity of Vietnam’s developers. “Instead of just selling homes, they are offering entire lifestyles,” he told VietNamNet.

This shift marks a major evolution in the philosophy of urban development in Vietnam and reflects new ambitions among local real estate giants.

Larger land banks offer developers more room to integrate services and green spaces. Vingroup, for instance, has developed carefully master-planned mega-urban areas of international caliber.

Chau cites Phu My Hung in Ho Chi Minh City as Vietnam’s first model urban zone, built 30 years ago on over 400 hectares. Only 25% of the land is developed; the rest is dedicated to roads, parks, water features, and public amenities.

Similarly, Ecopark in Hung Yen, founded two decades ago on converted farmland, has blossomed into a lush green township surrounding water bodies.

A game for those with scale and vision

Building a mega city requires immense financial strength and operational capacity, says Chau. Successful developers need to master planning, design, and long-term operation to deliver such projects. Moreover, these large-scale developments are opening the door to greater foreign investment in Vietnam.

Echoing this view, Bui Van Doanh, Director of the Vietnam Real Estate Research Institute, sees mega projects covering thousands - or even tens of thousands - of hectares as the natural direction for urban growth, especially in developing countries across Asia.

With urban centers becoming overcrowded and infrastructure stretched thin, these mega-urban zones help redistribute population and economic activity. Their sheer size allows for the deployment of modern infrastructure, integrated utilities, and smart-city innovations.

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Large-scale urban developments require major capital and capacity. Photo: Thach Thao

From a planning standpoint, such zones enable the expansion of metropolitan space and promote the development of polycentric cities that better link urban and suburban regions.

However, Doanh warns that size alone isn’t the goal - quality of life must be the ultimate focus. Even smart city models, he says, are only tools to serve a higher aim: people-centric urban living where happiness and well-being are the final objectives.

ESG and beyond: A new urban development paradigm

Doanh notes that Vietnam is now moving beyond “eco-city” and “green city” models toward development guided by ESG principles: Environmental, Social, and Governance. Forward-thinking developers are even adopting “ESG++” frameworks, which add resilience and regeneration to the core.

Vinhomes Green Paradise in Can Gio, Ho Chi Minh City, is one such pioneering example.

For these ambitious projects to succeed, financial muscle is necessary - but not sufficient. Governance capacity, long-term vision, and adaptability are just as vital.

“The larger the project, the greater the need for sustainability,” Doanh emphasized. “These mega urban zones not only embody internal value but help define the identity and quality of cities both now and in the future.”

Tran Chung - Duy Anh