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The Ho Chi Minh City People’s Committee has written to the municipal People’s Council seeking approval for the development of the Rach Chiec national sports complex project under a public-private partnership (PPP) model, which was put forward by Sun Vung Tau Company, a subsidiary of Sun Group, and is set to carry a price tag of over VND145 trillion (US$5.5 billion).

The proposal is scheduled for consideration at the council’s seventh sitting on Friday and Saturday.

Under the proposal, the municipal administration would act as the competent authority.

The project aims to establish a modern national- and regional-level sports center with fully integrated professional functions, serving both the community and broader socio-economic development goals, according to the municipal administration.

Once in place, the complex is expected to host major domestic and international sporting events, including the Southeast Asian (SEA) Games, the Asian Games (Asiad), regional Olympic competitions and other international tournaments.

It would also function as a hub for training elite athletes and developing sports professionals for Ho Chi Minh City and the country as a whole.

In addition, the project is designed to meet public demand for physical training and recreation through a system of modern sports facilities and open community exercise spaces.

The integration of commercial, tourism and entertainment services is expected to generate spillover effects for the regional economy, contributing to the development of a distinctive cultural, sports and tourism destination in eastern Ho Chi Minh City.

The project is oriented toward harmonious development with nature, environmental protection and long-term sustainability.

It would help stimulate economic growth, increase state budget revenues, attract investment, promote sports tourism and related commercial activities, while also creating jobs, raising incomes and contributing to social welfare.

The project will be developed under a PPP framework using a build-transfer (BT) contract, with payment to the investor made through land allocation in accordance with regulations.

The project would be financed entirely by the investor, without the use of state budget funds.

Project preparation costs would be implemented in line with the Law on Public-Private Partnership.

If Sun Vung Tau Sun Company is not selected as the project investor, the winning investor would be responsible for reimbursing the preparation costs as prescribed.

Large-scale facilities planned

The municipal administration estimates that the project will require around 186.8 hectares of land, ensuring efficient land use in line with approved planning and avoiding overlap with other projects.

The planned complex will feature multiple functional zones.

The cultural and sports zone will include a stadium, indoor arena, aquatic sports center, tennis center, integrated sports facility and multi-purpose sports center.

The stadium, with a capacity of 65,000-75,000 seats, and the indoor arena, with around 18,000 seats, are expected to be the project’s flagship structures.

Also, an urban public services zone will house facilities for athletes and coaches, a public square, a sports hospital, and a conference and exhibition center.

Green and public-use areas will comprise a park and landscaped spaces.

A technical infrastructure and transport zone will include utility systems and internal road networks.

Additional functional areas include a heritage and religious site, notably the Bung Sau Xa relic area.

The total implementation period is projected at around eight years from the date of contract signing.

Experts forecast that in 2026 a stronger shift towards outlying areas, especially projects linked to public transport and green standards, will shape product trends and developers’ strategies.

HCM CITY — The southern housing market is showing clear signs of recovery as macroeconomic conditions stabilise and a series of major infrastructure projects progress rapidly.

New supply in HCM City and neighbouring provinces has increased strongly, led by high-end apartments and low-rise housing, with owner-occupier demand continuing to dominate.

Experts forecast that in 2026 a stronger shift towards outlying areas, especially projects linked to public transport and green standards, will shape product trends and developers’ strategies.

New infrastructure has emerged as a powerful growth driver.

At the “Connecting the Present, Shaping the Future” Housing Real Estate Forum, property consultancy CBRE Việt Nam reported that the outlook for the southern housing market in 2025 and beyond would be reinforced by a stable macroeconomic environment, the region’s GDP growth target of 8 per cent and spillover effects from strategic transport projects.

According to Dương Thùy Dung, managing director of CBRE Việt Nam, the stabilised lending interest rate environment has supported both end-user and investment demand, though the market still needs time to absorb new supply.

The most significant push comes from major transport infrastructure, including Ring Roads Nos.3 and 4, Long Thành International Airport, the Biên Hòa-Vũng Tàu Expressway, the Bến Lức-Long Thành Expressway, and the expanding metro network in the city.

These projects reduce travel times between localities and create strong momentum for rapidly developing satellite urban centres.

The city housing market is expected to see around 12,000 new products in 2025 – 7,600 apartments and 4,400 low-rise houses.

In the apartment segment, high-end and luxury supply is set to dominate, accounting for 90 per cent of new launches, with average selling prices in the last quarter projected to rise by 18 per cent year-on-year.

Among the former provinces – including Bình Dương Province, Long An Province and Bà Rịa–Vũng Tàu Province – Bình Dương alone is projected to add more than 15,800 units, mostly apartments. Long An is expected to supply around 1,300 units, while Bà Rịa-Vũng Tàu is forecast to contribute over 800 low-rise homes.

In addition, Đồng Nai Province is projected to deliver approximately 9,400 units, with low-rise houses making up about 75 per cent of its total.

Across the five key southern localities, total new supply may exceed 39,300 units, double the volume in 2023-24.

Experts say the emergence of new ring roads and expressways is reshaping the region’s urban landscape.

The city will increasingly concentrate on high-end and luxury developments, while surrounding provinces will expand low-rise housing, ecological townships and projects oriented towards public transport.

This fuels a continuing outward shift, as residents seek larger living spaces while commuting times fall to 30-45 minutes.

A representative of a developer in Đồng Nai said buyers were now more cautious, shifting away from speculative activity towards long-term value.

Areas near future metro stations, Ring Road No.3 interchanges or connectors leading to Long Thành were becoming investment hotspots.

Buyers now would prioritise amenity quality, green standards and occupancy rates instead of seeking the lowest prices.

Green living and transit-oriented development (TOD) are also shaping demand.

Võ Huỳnh Tuấn Kiệt, director of residential at CBRE Việt Nam, said two major trends, transit-oriented development and green real estate, were becoming defining pillars of the market.

TOD would form the backbone of urban development, he reckoned.

Projects positioned along metro lines, bus rapid transit corridors or ecological routes typically achieved higher absorption due to reduced commuting times and integrated services.

Meanwhile, green criteria had become essential for younger buyers.

CBRE data shows that new launches in the city have an average selling price of around VNĐ90 million (US$3,700) per square metre, yet absorption remains healthy, particularly in the high-end and luxury segments.

In neighbouring markets, prices are 30-50 per cent lower, aligning well with the budgets of young families purchasing for long-term residence.

Lê Thị Thùy Trang, who lives in Cầu Kiệu Ward and is seeking a home in Hiệp Bình Ward, said her family would prioritise projects near metro lines and with ample green amenities for children.

Although prices are higher, she said the improved living environment and convenience would justify the cost.

New townships in Đồng Nai and Bình Dương Province incorporate parks, running tracks, schools and commercial centres.

Low-rise houses remain popular due to their generous living spaces, which suit multigenerational households.

CBRE Việt Nam expects the southern market to add up to 50,000 new housing units in 2026.

Greater diversity of location, segment and product quality is promoting healthy competition, prompting developers to raise design standards, amenities and service quality.

Economists say this competition benefits buyers since developments become more transparent, better equipped and more efficiently operated.

CBRE representatives said the region’s abundant land availability, excellent connectivity and competitive pricing continued to attract developers from South Korea, Singapore and Japan.

Experience from both Vietnam and global markets shows that initial public offering (IPO) stocks rarely deliver immediate gains. However, investors who select companies with solid fundamentals and maintain a long-term holding strategy can be rewarded for their patience.

Across markets, IPO stocks often face short-term price pressure but can offer significant long-term upside, provided the underlying businesses have strong financial foundations and clear growth strategies.

Even global market leaders have experienced difficult beginnings. Meta Platforms, formerly Facebook, is a notable example.

Meta went public on May 18, 2012 at $38 per share, but within four months its stock had plunged more than 50% to a low of $17.5 amid concerns over its business model and ability to monetize mobile users.

As the company later demonstrated success in shifting to mobile advertising and expanding its ecosystem, the stock recovered. Around three years after the IPO, early investors had doubled their money, while those holding until today have seen returns of roughly 15 times, with the share price now near $660.

Robinhood Markets Inc., the U.S.-based online brokerage platform, also illustrates the contrast between short-term volatility and long-term value. Listed on Nasdaq in 2021, Robinhood shares came under heavy selling pressure as the Federal Reserve tightened monetary policy, sending the stock sharply lower after its debut.

As business performance stabilized and markets recovered, the shares gradually rebounded. Investors who held since the IPO have seen the stock rise about fourfold to around $122 per share.

Similar patterns have been observed in Vietnam. BIDV bank saw its shares decline after its 2014 IPO and listing amid weak market conditions and supply pressure from newly issued shares.

Following restructuring efforts, improved efficiency, and steady growth in the banking sector, BIDV was gradually re-rated by the market. Its share price has since risen about 4.5 times from post-IPO levels, delivering strong returns for long-term investors.

Another prominent case is Vietcombank (VCB), which listed on the Ho Chi Minh City Stock Exchange in 2009 when Vietnam’s stock market was in deep decline and the VN-Index had fallen from a peak above 1,100 points to a low of 246.

Despite weak initial performance, Vietcombank’s strong financial position, prudent risk management, and consistent operating results across economic cycles led to a gradual revaluation. Its share price has increased roughly fourfold since the IPO, making it one of the best long-term performers among Vietnamese banks.

A similar story applies to Techcombank (TCB), one of Vietnam’s leading private banks. In April 2018, Techcombank set a record in the domestic banking sector by selling 164.1 million shares to foreign investors at VND128,000 per share, raising about $922 million and valuing the bank at more than VND145 trillion at the time of the IPO ($5.51 billion at current exchange rate).

However, TCB shares fell the maximum 20% on their first trading day, closing at VND102,400. Supported by a well-defined growth strategy and effective governance, Techcombank’s market capitalization has since climbed to nearly VND250 trillion ($9.5 billion), up about 73% from its IPO valuation.

What should investors expect from IPOs?

These examples highlight a common reality in capital markets: an IPO that is successful in terms of capital raising does not necessarily translate into immediate gains in share price after listing.

In 2025, IPO activity and capital raisings regained momentum in Vietnam, with large companies such as Hoa Phat Agriculture, Gelex Infra, Techcombank Securities, VPBank Securities, and VPS Securities entering the market.

This wave has been supported by a more stable macroeconomic environment, relatively low interest rates, and expectations that Vietnam’s stock market is entering a new growth cycle, attracting strong investor interest.

In practice, short-term price performance of IPO stocks depends heavily on market timing and overall market sentiment. When macro conditions are favorable, industry cycles are in an expansion phase, and investor confidence is high, newly listed stocks can post solid gains.

Conversely, during periods of heightened volatility and risk aversion, post-IPO price corrections are common, both in Vietnam and globally. In defensive market phases, capital tends to favor stocks with long trading histories, high liquidity, and proven stability. IPO stocks, where supply-demand dynamics are still imbalanced and information has yet to be fully absorbed by the market, are more vulnerable to selling pressure.

Investor psychology also plays a key role in the post-IPO phase. Many investors enter with expectations of quick profits and are willing to take gains or cut losses if prices do not move as anticipated, adding to supply pressure and amplifying early price swings.

Short-term volatility, however, often fails to fully reflect a company’s intrinsic value. As earnings performance, governance capability, and growth strategies are tested over time and reflected in financial results, the market tends to reprice shares closer to their fundamental value.

As a result, a pattern of “short-term decline, medium- to long-term growth” is frequently observed among high-quality IPO stocks, particularly those with strong balance sheets, sustainable competitive advantages, and clear growth potential.

Overall, lessons from both Vietnam and international markets suggest that while IPO stocks often face short-term pressure driven by market conditions and sentiment, this does not diminish the long-term appeal of strong businesses.

For investors, a reasonable expectation when participating in IPOs is to focus on company quality, market context, and long-term holding potential, rather than immediate gains in the first trading sessions.