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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.

The residential real estate sector leads real estate mergers and acquisitions activity with over 70 per cent of total transaction volume, experts said.

HCM CITY — The residential real estate sector leads real estate mergers and acquisitions (M&A) activity with over 70 per cent of total transaction volume, experts said.

Other segments, such as commercial and resort real estate, account for approximately 17.7 per cent and 5.3 per cent, respectively. The data centre sector also emerged as a potential niche market, accounting for 3.3 per cent of M&A transaction volume.

According to JLL's observations of M&A deals with publicly available information in the first 11 months of 2025, the cumulative transaction volume reached approximately US$2.4 billion.

The Vietnamese real-estate M&A market in 2025 recorded significant growth, marking a positive shift after a prolonged downturn. Unlike the previous period when the market faced difficulties due to administrative barriers, this year has seen the resolution of many legal bottlenecks along with greater clarity in planning, creating conditions for increased supply and promoting cooperation among industry players.

Amid tight financial conditions, businesses have turned to M&A strategies as a key solution to maintain growth momentum, while many corporations, after restructuring, have actively expanded their real estate portfolios through mergers and acquisitions, according to Trang Lê, country head, Vietnam, JLL. Typical examples are domestic companies such as Novaland Group and Phat Dat Group, which are actively participating in the M&A market.

Investment capital has focused significantly on projects with high legal transparency, especially commercial land funds that have been approved for planning, have land use rights documents, and have a clear construction completion roadmap.

The market also shows a clear stratification among investor groups. Local investors lead in transaction frequency with small and medium-sized deals, while foreign partners focus on large-scale deals, especially in the high-end residential segment, integrated urban development, and strategic industrial real estate.

The policy allowing agreements on non-residential land use rights for commercial housing development from April 2025 has opened up great opportunities for converting industrial and agricultural land. This will strongly promote M&A deals in the housing segment, which is experiencing a prolonged supply shortage and high absorption rates.

The office segment shows clear differentiation. HCM City is experiencing a severe supply shortage with high occupancy rates and strong rental growth, while Hà Nội is seeing a strong wave of FDI from international investors. For the hotel sector, the expected investment yield is estimated at 8-9 per cent this year, with total M&A transaction volume estimated at $125 million.

The cumulative M&A transaction volume of the industrial real estate segment in the first 11 months of the year reached approximately $74 million. Instead of just leasing land to build themselves, investors now increasingly prefer the model of acquiring existing industrial parks with infrastructure and then expanding them in new phases. This approach saves implementation time, ensures infrastructure quality, and minimises legal risks.

The emergence of diverse investment products such as industrial land funds, ready-built factories, and specialised segments like cold storage and data centres is creating abundant M&A opportunities.

JLL attributed the development of M&A to three core reasons.

One key reason is legal policy reforms that have emerged as a decisive factor, particularly with the issuance of Resolution 171/2024/QH15, which ushers in a new era for the market from April 2025, allowing investors to flexibly convert non-agricultural land into commercial housing projects. Alongside this, Resolution 68 has created a solid foundation for the private economy to develop strongly, while the government is actively improving the legal framework and innovating capital mobilisation mechanisms.

The need for corporate restructuring plays a crucial second role. Many domestic companies face liquidity challenges and accumulated bad debts from the 'hot' growth phase of 2020-2022, forcing them to seek M&A solutions to reorganise their finances and complete project legalities.

Stable monetary policy, with an average lending rate of 7-9 per cent, lower than in recent years, has created a favourable environment for capital access. This preferential interest rate not only helps balance competitiveness between domestic and international investors but also encourages long-term capital inflows into the market.

JLL recommended that Vietnamese businesses focus on improving four key factors to effectively attract investors.

First, they should ensure complete legal compliance of the asset, particularly land use rights documents and related permits, while preparing a detailed legal due diligence report.

Second, conducting professional valuations according to international standards and updating them regularly to accurately reflect market value is a key factor in negotiations.

Third, they should maintain flexibility in the transaction structure. Businesses need to be ready to consider various forms of cooperation, from joint ventures and strategic partnerships to complete asset transfers.

Finally, they should build a transparent financial system with internationally audited reports and clear corporate governance. Companies should invest in standardising their financial reporting systems and establishing rigorous internal governance processes to ensure success in future M&A deals, it added.

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.