Economic Growth, Strategic Location, and Integrated Transportation have helped the port city of Haiphong become a destination for many major real estate enterprises recently.

Masterise Homes® is the latest name to invest in Haiphong with a 7.2-hectare urban area project in Thuy Nguyen District. Prior to this, Vinhomes developed a project on Vu Yen Island, Thuy Nguyen District, with an investment of around 2.4 billion USD. DOJI Land, BRG, Hoang Huy, and others have commercial residential projects. Additionally, some foreign companies have emerged in Haiphong, such as AGAPE Singapore and Fujita – Takara Leben from Japan.

The city has numerous advantages in economic and social development, making it an attractive investment location, including for real estate.

Economic Momentum

Haiphong is one of the five centrally governed cities with a large economic scale and rapid growth rate. By the end of Q1 2024, Haiphong’s economic growth rate remains among the top in the country, leading the five centrally governed cities and ranking seventh nationwide. The Gross Regional Domestic Product (GRDP) increased by 9.32% year-on-year, and the Industrial Production Index (IIP) for Q1 is estimated to rise by 12.59%.

In addition to its economic scale, the region ranks second nationwide in terms of total investment capital, with 3.4 billion USD in new investments and 933 effective projects totaling 28.9 billion USD. For the whole year of 2023, the industrial production index for all sectors is estimated to increase by 13.16% compared to the previous year.

Urban Population of Haiphong City

By 2020, the urban population of Haiphong City was approximately 1.35 million people, with around 1.1 million residing in the central urban area. Haiphong is ranked as the fifth highest city in the country in terms of average per capita income.

With its economic foundation, the Haiphong market has begun to see demand for premium projects and well-invested, comprehensive urban areas that cater to the residents’ needs for leisure, recreation, and enjoyment. This has driven many major corporations to invest in real estate, including new investors in the region such as Masterise Homes®.

Mr. Le Quoc Hung, Northern Business Development Director at Masterise Homes®, stated that Haiphong has many advantages for economic development, including five types of transportation connecting and transporting goods to domestic and international provinces. It is located on an economic cooperation corridor and is the largest industrial and port city in Northern Vietnam.

Masterise Homes® recognizes the potential in real estate in areas that Haiphong is focusing on, such as Thuy Nguyen. This is why the company chose to develop a project there.

Planning Offers Development Potential

The urban planning for Haiphong City up to 2030, with a vision to 2045, opens up new opportunities and spaces for development, aiming to turn Haiphong into a major port city with three key development pillars: port services – logistics; green, smart, and modern industry; and international beach tourism, with a high level of development.

According to this plan, Haiphong’s population is expected to reach approximately 2.8 – 3.0 million by 2030, with an urban population of about 2.0 – 2.2 million, and an urbanization rate of 74 – 76%. This data highlights the potential demand for residential real estate in the city.

Specifically, according to the general plan for Haiphong City up to 2040, with a vision to 2050, Haiphong will add new cities and a series of port urban areas. The city’s development under the model of “multi-center urban areas and satellite cities” creates new opportunities for real estate. This includes three urban centers and satellite urban areas: the historic urban center and the new administrative urban area north of Cam River; the international trade and finance center in Hai An and Duong Kinh; and the Tien Lang airport urban area. Satellite urban areas will include those within marine, agricultural, and rural ecological regions. Additionally, Thuy Nguyen will become a city by 2025, serving as the new administrative and political center of Haiphong.

The planning information provides room for real estate development with the emergence of new satellite urban areas, meeting the diverse needs of various real estate segments. As the city expands, the demand for commercial and lodging markets will increase, providing opportunities for investors and developers in Haiphong.

Experts suggest that the city’s expansion will attract large investors to explore the market. Combined with advantages in transportation infrastructure, industrial zones, and port facilities, and the focus on developing urban areas, Haiphong is poised to develop diverse real estate segments, from affordable housing to high-end projects and comprehensive urban areas.

The City’s New “Prosperity Axis”

One of the recent investment focuses in Haiphong is Thuy Nguyen, which is planned to become a type 3 urban area by 2025, with aspirations to achieve type 2 urban status before 2035 as part of Haiphong City.

The new urban face of Thuy Nguyen is being developed with iconic projects. A “prosperity axis” is being created and defined at the heart of Thuy Nguyen, starting from the new political – administrative center of Haiphong. Inspired by the image of a ship with two sails extending into the vast sea, this area will be the new headquarters for city political and social organizations by 2025, accommodating tens of thousands of employees.

Next is the new conference and performance center, designed with a rounded and smooth shape reminiscent of ocean waves and river currents, featuring the effect of a droplet creating concentric wave patterns on the water’s surface. This will be a new focal point for hosting important conferences, seminars, and performances of national and international significance.

The final piece in the prosperity axis is The Centric project, developed by Masterise Homes®. It is aimed at becoming a symbol of commerce, entertainment, and culture in the new city center of Haiphong. This project is the first to be located adjacent to Haiphong’s two “century projects” and is a key element in completing the city’s future administrative, artistic, and commercial service ecosystem.