Vietnam Revives Stalled Real Estate Projects, Boosting NVL and Sector

Overview

Vietnam is witnessing a wave of stalled real estate projects in Hanoi and Ho Chi Minh City resuming construction after years of legal delays. The government reports that over 1,000 projects have been unblocked, freeing up an estimated VND 800,000 billion in investment capital. This revival directly impacts listed developers like Novaland (NVL), whose The Grand Manhattan project is back on track.

Key Facts

• Over 1,000 stalled real estate projects have been resolved, unlocking approximately VND 800,000 billion (USD 34 billion) in capital.
• Nationwide, about 4,500 projects remain stuck, with over VND 3 million billion (USD 129 billion) of capital tied up.
• In Ho Chi Minh City, all 838 stalled projects have been addressed; 417 are fully resolved and restarting or entering operation.
• Novaland’s The Grand Manhattan in Ho Chi Minh City is accelerating completion after more than three years of delays, aiming for handover and sales relaunch.
• Hanoi’s Noble Rivera (formerly Noble Palace Riverside) in Phúc Thọ restarted after nearly 20 years, with a 400-hectare master plan and USD 2 billion total investment.
• The NO-11 apartment project in Dịch Vọng, Hanoi, received a building permit in late 2025; construction is set to finish by May 2026, with sales expected in Q1/2027.
• NVL closed at VND 13,400 on August 4, 2026, on HOSE.

What Happened

According to the Ministry of Construction, Vietnam still has roughly 4,500 real estate projects facing difficulties, with over VND 3 million billion in capital immobilized. However, as of now, more than 1,000 projects have been resolved, contributing to freeing up about VND 800,000 billion. In Ho Chi Minh City, all 838 stalled projects have been given a resolution path, with 417 fully cleared for restart or operation.

Notable restarts include Novaland’s The Grand Manhattan, which is now accelerating completion after three years of legal and financial hurdles. The project is preparing for handover and to bring products back to the market. Similarly, Hanoi’s Noble Rivera, a 400-hectare eco-urban area with USD 2 billion investment, has resumed after nearly two decades. The NO-11 apartment project in Dịch Vọng has also resumed construction, with a 32-story tower planned.

Market Context

NVL, listed on HOSE, closed at VND 13,400 on August 4, 2026. The stock has been under pressure due to the company’s high debt and slow project progress. The revival of The Grand Manhattan is a positive signal, but the broader market still faces weak demand, with supply skewed toward high-end segments. The unblocking of projects is a necessary condition for a sustainable growth cycle, but not sufficient without buyer confidence.

Strategic Significance

For long-term investors, the legal unblocking is a critical catalyst for NVL and the sector. It allows developers to convert idle assets into cash flow, improving balance sheets and reducing financial risk. NVL’s ability to complete and sell The Grand Manhattan will be a key test of its operational recovery. The broader trend of project revival could also ease supply constraints, potentially stabilizing prices and attracting foreign investment. However, the market’s reliance on high-end products and slow absorption rates remain structural challenges.

What to Watch

• NVL’s Q3 2026 earnings report for progress on The Grand Manhattan handover and sales.
• Further legal resolutions for remaining 4,500 projects, especially in Hanoi and Ho Chi Minh City.
• Sales data from revived projects like Noble Rivera and NO-11 to gauge demand.
• Any policy changes from the State Bank of Vietnam affecting real estate credit.
• Foreign ownership limits and investment flows into the sector.