HCMC Removes 2,000+ Ha from Commercial Housing Pilot, Hits QCG and HSG

Overview

Ho Chi Minh City has excluded 259 land parcels totaling over 2,000 hectares from the pilot program for commercial housing projects under National Assembly Resolution 171. The removal, announced by the Department of Agriculture and Environment, stems from planning mismatches, incomplete legal documentation, and land-use origin issues. Affected listed companies include Quoc Cuong Gia Lai (QCG) and Hoa Sen Group (HSG), whose proposed projects were among those rejected.

Key Facts

• 259 land parcels with a total area of over 2,000 hectares were removed from the pilot list.
• The largest excluded project is a 270+ ha site in An Thoi Dong commune by Giga World Vietnam Co., Ltd., due to lack of detailed zoning.
• The second-largest is a 97-ha eco-urban and tourism project by Cat Tuong Real Estate JSC.
• Thaco (Truong Hai Group) had a 2.2-ha mixed-use project in Tan Thuan ward excluded for planning inconsistency.
• Hoa Sen Group (HSG) had a 1.5-ha commercial housing project in Long Truong ward excluded due to missing map coordinates.
• Quoc Cuong Gia Lai (QCG) had a 38-ha residential area in Long Phuoc ward excluded for lacking map documentation.
• Vocarimex (Vegetable Oil Industrial Corporation) had a 15-ha apartment and villa project excluded for not aligning with local housing plans.

What Happened

On [date not specified in source], the Ho Chi Minh City Department of Agriculture and Environment published a list of land parcels that do not meet the requirements for inclusion in the pilot commercial housing project list under Resolution 171. The resolution allows certain land-use procedures to be streamlined for commercial housing, but the city determined that 259 parcels failed to satisfy planning, legal, or financial criteria.

Among the notable exclusions are projects by major corporations: Thaco’s 2.2-ha complex in Tan Thuan, Hoa Sen’s 1.5-ha apartment block in Long Truong, and Quoc Cuong Gia Lai’s 38-ha residential area in Long Phuoc. The primary reasons cited include lack of detailed zoning plans, incomplete land-use rights documentation, unresolved land origin issues, and non-compliance with local housing development orientation.

Market Context

QCG closed at VND 12,900 on May 23, 2026, down 3.73% on light volume of 149,600 shares, reflecting ongoing investor caution around its land bank monetization. HSG closed at VND 12,600, up 3.28% on volume of 8.18 million shares, but the stock remains under pressure from weak steel demand. Both stocks trade on HOSE. The removal of their projects from the pilot list adds regulatory overhang, particularly for QCG, whose Long Phuoc project was a key near-term development catalyst.

Strategic Significance

The exclusion of these projects underscores the persistent regulatory bottlenecks in Ho Chi Minh City’s real estate market, where planning and legal hurdles continue to delay project launches. For QCG, the Long Phuoc project represented a significant portion of its land bank; its removal from the pilot list may force the company to seek alternative approvals or revise project scope. For HSG, the impact is more limited as real estate is a smaller part of its business, but it signals that even well-capitalized groups face challenges in navigating local regulations. The decision highlights the gap between policy intent (Resolution 171) and local implementation, which may slow the supply of new commercial housing in the city.

What to Watch

• QCG’s next disclosure on the Long Phuoc project status and any revised timeline for approval.
• HSG’s commentary on its real estate segment in upcoming quarterly reports.
• Further city-level guidance on how excluded projects can reapply or adjust to meet planning requirements.
• Updates on Resolution 171 implementation in other provinces, which may indicate broader regulatory trends.
• Land price movements in affected areas, as exclusion may reduce speculative pressure.