HCMC Excludes 259 Projects from Pilot Housing List, Hits THA, QCG, HSG, HDC
This Aveluro analysis covers THA. The classified event type is regulation change, with negative sentiment and a deterministic market-impact score of 7.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Bất động sản, classified as a primary/top-tier source.
Key Facts
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Overview
Ho Chi Minh City’s Department of Agriculture and Environment published a list of 259 projects that fail to meet conditions for inclusion in the pilot commercial housing land list under National Assembly Resolution 171. The list includes large land plots from THACO (THA), Quoc Cuong Gia Lai (QCG), Hoa Sen Group (HSG), and Hodeco (HDC), among others, citing planning inconsistencies or incomplete documentation.
Key Facts
- HCMC’s Department of Agriculture and Environment released a list of 259 projects excluded from the pilot commercial housing land list under Resolution 171.
- THACO (THA) has a 2.1-ha mixed-use project in District 7 excluded due to inconsistency with urban planning.
- Hoa Sen Group (HSG) has a 1.5-ha commercial housing project in Thu Duc City excluded due to incomplete map documentation.
- Quoc Cuong Gia Lai (QCG) has a 3.8-ha residential project in Long Phuoc ward excluded due to missing location information.
- Hodeco (HDC) has four projects excluded, including a 52.5-ha technical infrastructure project in Phuoc Thang and a 49.3-ha Hai Dang – The Light City project.
- Other large excluded projects include a 97-ha eco-urban area by Cat Tuong Real Estate and an 80-ha residential project by Gia Phu Urban Development.
- HCMC has approved 182 land plots for the pilot program, while these 259 were deemed ineligible.
What Happened
On May 19, 2026, the Ho Chi Minh City Department of Agriculture and Environment published a list of 259 projects that do not meet the conditions for inclusion in the pilot commercial housing land list under Resolution 171. The list includes major land holdings from prominent developers: THACO’s 2.1-ha mixed-use project in District 7, Hoa Sen Group’s 1.5-ha project in Thu Duc, Quoc Cuong Gia Lai’s 3.8-ha Long Phuoc residential project, and Hodeco’s four projects totaling over 114 ha. The department stated that the projects were excluded due to issues such as inconsistency with general planning, incomplete map documentation, or lack of location coordinates, preventing proper planning review.
Resolution 171 allows commercial housing development through land use rights agreements or on land already owned by investors, aiming to resolve legal bottlenecks and increase supply. However, projects must meet planning and legal requirements. The city has already approved 182 land plots for the pilot program.
Market Context
As of May 19, 2026, HDC closed at VND 18,950 (-0.26%), HSG at VND 12,050 (+0.42%), and QCG at VND 13,200 (-0.75%). The exclusion of these projects from the pilot list is a setback for developers seeking to monetize land in HCMC, where real estate supply constraints have been a key issue. The affected tickers trade on HOSE (HDC, HSG, QCG) and HNX (THA). The broader VN-Index has been under pressure from regulatory tightening and slow project approvals.
Strategic Significance
For long-term investors, the exclusion underscores the persistent regulatory and planning hurdles in HCMC’s real estate market. While Resolution 171 was designed to unlock land supply, the city’s strict adherence to planning documentation means that many projects with incomplete paperwork or zoning issues remain stalled. Developers with large land banks in HCMC, such as THA and HDC, may face delays in realizing value from these assets. The ability to resolve planning and documentation issues will be critical for these firms to eventually qualify for the pilot program or alternative development pathways.
What to Watch
- Updates from THA, QCG, HSG, and HDC on plans to address the documentation or planning issues cited by the department.
- HCMC’s next batch of approved pilot projects and any revisions to the exclusion list.
- Q2 2026 earnings reports for these tickers, which may reflect any impairment or delays.
- Policy developments under Resolution 171, including potential amendments to streamline approval.
- Land price trends in HCMC, as supply constraints may support prices but delay transaction volumes.