259 Projects Excluded from Ho Chi Minh City Pilot Land List: THACO, Quoc Cuong Gia Lai, Hoa Sen, Sabeco
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 - Doanh nghiệp, 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 failed to meet requirements for inclusion in the city’s pilot land program. Among the excluded projects are developments by major listed companies THACO (THA), Quoc Cuong Gia Lai (QCG), Hoa Sen Group (HSG), and Sabeco (SAB). The exclusions are due to planning issues or incomplete documentation, affecting projects with significant land areas.
Key Facts
- Ho Chi Minh City’s Department of Agriculture and Environment announced 259 projects not meeting requirements for the pilot land list.
- THACO’s 2.16-hectare mixed-use high-rise project in District 7 was excluded due to inconsistency with the general planning and urban development orientation.
- Quoc Cuong Gia Lai’s 38-hectare Long Phuoc residential area project was excluded due to lack of map documentation and land position data.
- Hoa Sen Group’s 1.5-hectare commercial apartment project was excluded because map documents lacked boundary coordinates and land position.
- Sabeco’s 3.9-hectare commercial housing and office project in Tang Nhon Phu ward was excluded as the company did not supplement legal documents and drawings.
- Kido Group’s 2.3-hectare residential, commercial, and service project in Binh Loi Trung ward also failed to meet requirements.
- Other excluded projects include a 97-hectare eco-urban area in Cu Chi by Cat Tuong Real Estate and an 80-hectare housing project in Le Minh Xuan by Gia Phu Urban Development Investment.
What Happened
On an unspecified date, the Ho Chi Minh City Department of Agriculture and Environment released a list of 259 projects that did not satisfy the criteria for inclusion in the city’s pilot land program. The list includes several high-profile projects developed by major corporations. THACO’s proposed 2.16-hectare mixed-use high-rise in District 7 was rejected because it did not align with the city’s general planning and urban development goals. Quoc Cuong Gia Lai’s 38-hectare Long Phuoc residential area was excluded due to a lack of map documentation and land position data, preventing the Department of Construction from providing planning opinions. Hoa Sen Group’s 1.5-hectare commercial apartment project faced similar documentation issues, with maps missing boundary coordinates. Sabeco’s 3.9-hectare project in Tang Nhon Phu ward was excluded because the company failed to submit required legal documents and drawings. The announcement was made via the department’s official communication channels.
Market Context
On May 19, 2026, HSG closed at VND 12,050 (+0.42%), QCG at VND 13,200 (-0.75%), and SAB at VND 48,500 (+0.21%). These stocks trade on HOSE (HSG, SAB) and HNX (QCG). The exclusion of these projects from the pilot land list may weigh on investor sentiment, particularly for QCG and HSG, which have significant real estate exposure. The broader real estate sector in Ho Chi Minh City has been under regulatory scrutiny, and this development underscores the challenges in project approvals.
Strategic Significance
For THACO, the exclusion of its District 7 project may delay its expansion into high-end residential and commercial real estate, a key diversification from its automotive core. Quoc Cuong Gia Lai’s Long Phuoc project, a large-scale residential development, faces potential delays that could impact its land bank monetization strategy. Hoa Sen Group’s real estate ambitions, part of its diversification from steel manufacturing, are now uncertain. Sabeco’s project exclusion highlights the complexity of urban development for beverage companies venturing into real estate. The regulatory hurdles reflect the city’s tightening control over land use and planning compliance, which may increase project timelines and costs for developers.
What to Watch
- Whether the affected companies will appeal the exclusion or resubmit revised documentation to meet requirements.
- Updates on Ho Chi Minh City’s pilot land program and any revisions to the list of eligible projects.
- Q2 2026 earnings reports from THA, QCG, HSG, and SAB for any provisions or impairments related to these projects.
- Regulatory announcements regarding land planning and approval processes in Ho Chi Minh City.
- Market reaction in the real estate sector, particularly for stocks with significant land holdings in the city.