Vinhomes Converts 23 Ha Social Housing Land to Villas at My Lam Resort

Overview

Vinhomes (VHM) subsidiary Thai Son Construction Investment JSC has received approval to rezone 23 hectares of social housing land to commercial housing (villas and townhouses) at the My Lam resort urban area project in Tuyen Quang. The project, with total investment over 17,100 billion VND, is scheduled for construction from May 2025 to June 2029. This regulatory change allows Vinhomes to shift from social housing to higher-margin commercial products.

Key Facts

• 23 hectares of social housing land rezoned to commercial villas and townhouses at My Lam resort urban area.
• Total project investment: over 17,100 billion VND (excluding compensation costs of ~1,230 billion VND).
• Project area: over 540 hectares, making it the largest urban area in Tuyen Quang province.
• Construction period: May 2025 to June 2029; expected operation in early 2030.
• Project population capacity: nearly 20,000 people.
• Vingroup officially broke ground on the My Lam resort and sports-golf complex on December 17, 2025.
• VHM shares closed at 157,700 VND (+6.99%) on May 28, 2026, with volume of 8.9 million shares.

What Happened

Thai Son Construction Investment JSC, a subsidiary of Vinhomes, submitted an environmental impact assessment report for the My Lam resort urban area project in Tuyen Quang. The report reveals that the local authorities approved a local adjustment to the detailed plan, converting 23 hectares of social housing land into commercial housing (villas and townhouses). The adjustment follows the province’s policy to convert social housing land to commercial land by requiring payment equivalent to the land fund value.

Previously, the project had allocated four land parcels totaling 23 hectares for social housing. After the adjustment, these parcels are reclassified for villa and townhouse development to diversify real estate products. Additionally, a commercial-service plot (C-TM.11) was expanded with an extra basement and a new road connecting the urban area to the My Lam hot spring tourist area. The total project area remains unchanged at over 540 hectares.

Market Context

VHM shares have shown strong momentum, closing at 157,700 VND on May 28, 2026, up 6.99% on high volume of 8.9 million shares. The stock trades on HOSE. The real estate sector has been supported by policy easing and increased demand for residential properties. The conversion of social housing land to commercial housing at My Lam could enhance VHM’s profitability, as commercial villas typically yield higher margins than social housing. The project’s scale and location near major highways (National Highway 37 and 2, connecting to Tuyen Quang-Phu Tho expressway) position it well for demand from both local and secondary buyers.

Strategic Significance

This zoning change allows Vinhomes to optimize land use at the My Lam project, shifting from lower-margin social housing to higher-margin commercial villas and townhouses. The move aligns with Vinhomes’ strategy to focus on resort and high-end residential developments, leveraging its brand and execution capabilities. The project’s large scale (over 540 ha) and integration with a sports-golf complex and hot spring tourism create a differentiated product that can attract affluent buyers. For long-term investors, this demonstrates Vinhomes’ ability to navigate regulatory processes and adapt project mix to maximize returns, though it also highlights the ongoing challenge of social housing supply in Vietnam.

What to Watch

• Progress of construction milestones from May 2025 to June 2029.
• Pre-sales launch and pricing for the villa and townhouse phases.
• Any further regulatory changes affecting social housing obligations for large projects.
• VHM’s Q2 2026 earnings report for updates on project contributions and margins.
• Market reception of similar resort projects in northern provinces.