VHM: Why Vietnam Real Estate Is Pulling Smart Money From Gold and Stocks

Overview

Vietnam’s real estate sector is absorbing capital that is rotating out of volatile gold and equity markets, with developers launching new supply and buyer-friendly sales policies. Vinhomes (VHM), listed on HOSE, is central to the trend through large-scale projects including Vinhomes Global Gate Hạ Long and Vinhomes Hải Vân Bay. The shift matters for VHM because it points to demand grounded in end-use rather than short-term price speculation.

Key Facts

• Vinhomes Global Gate Hạ Long spans approximately 6,200 ha in Quảng Ninh province and has drawn heavy broker and investor interest ahead of launch.
• Vinhomes Hải Vân Bay recorded more than 500,000 live views and 7,353 bookings across five livestream sessions before its kick-off event, with several product lines reported sold out.
• The TT GENESIS project in southern Vietnam, developed by a joint venture including TT Capital, Cosmos Initia, Hinokiya, Koterasu and Vietmax Capital, is priced at VND 69 million per sqm.
• TT GENESIS covers 1.9 ha with total investment above VND 6,000 billion, comprising two 30-storey blocks, more than 1,400 apartments and 12 townhouses.
• Bcons Group is releasing over 1,200 apartments at Bcons Aria near the Vietnam National University Hồ Chí Minh City campus, priced from VND 46 million per sqm, or roughly VND 2.5 billion for a two-bedroom unit.
• Bcons is offering a fixed interest rate of 6.9% per year for four years and capping loans at about 50% of apartment value at Bcons Aria.
• CBRE Vietnam noted that Hồ Chí Minh City’s share of new apartment launches in the region has fallen from 60-85% before 2024 to a lower level from 2024 onward.

What Happened

Developers are accelerating launches to capture year-end buying demand, with new supply concentrated in projects that emphasize legal clarity, infrastructure planning, amenities and green space. Vinhomes Global Gate Hạ Long and Vinhomes Hải Vân Bay were cited as drivers of activity not only in Hà Nội and Hồ Chí Minh City but also in provinces such as Quảng Ninh and Đà Nẵng. The article reports that interest in Global Gate Hạ Long built up before launch, with brokers and investors converging on the area.

At Vinhomes Hải Vân Bay, five livestream sessions ahead of the kick-off generated over half a million live views and 7,353 bookings, and several prime units in the Bạch Vân zone were quickly taken. In the south, the TT GENESIS joint venture disclosed pricing of VND 69 million per sqm for a 1.9 ha project with more than VND 6,000 billion in investment, while Bcons launched over 1,200 units at Bcons Aria with a 6.9% fixed-rate policy and a 50% loan cap. Bà Dương Thùy Dung, Executive Director of CBRE Vietnam, said the market is entering a new development cycle where growth is driven less by short-term price expectations and more by real value and long-term exploitation potential, according to CBRE.

Market Context

VHM closed at 65,400 on 2026-09-24 on HOSE. The article frames real estate as a capital magnet while gold and stocks subject investors to sharp swings, a rotation that historically benefits large-cap developers with visible project pipelines. CBRE’s observation that Hồ Chí Minh City’s share of new launches has declined from the pre-2024 range of 60-85% signals a broadening of supply into secondary provinces, which aligns with Vinhomes’ geographic spread across Quảng Ninh, Đà Nẵng and other regions.

Strategic Significance

For long-term investors, the relevant thesis is that VHM’s pipeline is positioned where demand is shifting: large, legally clear, infrastructure-linked urban projects that appeal to end users rather than flippers. If CBRE is right that the cycle is moving toward real value and sustainable exploitation, developers with scale, clean land banks and the ability to absorb policy-driven mortgage constraints should capture a disproportionate share of household capital. The Bcons fixed-rate and loan-cap model illustrates the new buyer profile, and Vinhomes’ brand and project scale give it leverage in that environment.

What to Watch

• VHM’s next quarterly earnings release and updates on presales at Vinhomes Global Gate Hạ Long and Vinhomes Hải Vân Bay.
• Official launch pricing and absorption rates for Vinhomes Global Gate Hạ Long following the pre-launch interest wave.
• State Bank of Vietnam policy signals on mortgage rates and credit growth for real estate, given Bcons’ 6.9% fixed-rate benchmark.
• CBRE Vietnam’s next market report for confirmation that Hồ Chí Minh City’s share of new launches continues to normalize.
• Foreign-ownership and land-clearance filings tied to Vinhomes’ provincial mega-projects.