HCMC Pushes Private Investment Disbursement as Vingroup, Khang Dien Meet City Hall

Overview

Hồ Chí Minh City Chairman Nguyễn Văn Được chaired a working session with 34 private corporations and businesses on 17 October 2026 to review project implementation and investment disbursement, with Vingroup (VIC) and Khang Điền (KDH) among the attendees. The city is targeting 13.23% GRDP growth in the fourth quarter to reach 10.2% for the full year, after nine-month growth of 9.06% came in 0.37 percentage points below the adopted scenario.

Key Facts

• 34 private corporations and businesses attended the session, chaired by Hồ Chí Minh City People’s Committee Chairman Nguyễn Văn Được.
• Nine-month GRDP reached an estimated VND 2.46 quadrillion, up 9.06% year on year, the highest in roughly a decade.
• The full-year target of 10.2% requires Q4 GRDP growth of 13.23%.
• The city set a Q4 public investment disbursement target of 45%.
• Attendees included Vingroup, Sun Group, Sài Gòn Investment and Development, Đại Quang Minh, Trường Hải, Masterise, Khang Điền and HCMC Technical Infrastructure Investment.
• The city flagged land clearance and compensation as the largest bottleneck preventing construction contract signing.
• The session followed a 15 October 2026 review conference on nine-month socio-economic performance.

What Happened

Chairman Nguyễn Văn Được opened the session by framing two objectives: lifting Q4 growth to 13.23% so the city reaches 10.2% for the year, and establishing what each investor will contribute to that growth. He acknowledged that the private investment disbursement ratio remains very low and said the city would work directly with each business bloc to secure commitments and allocate disbursement quotas, according to the Tuổi Trẻ report on the meeting.

The city identified compensation and site clearance as the most urgent bottleneck, describing it as the main reason many projects have yet to sign construction contracts. Hồ Chí Minh City also committed to a 45% public investment disbursement rate in Q4 and asked departments to review sectors, projects and business operations capable of adding to growth in the final three months. The article does not disclose the value of individual projects discussed or any specific commitments made by the participating corporations.

Market Context

Vingroup (VIC) trades on HOSE at VND 215,000 as of 17 October 2026, while Khang Điền (KDH) closed at VND 14,150. Both sit in the real estate and infrastructure complex most directly exposed to Hồ Chí Minh City’s land clearance and permitting pipeline. The city’s nine-month growth of 9.06% is strong in absolute terms but below the trajectory needed for the double-digit annual target, which places the burden of delivery on Q4 construction activity and on administrative fixes to compensation procedures.

Strategic Significance

The operative signal is procedural rather than fiscal. By naming land clearance as the binding constraint and committing to per-enterprise disbursement quotas, the city is signalling that project timelines for developers with large Hồ Chí Minh City land banks depend on compensation progress rather than on new capital allocation. For Vingroup and Khang Điền, the relevant variable is how quickly site clearance converts approved projects into signed construction contracts and recognised revenue. A 45% Q4 public investment disbursement target also matters for infrastructure-linked demand, since public works spending typically precedes or accompanies private residential and commercial development in the same corridors.

What to Watch

• Q4 GRDP release from the Hồ Chí Minh City Statistics Office, expected in early January 2027.
• Monthly public investment disbursement disclosures against the 45% Q4 target.
• Any signed construction contracts or compensation milestones for Vingroup and Khang Điền projects in the city.
• Follow-up city announcements allocating specific disbursement quotas to individual enterprise blocs.
• Q3 2026 earnings filings from VIC and KDH for updates on project handover schedules.