Hai Phong real estate market: Potential to emerge as a new growth pole

This was shared by Mr. Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), at the forum "Hai Phong as a focal point for real estate investment" held on November 27 by Business Forum Magazine in coordination with the Vietnam Real Estate Brokers Association and the Hai Phong Real Estate Association, under the direction of the VCCI.

Vietnam's GDP increased by 7.31% in the first half of 2025, the best level since 2008, according to information shared at the Forum by VCCI Vice President Hoang Quang Phong. Specifically, Hai Phong became a dynamic growth pole, with a GRDP of VND 209,668 billion, up 11.2%, placing it second in the nation and drawing in almost 3.5 billion USD in foreign direct investment, placing it at the top. Specifically, for four years in a row (2021–2024), the city has consistently led the nation in drawing foreign direct investment.

The transportation infrastructure system of Hai Phong is receiving significant and coordinated investment. While Ring Road 2 is being built to lessen the strain in the center and develop the near center, the Hanoi-Hai Phong Expressway has reduced travel times to one to one and a half hours. The Hai Phong Maritime Port Authority reports that 8,875 ships entered and departed the seaport in the first half of the year, with a cargo output of 56.1 million tons, up 6% from the same period. The seaport is among the best in the world for receiving large-tonnage ships, giving the city an exceptional competitive advantage, according to VCCI Vice President Hoang Quang Phong.

He claims that following the administrative merger, Hai Phong's GDP is expected to reach approximately VND 658,000 billion, placing it third in the nation; cumulative FDI by the end of 2024 is estimated to be around USD 44 billion; and its population, which is among the largest in the nation, is estimated to be around 4.6 million. A lengthy industrial, logistics, and service value chain has been established by the administrative merger, giving the housing market and commercial townhouses leverage.

“The merger of Hai Duong and Hai Phong has caused a strategic change in the urban development. This is not only a historic step in expanding urban development space but also a gateway city for the Vietnam Northern key economic region, with a population, industry, infrastructure, and services scale that could double the current size," Vice President Hoang Quang Phong stated.

Simultaneously, he stated that the Vietnam Eastern Highway Economic Corridor (VEHEC) was signed by VCCI and four localities—Quang Ninh, Hai Phong, Hai Duong, and Hung Yen—in July 2022. This is the first sub-regional connection model to establish a coordination mechanism to optimize resources, capitalize on each province's strengths, and strengthen inter-provincial cooperation in the VEHEC.

Commercial real estate in Hai Phong City is expected to flourish between 2025 and 2030, particularly in items like homes and industrial parks. According to projections, between 60 and 70 percent of Vietnamese people will belong to the middle class by 2030. This elite force, which emphasizes experience and striking a balance between work, leisure, and enjoyment, is crucial in creating new, more complex, and convenient living demands in major cities like Hanoi, Ho Chi Minh City, Da Nang, and Hai Phong.

According to VCCI Vice President Hoang Quang Phong, the Hai Phong real estate market entered a new era in 2025 due to significant changes in capital flows, infrastructure, advancements in numerous housing segments, and the government's and businesses' dramatic involvement. All of these factors came together to make Hai Phong the leading investment, residential, and development hub in Northern Vietnam.

Due to the concurrent convergence of internal forces in infrastructure, industry, and rapid urbanization, the Hai Phong real estate market is expected to have significant potential to "break out" into a new growth pole of the real estate market countrywide. But there are also a lot of difficulties facing the market.

According to VCCI Vice President Hoang Quang Phong, experts, business representatives, and investors attending the Forum should concentrate on thoroughly examining Hai Phong's potential and opportunities in order to help it become a potential real estate market for the entire nation, laying the groundwork for the development of a contemporary coastal super city.