Real estate awaits blockbuster deals

Developments thus far in 2026 indicate that dealmaking in Vietnamese real estate is entering a more mature phase, no longer driven by opportunistic deals, but instead underpinned by careful assessments of cash flow, legal considerations, and real use value.

- By Bich Ngoc

Buyers are being encouraged to calculate total costs more accurately when it comes to big developments

VietinBank is expected to complete legal procedures and sign a definitive transfer agreement for its unfinished tower project in the Ciputra area of Hanoi in the first half of this year.

The information was shared by Nguyen Tran Manh Trung, CEO of VietinBank, at the bank’s 2026 AGM on April 24 in the capital.

According to Trung, VietinBank and its partner are working closely to finalise the transfer of VietinBank tower and both parties have reached the final stages of the legal process. However, the CEO did not disclose the identity of the acquired partner.

With a total investment of approximately $395 million located on a nearly 30,000sq.m featuring a 48-storey and 68-storey tower, the initiative broke ground over 15 years ago, but has dragged on due to implementation challenges faced by the bank.

Meanwhile, at the AGM held on April 21 by Hoa Phat Group, chairman Tran Dinh Long revealed that in the first quarter, the group posted revenue of over $2 billion, up 40 per cent on-year, while after-tax profit reached $348 million, surging 170 per cent.

Of those, over $200 million was generated from core business activities, while $146 million came from the transfer of an urban area venture in Pho Noi area of Hung Yen province to another party.