Vinhomes halts land acquisition to make way for competitors

Vietnamese real estate giant Vinhomes is pausing its expansion of land acquisition, a strategic shift driven by a desire to "know enough" and concentrate on enhancing the quality and value of its current projects. The decision, directed by Vingroup Chairman Pham Nhat Vuong, signals a move away from market dominance towards a focus on higher value-added development per square meter.

According to Vinhomes Chairman Pham Thieu Hoa, two primary reasons underpin this decision. Firstly, the company has secured a land bank sufficient for continuous development over the next five to seven years. Secondly, by redirecting resources from new project searches, Vinhomes can dedicate its full efforts to construction, sales, and creating optimal living environments within its existing portfolio. This focus aims to boost economic growth through increased value creation and contributions to the national economy.

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Vinhomes does not have the need to monopolize the market but wants to stop at the right time because it "knows enough."

Furthermore, Vinhomes' decision to halt land acquisition is intended to "make room" for other businesses to enter the market, fostering competition which the company believes ultimately benefits customers. "The more good businesses there are, the more customers benefit," Hoa emphasized, reflecting Vingroup's leadership perspective. The company is also broadening its product range to cater to all market segments, from social housing and rental units to mid-range and luxury apartments, all centered on customer needs and integrated amenities.

While pausing domestic expansion, Vinhomes confirmed its commitment to international projects, aiming to enhance its global presence and Vietnam's image. Addressing concerns about high pricing, Hoa asserted that Vinhomes' prices reflect true value, encompassing not just the property but also infrastructure, landscaping, and professional post-handover management, which contribute to long-term appreciation.

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The more good businesses there are, the more customers benefit.