Promising prospects for commercial real estate market in Hai Phong

Converging growth drivers

According to a report presented at the city’s regular January 2026 meeting, Hai Phong recorded strong socio-economic momentum in the first month of the year, laying a solid foundation for the new year and marking a positive start to the five-year development plan.

Total state budget revenue in the locality was estimated at VND 20.789 trillion, equivalent to 110.2% compared to the same period in 2025. The Industrial Production Index (IIP) rose by 36.2% year-on-year, with manufacturing and processing surging 38.78%. Notably, foreign direct investment (FDI) inflows into Hai Phong reached approximately USD 412.68 million, up 69% compared to January 2025.

Several major infrastructure projects have been accelerated. In January alone, the city broke ground on key industrial parks, including Tien Lang 1 Industrial Park, Tien Lang Airport Industrial Park, and Vinh Quang Industrial Park.

At the beginning of the year, the city also initiated procedures to establish two additional economic zones: Hai Phong Specialized Economic Zone and Northern Hai Phong Economic Zone. Together with the existing economic zones — Dinh Vu–Cat Hai and Southern Hai Phong — these developments are expected to form a “strategic quadrangle,” serving as a major growth engine for the Red River Delta and fostering the development of new urban areas.

Notably, after eight months of administrative consolidation between two localities from July 1, 2025, the development orientation of the newly expanded Hai Phong has become more clearly defined, with a projected population of 4.6 million and a total area of over 3,194 sq km. The organizational structure and operational system of Party agencies, authorities, and mass organizations have largely stabilized and are functioning smoothly, strengthening public confidence and reassuring investors.

According to Mr. Nguyen Quang Van, Chairman of the Hai Phong Real Estate Association, these factors have directly enhanced the city’s appeal and opened up strong growth opportunities for the real estate market in 2026, particularly in the commercial segment, including high-quality housing, social housing, subdivided land plots, and residential land.

Multiple high-potential areas

Under the adjusted Hai Phong Master Plan for 2021–2030, with a vision to 2050, the city has identified four key growth drivers: An international seaport–logistics corridor along Dinh Vu – Lach Huyen – Cat Hai and Nam Do Son; Green and smart industrial development in the eastern area, with the Southern Coastal Economic Zone as its core; Marine and island tourism centered on Cat Ba – Do Son – Hai Phong urban core, alongside cultural–spiritual–ecological tourism linked to the world heritage site Con Son – Kiep Bac; The Political–Administrative Center as a nucleus, with urban development expanding along both banks of the Cam River.

With this spatial development orientation, growth potential for commercial real estate in 2026 and beyond is expected to spread across both eastern and western areas of the city. Several locations are emerging as new investment hotspots with vibrant transactions, supported by major industrial parks and large-scale urban and social housing projects, including Thuy Nguyen Ward, Hung Dao Ward, Tan Hung Ward, An Duong Ward, and An Phong Ward.

According to a survey by the city’s Labor Federation, Hai Phong currently has more than 615,000 workers, civil servants, and employees, including approximately 297,000 working in industrial parks. Of these, an estimated 20–25% have housing demand. On average, every 10,000 new workers are expected to generate demand for around 3,500–4,000 housing units.

In response to this growing demand, the supply of commercial real estate — particularly residential products — is projected to remain abundant in 2026.

Mr. Nguyen Hoai Long, Deputy Director of the city’s Department of Construction, stated that Hai Phong is currently implementing 146 commercial housing projects, comprising approximately 27,000 apartment units and 61,000 houses.

At the same time, the city has been developing and planning 48 social housing projects with a total scale of around 54,914 units, equivalent to 111% of the target assigned by the Prime Minister (49,400 units). During the 2021–2025 period, 23 projects were launched, delivering 26,715 completed units. In 2026 alone, about 6,700 units are expected to be completed.

With strong demand fundamentals, the growth potential and opportunities for Hai Phong’s commercial real estate market in 2026 remain substantial. The key challenge lies in further improving mechanisms and policies to attract investment.

The business community has expressed its desire for continued support from the city authorities, particularly in ensuring transparency of project information and real estate development policies, facilitating access to financing, and aligning market growth with broader socio-economic development and social security objectives.

Ngoc Lan - Trung Kien