VIET TRI REAL ESTATE SURGES AHEAD, RIDING THE WAVE OF NEW REGIONAL ADMINISTRATION CENTER
From a tranquil urban area, Viet Tri City is undergoing a dramatic transformation as it emerges as the new regional administrative center following the merger of Hoa Binh, Phu Tho, Vinh Phuc provinces. Among sectors within the “grand race”, real estate has taken the lead, with several outstanding projects making early moves in the market.
Viet Tri Prior to “Metamorphosis”
The planned merger of Hoa Binh, Phu Tho, and Vinh Phuc provinces to form a new administrative economic unit, with Viet Tri as the designated as the administrative center, has garnered significant attention from urban planning experts and real estate investors alike.
Once known for its tranquility, Viet Tri is now being reimagined as a strategic hub in Vietnam’s northern region – a convergence point where economy, governance, and infrastructure are set to be comprehensively upgraded.
Repositioning Viet Tri as a central hub naturally brings a strong pull for residents, professionals, and organizations, driving significant demand for housing, office spaces, services, and commercial infrastructure. In this context, real estate emerges as the leading development sector. The market here is primed for takeoff, with several key growth drivers in place: regional-level administrative planning offering long-term momentum, increasingly efficient transport connectivity to Hanoi and other neighboring provinces, affordable property prices, clear legal frameworks in select key projects, and a noticeable shift in investor sentiment from saturated urban centers to high-potential emerging areas.
Palm Manor Project, Phu Tho Province
Pioneering Strategy: The First-Mover Advantage
Investors with long-term vision are the ones shaping the game in emerging markets like Phu Tho. The entry of pioneering developers has already triggered a clear wave of activity in the region.
GP.Invest, with its Palm Manor project, stands as a prime example. This developer identified the post-COVID shift toward satellite cities, as both investors and residents sought more spacious, high-quality living environments with sustainable long-term value outside crowded urban centers.
Among the few large-scale, early-entry developments in Viet Tri, Palm Manor has emerged as Phu Tho’s most attractive real estate project to date. Not only did it set a record for absorption rate, but it also led the way in introducing a modern lifestyle, raising urban living standards in the Northern midland region.
Palm Manor’s strengths lie not only in its prime location and contemporary design but also in its high liquidity potential, making it suitable for both investment and long-term living. By the end of 2024 and early 2025, GP.Invest had sold over 50% of its Phase I inventory. In addition to local buyers in Phu Tho, the project has attracted investors from Hanoi, Tuyen Quang, and beyond. Notably, Palm Manor has sparked a surge in owner-occupier demand in the region, with more than 200 transactions recorded in early 2025.
The project is also the first in the area to cultivate a high-caliber residential community, including senior government officials, business leaders, high-level civil servants, and successful local families. This is gradually forming a refined, progressive community that is actively shaping the urban landscape and improving the quality of life in Viet Tri City. With continued enhancements in infrastructure, landscaping, and amenities, Palm Manor still has significant room for growth.
Building on its proven track record in Hanoi with projects like Trang An Complex and The Nine, GP.Invest is executing a clear “first-mover” strategy across Northern satellite cities. In 2025, the company is entering a phase of accelerated expansion, with several key projects launching in parallel. Palm Manor itself is ramping up Phase II development (covering 8.4 hectares as part of Phase I), with synchronized infrastructure linking the entire site to Hung Quoc Vuong Boulevard – just steps from Viet Tri’s central market and Hung Vuong Square.
As the overall project matures – with fully connected infrastructure and operational amenities – the value of real estate at Palm Manor is expected to rise significantly. This is a golden window for customers to acquire assets with outstanding appreciation potential in the near future.
Moreover, 2025 marks a pivotal transformation year for GP.Invest, as it concurrently develops several strategic projects beyond Palm Manor. These include Mai Pha Urban Area (Lang Son), Thai Tan Industrial Cluster (Hai Phong), Ecolife Urban Area (Hung Yen), and apartment renovation projects in Hanoi and Phu Tho.
Palm Manor Project, Phu Tho Province
In addition to GP.Invest, many other developers are also targeting Phu Tho’s real estate market, fueling a trend of acquiring a “rear base” close to Hanoi.
Phu Tho Province has notably resolved key legal bottlenecks since early 2023, paving the way for smoother project approvals and implementation. Most developers are focusing on moderately sized projects with clear legal standing and affordable pricing, catering to mid-income buyers and professionals relocating to the area.
Furthermore, local businesses and individual investors are increasingly participating, mostly via spontaneous land subdivisions or small-scale, loosely planned projects. Some firms with capital from Hanoi and Hai Phong are also surveying and acquiring land banks for planned townhouse or social housing developments.
Support from local authorities – including faster project approvals, early site clearance, and improved access to financing – is playing a critical role in enabling new developments. Phu Tho has even established a Special Task Force to address legal obstacles in the real estate sector, providing fresh momentum and greater confidence for developers, both local and national, to move forward.
