Pham Thieu Hoa, chairman of Vinhomes, one of Vietnam’s leading real estate developers, speaks at an event. Photo: Tuoi Tre

The decision was announced by Pham Thieu Hoa, chairman of Vinhomes, who said it follows a directive from Vietnamese billionaire Pham Nhat Vuong, chairman of parent company Vingroup, Vietnam’s largest private conglomerate.

Speaking to Tuoi Tre (Youth) newspaper recently, Hoa affirmed that Vinhomes does not seek to monopolize the property market and instead wants to stop at the right time, as it has already known when ‘enough is enough.’

Under the revised strategy, Vinhomes will prioritize quality over expansion, directing resources toward developing its existing pipeline rather than acquiring new land.

The focus, Hoa said, is on creating greater value from existing projects.

Hoa underscored that the decision is based on two key considerations.

First, the company already controls a land bank large enough to sustain development over the next five to seven years.

Second, instead of continuing to devote resources to acquiring new land, Vinhomes will focus on construction, sales, and creating better living environments across its existing projects, Hoa explained.

The shift, he added, is intended to generate greater value added per square meter and contribute to Vietnam’s broader goal of achieving double-digit economic growth.

Hoa said each large-scale project brings thousands of construction, building materials, and service businesses into its value chain, creating hundreds of thousands of jobs and contributing significantly to local government revenue.

Once completed, such projects continue to stimulate investment, business activity, and consumption, further expanding their economic impact and contribution to local budgets.

Notably, Vinhomes said its decision to stop expanding its land bank is also intended to create more room for other developers to enter the market.

Hoa said both Vinhomes and Vingroup view competition as a key driver of growth, believing that consumers benefit when more capable developers enter the market.

“The more good businesses there are, the more customers benefit,” Hoa said, echoing Vuong’s view.

While halting land expansion in Vietnam, Vinhomes confirmed it will continue to pursue projects in international markets.

The company said its overseas expansion is intended not only to grow its business footprint but also to enhance Vietnam’s global image and position Vinhomes as a preferred housing choice for international residents coming to Vietnam.

Addressing views that homes in Vinhomes projects are priced above market averages, Hoa said the prices reflect their true value.

He noted that buyers are not only purchasing homes but also the accompanying infrastructure, landscaping, and professional management services.

These ‘soft values,’ he said, contribute to the long-term appreciation potential of Vinhomes properties.