Phu Tho: The Emerging Industrial Hub in Northern Vietnam with Thriving Real Estate Market

Phu Tho, a province located in the northern region of Vietnam, is expected to become the next industrial hub in the country. Despite this, the real estate market in Phu Tho remains relatively affordable compared to other regions.

Rising as a New Industrial Center in Northern Vietnam

Situated 80km from the capital city, 50km from Noi Bai Airport, 180km from Hai Phong port, and Lao Cai border gate, Phu Tho plays a crucial role in the economic corridor of Con Minh – Lao Cai – Hanoi – Hai Phong – Quang Ninh. It is strategically positioned at the gateway to the western part of Hanoi, connecting the Northeast and Northwest regions with the Red River Delta. Additionally, Phu Tho experiences stable economic growth, with the industrial-construction and tourism sectors leading the way.

According to the 2040 general planning project, Viet Tri City will be classified as a first-class urban area, a key development center in the northwest of Hanoi, and a national cultural and historical tourism city.

Phu Tho currently boasts nine large industrial zones and 26 industrial clusters, employing nearly 14,000 high-skilled workers, foreign experts, and nearly 50,000 young workers in the real estate market. With the aim of becoming the next industrial hub in the region, Phu Tho plans to develop 12 industrial zones, with a focus on investing in seven existing industrial zones: Thuy Van, Trung Ha, Phu Ha, Cam Khe, Tam Nong, Ha Hoa, and Phu Ninh. Additionally, five new industrial zones, namely Thanh Ba, Bac Son, Dong Luong, Doan Hung, and Vo Mieu, will be established. As a result, Phu Tho is expected to attract a large influx of migrant workers, increase its population, and subsequently generate high demand for housing and commercial services, particularly in the industrial and service sectors.

Moreover, Phu Tho has great potential for developing tourism real estate, thanks to its rich cultural and spiritual heritage. It is the birthplace of the Vietnamese nation, boasting 967 historical relics, 311 traditional festivals, and numerous cultural heritages that attract domestic and foreign tourists. By 2030, Phu Tho aims to have two national tourist areas, namely the Hung Temple National Tourist Area and the Xuan Son National Tourist Area (under the Xuan Son National Park), as well as three to five provincial-level tourist areas in Viet Tri City and the districts of Thanh Thuy, Ha Hoa, Tam Nong, Tan Son, and more.

Strong Growth Potential in the Real Estate Market

Currently, the real estate market is experiencing a natural shift towards suburban areas and provinces bordering major cities. As the opportunities in large markets such as Hanoi are diminishing, the rapid urbanization in the surrounding provinces has made their real estate markets more vibrant. Phu Tho, along with Vinh Phuc, Bac Ninh, Bac Giang, and other northern provinces, possesses strong growth potential in the real estate market.

On April 6, GP.Invest officially launched the Palm Manor project in Viet Tri City, Phu Tho Province. The first batch of customers will receive their houses along with land use certificates by the end of 2024.

In recent times, the real estate market in Phu Tho has been growing rapidly. The city of Viet Tri, with its synchronized infrastructure, scenic landscapes, and reasonable land prices ranging from VND 25-40 million per square meter, has become increasingly attractive to local and neighboring investors.

In addition to Palm Manor, several other real estate projects in Phu Tho have also been attracting attention. For example, in January 2024, the VIC Grand Square project, a high-end apartment complex consisting of two 36-story towers, officially launched its sales. The apartments here are priced from VND 1.1 billion. Furthermore, the Viet Tri Spring City urban area, which opened its phase 1 sales in October 2023, has also attracted many investors. The townhouse segment in Viet Tri Spring City starts at VND 19.5 million per square meter, which is comparable to suburban and resettlement areas surrounding the city.

Similarly, other central urban areas in Viet Tri, such as Bavella Lac Ngan, offer properties ranging from VND 31-42 million per square meter, and Viet Sec (Trung Vuong) offers properties from VND 25-33 million per square meter. These prices are considered relatively low compared to neighboring areas around Hanoi.

With the diverse range of real estate products and the increasing number of large-scale projects in Phu Tho, the real estate market in the province is expected to continue thriving. Investors have a golden opportunity to capitalize on this emerging market.

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