•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
At the 2026 ordinary general meeting held on 21 April 2026, Hoà Phát Group (HPG) Chairman Trần Đình Long said the company recorded net profit of more than VND 9 trillion in Q1 2026. He noted that about VND 3.8 trillion of that figure came from the disposal of a project in Phố Nối, Hưng Yên.
According to the company’s disclosures, the disposed asset is linked to a project that Hưng Yên Province entrusted to a Hoà Phát Group subsidiary more than 20 years ago: the North Urban Area of National Highway 5 within the Phố Nối urban area, in Ban Yên Nhân township, Mỹ Hào district (commonly referred to as Hòa Phát Forestar).
In 2004, the Hưng Yên Provincial People’s Committee approved CTCP Xây dựng và Phát triển Đô thị Hòa Phát (Hòa Phát Urban Development) as the investor for the North Urban Area of National Highway 5 within the Phố Nối urban area. In 2005, the province approved the project with land use of 300 hectares and total estimated investment of VND 2,710 billion. In 2010, the project was approved for a 1/500 master plan for sub-area A.
In 2024, a Government Inspectorate report concluded that infrastructure investment for sub-area A—part of the North of QL5 Urban Area—was approved without bidding, in violation of housing law. The Inspectorate proposed that the Hưng Yên Provincial People’s Committee revoke Document No. 1488/UBND-KT1 dated 14/07/2016 approving Hòa Phát Urban Development as the investor, and direct relevant authorities to review legal dossiers and re-allocate the investor through an auction in line with regulations.
HPG currently holds 99.95% of the charter capital of Hoà Phát Urban, with charter capital at VND 4,800 billion. Disclosed reports indicate that by the end of 2025, the cost of work-in-progress in sub-area A of the North QL5 Urban Area stood at VND 1,747 billion.
In 2025, Green Urban Development Co. (Green Urban), a subsidiary of HPG, was approved by the Hưng Yên People’s Committee to select the investor for the North QL5 sub-area A project (Decision No. 1618/QĐ-UBND dated 27/06/2025).
Public bidding results show sub-area A covers 262 hectares, with an expected population of 45,000. The total investment is VND 34,979 billion (equivalent to over USD 1.3 billion). Phase 1 infrastructure covers 123.8 hectares, with construction planned over 11 years.
The project is expected to provide 3,811 housing units (townhouses), 398 villas, 11,807 condominiums, and 8,666 social housing units, along with offices, commercial services, and other facilities.
Green Urban was established in mid-March 2025 with initial charter capital of VND 5,250 billion. HPG owns 90% of Green Urban, while the remaining 10% is held by two individuals.
HPG’s real estate arm also includes other projects, such as Mandarin Garden 1 in Hanoi’s Southeast Trần Duy Hưng area and a residential complex at 70 Nguyễn Đức Cảnh, Hanoi, as well as office rentals at 257 Giải Phóng, Hanoi. Green Urban, Hòa Phát Real Estate, and Hoà Phát Urban are led by Trần Kiên Cường as legal representative and director.
At the end of last year, Hoà Phát announced detailed planning for sub-area A. The Bắc QL5 urban area spans more than 800 hectares, with Hoà Phát Urban as the investor for sub-area A; HUD previously held sub-area B; and sub-area C is designated as green space.
Besides the North QL5 sub-area A project, HPG’s real estate operations also include Mandarin Garden 1 in Hanoi and other office and residential properties.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
