Dubai billionaires and billion-dollar promises

Dubai-based billionaires are well-known for their billion-dollar investments in luxury real estate projects in Dubai, but many of them have not been successful in the Vietnamese property market.

Bitexco, a big Vietnamese real estate developer, has confirmed that Emaar Properties PJSC, of Emaar Group has officially withdrawn from the Binh Quoi – Thanh Da urban area project in HCMC. The group decided to join forces with Bitexco in a contract signed in 2015.

The Thanh Da – Binh Quoi urban area is an ambitious project of the two real estate developers which was initially planned to have investment capital of $1.3 billion. A huge amount of money was planned to pay for major infrastructure items of the project and compensate for site clearance. 

According to Bitexco, Emaar decided to quit the project because it wanted investment incentives which went beyond the current legal framework. It also requested the exact costs for the compensation for site clearance, asked for land use fee remissions and asked for appropriate agencies’ commitments on the time to deliver cleared land to the investor. It said it would not develop the project unless the factors became clear.

Many real estate developers from Dubai have visited Vietnam to learn about investment opportunities and many committed to pour billions of dollars into projects. However, the projects have not been implemented.

Not only Emaar, but Dubai ICD, Sama Dubai, Magnum Group and Global Sphere all came to Vietnam with big promises. However, unlike Lotte and Keangnam from South Korea, Indochina Land from the US, Capitaland and Keppel Land from Singapore, all of which have built large construction works, the projects from Dubai remain on paper.

In 2003, Magnum Group started the construction of a $24 million resort in Son Tra Peninsula in the central city of Da Nang. However, the group later sold the project to Kingdom Hotel Investment.

In 2014, it was the group which initiated the Nui Truong Le ecological urban area project in cooperation with Dong A Real Estate Corporation. However, no further move has been taken. 

In 2008, Sama Dubai, a big real estate developer, expressed its willingness to invest in Phu Yen province with a $250 billion offer. However, the investment is no longer mentioned. 

In 2014, Dubai ICD, believed to have assets worth $120 billion, said it wanted to pour billions of dollars into Vietnam, especially Quang Ninh province.

In 2013, The Gulf Today reported that Global Sphere wanted to develop a super project called Wall Street Hanoi, worth $30 billion. However, it is only on paper. 

VietNamNet Bridge

Other News

SBV raises short-term capital lending cap to 40%

SBV raises short-term capital lending cap to 40%

The new circular will help credit institutions have more room to provide capital to businesses and investment projects to support high economic growth in the next few years, while increasing flexibility in the SBV’s monetary policy management.

Business confidence in Vietnam rebounds strongly: UOB

Business confidence in Vietnam rebounds strongly: UOB

The study found that 85% of Vietnamese enterprises reported positive business sentiment, a sharp increase from 48% in 2025, when business confidence was weighed down by uncertainties surrounding US tariff policies and related trade developments.

Bac Ninh seeks high-quality foreign investment for sustainable growth

Bac Ninh seeks high-quality foreign investment for sustainable growth

According to Vice Chairman of the provincial People’s Committee Pham Van Thinh, the province aims to maintain stable and sustainable growth, improve the competitiveness of both the economy and local businesses, and make better use of free trade agreements (FTAs) to expand and diversify export markets.

Green building trend flourishes in Ho Chi Minh City's real estate landscape

Green building trend flourishes in Ho Chi Minh City's real estate landscape

The International Finance Corporation (IFC) highlighted the city's dominance in green-certified building floor space in Vietnam, reflecting the rapid expansion of the green building market with 780 completed green buildings encompassing over 18.69 million sq.m by 2025, predominantly certified by EDGE and LEED.

UK supports Vietnam in wind power and green finance development

UK supports Vietnam in wind power and green finance development

The United Kingdom officially announced two new climate cooperation initiatives to support Vietnam in its energy transition and green growth journey. These programs focus on offshore wind power development and the creation of a sustainable green financial ecosystem.

Ample room remains for Vietnam–India logistics cooperation

Ample room remains for Vietnam–India logistics cooperation

The GTTCI expert noted that alongside logistics and integrated warehousing, e-commerce is expected to be a particularly high-growth sector in the coming years. He described it as a multi-billion-dollar market with significant untapped opportunities for cooperation between Vietnam and India.

Exports gain momentum from high-tech growth drivers

Exports gain momentum from high-tech growth drivers

According to the Ministry of Industry and Trade, Vietnam’s exports reached 215.66 billion USD in the first five months of 2026, up 19.5% year-on-year. Twenty-six export items generated more than 1 billion USD in revenue each, including seven with turnover exceeding 10 billion USD.

Vietnam–China crossings see spike in ASEAN fresh produce

Vietnam–China crossings see spike in ASEAN fresh produce

Since the start of the summer harvest season, China's two major border gates with Vietnam, Youyi Guan in Pingxiang and Beilun 2 Bridge in Dongxing, have entered their peak period for handling imports of fresh agricultural and seafood products from member states of the Association of Southeast Asian Nations (ASEAN).

Cargo handling operations at Berths 3 and 4 of the Hai Phong International Gateway Port. (Photo: VNA)

AI reshapes logistics, raising bar for workforce skills

According to the Vietnam Logistics Business Association (VLA), the logistics sector will require around 2.2 million workers by 2030, including 1.6 million employees for logistics service providers and nearly 600,000 personnel supporting logistics operations in manufacturing and trading enterprises.

Robust dispute resolution framework key to Vietnam's IFC ambitions

Robust dispute resolution framework key to Vietnam's IFC ambitions

The development strategy for VIFC-HCMC envisions a comprehensive financial ecosystem encompassing green finance, carbon credits, financial technology (fintech), blockchain technology, digital assets, digital banking and other innovative business models. These highly internationalised sectors involve complex cross-border transactions and sophisticated legal structures.