Koreans Living in Vietnam Prefer New Towns with Established Infrastructure

[Ocean City, provided by Bin Homes]

Several large-scale new town development projects are underway in Vietnam. In particular, a new town with a population of 100,000 is being developed in Hanoi, featuring high-quality infrastructure such as a shopping town, artificial beach, and water park, attracting the attention of both locals and Koreans residing in Vietnam.

Especially, there is a clear trend among Korean expatriates to choose new towns with fully established infrastructure. Mr. Kim (35), an expatriate working in Bac Ninh, moved from renting in downtown Hanoi to Ocean City in February this year. Mr. Kim said, “My commute time to work has been reduced by more than an hour, and I moved to a new town with good living infrastructure for my family.” He added, “All the necessary infrastructure for living is in place, and with the artificial beach and shopping town, my family is satisfied with life here. The quality of life in the new town is higher than in downtown Hanoi.”

Another factor attracting young generations and Koreans is the abundance of jobs from large corporations near the new towns. Mr. Choi (35), who commutes from Hanoi Ocean City to downtown Hanoi, said, “My Vietnamese spouse works at Samsung Electronics’ Bac Ninh plant, so we moved to Ocean City.” He explained, “We chose the new town for my wife’s commuting convenience and our children’s enrollment in international schools.”

Similarly, the preference among young Vietnamese for the diverse infrastructure of new towns is strengthening, leading to a clear trend of choosing new towns over downtown areas. They tend to select newly built new town apartments in the metropolitan area as their homes rather than older apartments.

The early stages of new town development are considered an attractive time for future real estate value. Many real estate experts point out that Vietnam’s new towns are currently in the initial development phase, and they expect values to rise through infrastructure construction, facility completion, and increased occupancy. In particular, they noted that consumption driven by the resident population in the surrounding area is likely to increase the value of commercial properties.

Hanoi Ocean City is a large-scale development project that began construction in 2020, planned to create a city covering a total area of 1,200 hectares, including housing, commercial facilities, educational institutions, medical facilities, and parks. It aims to be an eco-friendly city by expanding green spaces and introducing smart city technologies, earning high evaluations for its future growth potential.

Notably, the artificial beach and water park located in the city center, along with the Ktown (KTOWN) shopping center, attract great interest not only from locals but also from Koreans.

Planned and developed by Vinhomes, a subsidiary of Vietnam’s major conglomerate Vingroup, the project is highly trusted. It offers convenient transportation networks, pleasant residential environments, and various amenities, making it attractive for Korean residents and investors. The artificial beach, parks, and walking trails provide a comfortable living environment. Additionally, international schools, hospitals, shopping malls, and water parks are equipped to enable convenient and stable living.