HCMC Chairman Pushes Sun Group, Masterise, Dai Quang Minh on Rach Chiec, Thu Thiem Progress

On the afternoon of October 17, 2026, Ho Chi Minh City Chairman Nguyen Van Duoc chaired a meeting with a lineup of major investors and developers, including Sun Group, Masterise and Dai Quang Minh, to push private investment disbursement in the fourth quarter of 2026. The push matters because the city’s nine-month GRDP growth stood at only 9.06%, still short of its double-digit full-year target, according to Tuoi Tre Online. Notably, most of the projects discussed are concentrated in Thu Thiem and Rach Chiec – two of the city’s hottest high-end real estate hotspots on its eastern flank.

Sun Group commits to accelerating the VND 140 trillion Rach Chiec project and the VND 29 trillion administrative center

According to a report delivered by Pham Quoc Quan, representing Sun Group, the conglomerate is running several large-scale projects in parallel. At Blanca Vung Tau (total investment of VND 35 trillion), about one-third of the volume has been completed after a year of construction, with another VND 2.5-3.5 trillion planned by year-end on top of roughly VND 4 trillion already booked over nine months. For the city’s new administrative center project (VND 29 trillion in total investment), Sun Group pledged that if the contract is finalized in October, it can deliver around VND 4 trillion in disbursement within the fourth quarter alone.

For the Rach Chiec National Sports Complex super-project, worth roughly VND 140 trillion, Sun Group said it is focused on site clearance and expects to disburse VND 20-25 trillion in 2027. Across all its projects, Sun Group’s total output through year-end is estimated at VND 9-10 trillion. The update carries extra weight given the detailed master plan for the Rach Chiec sports complex has already been approved, raising hopes for synchronized infrastructure and amenities across the city’s eastern area.

Masterise asks for faster procedures on three projects worth over VND 70 trillion

Masterise representative Ho Anh Ngoc said the group is committed to disbursing VND 5-7 trillion, depending on market conditions and how quickly approvals move. Three related Masterise projects carry a combined investment of more than VND 70 trillion, and if procedural bottlenecks are cleared in time, the group could disburse an additional VND 6-10 trillion this year alone. While the original report did not name the specific projects, observers note the figure reflects the scale of Masterise’s footprint in the city’s eastern corridor, where the group has already developed landmark projects such as The Global City.

Masterise’s representative also urged city departments to speed up administrative procedures in October and November, particularly on planning approvals, land clearance and credit guarantee mechanisms for homebuyers – bottlenecks that several major Thu Thiem and eastern-corridor developers are currently grappling with during this legal transition period.

Dai Quang Minh pushes for progress on the Thu Thiem – Long Thanh rail line

Alongside Sun Group and Masterise, Dai Quang Minh – the developer behind the Sala urban area – also reported on its own progress. The company expects to disburse VND 900 billion in 2026 for a newly licensed mechanical industrial park project in Binh Duong. More notably, Dai Quang Minh has proposed that the Ho Chi Minh City government quickly approve the Thu Thiem – Long Thanh rail line, although the relevant authority is still requesting additional feasibility study documentation before appraisal can proceed. In parallel, data related to the Ben Thanh – Thu Thiem metro line is also being updated by the parties involved.

Beyond these three major names, other enterprises – including Vietnam Maritime Corporation, Saigon Port, Terminal Investment Limited, Starmason and HCMC Technical Infrastructure Investment Corporation – also pledged to accelerate investment in the fourth quarter while requesting support on procedures and land clearance.

What it means for the Thu Thiem – Rach Chiec luxury property market: another piece of the infrastructure-legal puzzle falls into place

The October 17 meeting took place just days before another notable milestone in the area: the VND 60 trillion Lotte Eco Smart City Thu Thiem project is set to officially break ground on its first two towers on October 23, 2026. Combined with Resolution 04/2026/NQ-HDTP, which took effect on October 15, 2026 to clear legal bottlenecks for a wave of luxury projects (see our coverage of Resolution 04/2026), and the recent topping-out of The OpusK component at The Metropole Thu Thiem, it’s clear the Thu Thiem – Rach Chiec area is being unlocked simultaneously on the legal, financial and construction fronts within the same short window.

For investors, this kind of public, high-level alignment between the city’s top leadership and major players like Sun Group, Masterise and Dai Quang Minh is a positive signal that legal and execution risk in the area is gradually coming under better control. It also lays important groundwork for apartments, townhouses and villas in Thu Thiem and its surrounding areas to keep their upward price momentum over the coming quarters.

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Conclusion

The fact that Ho Chi Minh City’s chairman personally met with Sun Group, Masterise and Dai Quang Minh to push progress at Rach Chiec, the new administrative center and the Thu Thiem – Long Thanh rail line signals clear determination to synchronize infrastructure across the city’s eastern corridor. This is a good moment for investors to track legal and construction progress closely before making decisions. If you are interested in apartments, townhouses or villas in Thu Thiem, District 1, Rach Chiec or Thao Dien, feel free to reach out for up-to-date advice on legal status, construction progress, pricing and the latest incentive policies from major developers.

References

• tuoitre.vn
• cafef.vn
• thanhnien.vn