Many property developers are moving into provinces rather than try their luck in the fiercely competitive metro markets like Ha Noi and HCM City.
Tecco, which built the Greenest and Tecco Tower in HCM City is one of them.
"Tecco has moved to the central province of Thanh Hoa, an emerging market with many incentives to boost the real estate market," Nguyen The Manh, chairman of Tecco, told Thoi Bao Kinh Te Sai Gon (Sai Gon Times) newspaper.
Earlier HUD Corporation, which developed many projects in Ha Noi like Greenlife Tower and Newskyline, had moved into Thanh Hoa, but FLC, another major Ha Noi developer, is the biggest investor in the province with its VND5.5 trillion (USVND5,587,125 million) FLC Sam Son project.
Vingroup, the country's biggest developer, has also invested in the province.
For many developers, Thanh Hoa's attraction is partly due to its Party Committee Secretary Trinh Van Chien's determination to develop the local property market.
Nghi Son Economic Zone with its under-construction Nghi Son Oil Refinery is another magnet for developers.
Thanh Hoa has attracted the biggest investment of Japanese projects – 12 with a combined investment of VND116,212 billion.
The southern province of Dong Nai is attracting real estate investors again, with many buying lands in attractive locations.
Soon after the HCM City – Long Thanh – Dau Giay highway opened to traffic, Dat Xanh Corporation, which has developed a slew of projects in HCM City, unveiled its Gold Hill project on an area of 27 ha at a price of VND300 million (VND231,306,975) for each land plot.
It also has other projects in Dong Nai like Viva City and Sakura Valley.
Besides, it is preparing to launch projects on Phu Quoc Island and the central Quang Nam Province.
In Long An, another southern province, major developers like Phuc Khang, Nam Long, Tan Tao and Dong Tam corporations have begun to pour money and competition is likely to become fierce soon.
"Provincial real estate markets have their own potential if investors know what the strong points of the market are," Nguyen Tran Nam, chairman of the Viet Nam Real Estate Market Association, said referring to the trend.
"This is also time for strong investors with financial and management capabilities to enter the market."