As Vietnam enters a new phase of development, where economic growth advances in parallel with deeper global integration, the country's high-end real estate market is undergoing structural transformation. Among the most notable shifts is the accelerating trend of "repatriated capital" from overseas Vietnamese communities, a flow that is becoming increasingly selective, strategic, and long-term in nature.
In a recent conversation with Marc Townsend, Senior Advisor of Arcadia Consulting Vietnam, this trend is examined through a broader regional and global lens, shedding light on why Vinhomes Green Paradise is emerging as a fundamentally different proposition, not only within Vietnam, but within the wider Asian investment landscape.
A Rare Project That Resists Global Comparison
When asked to compare Vinhomes Green Paradise with other landmark developments or cities worldwide, Townsend is unequivocal in his assessment. Drawing on more than 35 years of experience living and working across Asia, and traveling to 71 countries, he notes that this is a highly unusual case.
"This is a genuinely unique project. I have traveled to 71 countries and lived and worked across Asia for 35 years, and I have not encountered anything quite like it."
Initial comparisons with Dubai may appear intuitive, particularly given the project's scale and aspiration. However, Townsend cautions against superficial parallels.
"There may be initial comparisons to Dubai, but it is important to recognize that Dubai was built on the foundation of fully established infrastructure from the outset."
More importantly, he emphasizes that Vinhomes Green Paradise should not be framed merely as a beachfront resort development. "By contrast, this project is not merely a beachfront resort, it has the potential to evolve into a new economic center in the future."
Although still in its early stages, the project's pace of execution already signals a high level of delivery capability. "At present, the project is still in its early stages. What is remarkable, however, is the pace of execution."
Townsend remains pragmatic about market absorption, concluding with a long-term view: "Markets need time to fully absorb and validate such vision... an independent, distinctive, and highly differentiated development with significant long-term potential."
Repatriated Capital: From Emotional Confidence to Strategic Allocation
According to Townsend, capital flows from overseas Vietnamese communities in the United States, France, Canada, Australia, and Singapore have been steadily returning to Vietnam for nearly 25 years. Earlier waves were driven by optimism about Vietnam's emergence as a future "Asian tiger," as well as family ties and emotional attachment to the country.
Looking ahead, however, he believes this capital will become far more discerning. "Rather than spreading investments broadly, investors will increasingly seek out new ideas, new projects, and new destinations."
Within that context, real estate continues to hold its position as a preferred asset class. Improvements in legal frameworks, transparency, and taxation, particularly for foreigners and overseas Vietnamese, are seen as powerful catalysts for the next phase of growth.
"In fact, acquiring property in Vietnam has never been particularly difficult. The greater challenge has always been the exit." As procedures and policies continue to improve, Townsend expects the market to enter a more mature and sustainable cycle.
Investor behavior, he notes, is often shaped by familiarity and personal connection. People tend to invest first in their hometowns, Vung Tau, Hanoi, or Hai Phong, for example. Yet as prices in these established markets rise sharply, a shift toward emerging destinations becomes inevitable.
This explains the growing interest in Da Nang, Nha Trang, Cam Ranh, and Hai Phong in recent years. Today, Vinhomes Green Paradise enters the equation as an entirely new option.
What differentiates it most, Townsend observes, is construction quality aligned with global benchmarks. "What stands out is the project's construction quality, which aligns closely with global benchmarks, particularly those seen in Dubai."
This, in turn, expands its appeal beyond overseas Vietnamese investors to the broader international investment community.
Vinhomes: Vietnam's Most Recognizable Real Estate Brand
In Townsend's view, if there is one Vietnamese real estate brand that enjoys genuine international recognition, the answer is clear. "If one were to name the most instantly recognizable real estate brand in Vietnam, it would undoubtedly be Vingroup, and more specifically, Vinhomes."
Drawing a comparison with Singapore's developer landscape, home to CapitaLand, Keppel, Far East, and CDL, he argues that Vietnam has a single standout name at regional scale.
The underlying reason is execution. Vinhomes consistently delivers on its commitments and operates at a national level, integrating residential, retail, office, and infrastructure into comprehensive urban ecosystems. With more than 20 years of experience and a proven ability to execute large, complex mixed-use developments from north to south, the brand aligns closely with traditional investor decision frameworks.
From this perspective, Vinhomes Green Paradise meets all critical criteria: vision, scale, credibility, and execution capability. Townsend notes that very few groups in today's market are capable of delivering a project that is simultaneously so ambitious and so compelling.
ESG++ as a Genuine Development Philosophy
One of the aspects that most impresses Townsend is the ESG++ development model underpinning Vinhomes Green Paradise. In many of Vietnam's tourist destinations, he observes, visual impact and speed have often taken precedence, sometimes at the expense of environmental integrity.
"The fundamental difference here lies in the approach. Environmental protection and sustainability are embedded from the outset, not retrofitted at the final stage to 'patch up' ESG considerations."
Proper ESG implementation, he emphasizes, is neither simple nor inexpensive. It requires collaboration with scientists and environmental experts, significant investment, and the willingness to make difficult short-term trade-offs.
"For the leadership... to prioritize environmental stewardship and long-term sustainability over conventional profit objectives is, in my view, a very courageous decision."
This approach, he believes, positions the project as a potential benchmark, not only for Vietnam, but at an Asian level.
Located amid mangroves, nature reserves, and the East Sea, Vinhomes Green Paradise occupies what Townsend describes as an exceptionally rare ecological setting.
"This is an exceptionally rare opportunity to preserve and enhance biodiversity, the very element that defines the uniqueness of Can Gio."
While the beach itself reflects estuarine characteristics, the mangrove ecosystem is largely intact and of extremely high ecological value, both nationally and regionally. Townsend stresses that the project must be viewed within a broader regional context, rather than solely through a Vietnam-centric lens.
He remains cautiously optimistic that Can Gio's unique environmental values can be protected while being opened in a controlled and responsible manner. At the same time, he underscores that infrastructure connectivity with Ho Chi Minh City must be developed with the utmost environmental sensitivity.
A Credible Contender for the Global Elite Segment
At a macro level, Townsend believes Vietnam is at a pivotal moment in its development cycle, gaining recognition not only as a manufacturing hub, but also as an increasingly attractive tourism destination with a young and dynamic workforce.
Once infrastructure bottlenecks, particularly airports and transportation, are addressed in a coordinated manner, Vietnam has the potential to outperform regional peers.
In this context, an integrated development featuring two championship golf courses, multiple international hotel brands, dedicated rail connectivity, and a modern green transportation network is, in his view, genuinely transformative.
He concludes with a balanced assessment, optimism grounded in realism. To succeed at the level of the global ultra-high-net-worth segment, a project must combine a trusted brand, diversified ecosystem, proven execution capability, and world-class infrastructure.
By those measures, Vinhomes Green Paradise stands out not as a project to be compared, but as one increasingly worthy of standing on its own, an emerging destination for the global elite.
