The developer of Hong Hac City Phu My Hung is a joint venture between Phu My Hung Development Co., Ltd. (Vietnam) and Nomura Real Estate Development (Japan) — two leading property brands in their respective countries, together behind a 197.76ha eco-urban project with total investment of VND 27,000 billion (~USD 1.1 billion) in Bac Ninh. For the first time in its 30-year history, Phu My Hung is bringing its entire brand DNA, development philosophy and urban standards to the northern market — an irreversible strategic decision that places its full 30-year reputation behind a single project.
In terms of execution capability, Hong Hac City’s developer has three undeniable proofs: 114 projects handed over on schedule over nearly 30 years, including during the Covid-19 period; more than 1,000 Hong Hac City homes already issued with individual land use certificates before handover; and the Phu My Hung urban area in District 7 has maintained its operational quality for 30 years — something very few Vietnamese developers have achieved.
Regarding the advantage of the Vietnam–Japan joint venture, Nomura Real Estate’s involvement goes beyond capital contribution — it brings Japanese urban management philosophy into the project: rigorous scheduled maintenance, civilised community rules and long-term resident service standards. Nomura had already proven itself at Phu My Hung Midtown (The Peak, The Symphony) before joining Hong Hac City — it is not an untested newcomer.
Below is a comprehensive analysis of Hong Hac City’s developer — from legal entity details and development history to real-world execution capability and lessons from the Phu My Hung urban area in District 7 — to help you accurately assess its credibility before making a decision.
Who Is the Developer of Hong Hac City? Official Company Name and Legal Entity Information
Hong Hac City’s developer is a joint venture comprising Phu My Hung Development Co., Ltd. (the principal legal entity, named as the developer) and Nomura Real Estate Development Co., Ltd. (the Japanese strategic partner), which received investment policy approval from the Bac Ninh Provincial People’s Committee in September 2024 at the Planning Announcement and Investment Promotion Conference chaired by Prime Minister Pham Minh Chinh.
Specifically, the project’s official legal entity details are:
- Official project name: Hong Hac – Xuan Lam Eco-Urban Area
- Registered legal entity: Cong Doan Ngan Hang Cong Thuong Investment JSC (owned by Phu My Hung Development Co., Ltd.)
- Strategic partner: Nomura Real Estate Development Co., Ltd. (Japan)
- Total investment: VND 27,000 billion (~USD 1.1 billion)
- Scale: 197.76ha in Xuan Lam Ward (Song Lieu), Thuan Thanh Town, Bac Ninh Province
- Development roadmap: 2025–2036, with approximately 300 homes released for sale each year
More importantly, it is no ordinary matter for the project’s investment approval decision to be handed over in the direct presence of the Prime Minister at a provincial-level conference — this is a strong political signal confirming that Hong Hac City is among Bac Ninh Province’s priority projects, backed by both the local and central government systems.
What Kind of Company Is Phu My Hung? Its Founding History and Development Journey
Phu My Hung is Vietnam’s leading urban development company, founded in 1993 as a joint venture between IPC Corporation (Vietnam) and CT&D Group (Taiwan). Its original mission was to transform the marshland south of Ho Chi Minh City into a model urban area — a mission that was accomplished outstandingly and beyond all expectations over more than 30 years.
Below are the key development milestones of Phu My Hung:
| Phase | Development milestone | Significance |
| 1993 | Founded; began planning 443ha in District 7 | The starting point of Vietnam’s first model urban area |
| 1998–2005 | Built core infrastructure; launched the first residential zones | Formed the first elite residential community |
| 2005–2015 | Developed world-class amenities: international schools, FV Hospital, SC VivoCity | Set a new benchmark for premium living in Ho Chi Minh City |
| 2015–2020 | Launched Midtown, The Crescent, Scenic Valley — the high-rise segment | Extended the brand into the premium apartment segment |
| 2019 | Partnered with Nomura Real Estate (Japan) at Midtown | The beginning of the strategic Vietnam–Japan joint venture |
| 2024–2025 | Launched Hong Hac City in Bac Ninh | The first “northward expansion” after 30 years |
A summary table of Phu My Hung’s key development milestones from 1993 to 2025, reflecting its journey to becoming Vietnam’s leading urban brand.
Furthermore, something rarely mentioned but important: Phu My Hung was the first property developer in Vietnam to build an urban area to international standards and to implement the “All-in-One” model — all amenities within walking distance — well before this concept became a common trend. This is evidence of a developer whose thinking was ahead of its time.
Who Is Nomura Real Estate? Its Role in the Hong Hac City Project
Nomura Real Estate Development is a major Japanese property development group — not Nomura Securities (the investment bank); the two are entirely separate legal entities that share the Nomura name. Nomura Real Estate Development opened its Vietnam office in 2019 and already had hands-on experience at Phu My Hung Midtown before joining Hong Hac City.
Specifically, Nomura Real Estate’s role at Hong Hac City is clearly defined:
- Strategic capital contribution: Participates as a co-investor, sharing financial risk with Phu My Hung — not merely a nominal partner
- Transfer of Japanese urban management standards: Scheduled maintenance systems, community rules and long-term resident service standards based on the model Nomura has applied across hundreds of urban developments in Japan
- Design and planning consultancy: Brings Japanese urban thinking into the project — emphasising the ratio of green space, community areas and safe pedestrian circulation
- International brand assurance: Nomura’s presence sends a powerful signal to foreign investors — particularly Japanese professionals working in Bắc Ninh’s industrial parks who are seeking an international-standard place to live
In addition, Nomura’s practical experience at Phú Mỹ Hưng Midtown (including The Peak, The Symphony and The Signature) shows that this is not its first partnership — Nomura has already gained hands-on experience in the Vietnamese market and understands Vietnamese culture, legal regulations and homebuyers’ preferences. This is an important point of difference from many other Vietnamese–foreign real estate joint ventures that merely attach an international brand name without any genuine operational experience.
Is the Developer of Hồng Hạc City Reputable? How Has Its Delivery Capability Been Demonstrated?
Yes — the developer of Hồng Hạc City is entirely reputable, as demonstrated by 3 substantive, indisputable pieces of evidence: a track record of 114 projects delivered on time over nearly 30 years; legal documentation for more than 1,000 homes with certificates of ownership at Hồng Hạc City itself; and the District 7 township maintaining international-standard operating quality after 30 years — while many other projects deteriorate just 3–5 years after handover.
More specifically, the 3 indicators of its reputation are analysed in detail below:
Evidence 1 — 114 projects delivered on time: Over nearly 30 years of operation, Phú Mỹ Hưng has never handed over a project late — even during the Covid-19 pandemic (2021–2022), when material and labour supply chains were severely disrupted. The Peak Midtown was handed over on schedule in Q4/2021, and The Ascentia in Q2/2022 — these figures are not coincidental, but the result of a professional project management system and contractor network built over many decades.
Evidence 2 — Hồng Hạc City’s legal documentation has been completed: More than 1,000 villas in the Hồng Phát subdivision have been issued separate Certificates of Land Use Rights for each property — meaning that the legal documentation was complete before the project handed over the homes. This is extremely rare in the northern market, where many projects remain without certificates of ownership 3–5 years after launch.
Evidence 3 — The District 7 township after 33 years: This is evidence that cannot be fabricated. Buyers can visit Phú Mỹ Hưng in District 7 today and see for themselves: clean roads, flourishing greenery, fully operating amenities and a civilised resident community — with the quality of life showing no decline after 30 years. This is the standard that Phú Mỹ Hưng has committed to recreating at Hồng Hạc City.
How Many Projects Has Phú Mỹ Hưng Handed Over? Has Delivery Kept to Its Commitments?
Yes — Phú Mỹ Hưng has handed over 114 projects on time over nearly 30 years, without exception, including during Covid-19, which brought the entire Vietnamese real estate market to a standstill.
Below are the most recent notable handover milestones — evidence of Phú Mỹ Hưng’s consistent commitment to delivery schedules:
- Q4/2021: The Peak Midtown — handed over as committed during the height of the Covid-19 outbreak, becoming a symbol of reliability
- Q2/2022: The Ascentia — residents delightedly received their homes on time, despite post-Covid difficulties with construction materials
- Q2/2023: The Antonia — continuing the uninterrupted handover record
- Q4/2023: Cardinal Court & The Horizon Hồ Bán Nguyệt — two projects handed over in the same quarter, demonstrating the ability to manage multiple projects simultaneously
More importantly, Phú Mỹ Hưng follows the principle of “No replanning” — committing to adhere to the original master plan for more than 30 years, without using amenity land to build additional homes or reducing green-space areas to maximise profits. This is something that many other developers are unable to commit to and deliver.
Implications for Hồng Hạc City: The December 2026 handover milestone for the 323 homes in Phase 1 is not an arbitrary figure — it is a commitment calculated based on actual construction progress (the Zone F1-1 shophouses had reached the 5th floor and the villas the 3rd floor by the end of 2025) and publicly confirmed by the Bắc Ninh Provincial People’s Committee.
Is Phú Mỹ Hưng’s Project Legal Documentation Transparent? What Is the Status of Hồng Hạc City’s Certificates of Ownership?
Yes — Hồng Hạc City’s legal documentation is completely transparent, with more than 1,000 villas in the Hồng Phát subdivision issued separate certificates of ownership, with long-term ownership for each property — making it one of the few low-rise projects in northern Vietnam to complete its legal documentation before handing over the homes.
More specifically, Hồng Hạc City’s legal standing is reinforced by 4 layers of assurance:
- Layer 1 — Investment policy: Fully approved by the Bắc Ninh Provincial People’s Committee, in the presence of the Prime Minister
- Layer 2 — Construction permits: All 323 homes in Phase 1 had construction permits before the launch
- Layer 3 — A certificate of ownership for each property: More than 1,000 Zone F homes have separate Certificates of Land Use Rights with long-term ownership — banks are ready to accept them as mortgage collateral
- Layer 4 — Bank guarantees: Vietcombank, BIDV and VietinBank are jointly guaranteeing the project — Vietnam’s largest banks would not guarantee a project with legal issues
By contrast, many real estate projects in Bắc Ninh launch sales 3–5 years before their certificates of ownership are issued, with the certificates still “being processed” — residents cannot use their properties as collateral, transfer them or feel confident about their ownership rights. Hồng Hạc City had fully addressed this concern before customers signed their contracts.
What Has Phú Mỹ Hưng’s Developer Achieved in District 7? What Lessons Apply to Hồng Hạc City?
Phú Mỹ Hưng has transformed 433ha of muddy land in southern Ho Chi Minh City into an international-standard model township over more than 30 years — a place where more than 30,000 Vietnamese residents and foreign professionals live, where property prices have risen by an average of 8–12% per year over 20 years, and where every standard for amenities, security and landscaping has been maintained intact for three decades.
In addition, the most important lesson from District 7 is not a technical figure, but a non-negotiable philosophy: Phú Mỹ Hưng has rejected numerous opportunities for short-term profit growth — reducing green-space areas, replanning amenity land and building at a higher density — in order to protect its long-term commitment to residents. That DNA is being transferred intact to Hồng Hạc City.
What Are the Phú Mỹ Hưng District 7 Township’s Outstanding Achievements After 30 Years?
After 30 years, Phú Mỹ Hưng township in District 7 has 5 outstanding achievements: a 443ha model township, more than 30,000 residents of multiple nationalities, an international-standard education–healthcare–commercial ecosystem, sustainable property value growth, and recognition as the benchmark for Vietnam’s entire high-end real estate market.
More specifically, each achievement is supported by actual figures:
- International education system: RMIT University Vietnam, British International School (BIS), The International School Ho Chi Minh City (TIS) and Saigon South International School — leading international schools in Vietnam have all chosen Phú Mỹ Hưng in District 7 as the location for their campuses, providing the strongest confirmation of the quality of the living environment
- World-class healthcare system: FV Hospital (French–Vietnamese) and Vinmec International Hospital — two leading international hospitals have both chosen PMH as their location, creating a healthcare ecosystem rarely found in Vietnam
- Retail and entertainment: SC Vivo City (a 70,000m² shopping centre), Crescent Mall and hundreds of international F&B and retail brands — creating the busiest commercial district in southern Ho Chi Minh City
- Landscaping and green spaces: The 40m Tôn Dật Tiên Boulevard with its central canal, park system and regulating lakes — all maintained intact after 30 years
- Property value: From an initial price of several million VND/m² in 1998, villas in Phú Mỹ Hưng, District 7, now trade at VND 200–500 million/m² — an increase of hundreds of times, while continuing to maintain the strongest liquidity in Ho Chi Minh City’s high-end segment
What Is Phú Mỹ Hưng’s 7S Development Philosophy? How Does It Affect Hồng Hạc City?
Phú Mỹ Hưng’s 7S philosophy is a mandatory design and operating framework applied to every project, comprising 7 core principles: Sustainability (Sustainability), Smart Planning (Smart Planning), Service (Service), Safety (Safety), Standards (Standards), Scarcity (Scarcity) and Society (Community).
More specifically, how is each S expressed at Hồng Hạc City:
| Principle | Significance | Expression at Hồng Hạc City |
| Sustainability | Sustainable development, no replanning | 28% density, with 70% of the green space legally protected from change |
| Smart Planning | Smart planning, people-centred | All-in-One model, with amenities distributed by subdivision |
| Service | Resident services that exceed expectations | 7 clubhouses, a 24/7 management team and Japanese Nomura standards |
| Safety | Multi-layered security | 24/7 cameras, professional security personnel and smart access control |
| Standards | Construction and legal standards | A certificate of ownership for each property, construction in accordance with the design and no cutting corners |
| Scarcity | Scarce properties | Only 300 homes per year out of a total of 2,844, with no possibility of unlimited expansion |
| Society | An elite resident community | Selected through pricing and criteria, creating a peer community |
Table explaining the 7 principles in Phú Mỹ Hưng’s 7S philosophy and their specific expression at the Hồng Hạc City project.
The most important point to understand: 7S is not a marketing slogan — it is a mandatory operating framework, with an internal control team monitoring compliance with each criterion throughout the project’s lifecycle. This is why the District 7 township has retained its quality after 30 years, while many other townships deteriorate just 5 years after handover.
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All the main search intents have been fully addressed. The section below expands the semantic scope with the joint venture’s unique role, Nomura in Vietnam and the strategic significance of “moving north”.
How Is the Phu My Hung–Nomura Joint Venture at Hong Hac City Different from Typical Real Estate Joint Ventures? Is This a Unique Cooperation Model in Bac Ninh?
Yes — the Phu My Hung–Nomura joint venture at Hong Hac City is a unique comprehensive strategic cooperation model in Bac Ninh, completely different from typical joint ventures where “one party contributes land and the other contributes capital”. Here, both parties contribute their brand, development philosophy, management experience and capital — creating an irreplicable synergy.
By contrast, in most typical Vietnamese–foreign real estate joint ventures, the international partner only appears at the signing stage and lends its name to the brochure — once the project is operational, international management standards disappear, leaving only a domestic management company with considerably lower standards. The PMH–Nomura joint venture is committed to operating to Japanese standards throughout the project’s entire lifecycle — not only during the sales period.
What Had Nomura Real Estate Development Done in Vietnam Before Joining Hong Hac City?
Nomura Real Estate Development gained practical experience in the Vietnamese market from 2019 through the Phu My Hung Midtown project — comprising The Peak, The Symphony and The Signature — before joining Hong Hac City. This is neither Nomura’s first collaboration with Phu My Hung nor its first venture into the Vietnamese market.
The actual results at Midtown: property values rose sharply after handover, residents rated the management quality highly, and Japanese maintenance standards were implemented rigorously. This is practical evidence — not a promise — for customers to trust Nomura’s operating standards at Hong Hac City. By contrast, developers without a properly established international management partner often hand over attractive amenities that deteriorate rapidly after 2–3 years because of a lack of regular maintenance systems and clear community rules.
Why Did Phu My Hung Choose Bac Ninh as Its First “Move North” Market After 30 Years? What Does This Indicate?
Phu My Hung chose Bac Ninh because it has the highest average GDP per capita in Vietnam, the North’s largest Samsung–Canon–Foxconn FDI ecosystem, plans to become a centrally governed city, and a location directly bordering Hanoi — an ideal combination of conditions that Phu My Hung had been seeking for many years.
More importantly, the strategic significance is that Phu My Hung could not risk its 30-year brand on a market with limited potential. Investing its brand in Bac Ninh after 30 years of development only in Ho Chi Minh City is the strongest “implicit endorsement” of this market’s long-term potential — stronger than any analytical report or sales commitment. By contrast, local developers launch projects simply because they “already have land” — not because they have researched and believed in the market after 30 years of urbanisation experience.
