Hanoi Targets 341 Delayed Projects, Names Viglacera (VGC), Geleximco, Nam Cuong, Sudico

Overview

Hanoi People’s Committee has issued an ultimatum to review and resolve 341 delayed private real estate projects, naming prominent developers including Viglacera (VGC), Geleximco (GEX), Nam Cuong (NCT), and Sudico (SJS). The action, detailed in Notification No. 396/TB-UBND, targets projects using non-budget capital that have stalled implementation, with Mê Linh district leading with 41 projects. This regulatory move matters for affected listed tickers as it signals heightened oversight of project timelines and land use efficiency in Vietnam’s capital real estate market.

Key Facts

• Hanoi authorities identified 341 delayed private real estate projects using non-budget capital.
• Mê Linh district leads with 41 stalled projects, followed by Nam Từ Liêm (38), Cầu Giấy (27), and Long Biên (25).
• Four districts (Mê Linh, Nam Từ Liêm, Cầu Giấy, Long Biên) account for 131 projects, nearly 40% of the total.
• The list names developers including Viglacera, Geleximco, Nam Cường, Sudico, CEO, AIC, HUD, and Vinashin.
• Projects in Mê Linh include large-scale urban areas like Khu đô thị mới CEO Mê Linh and Khu đô thị mới AIC.
• The ultimatum was issued via Hanoi People’s Committee Notification No. 396/TB-UBND.
• Projects span from core urban districts like Cầu Giấy to suburban areas, with delays attributed to legal procedures and planning adjustments.

What Happened

Hanoi People’s Committee issued an ultimatum to review and resolve 341 delayed private real estate projects that use non-budget capital, as detailed in Notification No. 396/TB-UBND. The notification names prominent developers including Viglacera, Geleximco, Nam Cường, and Sudico, among others. Data from the attached list shows Mê Linh district leads with 41 stalled projects, described as the “capital” of inactive projects, with historical factors like pre-2008 administrative mergers and legal hurdles contributing to the delays.

The distribution of delayed projects is uneven, with four districts—Mê Linh, Nam Từ Liêm, Cầu Giấy, and Long Biên—accounting for 131 projects, nearly 40% of the total. In Cầu Giấy, projects involve prime land planned for offices and commercial centers, while Nam Từ Liêm faces delays in urban areas and sports complexes. The article notes that delays are widespread, affecting projects from bustling inner-city districts to suburban areas, with issues including legal procedures and planning adjustments.

Market Context

Viglacera (VGC) trades on the HOSE exchange and closed at VND 46, up 1.09% on April 10, 2026, with volume of 1,119,000 shares. Geleximco (GEX) closed at VND 40, down 2.31% on April 15, 2026, with higher volume of 9,129,900 shares. The news comes amid ongoing regulatory scrutiny in Vietnam’s real estate sector, which has faced challenges from tightening credit and project approval delays. This ultimatum adds pressure on listed developers to accelerate project execution or face potential penalties, impacting investor sentiment toward firms with significant exposure in Hanoi.

Strategic Significance

For long-term investors, this regulatory action highlights the operational and regulatory risks for real estate developers in Vietnam, particularly those with large land banks in urban areas like Hanoi. The naming of listed companies such as VGC, GEX, NCT, and SJS indicates specific scrutiny on their project pipelines, which could affect future revenue recognition and asset turnover. Efficient resolution of these delays may unlock value, but prolonged stagnation could lead to writedowns or forced divestments, impacting financial performance and sector competitiveness.

What to Watch

• Company responses from VGC, GEX, NCT, and SJS regarding specific project timelines and compliance plans.
• Quarterly earnings reports for updates on project progress and potential impairments.
• Regulatory follow-up actions from Hanoi authorities, including deadlines or penalties for non-compliance.
• Sector-wide policy developments from the State Bank of Vietnam or Ministry of Construction affecting real estate credit and approvals.
• Land use and planning adjustments in key districts like Mê Linh and Cầu Giấy that could facilitate project restarts.