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Sun Group review: services, fees, pros and cons
Is Sun Group a reliable property developer for foreign buyers in Hanoi?
Sun Group at a glance
Developer- Founded
- 1998 (Ukraine); formal Vietnam operations since 2007
- First project: Bà Nà Hills, Đà Nẵng
- Headquarters
- 218 Bạch Đằng, Đà Nẵng
- Hanoi office
- Sun Property sales office, Ancora Residence Building, 3 Lương Yên, Hai Bà Trưng
- Ownership
- Privately held; chaired by Lê Viết Lam
- Not listed on HNX or HOSE
- Business lines
- Tourism & entertainment (Sun World), real estate (Sun Property), infrastructure, aviation, healthcare
- Hanoi residential projects
- Sun Grand City Thụy Khuê (Tây Hồ), Sun Grand City Ancora Residence (Hai Bà Trưng)
- Languages at Hanoi desk
- Vietnamese, English
Who is Sun Group?
Sun Group (Tập đoàn Mặt Trời) traces its roots to 1998, when a group of Vietnamese entrepreneurs then based in Ukraine — including chairman Lê Viết Lam — began building a business that formally took shape in Vietnam in 2007. Its first Vietnamese project, Bà Nà Hills near Đà Nẵng, set the template the group has followed since: large-scale tourism and leisure destinations paired with adjacent real estate.
The group is headquartered in Đà Nẵng and remains privately held — it is not listed on the Hanoi (HNX) or Ho Chi Minh City (HOSE) stock exchanges, which means it publishes far less audited financial detail than listed peers such as Vingroup or Novaland. Today Sun Group operates across five main lines: tourism and entertainment (the Sun World network, including Bà Nà Hills, Fansipan Legend in Sa Pa, and Sun World Ha Long), real estate development (through its Sun Property arm), infrastructure (it built and operates Vân Đồn International Airport in Quảng Ninh), aviation, and healthcare.
Residential real estate is a comparatively recent and narrower part of the group's Hanoi footprint than its resort destinations elsewhere in the country. In the capital, Sun Property has delivered the two flagship addresses reviewed here: Sun Grand City Thụy Khuê, overlooking West Lake, and Sun Grand City Ancora Residence on the Red River in Hai Bà Trưng district, first launched in 2017. Both sit inside Hanoi's inner districts, rather than the large master-planned townships that define some of Sun Group's competitors.
Sun Group for foreign property buyers in Hanoi
For a foreign buyer, the practical starting point is Sun Property's Hanoi sales office at the Ancora Residence building in Hai Bà Trưng, which offers English-language consultation — a genuine convenience next to developers who route international enquiries through Đà Nẵng or Ho Chi Minh City. Beyond that desk, the group's process for foreign buyers follows the same national framework as any Vietnamese developer: foreign individuals can own units under a renewable 50-year certificate, capped at a 30% foreign ownership quota per building under the Housing Law 2023.
On off-plan sales, Sun Group is bound by the same buyer protections as every licensed developer: a bank guarantee from an SBV-approved bank before collecting instalments, and a standard Sale and Purchase Agreement, both required under the Law on Real Estate Business 2023. Buyers should still run the same due diligence they would on any Hanoi purchase: confirm the specific tower's quota isn't already saturated, verify the guarantee bank, and check that instalments track the agreed construction milestones before arranging funds and transferring them into Vietnam. Contracts and the eventual Pink Book are issued in Vietnamese đồng (VND); most foreign buyers budget in euros (EUR) and convert at each instalment date rather than fixing a rate upfront, since no hedge is offered.
Our editorial rating
- Foreigner accessibility
- 4.0 / 5
- English support
- 3.5 / 5
- Track record & reliability
- 4.0 / 5
- Fees & transparency
- 3.5 / 5
- Documentation & process
- 4.0 / 5
English-speaking desk on-site; only two Hanoi buildings to choose from
Confirmed English consultation at the Hanoi office; less English-language material online than Vinhomes
Established since 2007; Ancora delivered and occupied since the late 2010s
Privately held — less audited financial disclosure than listed developers
Standard bank-guarantee and SPA framework followed on both Hanoi projects
+ Strengths and points to verify
- +One of Vietnam's largest and longest-established private conglomerates, active in the country since 2007
- +Staffed, English-speaking sales office directly in Hanoi (Hai Bà Trưng)
- +Two addresses in genuinely prime locations — West Lake and the Red River — rather than a peripheral township
- +Diversified group (tourism, aviation, infrastructure) reduces dependence on any single project
−
- −Privately held — discloses far less audited financial detail than listed peers such as Vingroup or Novaland
- −Much smaller Hanoi residential footprint than township developers like Vinhomes or Ecopark, so less track record to compare
- −A large land-reclamation resort project on Cát Bà island has drawn environmental-press scrutiny over risk to the endangered Cát Bà langur's habitat — unrelated to the Hanoi towers, but relevant context for buyers researching the wider group
- −Foreign quota on the two flagship Hanoi buildings can fill quickly given their prime locations — confirm availability before committing
✓ Who should choose Sun Group
- ✓Buyers who want a single well-located West Lake or Red River address rather than a sprawling township
- ✓Buyers already targeting Tây Hồ or Hai Bà Trưng specifically
- ✓Buyers comfortable engaging a privately-held group with more limited public financial disclosure
- ⚠Buyers who want the broadest possible choice of foreign-quota units across many buildings (bigger townships offer more inventory)
- ⚠Buyers who require full listed-company financial transparency before committing
- ⚠Buyers seeking a new off-plan Hanoi launch — Sun Group's current Hanoi residential offer is concentrated in two completed buildings
Frequently asked questions
What is Sun Group?
Sun Group is a privately-held Vietnamese conglomerate founded in 1998, with formal Vietnamese operations since 2007. It is best known for large tourism destinations (the Sun World theme-park network) and, through its Sun Property arm, real estate development, alongside infrastructure and aviation interests.
Can foreigners buy at Sun Group's Hanoi developments?
Yes. Foreign individuals can buy units at Sun Grand City Thụy Khuê or Ancora Residence under the same national rules as any Hanoi project: a renewable 50-year certificate, capped at 30% of units per building. As with all Vietnamese property, buyers hold land-use and building rights rather than the underlying land, under the Land Law 2024.
Is Sun Group publicly listed?
No. Sun Group is privately held and is not listed on the Hanoi (HNX) or Ho Chi Minh City (HOSE) stock exchange. This means it discloses less audited financial detail than listed developers such as Vingroup, which is a point foreign buyers should factor into their own due diligence.
What are Sun Group's residential projects in Hanoi?
Sun Property's two flagship Hanoi residential addresses are Sun Grand City Thụy Khuê, overlooking West Lake in Tây Hồ, and Sun Grand City Ancora Residence on the Red River in Hai Bà Trưng, first launched in 2017. Both are completed, occupied buildings rather than off-plan launches.
Does Sun Group provide a bank guarantee on off-plan units?
Any licensed Vietnamese developer selling off-plan, Sun Group included, must secure a bank guarantee from an SBV-approved bank before collecting buyer instalments, under the Law on Real Estate Business 2023. Always ask to see the specific guarantee for the building and unit you are buying.
How does Sun Group compare to Vinhomes for a foreign buyer?
Vinhomes operates far more Hanoi residential inventory across several large townships, while Sun Group's Hanoi offer is concentrated in two well-located buildings. Sun Group's strength is address and an English-speaking desk; Vinhomes' strength is scale and choice. See our comparison of Vietnam's leading developers for a side-by-side view.
Our verdict
3.8 / 5Sun Group earns a solid, if narrow, editorial rating from us. As a group, it is exactly what it presents itself as: one of Vietnam's largest and longest-running private conglomerates, with a genuine multi-decade track record in tourism, infrastructure and aviation, and a real (if small) residential footprint in Hanoi through two well-placed addresses on West Lake and the Red River. For a foreign buyer specifically targeting Tây Hồ or Hai Bà Trưng, and comfortable with the more limited financial disclosure that comes with a privately-held group, Sun Group is a credible, English-accessible option. Buyers who want the widest possible choice of foreign-quota units, or who prioritise a listed company's audited transparency, will find more depth of inventory at a developer with a larger Hanoi residential platform.
Sources
- Housing Law 2023 (27/2023/QH15) — foreign ownership tenure and quota
- Law on Real Estate Business 2023 (29/2023/QH15) — bank guarantee and Sale and Purchase Agreement requirements for off-plan sales
- Land Law 2024 (31/2024/QH15) — land-use rights framework
We deal with Hanoi developers every week — get an independent second opinion
Considering Sun Grand City Thụy Khuê or Ancora Residence? Our Hanoi desk can review the specific unit, guarantee bank and contract terms before you commit — independent advice, not a sales pitch.