Ho Chi Minh City (HCMC), amidst its rapid urbanization, provides a unique context for Transit-Oriented Development (TOD), characterized by both promising opportunities and significant challenges. While TOD offers potential enhancements in urban mobility and land use efficiency, there is a notable research gap in comprehensively understanding its application within the specific context of HCMC. Employing a mixed-methods approach, this study delves into the current TOD status in HCMC, uncovering key opportunities and challenges through comprehensive literature review and expert interviews. It highlights critical challenges such as land acquisition, and issues in initial investment, while also emphasizing the need for policy reform and collaborative stakeholder engagement. The results from HCMC’s case not only add to the larger conversation about implementing TOD in areas that are rapidly urbanizing, but they also show how important it is to use contextualized strategies and stakeholder collaboration to overcome problems and take advantage of opportunities in TOD adoption.