Real Estate

HCM City Clamps Down on FDI in Real Estate Sector

Vietnam Mar. 19 – The Ho Chi Minh City government has canceled the licenses of 40 foreign direct investment projects in the real estate sector worth US$1.77 billion which have remained stagnant.

The real estate sector is one of the top avenues for foreign direct investment in the city although fund distribution has been slow and of the 143 FDI property projects worth US$9.61 billion only US$3.61 billion has been disbursed according to Vietnam Business Forum. Last year, authorities approved 13 FDI real estate projects worth US$682 million in the city, comprising of 3.39 percent of the municipality’s total FDI projects. Continue reading →

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Ho Chi Minh City Grants 39 New FDI Licenses

Mar. 8 – Ho Chi Minh city has so far approved investment licenses to 39 new foreign direct investment projects worth an estimated US$333.4 million.

Vietnam’s financial capital wants to attract more investment into mechanics, engineering, bio-technology, IT and new materials projects. Majority of the 29 approved licensed projects last month were located outside the export processing and industrial zones while the rest were found in the Thu Thiem and South Saigon area. Continue reading →

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Shaping Hanoi

Photo: stefan77dd/Flickr By Joyce Roque

HANOI, Mar. 5 – As the government prepares to celebrate Hanoi’s 1,000 year anniversary in October, plans to slowly expand the capital city have already begun since 2008.

Hanoi’s limits will stretch to include adjacent provinces to make more space for national projects in the capital city. The expansion has already absorbed the provinces of Hatay, Hoa Binh or Vinh Phuc; making the old Hanoi with its crawling French colonial architecture the center of the new expanded city. Continue reading →

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Vietnam Considers Levy on Houses

Photo: kevincure/Flickr Jan. 22 – Vietnam’s Ministry of Finance has proposed three options for levying tax on houses.

The first option will base taxes on the area of the house with a threshold of 200 square meters and above including the balcony. The second option will determine the tax based on the value of the house; levying a tax for property valued one billion dong and above. The house value will be calculated by multiplying total area multiplied with the unit price. Continue reading →

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Vietnam-Singapore Industrial Park Opens in Haiphong

Jan. 21- A US$1 billion Vietnam-Singapore Industrial Park has just opened in the northern city of Haiphong.

This is the third industrial park of its kind spearheaded by the Singapore and Vietnam government. The 1,600-hectare park is located in Vietnam’s third largest city, 100 kilometers from Hanoi with easy access to the region’s largest seaport, Haiphong Port. Continue reading →

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Vietnam’s Economy Grows by 5.32 Percent in 2009

Jan. 6 – Vietnam’s economy grew by 5.32 percent in 2009, making it one of the top expanding economies in the region despite the global financial crisis.

General Statistics Office said the economy recorded a double achievement of gaining economic growth and reining in inflation. While growth in 2009 was lower compared to the previous year’s 6.18 percent it was still able to top the government’s 5 percent target. Continue reading →

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Real Estate Prices in Downtown Hanoi to Climb by 21 Percent

Dec. 14 – Land valuation in downtown Hanoi will increase by as much as 21 percent next year based on a new proposal submitted by the Hanoi People’s Committee.

The proposal sets next year’s prices for the city’s main commercial streets like Hang Ngang and Hang Dao in Hoan Kiem District at VND81 million (US$4,300) per square meter beginning January 1, 2010. The deputy chairman of the People’s Committee, Phi Thai Binh, told Vietnam Net that land valuations would be adjusted closer to the real market value. Continue reading →

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Savills: Danang Tourism Property Market Taking Off

Dec. 9 – The central coast city of Danang’s tourism property segment is emerging said real estate company Savills Vietnam.

Savills said that projects for villas are emerging quickly in the area with developments along the Son Tra-Dien Ngoc coastal road from Danang to Hoi An to be finished in a few years time. Continue reading →

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Exporters, Bank Plan to Build Bonded Warehouse in United States

Dec. 7 – State-owned Vietnam Development Bank and local exporters are considering plans to build a bonded warehouse in the United States for exports reports Thanh Nien News.

This would aid local exporters cut storage costs and make more good readily available in the market. Vietnam Development Bank General Director Nguyen Quang Dung told Vietnam Net that they are seeking government approval for their plan although they could face many funding and procedural obstacles. Continue reading →

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New Resolution to Dissolve Loss-Making State Firms

Nov. 30 – Vietnam’s National Assembly has approved a new resolution that would dissolve unprofitable state-owned firms and increase efficiency of the remaining ones during the last day of its month-long session.

The committee reported that 45 percent of its 91 state-owned groups in the country met low returns on equity of less than 10 percent while 25 percent had a ratio of under 5 percent. An estimated 23 groups had cumulative losses of VND2.79 trillion at the end of 2008 reports Thanh Nien News. Continue reading →