Business News

The Hà Nội office market fared relatively well in the first quarter this year despite the novel coronavirus COVID-19 outbreak, according to CBRE Việt Nam.

The domestic real estate market in the first quarter had the lowest transaction volume in the past four years due to the impact of the COVID-19 pandemic, Việt Nam Association of Real Estate Brokers (VARS) said.

Real estate developers are advising the government to detail supportive measures for the sector after Directive No.11/CT-TTg dated March 4 on urgent objectives and solutions for assisting businesses facing difficulties and assurance of social welfare amid the COVID-19 pandemic was issued.

Ho Chi Minh City People’s Committee has just submitted a proposal to the prime minister to introduce a range of supportive measures to help out the real estate market which has been strongly impacted by the coronavirus.

Economic expert Le Xuan Nghia said that Vietnam was part of a number of free trade deals, which together with the Government’s open policies, made Vietnam an increasingly attractive destination to foreign investors.

There are two reasons behind a potential investment expansion of Vietnam Japan Technology Park (Vie-Pan Techno Park), according to Ho Xuan Loc, representing the project developer Vietnam Japan Technology Park Co., Ltd. based in Ho Chi Minh City. The project is located in Hiep Phuoc Industrial Park.

There are 17 industrial parks and processing zones in the city and they have an occupation rate of 68 per cent, with specialised industrial parks, except the Quang Trung Software City, not attracting much interest from enterprises.

Due to orders from local authorities to avoid holding public events during the current global coronavirus scare, real estate developers have been delaying their launch ceremonies to introduce products to the market. Buyers are instead seeking information via online channels rather than such events.