Business News

[07-07-2015] Two long-awaited amended laws on housing and real estate, effective from July 1 and expected to have a significant impact on the property market, may not be as effective. The two new laws were introduced amid the recovery of the property market starting from the end of last year, after seven years remaining frozen, with amendments to drive the market back on track. Still, market participants are awaiting further detailed instructions.

[06-07-2015] A $1.2 billion property project by Gaw Capital Partners has been given the go-ahead to begin construction in Ho Chi Minh City. An investment certificate was granted last week to Denver Power, a subsidiary of Gaw Capital Partners, together with Tien Phuoc Real Estate and Tran Thai Lands  for the development of their new Thu Thiem Observation Tower, also known as Empire City.

[02-07-2015] Housing investors must obtain a financial guarantee from commercial banks before they will be permitted to transfer property to home buyers or renters, from August 9 onwards. The State Bank of Viet Nam (SBV) made this announcement in Circular No. 07/2015/TT-NHNN, dated June 25, explaining that the regulation was necessary to meet practical market requirements and ensure the efficiency of banking guarantee services, in line with international routines.

[30-06-2015] Land rents are rising too quickly, according to members of the business community who met in Ha Noi at a conference entitled "Property Rights and Enterprise Development". The meeting last week was co-organised by the Viet Nam Chamber of Commerce and Industry (VCCI) and World Bank Group.

[27-06-2015] The revised Law on Housing, which comes into effect in July, eases restrictions for foreigners to own property in Vietnam. This progressive legislation is expected to reinvigorate the market by offering non-nationals attractive conditions for buying a house.

[24-06-2015]  Deputy Prime Minister Hoang Trung Hai has told the Ministry of Planning and Investment to inform relevant parties of the Vietnam-Singapore Industrial Park (VSIP) project of a halt to this planned park on Phu Quoc Island.

[23-06-2015] A regulation ordering bank guarantees to become mandatory for property purchases, which was to be completed in the future, has caused mixed concerns among property developers and buyers. Following Article 56 of the Law on Real Estate Business, to take effect on July 1, property developers, before selling or leasing unfinished or future property, must obtain guarantees from eligible commercial banks as assurances of their financial obligations to buyers.

[20-06-2015] New capital from foreign investors is gradually flowing into the property market, not only in the premium segment, but also the medium one. The premium real estate segment remains the one which attracts the most foreign capital.