Want to be in the loop?
subscribe to
our notification
Business News
REAL ESTATE HOLDS 2ND SPOT IN FDI
Although the domestic real estate market has faced certain difficulties in recent years, foreign investors have continuously poured capital into the field. In the first 10 months of 2022, foreign investors poured $3.87 billion into the real estate sector, bringing it to second position in total foreign direct investment (FDI) in Vietnam.
According to the Ministry of Planning and Investment (MPI), the total FDI newly registered in Vietnam reached more than $22.46 billion, equaling 94.6 per cent over the same period last year.
Later this year, Gamuda Land will announce its new project Artisan Park. Strategically located in a prime area right next to the administrative centre of Binh Duong province, surrounded by international-standard educational, medical, sports and commercial facilities, the complex will have 349 high-end commercial townhouses.
Entering the Vietnamese market in 2007, Gamuda Land has created two world-class urban areas: Gamuda City, covering 274 hectares in Hoang Mai district in Hanoi, and Celadon City, with 82ha, in Tan Phu district of Ho Chi Minh City.
Meanwhile, Coteccons, the largest shareholder of Kazakhstan’s Kusto Group in October this year announced that it teamed up with various partners to develop The Emerald 68 Luxury Apartment Project in Binh Duong New City, costing more than $86.9 million.
In July, CapitaLand Development acquired a potential land fund to build a complex in Ho Chi Minh City, estimated at about $720 million. The project has an area of about eight hectares and is expected to provide 1,100 luxury apartments and shophouses to meet the increasing settlement needs of Thu Duc city, which is developed to become an economic and technological centre. The deal is expected to be completed in the fourth quarter of 2023, and is scheduled to be completed in 2027.
The highlight is the investment of $900 million by Lotte E&C to develop a smart urban area "Lotte Eco Smart City Thu Thiem", to add another landmark construction of Korean investors in the Vietnam real estate market.
YSL Group is also implementing an industrial land project with nearly 300ha in Nam Binh Xuyen in Vinh Phuc province. The project is built using green development and high technology, possessing strict requirements on equipment, advanced science and technology.
David Jackson, CEO of Colliers (Vietnam), said Vietnam's economy was demonstrating impressive growth, with a GDP increase of 8.83 per cent in the first nine months of the year, the highest increase in the last decade.
Meanwhile, Winnie Lam, COO of Colliers, said that she had seen much interest among investors almost from all jurisdictions. “Industrial real estate tops the list, and the world is very much in catch-up mode after the temporary stay of most investments in the past two years. All other segments, office, retail, residential and hospitality properties, are at their most active since 2019,” said Lam.
"The recent shackles on the country may put investor confidence on the wane for some foreseeable months into 2023. However, this will be remedied by a more transparent, fair and healthy market in the long run. Smart investors, therefore, shall keep their eyes open to seize rising opportunities to participate in the market," she said.
Source: VIR
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.