A US$65 million luxury hotel complex broke ground in the Hanoi suburbs Saturday

The 21-storey, 363-room Crown Plaza will share a 13,000 sq.m plot in Tu Liem district near the National Sport Complex with a 20-storey office block and a 14-storey apartment tower.

The complex is set to open in 2009, according to Tran Hong Quan Company, the project’s main investor.

The developer said the Crown Plaza was designed to international standards and would meet the Vietnam National Administration of Tourism’s five-start hotel criteria.

It would be managed by the Intercontinental Hotels Group.

The construction of the Crown Plaza is one of several major high-end hotel projects slated for Hanoi in the year’s second half. In total, the hotel projects are worth over $1.17 billion.

US investment funds still interested in Vietnam

Though Merril Lynch, the US’s financial management giant, has been pulling out of the Vietnamese market and issued a report earlier this month indicating the market was no longer attractive, several US investment funds have remained optimistic.

At a recent seminar, James Riedel, senior consultant of the STAR Vietnam project, which supports the implementation of the Vietnam-US Bilateral Trade Agreement, said nearly half of portfolios in Vietnam are from the US.

He forecast the sum to rise in the near future as an influx of large banking-finance groups from the US hits the country.

US International Data Group (IDG) Ventures Vietnam – a pioneer local venture capital fund – has recently invested in Vega Software Joint Stock Company and Goldsun Focus Media, leading firms in e-advertisement and software development.

Local firms taking bigger piece of real estate pie

VietNamNet Bridge - Viet Nam’s high-end residential and commercial property developments that were once the exclusive domain of multinational developers are now witnessing the increasing emergence of local firms that are claiming a larger stake in one of the world’s fastest growing markets.

Funding house purchasing deals, good business for banks

Many people have become disappointed when hearing about the interest rate policies applied by the banks. They said that the interest rates proved to be too high. Only those who have high incomes and want to buy luxurious apartments and houses can afford such high interest rates. Dau Ngoc Tinh, a staff of a garment company, related he needed to prove that he had the income of VND20mil a month to get the loan of VND200mil ($1,250) with the interest rate of 1.1% per month. Every month, he will have to pay VND6mil ($375) in both principal and interest. However, his actual income is VND10mil per month, and he only can borrow money with the interest rate of 1.15%.

Online real estate trading is set to launch in Vietnam on July 22

The online exchange, www.sanbatdongsan.net.vn, will allow buyers and sellers to access the market directly, said the ministry, adding that people will be able to buy quality houses without paying intermediary charges.The ministry has stipulated that enterprises that provide incorrect or false information on the site could be suspended from the trading floor and even fined or jailed in serious cases.

Vietnam to increase state-owned property prices

The government has given initial approval to a construction ministry proposal to increase state-owned residential property prices nearly fourfold, citing higher real-estate values and salaries.

Burgeoning time for high-end property projects

VietNamNet Bridge – Experts have forecast property projects in major cities and provinces will continue to be attractive to foreign investors in the next few years.
The burgeoning high-end property market and the Government's policy allowing foreigners to own houses in the country are promising a brighter outlook. A survey by the HCMC-based property management firm VietRees indicates more than US$8bil in foreign direct investment has been pledged in property projects implemented between 2004 and 2010. South Korea ranks first, followed by Singapore, Malaysia, Hong Kong and Taiwan.

Danang’s largest domestic investor puts $180 mln into real estate

Hoang Anh Gia Lai Corp. plans to invest $150 million to build a waterfront hotel-apartment-office-shopping-complex along the Han River in Hai Chau district.
Work on building the complex is scheduled to start early next year and finish in 2010.
The corporation, headquartered in the Central Highlands province of Gia Lai, will also build an estimated $30 million worth of high-end apartments for sale in Thanh Khe district.

Central Vietnam deluxe beach resort

Construction of the four-star Novotel Imperial Hoi An resort began Wednesday in at a cost of VND280 billion (US$17.3 million).Located near Hoi An town’s Cua Dai beach, the resort will have 200 rooms, restaurants and bars, tennis courts, a spa, and swimming pool. Hotel group Accor will manage the 4.3ha property owned by the IOC Supporting Services and Investment Development Joint Stock Company. GP Bank, Chi Linh Start Golf JSC, and Ocean Bank are also key shareholders.

Vietnam plans to sell houses to foreigners

The eligible groups include foreigners directly doing business in Vietnam in accordance with the law, foreigners recognized by the president and other relevant agencies as contributing to national development, foreign culturists and scientists working in Vietnam, foreigners recognized by the president as honorary citizens, foreigners married to Vietnamese currently living in Vietnam, and foreign-invested real estate trading enterprises operating in Vietnam.

Vietnam property firm raises $37 million in IPO

Vietnam property developer Vincom has raised $37 million from a maiden auction of 5 million shares, or 8.33 percent of the company, the Ho Chi Minh Stock Exchange said Wednesday.

Hong Kong enterprises are eyeing Vietnam for investment opportunities

In Hanoi, the delegation met with Vietnam Prime Minister Nguyen Tan Dung, who said overseas investment was an integral component of Vietnam’s economic development and his government would provide favorable conditions for Hong Kong investors, particularly in the financial, banking, insurance, securities, shipping and manufacturing sectors.

Viet Nam infrastructure fund lists in London

London — Vietnam Infrastructure Limited, a US$402 million closed-end fund dedicated to investment in Viet Nam’s rapidly growing infrastructure sector, has become the first of its kind in Viet Nam to list on the Alternative Investment Market (AIM) of the London Stock Exchange.

Luxembourg wants in before Vietnam gets crowded

Luxembourg’s top economic minister said he wants investors from his country to explore Vietnam before the market becomes too crowded.

Long-term mortgages open vietnam property market

VietNamNet Bridge – Banks are beginning to widen the time frame on home loan deals from 10-15 years to as long as 30 years as the market matures and consumer incomes rise.

Real estate experts have predicted a decrease in the prices of leased office space in Ho Chi Minh City

Representatives of the Maastricht University-affiliated Vietnam Research Programme and Holland enterprises that are already present in Vietnam shared their business experiences in the Southeast Asian country. Vietnam, they said, is a developing country that needs a great amount of capital and is home to many business opportunities for foreign enterprises.