HANOI - Asia Commercial Bank, Vietnam’s biggest listed company by market value, yesterday opened its first property exchange and valuation unit in Hanoi to tap rising demand, the bank, known as ACB, said in an e-mailed statement.
The Hanoi property exchange will bring the number of ACB’s real estate trading floors to six, according to the statement.
"We expect the local property market to brighten later this year as the government has been trying to spur people’s spending," said Nguyen Thu Oanh, chief executive officer of Asia Real Estate Valuation Co., the unit. "Property valuation is still new in Vietnam and will be a good business in the current economic situation." Vietnam’s government has held banks to increase lending to firms and property investors after the economy expanded at the slowest pace since 1999.
