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.
Saturday, February 28, 2009
Friday, February 27, 2009
Vietnam foreign investment lower but still strong
Hanoi - Vietnam has attracted foreign direct investment pledges of 5.3 billion dollars so far this year, down 30 per cent from the same period last year, a government official said Thursday.
Le Hai Van, deputy head of the Statistics and Policy Division of Vietnam's Foreign Investment Agency, said that amid the current global economic downturn, the figure was an encouraging sign despite its drop.
'This reflects that foreign investors are still optimistic about the development potential of our economy,' Van said.
About 1.5 billion dollars of the money involved 68 new investment projects. The other 3.8 billion dollars came from increases in the registered capital of 10 already existing projects.
Le Hai Van, deputy head of the Statistics and Policy Division of Vietnam's Foreign Investment Agency, said that amid the current global economic downturn, the figure was an encouraging sign despite its drop.
'This reflects that foreign investors are still optimistic about the development potential of our economy,' Van said.
About 1.5 billion dollars of the money involved 68 new investment projects. The other 3.8 billion dollars came from increases in the registered capital of 10 already existing projects.
Wednesday, February 25, 2009
Vietnam ranks 61st in Global IT Competitiveness Index
The 2008 survey, announced by the two agencies on February 24, also found that Vietnam ranks 61st in the world in the development of IT infrastructure, 56th in the training of human resources and 57th in the support for the development of the IT sector.
BSA Vice President, Jeffrey Hardee said that Vietnam has made progress in the IT industry. He noted that since the Law on Intellectual Property took effect and enterprises applied the e-government model in business activities, Vietnam has emerged as one of the Asian countries which have bright prospects for IT development in the coming years.
However, Mr Hardee said that to develop the IT sector, Vietnam should accelerate administrative reforms and create more favourable conditions for foreign IT groups and enterprises to invest in the country. In addition, Vietnam should pay more attention to training high-qualified human resources to meet the IT enterprises’ demand.
BSA Vice President, Jeffrey Hardee said that Vietnam has made progress in the IT industry. He noted that since the Law on Intellectual Property took effect and enterprises applied the e-government model in business activities, Vietnam has emerged as one of the Asian countries which have bright prospects for IT development in the coming years.
However, Mr Hardee said that to develop the IT sector, Vietnam should accelerate administrative reforms and create more favourable conditions for foreign IT groups and enterprises to invest in the country. In addition, Vietnam should pay more attention to training high-qualified human resources to meet the IT enterprises’ demand.
Tuesday, February 24, 2009
Bank loans still beyond reach of real estate developers
Ta Van Trung, Director of Song Da 1.01 Joint stock Corporation, said that though interest rates have been cut, real estate developers still cannot get loans due to too many procedures.
“Banks ask too many questions, like about the expected date of project completion, about expected profit and clients,” Trung said.
“In general, banks prioritise funding projects in inner cities. But how many enterprises have land plots in inner cities to develop projects,” he asked.
“Banks ask too many questions, like about the expected date of project completion, about expected profit and clients,” Trung said.
“In general, banks prioritise funding projects in inner cities. But how many enterprises have land plots in inner cities to develop projects,” he asked.
Sunday, February 22, 2009
Real estate agents in Vietnam report first signs of recovery
The property market in Vietnam is showing signs of recovery with an increasing number of transactions recorded in Ho Chi Min City.
According to real estate property brokers in the city, the number of property-related transactions has increased sharply.
Lam Van Chuc, director of the Phuc Duc Real Estate Company, said the number of people that bought properties in the last few weeks tripled as compared with the figures from the same time last year.
Also Luong Tri Thin, director of the Dat Xanh Real Estate Construction Service Company, said that the company has received about 200 people each day who asked for information on land plots.
According to real estate property brokers in the city, the number of property-related transactions has increased sharply.
Lam Van Chuc, director of the Phuc Duc Real Estate Company, said the number of people that bought properties in the last few weeks tripled as compared with the figures from the same time last year.
Also Luong Tri Thin, director of the Dat Xanh Real Estate Construction Service Company, said that the company has received about 200 people each day who asked for information on land plots.
Friday, February 20, 2009
Malaysian property firm looks to Vietnam property market
As domestic real estate markets have slowed, the big Asian real estate developers are looking abroad, within Asia, for new development opportunities.
Malaysian-based developer Sova Holdings Sdn. Bhd. recently announced their plans to enter the Vietnam market with their first development in Nhon Trach District in Dong Nai province in the South.
The developer has joined with local land owner Thai Duong Company (Sunco) and will break ground on the Nhon Trach City Center (NTCC) project in April this year.
Malaysian-based developer Sova Holdings Sdn. Bhd. recently announced their plans to enter the Vietnam market with their first development in Nhon Trach District in Dong Nai province in the South.
The developer has joined with local land owner Thai Duong Company (Sunco) and will break ground on the Nhon Trach City Center (NTCC) project in April this year.
Thursday, February 19, 2009
Vietnam real estate trade exchange opens
A real estate trade exchange in Hanoi was recently opened by the Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex).
Founded by the Vinaconex and Investment and Tourism Company (Vinaconex ITC), the Vietnam Export-Import Bank (Eximbank), and the Agribank Securities Company (Agriseco), the trading floor has capital of VND300 billion (approx. US$17 million).
Vinaconex´s real estate trade exchange is expected to provide services such as asset valuation, professional training, brokerage, consultancy, loan consultancy, mortgage advise, marketing and auction.
Founded by the Vinaconex and Investment and Tourism Company (Vinaconex ITC), the Vietnam Export-Import Bank (Eximbank), and the Agribank Securities Company (Agriseco), the trading floor has capital of VND300 billion (approx. US$17 million).
Vinaconex´s real estate trade exchange is expected to provide services such as asset valuation, professional training, brokerage, consultancy, loan consultancy, mortgage advise, marketing and auction.
Tuesday, February 17, 2009
Vinaconex’s real estate trading floor makes its debut
The VITR trading floor, founded by the Vinaconex and Investment and Tourism Company (Vinaconex ITC), the Vietnam Export-Import Bank (Eximbank), and the Agribank Securities Company (Agriseco), has an initial charter capital of VND300 billion (US$17 million).
It will provide a wide range of services, such as brokerage, asset valuation, consultancy, auction, marketing, professional training, loan consultancy, and mortgage advice.
The floor will help the State control and monitor real estate transactions to devise proper and timely management policies regarding the sensitive real estate market, according to the Ministry of Construction.
It will provide a wide range of services, such as brokerage, asset valuation, consultancy, auction, marketing, professional training, loan consultancy, and mortgage advice.
The floor will help the State control and monitor real estate transactions to devise proper and timely management policies regarding the sensitive real estate market, according to the Ministry of Construction.
Friday, February 6, 2009
Vietnam real estate market an unknown for 2009
Vietnam real estate market an unknown for 2009Global stock markets, according to analysts, are likely to be in for a difficult year in 2009. And Vietnam´s stock market is no different. However, there appears to be a consensus amongst leading Vietnam analysts that the recovery depends largely on government policy and action over 2009.
The real estate market, is also uncertain. VietNamNet Bridge recently reported that VietRees, a market surveyor, collected the opinions of 33 real estate experts, domestic and international.
70% of the experts said they were not certain about when the real estate market would recover. Only 12% of experts asserted that the market would recover by the end of 2009, while the remaining experts thought that the market would recover after 2009.
The real estate market, is also uncertain. VietNamNet Bridge recently reported that VietRees, a market surveyor, collected the opinions of 33 real estate experts, domestic and international.
70% of the experts said they were not certain about when the real estate market would recover. Only 12% of experts asserted that the market would recover by the end of 2009, while the remaining experts thought that the market would recover after 2009.
Tuesday, February 3, 2009
Petro Vietnam enters real estate field
In response to this plan, the Deputy PM Hoang Trung Hai issued an official document that requires Petro Vietnam to carry out the project in accordance with current law.
According to the procedure, their tasks are to rent land, draw up regulations for the cooperation contract, verify the financial ability of their partners and be responsible for the project.
Mr. Hai also required Petro Vietnam to outline projects for attracting capital and also balancing reasonable incomes and costs.
According to the procedure, their tasks are to rent land, draw up regulations for the cooperation contract, verify the financial ability of their partners and be responsible for the project.
Mr. Hai also required Petro Vietnam to outline projects for attracting capital and also balancing reasonable incomes and costs.
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