The long process of project approval from competent government agencies and the serious impact of COVID-19 have helped mergers and acquisitions in real estate sector become more active. A recent report released by VNDirect Securities Corporation stated that mergers and acquisitions (M&A) deals, especially in transferring part of large-scale real estate projects, were considered one of the fastest solutions for foreign developers when they want to jump into the Vietnamese real estate market, as well as for the domestic developers expanding their land fund and investment portfolios. This report also cited that some projects from giant developers are currently in the negotiation process with most expected to be completed this year. “Thanks to the improvement of the legal system in the Law on Investment, a range of deals will be done within this year with total value up to more than $1 billion,” the report cited. According to Tran Khanh Hien, deputy director of the Research at VNDirect, the real estate market in 2021 will be step-by-step resumed at its active level, based on the economic recovery, rising housing demand, and increased supply due to a range of projects that will be permitted to continue after long delays to review procedures. The Gem Riverside, funded by domestic developers Dat Xanh Group, and the Eco-smart city at Thu Thiem from South Korea’s Lotte Group, are among those looking to be kicked forward. Developers cited that M&A deals in real estate are a motivation for developers to be resumed after a long time of being impacted by the ongoing pandemic. Nguyen Thai Phien, senior financial director at Novaland Group, said that the corporation is based on M&A deals in order to develop its land fund and business for long-term development. Novaland started collecting land in 2005 via M&As and currently boasts more than 700 hectares in the east of Ho Chi Minh City, 700ha in Dong Nai province, and more than 2,000ha in Phan Thiet …
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Vietnamese proptech startup raises US$1 million in pre-series A round
The Hanoitimes - The startup plans to use the new funds to further develop its products and expand across the country. Citics, a Vietnamese proptech startup, has raised US$1 million in a pre-series A round from a group of international and domestic investors. Citics - a Vietnamese proptech startup The investors include Vulpes Investment Management, a seed investor in Singapore-based unicorn PropertyGuru, Vietnamese company Nextrans and South Korea’s TheVentures. The startup has raised US$700,000 from multiple angel investors, many of whom also participated in this round. The startup plans to use the new funds to further develop its proprietary SaaS and DaaS products, as well as expanding its business across the country. Established in 2018, Citics aims to build a comprehensive real estate data platform by digitizing and centralizing many fragmented data sources to assist real estate transactions, including real estate valuation, sales-purchase, lease and mortgage. It offers a data-as-a-service solution for banks to validate the value of real estate employed as collateral for loans. By using a proprietary valuation map, bankers can check the details and preliminary values of properties. It also enables banks’ risk department to control mortgage risks related to property values and locations by digital price map technology. Currently, it has data of more than nine million properties across the country and has estimated values for nearly four million of them. Since launching its products in early 2020, it signed contracts with ten banks and achieved a monthly growth rate of more than 30%. …
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VIETNAM BUSINESS NEWS MARCH 4
Imports-exports contribute $2.37 billion to State budget in Jan-Feb State budget collection from import-export activities reached 54.76 trillion VND (2.37 billion USD) in the first two months, or 17.38 percent of the estimate and a year-on-year rise of 7.53 percent, according to the General Department of Vietnam Customs. In February alone, the collection was 23.66 trillion VND. As Tet (Lunar New Year) holidays fell in the month, the customs department worked together with relevant agencies to combat smuggling and trade frauds while increasing inspections. The customs force detected 967 cases in total from January 16 to February 15, seizing goods of 258.67 billion VND and contributing 8.6 billion VND to the State budget. State budget collection was estimated at 220.5 trillion VND in total in the first two months of 2021, equivalent to 16.4 percent of the year’s estimate./. Risky to invest in forex trading plaforms: Deputy Governor Forex trading via investment platforms had not been licensed in Viet Nam, posing significant risks to investors, Deputy Governor of the State Bank of Viet Nam Dao Minh Tu warned. Tu said at the Government’s meeting on Tuesday in Ha Noi that the operation of forex trading platforms was currently illegal, adding that the trading of foreign currencies and derivatives must be provided by credit institutions and commercial banks licensed by the State Bank of Viet Nam. Until now, no forex trading platforms had been licensed for trading, he stressed, warning about risks when investing via these platforms. Recently, some organisations like Lion Group called for investments in forex through Fx Trading Markets with attractive interest rates of up to 300 per cent per year and commissions. Lion Group attracted around 40,000 investors nationwide. Tu urged people to be cautious with these appealing calls, adding that there were signs of in-transparencies and frauds. “The skyrocketing profits in the current situation …
