Low cost insurance plans

Very few apartments priced at below VND25 million per square meter in HCM City exist, according to Ministry of Construction (MOC). MOC, in its report about the real estate market in 2020, pointed out that apartment prices increased in the fourth quarter in 2020 and for the entire year of 2020. The prices of low-cost, mid-end and high-end apartments rose by 2-3 percent in Q4 2020 in Hanoi and 3-4 percent in HCM City compared with Q4 2019. Some apartment projects previously listed as low-cost products now have prices belonging to the mid-end segment, becoming unaffordable for low income earners in large cities. However, the price increases vary for different types of apartments. Affordable apartments saw the sharpest price increase, followed by mid-end apartments. The apartments priced at below VND25 million per square meters are no longer found in inner HCM City. They are only available in areas far from the center where infrastructure conditions are poor. Meanwhile, there are a few social housing projects in Hanoi priced at below VND20 million per square meter, including IEC Thanh Tri, CT3-CT4 Kim Chung, Ecohome in Bac Co Nhue – Chem, and 19T4 in Ha Dong district. In the mid-end market segment, priced from VND30 million to over VND40 million per square meter, there are some newly invested projects in the districts of Ha Dong, Thanh Xuan, and Cau Giay and Gia Lam in Hanoi. In HCM City, the prices of mid-end products are higher than Hanoi, ranging from VND35 million to VND45 million per square meter. The year 2020 witnessed newly invested high-end projects in both Hanoi and HCM City, priced at over VND50 million per square meter. Le Hoang Chau, chair of the HCMC Real Estate Association (HOREA), said a mid-end 2-room apartment is priced at VND2.5 billion (VND35 million per square meter), which is 20 times higher than the income of families and individuals who can save VND8-12 million a month, or VND100 million a year. Meanwhile, the …

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VNO Development and Investment Corporation, a company that transforms houses into office space for rent, said for instance that the number of businesses renting its offices for three to six months increased by 20 – 25 percent from last quarter. Its offices with rentals of VND368,000 ($16) per square meter are attracting small local businesses, especially in the construction, land survey, market research, and online selling sectors, which are recovering after a year of suffering due to the pandemic. The landlord of a grade B office building in Da Kao Ward in District 1 said the number of firms renting offices was up 15 percent compared to the end of 2020. The majority of tenants are companies moving from grade A buildings that cost $40-50 to cut costs. The CEO of VNO, Nguyen Hong Hai, said companies’ need to continue doing business but cut costs have increased the demand for office space with low rents. According to a note by real estate firm Colliers International Vietnam, since the first and second outbreaks of Covid-19 last year, a number of companies have relocated from grade A to grade B buildings to reduce costs. This trend is expected to continue in 2021, it said. …

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The Hanoitimes - Under the prime minister’s plan on restructuring the stock market and the insurance market until 2020, with a vision towards 2025, all commercial banks are required to float shares before 2020. As of present, only 18 out of 31 commercial banks have completed listing shares on the stock market, while the 2020 deadline is nearing. Illustrative photo Ten of these banks are currently trading on Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main stock exchange which accounts for over 90% of total market capitalization. The banks include major state-run banks such as Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam JSC Bank for Industry and Trade (VietinBank), and Bank for Investment and Development of Vietnam (BIDV). Meanwhile, three are floating shares on the Hanoi Stock Exchange (HNX), namely Asia Commercial Bank (ACB), Saigon - Hanoi Bank (SHB), and National Citizen Bank. Five banks, including Lien Viet Post Bank (Lien Viet), Vietnam International Bank (VIB), Vietbank, Bac A Bank and Kien Long Bank, are trading shares on the Unlisted Public Company Market (UPCoM), which is considered a transitional step before listing on the two main exchanges. The UPCoM is run by the HNX. Under the prime minister’s plan on restructuring the stock market and the insurance market until 2020, with a vision towards 2025, all commercial banks are required to be listed before 2020. The plan allows banks to list on any of Vietnam’s two official stock exchanges. In 2019, only Vietbank completed the listing on the stock market, which was completed by the end of July on the UPCoM with over 419 million shares, equivalent to registered capital of VND4.19 trillion. Vietnam Maritime Bank (MSB) also applied for listing on the HoSE, but with little progress so far. MSB’s plan for listing was initiated in 2016, after its merging with Mekong Bank. In 2018, dozens of banks issued plans for listing, but only Vietnam Technological and …

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