Marsh real estate

HCMC helps real estate firms to ride out difficulties The Saigon Times HCMC chairman Nguyen Thanh Phong speaks at the meeting – PHOTO: NLD HCMC – HCMC leaders, including the city’s Chairman Nguyen Thanh Phong, Vice Chairman Le Hoa Binh and heads of departments, held a meeting with 16 real estate firms on February 27 to help them ride out their difficulties. Deputy director of the HCMC Department of Construction Huynh Thanh Khiet said the real estate supply in 2020 dropped 34% year-on-year. As investors have focused more on the up-market segment, the proportion of newly developed luxury apartments and medium apartments jumped from 25% to over 41% and from 23.8% to 57%, respectively. Meanwhile, that of budget apartments dropped from 51% to 1%. A representative of Novaland Group said some of the group’s projects are facing difficulties related to construction permits, house ownership certificates or legal procedures of the Thu Thiem new urban area. “We hope that the Government and leaders of the city and departments will help us promptly resolve problems, enabling us to speed up our projects. This will help provide more products for the real estate market, meet the demand of the citizens, improve social security and contribute to the state’s budget,” he said. Le Huu Nghia, director of Le Thanh Real Estate Company, said his company’s social housing projects have faced difficulties related to the legal procedures and tax policies. The time set for completing social housing project procedures has been shortened from between three and five years to 11 months but poor coordination between departments and districts may lengthen the process. A representative of Thao Dien Real Estate JSC said the company has completed all procedures required by the relevant agencies. However, the land has not been handed over to the company to build a social housing project over the past 10 years. Addressing the meeting, chairman of the HCMC Real Estate Association …

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FDI mainly poured in HCMC’s real estate sector in first two months By Le Hoang High-rise buildings in downtown HCMC. HCMC’s real estate sector attracts a large proportion of fresh foreign direct investments in the first two months - PHOTO: HUNG LE HCMC – In the first two months of the year, HCMC attracted only three foreign direct investment (FDI) projects with total registered capital of US$115 million, with 99.7% of the amount being injected into property projects. The HCMC Statistics Office attributed the small FDI in the period as the Covid-19 pandemic has left tremendous impact on many countries, especially those that are HCMC’s investment partners. Of the total FDI, Singapore made up 29.6% and the Netherlands, 70.1%. Besides the newly registered projects, the period saw 22 operational FDI projects in the city revising up their investment by a total of US$53.3 million. Further, foreign investors conducted 168 transactions to contribute capital and acquire stakes in local companies with a combined value of US$169.5 million. Thus, the total foreign investment in the city in the first two months was US$337.8 million, down 29.7% over the same period last year. Of the total, US$145.1 million was poured in the real estate sector, accounting for 43% of the total, followed by the science and technology sector with US$57.5 million and the processing and manufacturing sector with US$41 million. During the period, Singapore was the largest foreign investor in HCMC, making up 37.1% of the city’s total foreign investment. The Netherlands came in second with 23.9%, followed by South Korea with 13.2% and the Cayman Islands with 7.6%. According to the Ministry of Planning and Investment, the total foreign investment in the whole country in January and February reached US$5.46 billion, down 15.6% year-on-year. HCMC’s foreign investment in the two-month period was lower than that of Can Tho, Haiphong, Bac Giang, Binh Duong and Tay Ninh, while the …

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Vietnam Rubber Group to raise natural rubber output under its own brand A worker collects latex from a rubber tree (Illustrative photo: VNA) The rate is expected to hit 92 percent by 2022. The VRG has built a set of standards and introduced VRG-branded rubber products since 2018, bolstering consumption of its products along with Vietnam’s rubber brand in the international market. VRG-branded products reached 255,407 tonnes last year, accounting for 68 percent of the group's total output, from just 20,790 tonnes recorded in 2018. The VRG reported 21.17 trillion VND in revenue and 5.23 trillion VND in post-tax profit in 2020, year-on-year increases of 6.9 percent and 36.4 percent, respectively./. CPI in February highest in 8 years Vietnam’s consumer price index (CPI) in February was up 1.52 percent over the previous month and 0.7 percent year on year, according to the General Statistics Office (GSO). This is the highest February CPI growth recorded in the last eight years. However, the index in the first two months decreased 0.14 percent year-on-year. Compared to the previous month, an upturn was seen in the prices of ten out of 11 main groups of goods and services, with housing and construction materials taking the lead (4 percent). It was followed by food and catering services (1.61 percent); transport (1.55 percent); drinking and tobacco (0.9 percent); garment and textile, headwear and footwear (0.25 percent). The price of education services remained stable compared to the previous month. The GSO’s Price Statistics Department explained that the CPI in February saw a strong rise due to the higher demand for food and foodstuffs for the Lunar New Year (Tet) festival. The prices of medicine and medical supplies in January-February increased by 0.88 percent compared to the same period last year, the price of gas in the month climbed 3.05 percent year-on-year. There were a number of reasons for the decrease in CPI in the last …

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