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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City urges districts to ensure fire protection at apartment buildings, public facilities
An old apartment building in HCM City’s District 4. VNA/VNS Photo Thanh Vũ HCM CITY— The HCM City People’s Committee has instructed districts to address problems and carry out measures to ensure fire prevention and safety at production establishments, apartment buildings, schools, hospitals and other buildings by October. Following the instruction, the city Police Department’s fire-fighting and rescue police division is working with agencies to check the implementation of measures in local districts. After an inspection on Monday, Colonel Huỳnh Ngọc Quan, the division’s deputy head, said that District 5 has many apartment buildings and schools built before 2001 that do not meet the criteria on fire prevention and safety and need to be upgraded. Nguyễn Xuân Trung, vice chairman of the District 5 People’s Committee, said that 55 per cent of all production establishments, apartment buildings, hospitals and schools in the district were built before 1975. Many of them have a high risk of fire, but the district faces a shortage of capital to upgrade them, he said. The district People’s Committee said it would not be able to repair and upgrade firefighting equipment as required by the city committee, and could only upgrade several apartment buildings and production establishments first. Quan said that the district committee should set up a steering board to address this problem and try to finish the work per the city committee’s requirement. People living in these apartment buildings should be provided firefighting devices to resolve sudden fires, Quan said, adding that they also should be educated about fire prevention and fighting measures. Since 2016, the city has carried out the upgrading or rebuilding of old apartment buildings. Under the programme, 199 old buildings have been repaired, according to the city Department of Construction. Two old buildings with 876 apartments in districts 3 and 10 were rebuilt. …
HCM City theatre group preserves tuong
One of Ho Chi Minh City’s private theatres is working to introduce young people to tuong or hat boi (classical drama), a Vietnamese traditional theatre genre that originated in the 17th century. Actress Binh Tinh, winner of the Chuông Vàng Vọng Cổ (Golden Bell) Awards 2016, a national cai luong contest presented annually by HCM City Television. — Photo courtesy of the theatre The Huynh Long Tuong Troupe will stage a series of new historical plays featuring national heroes and events in different periods under the Tran, Ngo, Dinh and Ly dynasties this year. The first show, Ngô Quyền Và Chiến Thắng Bạch Đằng Giang (General Ngo Quyen and the Great Victory on Bach Dang River), will be released on HCM City Television in March. The play features the battle of Bach Dang River in 938, when the Vietnamese troops led by General Ngo Quyen defeated the invading forces from the Chinese Southern Han Dynasty. The General at the time had his troops plant iron-tipped wooden stakes into the river bed, invisible during high tides. After he launched a counter-attack at low tide, the enemy's large boats ran aground as they were pierced by the long sharpened stakes. The victory of Bach Dang ended the 1,000-year Chinese domination of Vietnam, opening a period of Vietnam's independence and sovereignty. Ngo Quyen became the King and ruled the Ngo Dynasty. Young and veteran artists from the private Huynh Long Tuong Troupe are helping to preserve and develop tuong, a traditional genre of Vietnamese theatre which began in the 17th century. — Photo courtesy of the theatre The play features young talents My Chau, Dang Khoa and Quoc Thanh, graduates of the HCM City University of Theatre & Cinematography. “We will offer quality shows featuring a unique style of tuong,” said the troupe’s art director and actress Binh Tinh, who has 20 years of experience in the industry. “We want to bring the art closer to young audiences.” The Huynh Long Troupe, …
