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Property prices have been spiralling out of control since the establishment of Thu Duc city, Photo: Le Toan Nguyen Minh Tuan, a resident in Phuoc Long commune of the former District 9, was interested in a land plot in Dong Tang Long New Residential Area. However, this plot’s price has increased by more than 40 per cent compared to mid-2019 when Thu Duc city was yet in the pipeline. “The prices in this area have increased a lot; however, local landlords still predict that the prices will even further increase towards the end of the year. That is why buyers will certainly make a profit if they buy land plots right now,” Tuan told VIR. Prices in the area could sit anywhere at VND30-40 million ($1,300-1,750) per square metre depending on the location in 2019, but are now usually around VND50-70 million ($2,200-3,000) per sq.m. In Tam Da street in the former District 9, a 50-sq.m land plot is now quoted at $3,000 against the $1,750 at the end of 2020. This January, when Thu Duc city was officially established on an area spanning across the old districts 2, 9, and Thu Duc, apartment prices at the King Crown Infinity – a project developed by BCG Land located – soared to over VND95 million ($4,100) per sq.m – the highest valuation ever for an apartment in the area. A general trend of appreciation was also observed in land plots and houses in the area of the former District 9 with outstanding increases of 20-30 per cent compared to mid-2020. The most buoyant area was Truong Tho commune, the centre of Thu Duc city, where property prices are quoted at more than VND160 million ($7,000) per sq.m. This 500-hectare area is close to major transport facilities such as Metro line No.1 and Hanoi Expressway, and is planned to become a new residential area. According to Nguyen Huong, general director of Dai Phuc Land, the price increases in areas with good planning and improved infrastructure are nothing extraordinary. Mirae Asset Securities also ascribed the recent …

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The Hanoitimes - Northeast Asian markets such as China, Japan, Taiwan and South Korea make up a significant source of revenue for Vietnamese airlines. The Civil Aviation Authority of Vietnam (CAAV) has estimated the Covid-19 epidemic would cause a decline of 15% year-on-year in the number of air passengers and a loss of VND25 trillion (US$1.08 billion) in revenue to local airlines, VnExpress reported. At a meeting on February 27, CAAV Director Dinh Viet Thang said the agency has envisioned two scenarios for Vietnam’s aviation market in 2020 under the impact of the Covid-19 epidemic. In the first scenario where the epidemic is contained before April, airlines in Vietnam would handle a total of 67 million passengers, down 15% year-on-year, including 32 million foreign and 35 million domestic passengers. However, if the epidemic could only be controlled in June, air passengers are predicted to fall 22% year-on-year to a total of 61 million, including 10 million foreign passengers. Flag carrier Vietnam Airlines expected the number of passengers to decline 2.5 million this year, leading to a decrease of VND12 trillion (US$519 million) in revenue. In addition to a plunge in the number of Chinese passengers, Vietnam Airlines is facing a decline in the number of passengers in other international and domestic routes. Other airlines Vietjet Air and Jestar Pacific are seeing the same dim perspective. Thang said Northeast Asian markets such as China, Japan, Taiwan and South Korea make up a significant source of revenue for Vietnamese airlines. Since the outbreak of the disease, local airlines have suspended all flight routes to China, meaning a loss of around eight million passengers for 2020. Meanwhile, the number of two-way flights to South Korea has been down 41% compared to last year, standing at 141 round trips per week against 191 in 2019. Notably, the number of passengers between Vietnam and South Korea plunged over 50% from an …

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Le Hai Tra, CEO of the exchange, said: "This is the path that developed markets such as Japan, Taiwan and Singapore have all been through." The move could reduce the number of transactions by 40-50 percent, he said. Just this year the exchange increased the minimum lot from 10 to 100 to cope with the surge in the number of new investors in recent months. Trading averaged VND14.3 trillion ($620 million) a day last month, nearly four times the value a year earlier. But despite the change investors continued to report delays, especially in the afternoon when trading value rises to around VND15 trillion. The Hanoi Stock Exchange (HNX) recently offered to take over some stocks from the HoSE to ease the pressure. HoSE’s system has mostly remained unchanged over the last 20 years. It can handle a maximum of 900,000 transactions a day. The bourse is upgrading at a cost of $30 million, but the Covid-19 pandemic is delaying the work, which will not be completed at least until year end. When it sought to increase the trading lot to 100, the Vietnam Association of Financial Investors had voiced concern, saying it would deny new investors the opportunity to practice trading with small volumes. A minimum trading volume of 1,000 means small investors would not be able to afford shares trading at high prices like budget airline Vietjet, electronics retail chain Mobile World and conglomerate Vingroup. There are 12 shares currently trading at over VND100,000. Thus, an investor would have to put up VND100.5-230.5 million to buy 1,000 of these. Vietnam had 2.86 million stock trading accounts at the end of January, 20 percent up from a year earlier and equivalent to 2.94 percent of its population. Last year the ratio of HoSE’s total market cap to GDP was 67.59 percent. …

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