Business News

The real estate market remained unstable in January-September this year, with social housing and low-cost commercial apartments still in short supply, according to the Ministry of Construction.

Real estate sector attracted 3.5 billion USD in foreign direct investment (FDI) the first nine months of this year, accounting for mearly 19 percent of total FDI that the country lured in the period, coming second among sectors in terms of FDI attraction.

The Ministry of Construction (MoC) has proposed that real estate projects must sell their products on real estate trading floors, according to the draft amending the Law on Real Estate Business. The ministry has also suggested that individuals engaged in brokerage activities must have a practising certificate.

"This is a positive move to inject money into the domestic economy in the post-COVID-19 period, thereby energising the sectors, including services, production, business and real estate," said Su Ngoc Khuong, senior director of investment, Savills Vietnam.

Industrial parks and clusters in the Mekong Delta province of Tien Giang attracted more than 834 billion VND (35.4 million USD) in the first eight months of this year, according to the province People’s Committee.

The investment proposal for this project has got approval from the Government in March. Hoa Cam Industrial Zone will cover 120 hectares in Hoa Tho Tay Ward of Cam Le District and Hoa Nhon Commune of Hoa Vang District, Danang City.

The Haiphong City Department of Planning and Investment is calling for firms to apply for investment in a residential project with a total cost of some VND4.4 trillion. Firms can register for investment in the project from now until September 5.

According to a Cushman & Wakefield (C&W) survey, the purchase of the Capital Place, a Grade A office building in the heart of Hanoi, by Viva Land from CapitaLand Development for 550 million USD, heated up the office M&A market.