Vietnam Property Market Eyes US$20B Foreign Capital This Year
Foreign investors will pour nearly US$20 billion into real estate projects in Vietnam in 2010, accounting for 50% of the whole-year foreign capital, the Vietnam Tourism Property Association (VnTPA) has predicted.
The association also estimated that the forecast figure will rise 20% as compared to that of two years ago.
Last year, real estate sector was the second most attractive to foreign investors with a total registered capital of US$7.6 billion, compared to US$21.48 billion pledged for all sectors in Vietnam.
The US$4.15 billion Bai Bien Rong Eco-tourism complex in the central province of Quang Nam, invested by the U.S.’s TANO Capital LLC and Global C&D Inc, was the biggest real estate project licensed for 2009.
Followings were US$2 billion Nhon Trach New City Center by Malaysia’s Berjaya Land Berhads and US$1.68 billion in the southern province of Dong Nai and US$1.68 billion Nam Tuy Hoa Creative City by the U.S.’s Galileo Investment Group in Phu Yen province.
Vietnam is calling more foreign and domestic investments into the construction and real estate sectors.
Analyst earlier predicted that 2010 is set to be a year of low-cost houses which will be sold well thanks to high demand in the post-economic downturn period.
Recent statistic from the Ministry of Construction showed that investors have registered to implement 263 housing projects for low incomers with a total investment of VND72.71 trillion by early this year
Nearly 30 low-price housing projects will be launched this year, providing 7,000-10,000 apartments for low-income residents in Hanoi and Ho Chi Minh City. (Vietnam Economic Times)
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