1. Weekly Newsletter
A58
Vietnam Real Estate Week 3, November
The first weekly electronic newsletter issued to registered members, approximately 100,000 reads per month
joining to develop the newsletter VietRees, a member of
Market situation (p.2)
Real estate foreign investment (p.3)
Vietnam in the world (p.3)
Real estate agents (p.3)
Websites of real estate companies in Vietnam (p.4)
Real estate projects and prices (p.5)
Real estate supply for customer groups (p.7)
Real estate legislation (p.8)
Real estate market forecast (p.8)
Construction material market last week (p.9)
Stock market last week (p.9)
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2. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 2
MARKET SITUATION
Real estate market: long- term The Vietnamese real estate market in the past has tended to decrease in both prices and the number of
transactions. Currently, most of the capital resources of the enterprises investing in real estate are
and middle-term prospects having difficulties. The volume of capital poured into the market has declined; the high bank interest has
Kinh Te Do Thi – 16 Nov, 2008 impacted on business operations and the supply/demand of real estate. That is the reason why although
many transaction centers have changed into the trading floors in recent time, the transaction situation
has not still seen any sign of prosperity.
However, according to the experts, the current market for those who have real housing demands have
still been hot. The market of real estate for tourism and industry continues to develop. The demand for
middle class homes continues to show resistance. In Ho Chi Minh City, 4 to 5 new projects have been
consumed because they have met the demands in terms of size and price. It is forecasted that within the
next 10 - 15 years, the percentage of the urban residents will increase by 40 - 50%. Therefore, the
demands for the middle-class houses will grow. Meanwhile, up to now, the real estate projects in
Vietnam have only focused on the products of tourism properties, office, new urban areas and high-
grade apartments and the market of the middle-class apartments with a large number of customers has
still drawn little attention.
According to some experts, although Vietnam is not a perfect market, it has the potential. Therefore,
investing in the Vietnamese real estate market should not look at the real situation but aim at the things
that will be obtained in the future.
Forecast retail premise area According to the Ministry of Industry and Commerce, with over 60 million consumers, the consumption is
expected to reach over 60 billion USD in 2010. To bring their products to the users, the retail enterprises
in Hanoi have to use their own system. Therefore, the problem of premises location is always very important and
Vneconomy – 20 Nov, 2008 is the first priority of the retail enterprises. Currently, many shoppers have chosen the trade centers
instead of the traditional trade areas.
According to a study, the supply of retail area has a total reserve of approximately 100,000 m2 in Hanoi.
Most of them have been located in CBDs of Hoan Kiem District, Hai Ba Trung. The area of the trade
centers in the CBDs is always fully occupied. The projects at other location have the occupancy rate of
90%. The rent at the CBDs will range from 65 - 150 USD/m2/month and about 25 - 60 USD/m2/month at
other positions. As compared to some Asian big cities, the average rent in Hanoi is only higher than that
of the premises in Bangkok capital (Thailand), Manila (Philippines) and Jakarta (Indonesia).
In 2009 and 2010, with some new projects put into operation such as The Garden Lifestyle Mall, Plaza
Hanoi Hotel, Yen So Park Shopping Centre, etc Hanoi will have an extra area of 41,000 m2 for rent per
year. By 2011, this number is expected to increase by 330,000 m2 when the projects of Hanoi City
Complex, Keangnam Hanoi Landmark, Savico Plaza Long Bien, Ciputra Mall Shopping open.
In addition, the shortage of the modern retail positions will make the retailers continue to seek the
premises on the main streets. Therefore, the retail positions in the central areas of Hanoi may be up to
110 USD/m2/month.
HCMC: Prices down, transaction Until the third quarter of 2008, the prices of ground bases and apartment buildings of many projects have
dramatically decreased by 40 - 60% as compared to the beginning of the year. However, until this time,
still weak a large number of customers have still been afraid of being overcharged.
Thanh Nien – 21 Nov, 2008 At the end of September the price of ground bases and apartments have increased slightly. But from
October until now the prices of the projects have continuously declined by 500 thousand - 2 million
VND/m2. According to a real estate expert, the market has now seen the downward signs due to the
capital difficulties. However, the level of price decreases will be not too much because the real estate
prices in general have plummeted quite dramatically from the beginning of the year until now. The price
decreases in the end of 2008 will make the market establish a new price level that is more stable until
the middle of the next year. This is an opportunity for those who have real demands for choosing the
properties suitable for their demands and budgets.
However, the transaction on the market has still been very weak. The successful transactions have
mainly focused on the fields of individual houses with a price level of below 1.5 billion VND, and some
individual houses with the prices of over 5 billion VND have dropped by 10 - 15% as compared to the
prices offered for sale due to the slow transaction.
It can be seen that there has still been a shortage of liquidity on the current real estate market. The main
reason is that the people with the real demands think that the real estate price are still high or they are
waiting for further price decreases. The general psychology of the buyers is to “wait and see”. In fact, a
series of projects were priced in the explosion time of the market. Therefore, the original prices at
present have still been high as compared with the previous years when there was still the price fever.
Sponsor:

3. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 3
REAL ESTATE FOREIGN INVETSMENT
Localities attracting most FDI
from the beginning of the year
to Oct, 2008
Source: General Statistics Office
With Ca Na steel complex project
invested in Ca Na Ninh Thuan by
Malaysia and its total investment
of nearly 9.8 billion USD, Ninh
Thuan has been leading in
attracting FDI. Ba Ria - Vung Tau
has been pushed down to the
second rank as compared to the
previous month. Although Ho Chi
Minh City ranks 3rd of the
investment, it continues to attract
the highest number of projects.
VIETNAM IN THE WORLD
Vietnam ranked 3rd in attracting According to the documents announced by Asia Business Council (ABC), Vietnam has been ranked
Asian businessmen third, before USA and only behind China and India in attracting Asian businessmen.
Kinh Te Do Thi In 2006, nearly 80% of the consulted businessmen stated that they invested in the Chinese market. But
until 2007, this percentage has decreased by 64% and it has been only 61% in 2008. Conversely, the
number of Asian businessmen investing in Vietnam in 2008 has increased by 28% as compared to 2007.
ABC’s businessmen have explained that Vietnam and India have still maintained the attractively cheap
salaries. In addition, after joining WTO in 2007, the Vietnamese economy has been much more open.
Asia Business Council, established in 2001, locates the headquarters in Hong Kong and gathers nearly
70 businessmen representing for the industrial and commercial companies that mainly operate in Asia.
Although ABC is an unofficial organization, the ideas that it has offered have drawn the considerable
attention from businessmen.
REAL ESTATE AGENTS
Opening the 2nd real estate Dat Vang JSC has held the opening ceremony for Dat Vang real estate transaction center at No.118/15B
Tran Van Kheo St., Cai Khe Ward, Can Tho City in order to meet the needs of the customers in real
transaction center in Can Tho estate trading. This is the second real estate transaction center after the Hoang Quan real estate
BDS & TS – 17 Nov, 2008 transaction center.
Dat Vang Company has a wide range of activities, including real estate brokerage, civil construction,
warehouse leasing, factories, car & motorbike selling and buying, import-export, garment ...
Construction of Dolphin Plaza On the morning of 18th Nov 2008, the joint venture company between TID JSC, Petrol Vietnam Finance
Corporation (PVFC) and PVFC Land held a groundbreaking ceremony to start the construction of
building commences Dolphin Plaza high-level apartment and office complex at 28 Tran Binh St., Tu Liem, Ha Noi.
Ha Noi Moi – 18 Nov, 2008 The total area of the project is over 9,000 m2. With the investment of 600 billion VND, the project
includes two towers of 25 storey connected with each other by 3 bottom floors of the Central Business
District, surrounded by the public works such as swimming pool, entertainment areas, fitness centers ...
It is expected to be completed and put into use in the end of 2011.
Thuy Tu project handed over to Da Nang city People's Committee has decided to reclaim Thuy Tu ecological urban area (Lien Chieu
district, Hoa Vang suburban district) invested by Finance JSC and Business Development FBS (Gami
Trung Nam Group Group). This project was handed over to Trung Nam Investment & Construction (Trungnam Group) by
TheSaiGonTimes – 18 Nov, 2008 FBS after 5 years of not being implemented.
The project includes the commercial areas, service areas, villas, high-grade apartments, hotels,
international hospitals, international universities, cultural works... located on a large site of 340 hectares
with total investment of over 1.6 billion USD. Trung Nam Group will start the first phase of from 2009 -
2011. Then it will continue to invest in the second phase until 2015.
Construction at 302 Cau Giay Cau Giay Trading - Service Investment JSC shows that the procedures for the construction of the trading
center, office and apartments at 302 Cau Giay invested by the company have been completed. They are
scheduled for early 2009 preparing the stages the last to be officially started in early 2009.
Kinh Te Do Thi – 20, Nov 2008 The project was built on a site of 10,200 m2, including two high-rise buildings with 25 stories and 30
stories. The 25-storey building is used to be the trading center and office for rent. The remaining building
will be reserved for the service area and 232 apartments. The both buildings have 5 basements for
parking and technical infrastructure.
Dong Duong real estate transaction On the morning of 21st Nov, 2008, Dong Duong Securities JSC has held the opening ceremony for
Dong Duong real estate transaction center at 148-150-152 Nguyen Cong Tru Street, Nguyen Thai Binh
center opened Ward, District 1, Ho Chi Minh City.
VietRees – 21, Nov 2008 At the opening ceremony, the transaction center will sign a distribution contract of the real estate
managed by VIBank and the distribution contract of Boat Club Resident project with Viet Nam Houses
JSC.
Sponsor:

4. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 4
Websites of real estate companies in Vietnam
Property developers Brokerage Evaluation
Ho Chi Minh Ho Chi Minh AREV - www.arev.com.vn
Company 585 - www.585.com.vn An Gia - www.angia.com.vn Hoang Quan - www.thamdinhgia.com
Company 584 - www.congty584.com.vn ACBR - www.acbr.com.vn Vietland - www.thamdinhgia.com.vn
An Phu - www.anphugroup.vn Dat Xanh - www.datxanh.com.vn VVFC - www.valuation.vn
BCCI - www.bcci.com.vn Dia Loi - www.nhadatdialoi.com.vn
Daewon - www.daewon.vn Dat Cat - www.datcat.com.vn Construction
Him Lam - www.himlam.com FICO - www.ficohome.com.vn
Ho Chi Minh
Hoang Anh Gia Lai - www.hagl.com.vn Kim Son - www.kimson.com.vn
CIC8 - www.cic8.com
Linh Phong Conic - www.conic.com.vn Phuc Duc - www.phucduc.com
Coteccons - www.coteccons.com.vn
Nam Long - www.namlongvn.com Hung Phu - www.hungphunhadat.com
Cosaco - www.cosaco.com.vn
Phu Long - www.phu-long.com.vn Hung Thinh 2 - www.diaochungthinh.com.vn
Hoa Binh - www.hoabinhcorporation.com
Phu Quoc Land - www.phuquocland.net Hoang Quan - www.hoangquan.com.vn
Hai Thanh - www.haithanh.com.vn
SacomReal - www.sacomreal.com Intresco - www.intresco.com.vn
Toan Thinh Phat - www.toanthinhphat.com.vn
Sadeco - www.sadeco.com.vn Loc Dien - www.nhadatld.com
Resco - www.rescovn.com Nova - www.novahomes.com.vn
Thai Thinh Capital - www.richlandhill.com.vn Phat Hung - www.phathung.com.vn Ha Noi
Thu Duc House - www.thuduchouse.com SacomReal - www.sacomreal.com Constrexim - www.constrexim.com.vn
Phu My Hưng - www.phumyhung.com.vn Savills Viet Nam - www.savills.com.vn Cavico - www.cavicovn.com
Van Phat Hưng - www.vanphathung.com.vn Tan Dien - www.tandien.com.vn HANCIC - www.hancic.com.vn
Vietnam Land SSG - www.saigonpearl.com.vn HUD - www.hud.com.vn
Ha Noi Incomex - www.incomex.vn
Ha Noi Cland - www.cland.com.vn
FPT Land - www.fpt-land.com Dong Do - www.dongdobds.com Architect and Interior Decoration
C.E.O - www.ceoholdings.com.vn Phu Thai Group - www.phuthaigroup.com Ho Chi Minh
Gia Tue - www.giatue.com.vn Petrowaco - www.petrowaco.vn A2 Visualization - www.a2viz.com.vn
HUD - www.hud.com.vn Petrolimex – www.pland.com.vn Cat Moc - www.catmoc.com.vn
HDB Viet Nam - www.hdbgroup.com.vn Nha Vui - www.nhavui.com
Keangnam - www.eng.kne.co.kr Other cities Nha Viet - www.nhavietdecor.com
Nam Cuong - www.namcuong.com.vn Dieu Hien - www.dieuhien.com.vn Nha Dep - www.nhadep.com.vn
Song Hong Land - www.songhongland.com.vn Thien Loc - www.thienlocnhadat.com.vn Pho Xinh - www.phoxinh.com.vn
Vinaconex - www.vinaconex.com.vn
Vincom - www.vincom.com.vn Research Ha Noi
Viet Hung - www.ecopark.com.vn CBRE - www.cbrevietnam.com ACT - www.act.com.vn
Savills Viet Nam - www.savills.com.vn ADKientruc - www.adkientruc.com
Other cities VietRees - www.VietRees.com Ashui – www.ashui.com
Becamex IDC - www.becamex.com.vn Kien Truc Ha Noi - www.kientruchn.com
Biconsi - www.biconsi.com.vn Consulting
Tuan Chau - www.tuanchau-halong.com.vn CBRE - www.cbrevietnam.com Other Countries
GNSVINA - www.cozyvill.com Dong Duong - www.indochina-consulting.com Architects 61, Sing - www.a61.com.sg
Company 579 - www.cecico579.com.vn Eden Real - www.edenreal.com DP Architects, Sing - www.dpa.com.sg
Duc Manh - www.ducmanhco.com Hop Nhat - www.uniland.com.vn SWA, USA - www.swavietnam.com
Indochina Land - www.indochinacapital.com Ong&Ong, Sing - www.ong-ong.com
Long Gia Khang - www.longgiakhang.com RSP Vietnam, Sing - www.resp.com.sg
Savills Viet Nam - www.savills.com.vn Surbana Vietnam, Sing - www.surbana.com
Vina Capital - www.vinacapital.com
Sponsor:

5. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 5
REAL ESTATE PROJECT AND PRICES
Viglacera Land to build housing The housing area project in Yen Phong industrial zone, Yen Phong suburban district, Bac Ninh province
on a site of 56 hectares will be invested by Viglacera Land.
area in Bac Ninh
The project includes full items: houses for civil servants, apartment areas, service areas, schools,
Kinh Te Do Thi – 16 Nov, 2008 entertainment areas, supermarkets, sports complex, lakes, trees and full technical infrastructure... It is
expected to be implemented at the end of the year 2008.
Resettlement area to be built in Ho Chi Minh City People's Committee has assigned the Project Management Board of Thu Duc district
to be the investor of the 6.8 hectare resettlement area, Linh Xuan ward, Thu Duc district to serve the
Thu Duc construction project of Ho Chi Minh City National University.
VietRees – 18 Nov, 2008 The Project Management Board of Thu Duc district will perform and complete the procedures for
construction and investment, carry out the compensation and support for the resettlement in order to
ensure that the project will be executed in April, 2009.
Works start on resettlement houses On the morning of 18th Nov, 2008, Bach Dang company (belonging to General Department of Logistics
CAND) has started the construction of the resettlement apartment building at 33 Ngo Gieng Street,
at Hoang Cau Hoang Cau Ward, Dong Da district, Ha Noi for the families at 58 Tran Nhan Tong Street, Ha Noi. The
CAND – 19 Nov, 2008 building includes 11 storeys and 1 basement with 60 apartments which have the same technical
infrastructures.
Works start on grade A offices On the morning of 15th Nov 2008, Vietnam Petroleum Transport JSC (Vipco) officially started the
construction of Vipco Tower project at 37 Phan Boi Chau Street, Hong Bang District, Hai Phong. The
in Hai Phong project is 25-storey high, including 3 basements and 1 technical storey. With a total investment of over
VietRees – 19 Nov, 2008 200 billions VND, the project is modernly designed to meet the standards of grade A offices for lease. It
is expected to be completed and put into use in the middle of 2011.
UBIK Architectural Design Company (France) is the consultant for the project’s design and the Civil &
Industrial Construction Company DELTA (U.S.) is in charge of executing the project.
In general, the price of high-class
apartments in Ho Chi Minh City have
tended to keep going down after the
slight increase in August
Edited by VietRees – Nov, 2008
Announced prominent real estate developments during the last 2 weeks*
Week 2, October 2008 Week 3, November 2008
Ho Chi Minh City Resettlement Area at Linh Xuan ward (Thu Duc)
Other Areas Industrial - urban area North of Cam river (Hai Phong) Yen Phong Housing Area (Bac Ninh)
Complex on Nguyen Van Cu Street (Can Tho) Vipco Tower Office Building (Hai Phong)
Hoang Cau Resettlement Area (Ha Noi)
Approved prominent real estate developments in HCM City*
October November
Housing, apartment, residential area Apartment building No.1 – No.31 Calmette Street (Dist.1) Apartment building - offices at Binh Quoi (Binh Thanh)
Resettlement area at Phu My Ward (Dist.7) Apartment building at Phu Thuan Ward (Dist.7)
An Phu Ward residential area (Dist.2) Apartment building at Thao Dien Ward (Dist. 2)
Housing area at Nhon Duc Province (Nha Be)
Housing area at Dong Hung Thuan Ward (Dist.12)
Office, commercial Complex of Vietnam – Japan cultural park (Dist.2)
* Note: RA=Residential Area, AP=Apartment Building, HA=Housing Area, RuA=Reurban Area, TA=Tourism Area, IA=Investment Area, UA=Urban Area, ReA=Resettlement area
Websites of properties in Vietnam
Ho Chi Minh Ha Noi Other cities
Blooming Park - www.bloomingpark.com Viglacera Tower - www.viglaceraland.vn Cozyvill - www.cozyvill.com
Saigon Paragon - www.saigonparagon.com My Dinh – Me Tri RA - www.sudicosd.com Flamingo Dai Lai - www.flamingodailai.com
Dragon City - www.dragonland.com.vn Bac An Khanh RA - www.vinaconex.com.vn Van Phu township - www.dothivanphu.com
Preche - www.preche.com Ha Noi Plaza Hotel - www.charmvit.co.kr Dam Vac Golf - www.damvacgolf.com
SaigonPearl - www.saigonpearl.com.vn Phap Van – Tu Hiep RA - www.hud.com.vn Sanctuary - http://sanctuary.com.vn
V-Star - www.v-star.com.vn Ho Tram Strip - www.hotramstrip.com
Time Square - www.timessquare.com.vn Sai Gon Sunbay - www.ctc-corp.vn
The Everrich - www.theeverrich.com Other cities Eden Lagi Resort - www.edenreal.com
Tan Da Court - www.tandacourt.com Furama Resort - www.furamavietnam.com Van Quan – Yen Phuc township - www.hud.com.vn
Lancaster - www.lancaster.com.vn Sai Gon – Mui Ne Resort - www.saigonmuineresort.com Quoc Te Do Son - www.vietlandgroup.com
The Vista - www.thevista.com.vn Sunspa ResortVietnam - www.sunsparesortvietnam.com
Sponsor:

6. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 6
Property Retail Price
Updated on information from ACBR, Van Phat Hung, Hung Thinh, Phuc Duc, Tuoi Tre Newspaper and developers (VietRees gathered by direct surveys), listed prices can be
original prices or transfer prices at current or at one week prior from the date this newsletter is issued.
Typical apartments in HCM city Other apartments and land lots
Area Price (million
Dist.
(m2) VND/m2)
+/-
Apartment building – HCMC
Central Garden 1 81.9 30
The Lancaster 1 120 68 -
The Estella 2 100 29.5
Binh Minh 2 109 15.7 -
Cantavil, Dist.2 V- star, Dist.7 Sky Garden , Dist.7 Orient Apartment 4 71 25.6 -
* 98m2 – 1,950 USD/m2 * 97.56m2 - 15.8 million VND/m2 * 81m2 – 29 million VND/m2
Tan Da 5 102 30.8
* 120m2 – 2,050 USD/m2 * 119m2 – 16 million VND/m2 * 225m2 – 31 million VND/m2
Tan Thinh Loi 6 64.5 15
Phu Loi 1 8 74 10.7 -
The Mansion BC 83 12 -
Phu My Thuan NB 93.5 8.1 -
Botanic PN 109.5 30.1
Phuc Yen TB 77 14.4 +
SunView TD 73.5 10.1 -
Khang Phu TP 79 14 +
Blooming Park, Dist.2 Phu My, Dist.7 The Everich, Dist.11 Development land lots – HCMC
* 115m2 – 29 million VND/m2 * 83.15m2 – 20 million VND/m2 * 115m2 – 1,700 USD/m2 An Phu – An Khanh 2 200 34 +
* 135m2 – 31million VND/m2 * 91.41m2 – 19 million VND/m2 * 151m2 – 1,800 USD/m2
An Phu Hung 7 72 25.5 -
Direct contact with the investor1
Him Lam 7 100 50
Phong Phu 8 175.5 7.43
An Thien Ly 9 96.5 7.5
Gia Hoa 9 230 9.5
Lang Viet Kieu Phong Phu BC 100 11
Phu Long – Dragon City NB 140 13
Phu Xuan – Van Phat Hung NB 138 7.5 -
Preche, Dist.2 Apartment building - Ha Noi
Panorama, Dist.7 Saigon Pearl, B.Thanh
M5 BD 149 29.5 -
* 154.56m2 – 2,560 USD/m2 * 121m2 – 37.1million VND/m2 * 136m2 – 2,000 USD/m2
Dich Vong CG 62 19 -
* 193m2 – 36.2 million VND/m2 * 141m2 – 2,400 USD/m2
Trung Hoa – Nhan Chinh CG 236 26 +
Trung Yen CG 62 20.5 -
Thai Thinh DD 114 26 +
My Dinh 1 TL 124 19.5 +
Nang Huong TX 106 13.8
Development land lots – Other provinces
Green Square BD 90 8.67
My Phuoc 3 BD 100 1.75 +
The Vista, Dist.2 New SaiGon, Nha Be The Manor, B.Thanh Vinh Phu 2 BD 298 4.5
* 101m2 – 1,700 USD/m2 * 98.9m2 – 17 million VND/m2 * 67.13m2 – 1,800 USD/m2
Lan Anh 2 BR-VT 100 1.6
* 100m2 – 19 million VND/m2 * 100m2 – 2,000 USD/m2
Wind Hill BR-VT 180 4.15 -
HUD DNI 100 1.3 -
Licogi 16 DNI 240 3.5
1
Kien A Investment & Services Co., Ltd. - An Phu Ward, District 2, HCMC - Tel: (84.8) 740 6688, Fax: (84.8) 740 6949
Danang: 225 Huyen Tran Cong Chua - T: (84) 511 836 216 * HCMC: 390 Nguyen Cong Tru, D.1 - T: 8 821 7509 * Hanoi: No.6-1D Trung Yen New Town, Caugiay - T: 4 783 1598
Sponsor:

7. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 7
PROPERTY SUPPLY FOR DIFFERENT TARGETS OF CUSTOMERS
Social welfare houses for worker * Saigon Construction Corporation investor two apartment blocks high 5-storey for workers in Quarter 1,
Linh Trung Ward, Thu Duc Dist, HCMC.
VietRees
* Hung Vuong JSC has just put a 5-storey apartment building into use for cadres and workers. The
company continues to petition Tien Giang Provincial People’s Committee to grant a 5.000m2 land area to
construct more apartment buildings for workers with an investment of 100 billions VND.
* Saigon Paper JSC has put an apartment building into use for workers at My Xuan Commune, Tan
Thanh suburban district, Ba Ria - Vung Tau province. The stage 2 of the apartment building is about to
be implemented with a scale of 8 storey.
th
* Morning of August 28 , 2008, the Ministry of Construction has signed a memorandum for the
cooperation in the field of welfare housing with Korean Ministry of Land-Traffic and Marine.
* Ha Noi Construction Investment JSC (Hancic) has finished 4/10 units of the 5-storey house which
belongs to the housing project for workers at Kim Chung Commune (Dong Anh).
* Construction and Import-Export JSC (Vinaconex) has transferred and put into use 4 blocks of houses
among the total 16 blocks of the housing project for the workers at Thang Long industrial zone.
* The housing area of 7,000 m2 (380 rooms) for 1,500 workers of Dong Quang Knit Limited Company at
Hai Son industrial cluster (Duc Hoa Ha commune, Duc Hoa suburban dist., Long An province) has just
been put into use. The total investment cost of this housing area is 20 billion VND. (02/10/2008)
* The 4-storey apartment building at cluster 5, ward 8, Vinh Long town that serves the cadres,
employees, professional serviceman and etc has been ratified by Vinh Long Provincial People's
Committee with a total investment of over 37 billion VND. (03/10/2008)
Real estate for the low income * Sai Gon – Gia Dinh Real Estate Company and Hoa Binh Phu Yen Company build Thoi An Apartment
Building in District 12 with 1,000 apartments.
VietRees
* Construction Co. No.8 (CIC8) will invest in construction of 10,000 Keppel Land apartments & Tien
Phuoc Co. will build a resettlement area including 1,900 apartments at An Phu, Binh Khanh, District 2.
* HCM City People’s Committee will advance 50.5 billion to carry out the project of Vinh Loc B, Binh
Chanh residential area for resettlement with hundreds of townhouses and 40 apartment blocks.
* Construction Co. No.5 will invest in construction of 500 apartments at Ward 22, Binh Thanh District.
* HCM City Cooperative Alliance has developed its construction investment project of housing area at Le
Minh Xuan Commune, Binh Chanh Suburban District on a site of 67.49 hectares.
* 50% of the house reserve at The Splendor apartment area (Go Vap Dist.) will be intended to serve
resettlement demand in the district.
* Dat Lanh Co. will offer 1,500 apartments to the market with the prices of 500 - 700 millions VND/unit.
* People‘s Committee of HCMC has approved the project of the resettlement area on a site of 55.24
hectares at Dong Nam Cu Chi industrial - residential area in Cu Chi.
* House management of Dist.1 is assigned to construct the resettlement area at 7/4ª Kha Van Can, Thu
Duc district.
* In early 2010, Hai Thanh company will complete 352 apartments of Hai Thanh 1 resettlement area
project, Binh Tan District for the civil servants at Binh Tan District.
* People’s Committee of Binh Chanh has just cooperated with Hung Vuong university Investment &
Development JSC to construct resettlement area at Tan Kien commune, Binh Chanh suburban district.
* People’s Committee of HCM City has just licensed Cho Lon Real Estate JSC to invest in the
construction of the apartment building at No. 99 Ben Binh Dong, ward 11, district 8 in order to make the
house reserve at the social welfare housing program.
* People’s Committee of HCM City has promulgated the decision about reclaiming the land areas at
Phuoc Kien, Nhon Duc and Phuoc Loc communes, Nha Be suburban district for the construction of the
resettlement area in order to serve the project of Nhon Duc - Phuoc Kien new urban area.
* The HCM City Union of Housing Co-operatives has prepared to commence the construction of Thanh
Loc apartment building with 238 apartments on a site of 6.600 m2 in District 12. The Union intends to
construct another apartment building with over 200 apartments at Truong Tho ward, Thu Duc district.
* HCMC People’s Committee has ratified the planning of Binh Khanh residential area (Dist.2) which is
built on a site of 384,019 m2 to serve the resettlement of the locals in Thu Thiem new urban area.
* Dat Lanh has cooperated with Truong Son Vanguard Youth General Squad to build apartments for low-
income people at Dist.12
* Go Vap People’s Committee and Go Vap Public Benefit Service Co. have bought back the house
reserve belonging to Phu Gia Hung high-end apartments, Duong Quang Ham Street, Ward 15, Go Vap
Dist. and Dong Hung Thuan 1, 2 apartment buildings, Dist. 12 to serve the resettlement of the locals at
Tham Luong project - Ben Cat - Nuoc Len ditch.
* Approximately 184,000 apartments belonging to the investment program in the construction of the
social welfare houses in the stage of 2009 – 2015 with the total investment of about 49,000 billion VND
have been submitted to the government for approval. (30/09/2008)
* 800 social welfare houses for lease - lease to purchase will be built at 19A and 21A plots, Viet Hung
urban area in 2009, which have been ratified by The People’s Committee of Ha Noi City. (16/10/2008)
* 462 units of Khang Gia 3 apartment building (Go Vap Dist.) invested by Khang Gia Real Estate
Investment – Development JSC will be used for the resettlement demands. (27/10/2008)
The Committee for overseas Vietnamese in HCMC has showed that there have been 130 overseas
Dwellings for overseas Vietnamese Vietnamese buying houses, mainly in HCMC. Those who brought houses are those who come back to
and foreigners the country for their long term and direct investment, scientists, culture researchers invited to come back
VietRees to the country to become experts and repatriating overseas Vietnamese. To buy houses, beside
documents verifying priority subjects, the buyer must present their passport (issued in Vietnam). In the
case that house buyers bring foreign passports, they must have certificates of Vietnamese nationality or
documents confirming their losing Vietnamese nationality, or certificate of citizenship registration.
Sponsor:

8. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 8
REAL ESTATE LEGISLATION
Guidlines for checking construction The Ministry of Construction has just provided the guidelines on granting the construction work
ownership certificates. Accordingly, the granting of construction work ownership certificates must comply
quality before granting certificates with the regulations of the Decree 95/2005/ND-CP. In which, it is not obligatory to have the report of
An Ninh Thu Do – 18 Nov, 2008 checking-and-taking over and the certificate of work quality.
However, in the process of granting the certificates, if the authorities granting the certificates check and
discover cases of the construction works not guaranteeing the quality, they have to notify the local
construction management offices to monitor and require the units that directly manage the works to
repair.
Especially, the works that are badly damaged and in danger of losing safety must be settled in a timely
manor.
Granting investment certificate to On November 17th 2008, the Ministry of Construction has approved some suggestions and proposals of
the Ha Noi city People's Committee for reforming the administrative formalities in the construction of the
domestic investors removed projects of new urban areas, housing areas and technology infrastructures of the industrial zones.
Lao Dong – 20 Nov, 2008
Accordingly, for a site or an independent project that has an area of below 50 hectares (<200 hectares
for the industrial zones) and no detailed planning at the scale of 1/2000, the local authorities can decide
to allow the investors to set up the detailed planning at the scale of 1/500, depending on the features of
the technology infrastructure works.
The Ministry of Construction has also agreed with the petition of the city for removing the procedure of
granting the investment certificates to the domestic investors.
REAL ESTATE MARKET FORECAST
* Note: Information on market forecast is only updated every 4 periods (after one month) by VietRees
General trends on HCM market The transaction situation of apartments, townhouses and project land in October has continued to go
down compared to September and the previous months, the offered prices for sale have fallen after
leveling off in October. The decrease in the land prices (- 5%) is somewhat higher than that of apartment
prices (-1%, -2%) compared to the previous month. Generally, regarding the market situation in the third
quarter and the fourth quarter, the prices seem more stable but the rate of successful transactions has
still not seen any sign of prosperity and appeared to be worse to some extent. The number of successful
transactions has been on the downturn.
According to the surveys of VietRees, in many trading floors (transformed from the previous center
transaction) and the newly born trading floors, the transactions have almost mainly focused on
properties with low values such as projects of apartments and ground bases in the areas around HCMC.
The townhouse transactions in the existing urban area have also significantly decreased as compared to
many previous months due to the difficult situation of the real estate field and the whole economy.
According to the forecasts of VietRees, many transaction centers will close down from now until late
2008 and early 2009.
Apartment market The supply of apartments belonging to the average and low segment is quite limited, so the market of
this segment has also not seen any movement compared to the previous month. The successful
apartment transactions do mainly belong to this segment. The investors are beginning to implement the
new apartment projects of the average low segment, but in at least 2 years, the new market will have
more supplies of the new apartments of this type. According to VietRees, the construction material
prices in the past 2 months have declined, which has created favorable conditions for the investors to
implement or speed up the construction progress of the projects, especially for this segment.
The high-grade apartment prices have slightly decreased in the past month. According to VietRees, the
prices have fallen down by approximately 2% as compared with September 2008. The domestic
customers of this segment are gradually scaling down.
The investors are looking for the new directions aiming at the Vietnamese overseas who are in need of
buying houses in Vietnam. However, according to VietRees, there are many difficulties in approaching
as well as successfully trading with this group of customers in the short term (1 - 2 years).
The market of project land plots According to VietRees, the land market has continued to decline as compared with September, 2008
and the average decrease is recorded at -5%. The price fluctuations are explained that the project land
has a special connection with the ups and downs of the stock market and the interest of the investors
when most of the project land is being held by the investors and there are few of the people who have
real demands. Similarly to September, the successful transactions of the project land are much lower
than that of the apartments which is currently quite limited.
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9. VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A58 Page 9
CONSTRUCTION MATERIAL MARKET
Gloomy construction season Unlike the previous years, although the construction material prices in Ho Chi Minh City have
continuously plummeted by 10 - 30% (by more than 50% in some areas), they have not been strong
Edited by VietRees
enough to stimulate the demands of the construction situation.
Currently, the prices of steel 6 - 8 have gone down to 10.5 - 11 million/ ton from over 21.5 million VND/
ton in July. The streaked steel of all types have also continuously dropped by 20,000 - 50,000 VND/bar.
The cement prices have also fallen into the sluggish situation, which has caused many agencies to
reduce the selling prices down to below 1,000 - 2,000 VND/ sack as compared with the prices committed
with the company. Two types of cement that have been significantly consumed (Ha Tien 1 and Holcim)
have also ranged from 65,000 - 69,000 VND/ sack. As compared with 2 weeks ago, the hollow bricks
have now continued to slide a further 10%. Many construction stores have launched the marketing staff
to get to the large or small construction works, including civil works to offer and quote the daily updated
price decrease of iron and steel.
However, the purchasing power on the raw construction market has now fallen by approximately 50%
over the same period of the last year due to some reasons such as: the real estate market being frozen;
many projects have not been developed because the investors cannot borrow the capital, etc. And the
construction season of this year has nearly ended. The consumption of the interior equipment market
has not been optimistic yet. As of now, the construction works are mainly in the progress of executing
the raw materials.
According to the forecast and expectations of the producers - enterprises in the construction material
field, the material market will complete and the sales of the interior equipments will increase and the raw
construction material market will pick up until the end of December 2008 and the beginning of 2009.
STOCK MARKET
VN-Index sets up new bottom, On the first trading session of 21st Nov, the anxiety
of the investors about the financial crisis situation of
HASTC-Index returns to starting-point US and the World made a large number of selling
Edited by VietRees orders to be launched, which caused the stock index
Chart Source: Vietstock to slide by 10.24 points (or 3.14%). The new bottom
is quickly established at 315.5 points, which is the
Up to date: 21 Nov, 2008 lowest level of the market since February 2008.
However, the trading volume has significantly
increased right from the first phase. And the total
volume of successful transactions has reached
4.231 million units worth over 101.450 billion VND.
The purchasing speed has increased, which has made many share codes turn green. Therefore,
entering the consecutive order-matching phase, the downturn of VN-Index has been held back and the
volume of selling orders has gone down. Ending the second phase, VN-Index has been down to 6.07
points. However, entering the third phase, the buyers have sat on the fence, which has made VN-Index
continue to slide a further 0.5 points. Ending the session, VN-Index has lost a total of 6.78 points (or
2.08%) to close at 318.96 points. The total trading volume on the whole market has reached 17.6 million
units worth 420.8 billion VND. In sum, after one trading week with 5 downward sessions, VN-Index has
established one new bottom after losing 33.11 points as compared to the last week.
Similar to HOSE, in the first 30 minutes, the trading situation of Ha Noi securities transaction center has
declined and the number of transactions has been low. In the middle of the session, the trading volume
and share prices has increased, and then decreased at the end of the session. The volume of successful
transactions on the whole center is 6.8 million units worth 173.39 billion VND. After one trading week
with 1 slight upward session, HASTC-Index has lost 9.2 points as compared to the last week and it has
been nearly 4 points far from the starting level.
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