American investor and CEO of Indochina Capital, Peter Ryder How have you assessed the contribution of the private economic sector, especially foreign direct investment (FDI), to Vietnam’s real estate market? An interesting trend in Vietnam, which I detect, is that the real estate development has long been dominated by the private sector. This is unlike many other industries in which the government still has very large involvement. If you look at the history of real estate development over the past 25 years, we can see that Vietnam has really opened up in the post-doi moi era. In the immediate wake of this, major developers were foreign investors who typically set up joint ventures with domestic authorities. During this time, Indochina Capital began two joint ventures, one with Danang Tourism to develop the Furama Resort, and another with the Vietnam Fatherland Front and Hongkong Land to develop an office building at 63 Ly Thai To in Hanoi. In the last decade, the market has become dominated by domestic developers such as Vingroup, Sun Group, Novaland, and many other local private sector companies. There still has been an occasional joint venture involving foreign developers with state-owned enterprises, but if we look at… Read full this story
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