How to reinflate the real-estate bubble in 2009? Raise capital (20-01-2009) Quan doi Nhan dan (People’s Army) newspaper looks to former deputy minister of Natural Resources and Environment Dang Hung Vo for answers to the country’s property sector woes. How did Viet Nam’s real-estate market bubble? The price for real estate twice hit records in late 2007 and early 2008. In some places, it was 2-10 times higher than previously. I would say the price was much, much higher than the real value, but many sales were completed. No one can explain why the price of land increases before the law governing land is changed. But the real value of a piece of land is consolidated with each revision. The Land Law 1993 had the Government set the price. The revised Land Law 2003 recognised the free-market and stipulated that the Government’s price must reflect the ruling market price. The changes were part of the government’s policy to gradually switch the real-estate market … [Read more...] about How to reinflate the real-estate bubble in 2009 Raise capital
U s real estate
Real estate forum eyes speculators (05-12-2007) Participants at yesterday’s real estate forum expressed concerns over an over-aggressive use of tax policy to combat speculation. — VNS Photo Viet Thanh HA NOI — Assuring a proper legal framework is essential to development of the property market, Deputy Minister of Construction Nguyen Tran Nam told the opening ceremony of the Viet Nam Real Estate Forum in Ha Noi yesterday. "Developing and managing the market well will ensure efficiency in utilising land resources, meeting the increasing demand for space for accommodation and production and increasing State budget revenues," Nam said. Real estate has a close connection with other areas of the economy, including labour and financial markets, he added. "In developed nations, an additional dollar invested in real estate can create a gain of U$1.50 to $2 in related sectors." Nam said the real estate market has seen positive developments over the past few years with … [Read more...] about Real estate forum eyes speculators
Developers pin hope on Viet Kieu to revive real estate market By Thanh Phuong in HCMC While the real estate market has fallen into stagnation with personal income tax imposed on property transfers, enterprises still pin high hopes on overseas Vietnamese, also known as Viet Kieu, as potential customers. Viet Kieu have enjoyed more chances to own houses in Vietnam since the Government passed Decree 78 on July 1 to revise the Law on Nationality. More Viet Kieu have bought houses since the National Assembly amended Article 126 of the Housing Law and Article 121 of the Land Law to expand the list of overseas Vietnamese allowed to buy houses in the country, says Hoang Xuan Hoan, head of the HCMC Public Notary Office No. 2. Although the law only took effect as recently as September 1, the office has certified papers for three Viet Kieu to own houses since then. Hoan says this is a good sign, citing that only around 150 Viet Kieu have bought houses in Vietnam since the Government gave them … [Read more...] about Developers pin hope on Viet Kieu to revive real estate market
Local real estate developers build up expertise Despite having successfully raised offshore funds to develop some of the best-selling real estate projects in Vietnam, Indochina Land CEO Peter Ryder’s revelation of his intention to team up with local partners for new ventures came as a surprise. The reason for the change in business strategy, he explained, is that Vietnamese developers have built up their position in the real estate market to become sufficient partners. When the American investor started his business in Vietnam two decades ago, almost all real estate projects were developed by foreigners, with local investors simply being land contributors. However, the locals have gradually accumulated experience and built up financial capability to develop real estate projects on their own. And now is the right time to partner with local companies who have good track records and relationships on the market, Ryder says. Not only Peter Ryder but also Marc Townsend, managing … [Read more...] about Local real estate developers build up expertise
Tanimex says will establish food trader in U.S. By Quoc Hung - The Saigon Times Daily HCMC - The HCMC-based Tan Binh Import - Export Joint Stock Corp., shortly known as Tanimex, will join two other local partners to establish a company in the U.S. to trade in processed food imported from Vietnam, an executive said. Tran Quang Truong, deputy general director of Tanimex, told the Daily that Tanimex would hold a stake of 40% to 49% in the new venture capitalized at some US$3 million. He said the company’s shareholders in a meeting on Saturday had approved the plan to cooperate with two local partners active in food and fiber industries. The new company will be set up in California to trade in processed food products from Vietnam including sauces, instant noodles, and other seafood products. It will sell products at supermarket chains in California as well to other Asian retail store chains stateside, he said. The forthcoming company will serve as a springboard for Tanimex to … [Read more...] about Tanimex says will establish food trader in U.S.