Documente Academic
Documente Profesional
Documente Cultură
A70
Vietnam Real Estate Week 3, February
The first weekly electronic newsletter issued to registered members, approximately 100,000 reads per month
joining to develop the newsletter VietRees, a member of
This weekly newsletter is shared with partners, clients, members (registered) and internal VietRees together with those who are concerning or interested in Vietnam real estate market changes.
Although the information is selected, synthesized from all reliable sources, this newsletter is only for reference and VietRees is not responsible for the occurring damage. Please visit the
website www.VietRees.com for further Vietnam Real Estate information. When individuals and organizations quote or publish the information from our newsletter, please cite the source
VietRees.
According to the statistics on registration for the newsletter, the subjects making reference to the newsletter includes real estate investors; companies or units of government performing
management tasks, business marketing, consulting, broking, assessment, real estate finance, construction, banking, architecture, interior decoration; domestic and foreign press agencies; and
full of professional investors or individuals who have demand for real estate throughout provinces and cities nationwide; typically Ho Chi Minh, Ha Noi, Da Nang, Can Tho, Hue, Nha Trang,
BRVT, Binh Duong, Dong Nai, Ha Tay…
We would like to say thanks to the sponsors and all of the readers. We expect to continue to receive your support as well as your comments to improve our newsletter.
Readers can print or save this newsletter on your computers to review when needed or transfer it to others. However, think of environment when you want to print it out. 3
Free register for weekly newsletter: Please send your email to marketnews@VietRees.com
Sponsor and advestising: T: (84 8) 3948 5574 - E: properties@VietRees.com
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 2
MARKET SITUATION
Three factors able to heat up Since 1992, after the Land Law was promulgated, the real estate market has experienced three price
fevers. The first fever occurred at the end of 1993 and lasted until 1994 - 1995, then froze for 6 years. In
real estate after 2010 2001 - 2002, the second fever occurred, then frozen within 5 years. Early 2007 and late 2008 saw the
Thoi bao Kinh te Viet Nam – 16 Feb, 2009 third fever period occur. Since then, the real estate market has fallen into a frozen period in terms of the
transaction volume, investment capital and prices.
Until now, the investment in the real estate market has continued to go out rather than go in. In which,
the main reason is that the real estate market fell into a frozen situation for a year. Currently, prices have
continued to decline. Investors or speculators have not dared to further invest because there continues
to be a large inventory of goods while the previous loans with high interest rates have matured. Those
who have real demands are still expecting further price decreases. In addition, in terms of types of
products, while the real demands are apartments with small sizes and prices of about 300 - 500 million
VND; investors have still focused on building apartments and villas with sizes of hundreds of s.q.m and
the prices of up to ten billion VND. Furthermore, the construction material costs have dramatically
dropped as compared to the peak and currently, it has been stagnant. Meanwhile, the real demand for
buying houses has been very considerable.
According to the prediction of experts, the real estate market will not warm up until 2010. At that time, it
will warm up the transaction situation first and then, the prices due to the following reasons: (1) the
supply of dwelling houses has now been plentiful including the goods of constructors and speculators.
(2) Although the housing demand has been large, it became weak last year and will continue to go down
in the following years due to the low incomes and payment abilities. (3) According to statistics, the later
real estate price fever has been about 5 years distant from the former one and the frozen period has
come between them. However, the hot / cold cycle is able to be quicker or slower.
Hanoi real estate market in flux According to the real estate consultants, investors have shown that they have become more cautious
about the trend of changes of the market in the first months of 2009.
Thong Tan Xa Viet Nam – 17 Feb, 2009
For the office market in Hanoi, building owners have more clearly realized the competition among the
supplies in the future. And they have started to offer the reasonable rents because there are many
tenants who are ready to move their offices to the buildings suitable for their financial situations.
Currently, the unoccupied area of the grade B and C offices has been over 10%. Many 2 - 3 storey
buildings with great locations have also been unoccupied. Only grade A offices have still kept the
occupancy rate of nearly 100% despite the still-high prices. The Hanoi office market will continue to have
the adjustments in 2009 because the total office supply has still been very large. For the housing market,
the demand will also decrease due to the gloomy economy and the psychology of expecting further price
decreases. Therefore, the house buyers will continue to wait while the sellers will still keep goods
because they do not want to reduce the prices.
In fact, the difference between the supply and demand of the real estate market in Hanoi in particular
and in the whole country in general has still been great. As a result, many enterprises have still bravely
invested in the projects with high feasibility.
Ratifying the first golf course Hai Phong city People's Committee has approved the investment projects to construct the first 18-hole
golf course on island in Viet Nam Xuan Dam, Cat Ba island, Cat Hai district and it is expected to be
on island started in the middle of March, 2009.
Sai Gon Giai Phong – 17 Feb, 2009 Xuan Dam golf course is located in the complex of tourism and finance Venus - Cat Ba and invested by
the International Investment Corporations Giico. The total investment of the community is 600 million
USD.
Nikko hotel brand enters Ho Chi On 18th February 2009, Yueh Fei Company Vietnam (Taiwan) has signed a management contract with
JAL Hotels Company (Japan) to start the construction of 5 star hotel Nikko Saigon at 235 Nguyen Van
Minh City Cu Street, District 1, Ho Chi Minh City with the investment of 100 million USD.
Thoi bao Kinh te Sai Gon – 18 Feb, 2009 The hotel belongs to the second phase of Royal Center project, including 22 storeys and 3 basements
with 335 rooms and 47 serviced apartments, conference rooms, restaurants, gyms and the high-grade
store system. The hotel is expected to be completed in October, 2011.
Sponsor:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 3
Begin distributing the complex Colliers International Group has shown that the investor of the complex project Central Garden has
project of Central Garden chosen it as the official distributor and this would be implemented on 18th February 2009.
VietRees – 17 Feb, 2009 Central Garden project includes the office building Office Zone & the complex of high-grade apartments -
trading services with 3 blocks of 22 storeys on a large site of 8,000 m2 at Ben Chuong Duong Street,
District 1, Ho Chi Minh City.
HCMC: high-grade apartment Hoang Anh Gia Lai Corporation (HAGL) has officially announced the discount on prices of high-grade
prices decline apartments at the two projects Hoang Anh River View - District 2 and Phu Hoang Anh - Nha Be
suburban district to respond to the program of kicking the demand started by Government and to
VietRees – 18 Feb, 2009 contribute to heating up the real estate market.
Accordingly, as compared to the prices HAGL announced in late 2007, the average prices of Hoang Anh
River View apartments have decreased by 950 USD/m2 (from 2,300 USD/m2 down to 1,350 USD/m2)
and Phu Hoang Anh apartments have slid from 1.800 USD/m2 to 1.250 USD/m2 (decreasing by 550
USD/m2). The company has shown that the apartments offered for sale in this discount program
accounted for 50% of the total sizes of the both projects. The 330 clients previously paying for the
apartments of these projects will be readjusted according to the current prices.
Tricon Towers opened on Hanoi On 18th February 2009, Minh Viet Investment SJC has started the next stage of the apartment project
real estate market Tricon Towers in the heart of the new urban area An Khanh North, Ha Noi after completing the base
Ha Noi Moi – 19 Feb, 2009 structure.
With a total investment of over 145 million USD, the project includes 3 towers of 45 storeys with 732
high-grade apartments built on a site of 17,000 m2. It is expected to be completed before the third
quarter of 2011. Tricon Tower is designed by RDC global design consulting company and Clodwell
Banker Real Estate Management and Business Consulting Company (American) exclusively offers
market consulting and operation management to this project.
UDIC to build 170,000 m2 housing Urban Infrastructure Development Investment Corporation (UDIC) has shown that over 40 works and
floor area projects have been started in 2008 and at the beginning of 2009.
Kinh Te Do Thi – 19 Feb, 2009 It is estimated that in 2009, UDIC will provide the market with about 170,000 m2 housing area. The
successful implementation of the construction investment projects will create a big market for other
business production business fields such as consulting, construction, industrial production & construction
materials.
Sponsor:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 4
Sponsor:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 5
Van Tuong ecological urban area On 17th February 2009, Quang Ngai People's Committee has approved the detailed plan for the
Nguoi Lao Dong – 17 Feb, 2009 construction, adjustment and design of Tuong Van urban area.
Accordingly, the project has an area of 3,828 hectares, belonging to the Hai Binh commune, Phu Binh,
Binh Tri and Binh Phuoc - Binh Son district. This will be the urban area combined with the ecological
reserve and be one of the urban - industrial - service centers of the key economic region of the Central,
Vietnam.
Build Lang Viet 5-star tourism area Trung Viet JSC held a groundbreaking ceremony to start the construction of Viet village tourism area at
VietRees – 20 Feb, 2009 Truong Da hamlet, Hue City invested by the company on the morning of 19th February 2009.
The tourist area is the first one that has reached the 5-star standard in Hue, including a total investment
of 100 billion VND and it is built through 2 stages. The first stage is built on a site of 7 hectares with the
main items including: a reception area, a service center, a sport area, pavilion, a handicraft village,
resort- spa, a festival area and other technological infrastructures. It is expected to be completed after 2
years. The second phase will increase the total area of the project to 30 hectares and build the high-
grade bungalows with specific features of the garden houses in Hue.
In January, 2009, the prices of the The price change level of high-grade apartments in HCMC
high-grade apartments in HCM City
to light
VietRees – January, 2008
Other cities High-grade housing area Hemisco (Ha Dong) Apartment area for low-income people (Da Nang)
Van Tuong ecological urban area (Quang Ngai)
Vietnam Delverton resort (Binh Thuan)
Xuan Dam golf course (Hai Phong)
Lang Viet 5-star tourism area (Hue)
* 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
Sponsor:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 6
Price: 1,800 – 2,400 USD/m2 * 114.2m2 - 21.4 million VND/m2 * 150m2 – 1,675 USD/m2 Binh Trung Dong Cat Lai 2 240 10.8
1
Kien A Investment & Services Co., Ltd. - An Phu Ward, District 2, HCMC - Tel: (84.8) 3740 6688, Fax: (84.8) 3740 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:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 7
Social welfare houses for worker * Saigon Construction Corporation investor two apartment blocks high 5-storey for workers in Quarter 1,
VietRees Linh Trung Ward, Thu Duc Dist, HCMC.
* 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
nd
been put into use. The total investment cost of this housing area is 20 billion VND. (2 Oct,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
rd
Committee with a total investment of over 37 billion VND. (3 Oct,2008)
* Hiep Phuoc accommodation and 1 apartment block in District 9 is reserved for over 1,600 workers in
th
Hiep Phuoc industrial zone and hi-tech zones - Directed by HCMC People’s Committee (22 Jan, 2009).
* 4 three-storey apartment blocks (204 rooms) reserved for nearly 1,000 workers in Ha Quang export
garment factory and Tay Bac Dong Hoi industrial zone with the rent of 100,000 VND/ month/ person have
th
been put into use after Lunar New Year – Quang Binh - Dai Phong Co., Ltd (4 Feb, 2009)
Real estate for the low income * Sai Gon – Gia Dinh Real Estate Company and Hoa Binh Phu Yen Company build Thoi An Apartment
VietRees Building in District 12 with 1,000 apartments.
* 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 D.1 is assigned to construct the resettlement area at 7/4ª Kha Van Can, TD D.
* 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 Xanh 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
th
have been submitted to the government for approval. (30 Sep, 2008)
* 800 social welfare houses for lease - lease to purchase will be built at 19A and 21A plots, Viet Hung
th
urban area in 2009, which have been ratified by The People’s Committee of Ha Noi City. (16 Oct, 2008)
* 462 units of Khang Gia 3 apartment building (Go Vap Dist.) invested by Khang Gia Real Estate
th
Investment – Development JSC will be used for the resettlement demands. (27 Oct, 2008).
* Replacing 0.3 million m2 floor of the old apartment buildings in District 1, 4, 5, 11, Binh Thanh, Tan
Binh, Tan Phu and building 4 apartment buildings: 107 Truong Dinh (Dist. 3), Soai Kinh Lam ( Dist. 5),
Building B (plot Q), Nguyen Kim apartment building, Building B (plot B, C), Ngo Gia Tu apartment building
- Department of Construction (Jan, 2009).
Sponsor:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 8
Hanoi: collecting fees of exploiting Along with the regulations on the fees for some administrative fields, Hanoi city People's Committee has
land information just promulgated regulations on collecting the costs of exploiting and using the documents concerning
land in the city.
Bao Xay Dung – 18 Feb, 2009
According to the decision, the individuals and organizations who have demands for exploiting and using
land materials of the authorized State agencies must submit the using and exploiting fees.
The cost for organizations is 200,000 VND/ per time/ a document. The cost individuals and households
is 100,000 VND/ one time/ a document. In addition, the services such as granting land survey map, co-
ordinates, heights, etc are 30,000 VND/per time. The agencies of internal affairs are entitled to exploit
the land documents free of charge.
Peole’s Committee at commune level The People's Committee at the commune level is allowed to grant the construction permit for single
allowed to grant construction permits houses located in rural residential area. This ratified content is in the Decree on project investment
construction management that has just been promulgated by the government.
VietRees – 20 Feb, 2009
Accordingly, the People's Committee at the suburban district level shall grant the construction permits to
single houses in urban areas within their administrative borders and some other works. The People's
Committee at the provincial level is entitled to grant the permits to the special construction works, grade-
1 works, religious works, historical - cultural monuments; statuary works, advertising works, the works on
the main routes and streets in the urban areas.
Investors need to have permits before starting their construction, except for the cases of building works
belonging to the State’s secret, works under the urgent orders, works temporarily serving the
construction of the main works; works following the routes that do not go through the urban areas but
suits the ratified construction planning and works belonging to the construction investment projects
approved by the authorized agencies.
Free register for weekly newsletter: Please send your email to marketnews@VietRees.com * Sponsor and advestising: T: (08) 3948 5574 - E: properties@VietRees.com
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 9
STOCK MARKET
Two bourse continue to go down, * At the opening time of the market, at the HCMC bourse,
launching the selling orders has still been the primary
VN-Index lost 2.28 points, trend, which has made VN-Index lose 2.43 points. The
HASTC-Index lost 1.07 points total trading volume has been over 1.1 million units. In the
Edited by VietRees consecutive order-matching phase, VN-Index has lost an
Chart Source: Vietstock extra 0.82 points as compared to the first phase and
Up to date: 20 Feb, 2009 closed at 251.6 points. Ending the last session of the
week, VN-Index has lost a total of 2.28 as compared to
the previous one to close at 252.57 points. The total
trading volume on the market has reached over 7.6 million
units worth over 138 billion VND (equal to about 20%
decrease in the volume and value as compared to yesterday’s session).
After one trading week, VN-Index has had 5 downward sessions, losing a total of 21.94 points as
compared to the last week (from 274.51 points down to 252.57 points). The trading volume on the whole
bourse has averaged 8.6 million units per session.
* At the Hanoi bourse, after the slightly increasing session yesterday, HASTC-Index has lost 1.07 points
to close at 84.2 points. The total trading volume has reached nearly 3.4 million units worth 62.8 billion.
After one trading week, HASTC-Index has only 1 upward session. As compared to the last week,
HASTC-Index has lost 6.74 points (from 90.94 points to 84.2 points).
Free register for weekly newsletter: Please send your email to marketnews@VietRees.com * Sponsor and advestising: T: (08) 3948 5574 - E: properties@VietRees.com
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A70 Page 10
General trends on the HCMC market The situation of real estate transactions of apartments, town houses and project ground bases in
January 2009 has continued to be gloomy although the prices have slightly decreased as compared to
the previous months and some projects have even stopped reducing the prices.
According to VietRees, the real estate prices in January have slightly declined because the bank interest
rate has dropped and the construction materials prices have gradually become stable. The psychology
of the market expects that the low interest rates will stimulate the individual investors to come back and
this will somewhat impact on the prices listed on the market
However, according to the analysis of VietRees, (1) Currently, most of the investors have lost the
confidence in the stability of the market. (2) The prices of some apartment projects have still been very
high. (3) Investors have been more experienced in assessing the projects and analyzing the market. (4)
The market has had many choices and (5) been more careful in the transactions, as a result, surely, the
prices will continue to decrease with the low amplitude in a short time.
Apartment market The supplies of the apartments belonging to the medium and low market segment have been fairly
limited, there is almost no new product and the market has seen almost no changes as compared to the
previous month. Most of the successful transactions focus on the customers with the real needs not the
investment purposes.
The prices of the high-grade apartments has only fallen by 1%, however they have had relatively few
customers, especially in the Lunar New Year people take little interest in buying the high-grade
apartments in this stage. It is predicted that the prices of the high-grade apartments may continue to
slightly decrease in the next few months.
Project ground base market Although the prices of the ground bases have dropped, they have been so high to the people who have
the real housing demand; so, the transactions are very few. If they have the real housing demand, they
will choose to buy the apartments or town houses, not ground bases, therefore the transaction of ground
bases has still been in dribs and drabs and even visibly stopped.
Real estate agents Through the survey of the real estate business marketing agents in the past time, VietRees has realized
that these agents has cut down on staff and the marketing budget substantially due to the sluggishness
of the market. However, at present, according to the latest observations, some agents have actually
become aware of the importance of the marketing and the stiff competitions in the market. As a result, in
the near future they will focus on strengthening, streamlining the structure and continue to invest in
training personnel, improving the customer service, marketing the brand image with the more focused,
strategic and methodical plans than before. This is the praiseworthy sign of the market.
According to VietRees, the agents that have a tight budget for marketing, they should focus on exploiting
online media channels properly to reduce the costs and still reach efficiency as expected. They should
not completely stop the activities marketing the brand images and products. This is the trend of the
sectors in the current economy.
Forecast in 2009 Under the growing impacts of the financial crisis and economic recession, the real estate market in
Vietnam seems to be gloomier. VietRees has judged there is a faint possibility for the recovery of the
market in 2009. In 2009 the market will have more difficulties than in 2008. Many real estate investors
and speculators will cope with paying the bank debts but the property prices have seen no signs of
recovery.
According to VietRees, after Lunar New Year 2009, the real estate market will become an attractive
playground for the investors with large capital and long-term investment strategies. The downward
market will minimize the speculation situation and the market is in the hands of the buyers not the sellers
as before. As a result, the potential real estate enterprises need to build long-term development
strategies and positively work on the research and development, especially, seriously invest in the
market research and research the customers; steadily develop step-by-step and avoid spreading the
investment in this current difficult situation.
The coming investment trends The trend of switching to investing in the development of the cheap and common houses to attract the
majority of the customers is becoming more perceptible. Many enterprises are planning to promote their
for Vietnamese real estate investment in the market segment. It is very promising that the people with the low & medium income will
enterprises have many opportunities to get access to this supply.
According to the studies of VietRees, the enterprises should invest in the apartments with the relative
sizes of about 40 – 60 m2, good structure, relatively good materials and equipments (not need to be the
high-grade ones) and the maximum selling price of 10 million VND/ m2. The apartment’s worth from
400,000 to 600,000 million VND/ unit will be able to attract more customers. The customers should be
aimed at newly married couples, students, staff and civil servants who are living and working in HCMC.
In fact, some foreign investors have been interested in this market segment. Therefore, the domestic
investors should take quicker actions because according to VietRees, Vietnamese enterprises are likely
to have more advantages than the foreigners in this market segment.
Free register for weekly newsletter: Please send your email to marketnews@VietRees.com * Sponsor and advestising: T: (08) 3948 5574 - E: properties@VietRees.com