Vietnam real estate finishes strong in September
Vietnam real estate finishes strong in September
Despite a few trifling weather issues (ahem)
With construction occurring everywhere from Hanoi to Ho Chi Minh City, Vietnam finished the first nine months of the year strong with USD1 billion in foreign direct investments (FDI) in real estate, according to the Ministry of Planning and Investment’s Overseas Investment Agency.
Real estate represented 6.1 percent of the total FDI over the period, with a total of 34 new property projects. Foreign direct investment siphoned USD91.1 billion to the Vietnamese economy between January and September 2016.
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Industrial zones in Vietnam also performed impressively in the first half of 2016, Savills Vietnam reported. Total leasable area in this property segment jumped by 5 percent from the end of last year to 28,500 hectares.
Over the same period, six industrial zones, representing 700 hectares of leasable area, were opened throughout the country.
The Vietnamese economy blasted through the third quarter with a GDP growth of 6.4 percent, a remarkable breakthrough considering the severe droughts as well as the ecological disaster allegedly caused by Taiwan-based steel makers Formosa earlier this year.
“Manufacturing expanded by double-digits as new foreign-invested factories ramped up production, while services picked up as a result of rising domestic trade, growing bank lending and a 25 per cent jump in tourism arrivals,” Eric Sidgwick, Asian Development Bank country director for Vietnam, said.
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Source: Property Report