Dong Khoi Street made headlines back in 2007 when a square meter of land there cost VND1 billion, or $44,000. This busy street blends the iconic colonial buildings -- the Opera House and Vietnam's first hotel, InterContinental Saigon -- with modern skyscrapers and shopping malls, a testimony to the city's rapidly rising middle class. Not far from Dong Khoi stands the former presidential palace, today known as the Reunification Palace. 3. Le Loi Street Average price: $34,000 per square meter Adjoining Ben Thanh Market, Le Loi Street is famous for its vibrant shophouses selling anything under the sun, from souvenirs to food and fashion. Houses with two sides facing the street can fetch millions of dollars. Like Dong Khoi Street, along Le Loi, there are big shopping malls such as Saigon Center, Takashimaya Department Store and Saigon Tax Trade Center, which is now under renovation. A temporary downside is construction work for the city's up and coming metro, which will be completed in … [Read more...] about How much is a piece of Ho Chi Minh City’s ‘golden’ land worth?
Takashimaya ho chi minh
Keppel Land said on March 20 that it had acquired the stake in a group of Keppel Land WATCO I to V, the joint venture (JV) entities set up to develop Saigon Centre in Ho Chi Minh City, from partner Southern Waterborne Transport Corporation. Following the acquisition, Keppel Land has increased its aggregate interest in the JV companies set up to develop Saigon Centre phases one and two (Keppel Land WATCO I, II and III) from approximately 45.3 to 53.5%, and its aggregate interest in the JV companies set up to develop subsequent phases of Saigon Centre (Keppel Land WATCO IV and V) from 68 to 76.2 per cent. According to Ang Wee Gee, CEO of Keppel Land, the company is committed to growing its commercial portfolio in key Asian cities. “Vietnam, one of our key growth markets, continues to attract foreign direct investment, which will drive positive demand in the property market from homes to offices and mixed-use developments. Our increased stake in Saigon Centre reflects Keppel … [Read more...] about Keppel Land increases stake in Saigon Centre
Foreign investors are vigorously expanding in Vietnam, leading to domination by investors from Japan, Thailand, and China. Aeon Mall from Japan is co-operating with Ha Long Investment and Development Group (BIM Group) to build its second mall in Hanoi. The $200-million mall’s area is 9.5 hectares and it is located on BIM Group’s land in Ha Dong district, Hanoi. This project is expected to be kicked off in the fourth quarter of 2019, marking the fifth Aeon mall in Vietnam. At the moment, although Aeon has five malls which cost almost $600 million in total, the retailer announced co-operating with and buying out existing supermarkets to reach the target of 100 supermarkets in Vietnam. Aeon holds 30 per cent of Fivimart and 49 per cent of Citimart since 2014. Since 2008, when Aeon entered Vietnam, the group has continued expanding. The first business of this group was the co-operation with Trung Nguyen to open a chain of convenience stores named G7-Ministop. Aeon’s … [Read more...] about Japanese, Thai and Chinese investors dominating Vietnamese retail market Investing
Vietnam attends International Pepper Community’s annual meeting Vietnamese agricultural officials and business people joined over 250 representatives from leading pepper export countries worldwide at the 43rd Annual Session of the International Pepper Community (IPC), which took place in Karnataka state, India from November 22-26. The event was jointly organised by the IPC, India’s Ministry of Commerce and Industry and the Indian Spices Board to discuss prospects and headwinds facing world pepper growers and traders. The participants focused their attention on pepper consumption and stocks, pepper prices and market situation as well as measures to stabilise markets. Specialised talks were also held on pepper cultivating techniques, processing and preservation technology, and regulations on food hygiene and safety. On the occasion, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam, who was accompanied by 14 Vietnamese large pepper businesses, met with … [Read more...] about BUSINESS IN BRIEF 27/11
Better liquidity needed for interest rate cuts: expert Only when liquidity problems at commercial banks are tackled, sky-high interest rates could be cut to make life easier for borrowers, said Le Xuan Nghia, vice chairman of the National Financial Supervisory Commission. In the year to date, inflation in the nation has been low, with a rise of just 2.37% from late last year compared to an increase of 3.35% in the same period last year. Nghia said yearly inflation was normally double the first-quarter number. Therefore, Nghia forecast, the inflation rate in 2012 will be much lower than expected, at roughly 6.5%. "The banking system should have pulled down interest rates in line with the fall of inflation but they have yet to do so due to the liquidity crunch," Nghia noted. In fact, larger lenders are holding ample capital as they have invested heavily in Government bonds with terms of less than five years to net a coupon of below 12% annually, Nghia explained. In related … [Read more...] about BUSINESS IN BRIEF 5/3