CBRE Vietnam Real Estate Spotlight – W20 – 2020

Construction plan for Tan Son Nhat Airport’s third terminal approved
VIR

Deputy Prime Minister Trinh Dinh Dung has given the green light to the construction of Terminal 3 at HCMC’s Tan Son Nhat International Airport. The terminal has a designed capacity of 20 million passengers a year, which is expected to help ease the overload at Terminal T1. Total investment for the project is estimated at 10.99 trillion VND (470.6 million USD) that will be fully funded by the Airports Corporation of Vietnam. The project is scheduled to take 37 months.

1,800 hectare Viet Phat Industrial Park and urban area started in Long An province
VIR

Surbana Jurong, a global multi-disciplinary urban, infrastructure, and management services consulting firm headquartered in Singapore, has become the strategic partner to draw up the master plan and construction design for Viet Phat Industrial Park and Urban Area. Located in the southern province of Long An and invested by TIZCO JSC and Vietnam Innovation Parks Group JSC (VNIP), Viet Phat IP is one of the largest IPs in Vietnam so far. Viet Phat has an advantageous location, being 59 kilometres from the centre of Ho Chi Minh City and 45km from Tan Son Nhat airport, and within the diameter of less than 100km from major ports of Saigon, Bourbon, Cat Lai, Long An international and Cai Mep international ports.

Korea’s leading hospitality corporation The Shilla to foray into Vietnam
VIR

The Shilla Hotels & Resorts sets to expand its first footprint in Vietnam with the debut of its maiden brand Shilla Monogram in the Central Coast this late June. As part of its global expansion plan, The Shilla Hotels & Resorts has introduced Shilla Monogram – an upper-upscale brand – fulfilling its three-line hotel brand system: The Shilla (luxury), Shilla Monogram (upper-upscale), and Shilla Stay (upscale).

Tourism sector boosts mindfulness travel as Vietnam economy recovers from COVID-19
Tuoitrenews

COVID-19’s impacts on both mental wellness and the economy will lead to a massive shift in consumer behavior around the globe, according to Dr. Nguyen Thu Hanh, director of the Scientific Union for Sustainable Tourism Development (STDe). Dr. Hanh predicts that this shift will be most apparent in the way humans interact with the natural environment. He believes that tourists, for example, will no longer settle for simply consuming and exploiting the locales in which they travel and instead will gravitate toward slow-paced itineraries which focus on replenishing the environment.

HCMC pushes ahead with 'Vietnam's Silicon Valley' plan
VnExpress

The prime minister’s support for the 'Vietnam's Silicon Valley' initiative has prompted HCMC to push ahead with a plan to merge three districts into one administrative unit. The plan, which will to combine Districts 2, 9 and Thu Duc into one administrative unit and make it an "innovative urban area," has been submitted by the municipal Home Affairs Department to the HCMC People’s Committee. The department has come up with the plan following a meeting between Prime Minister Nguyen Xuan Phuc and the city on May 8.

Hanoi leader receives AEONMALL Vietnam General Director
VIR

Secretary of the Hanoi municipal Party Committee Vuong Dinh Hue on May 19 hosted a reception for General Director of AEONMALL Vietnam Co. Ltd. Tetsuyuki Nakagawa. Nakagawa said AEON Group considers Vietnam a key market to expand operations, especially in retail. Noting that AEON currently has five shopping malls in Vietnam, including two in Hanoi, he wished that leaders of the city would continue offering support to AEONMALL Vietnam to expand its operations. In the near future, he hoped that the city will soon approve the company’s parking area and shopping mall project at Giap Bat bus terminal in Hoang Mai District.

Government proposes lower growth targets after COVID-19 impacts
VnExpress

Vietnam's government will submit lower economic growth targets to the parliament, given the disruption of trade and business activities by the coronavirus pandemic. Prime Minister Nguyen Xuan Phuc said at a National Assembly session Wednesday that the pandemic has severely damaged all sectors, and the earlier economic expansion target of 6.8 percent will be difficult to achieve. The government has earlier mentioned revised GDP growth targets of 4.5 percent or 5.4 percent this year, depending on the global situation.

HCMC seeks entry restriction waiver for metro project's foreign experts
Tuoitrenews

HCMC administration is expected to submit a proposal to the prime minister regarding the entry of foreign experts amidst the ongoing pandemic, saying their work is integral to the completion of the city’s under-construction metro Project. The southern metropolis is expected to request that the prime minister lift the suspension of new work permits for foreign workers who come from countries and territories affected by the novel coronavirus disease (COVID-19) epidemic. Removing such restrictions would allow foreign experts who are needed in the construction of the city’s metro route No. 1 to enter the Southeast Asian country. Local authorities say they will ensure the experts in question are to be quarantined immediately following their arrival in accordance with current regulations.