Monthly Real Estate News | March 2016 by Vietnam Realty

Col l i e r sI nt e r na t i ona lVi e t na m

Mont hl yRe a lEs t a t eNe ws|Ma r c h201 6

Mont hl yUpda t e dRe a lEs t a t eNe ws

Co l l i e r sI nt e r na t i o na l ’ sr e a le s t a t ehi g hl i g hti st hemo nt hl yne ws whi c ha g g r e g a t e sa l lp r o mi ne ntne wsi namo nt ho nt heRe s i de nc e , Se r v i c e dAp a r t me nt , Oﬃc e , Re t a i l a ndI ndus t r yr e a l e s t a t ema r k e t .

Daily Real Estate News Highlights Vietnam - 01 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Vingroup offloads $134m worth of corporate bonds Vietnam News

Real estate developer Vingroup announced that it has sold VND3 trillion of corporate bonds under the guarantee of Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank. According to the group, it was the first time that CGIF has guaranteed bond issuance by a real estate developer from the ASEAN’s member and is also its largest transaction in Viet Nam to date. Royal City-the most typical proDemand for industrial real estate on the rise Vietnam Plus

Demand for industrial real estate is growing on the back of Vietnam’s entry to international and regional trade agreements. According to the experts, the industrial real estate market is expected to be busy, as more multinational corporations expand their operations in Vietnam to tap the Trans-Pacific Partnership and other trade benefits, as well as the emergence of e-commerce.-VNA. Top three listed property firms with highest revenue

ject of Vingroup

Industrial Real Estate model

VTV

Vingroup, FLC Group and Nam Long Group are leading in the real estate market with Q4-2015 revenue of nearly VND17 trillion. According to the business statistics in Q4-2015 of 60 property firms listed on stock market, these three firms have the highest revenue, accounting to over 70pct total revenue of the whole property sector. Hanoi, Ho Chi Minh City real estate markets remain attractive Vietnam Net

Last year, the retail markets in Hanoi and Ho Chi Minh City each recorded 150,000 m2 of net leasable area. Most projects in the central business district of both cities performed better than the average market thanks to their targeted high-end consumers. Thus, a rise in future average rents is expected but at a conservative pace. Does real estate really see big profits? Thoi Bao kinh Doanh

The profit picture of property firms last year had many bright spots in term of revenue and profit growth. However, financial and banking costs are following upward trend, so achieving profit target this year was difficult. In 2015, some property giants still maintained impressive revenue and profit growth. However, many other property companies have not yet escaped from hardship, minus revenue growth and great losses.

For market research reports, please visit our website at www.colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All material are sourced and collated in this document by Colliers is from the public domain. ©2015. All rights reserved. vietnam.media@colliers.com

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 2 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

CapitaLand launches 7th project in Vietnam Vneconomictimes

Singapore’s CapitaLand and Vietnam’s Khang Dien House Trading and Investment Joint Stock Company have signed an exclusive cooperation agreement with UniHomes and Seareal in Ho Chi Minh City over sales distribution for the Kris Vue project. Vietnam is one of CapitaLand’s key markets in Asia, backed by a well-developed economy, rapid urbanization, and young population. The spur for the Thai Binh real estate

7th projec of CapitaLand

Cafef

The first shophouse project in the northern province of Thai Binh funded by Vinhomes 2 Real Estate is forecast to be the new push for the province’s real estate market. will open in March. Vincom Shophouse Thai Binh belongs to the Vincom Plaza Ly Bon Trading Complex. It includes 57 shophouses units designed according to modern styles for both trading and living. Property broker: How to succeed? Dan Tri

Shophouse Thai Binh

As a reputable property distributor in Hanoi, STDA has being provided to customers with housing products developed by both domestic and property renowned developers, such as Gamuda Land Vietnam, CapitaLand, M.I.K Corporation.., but also create a professional working environment for its employees. STDA often opens short- and long-term training courses for its employees to improve skills. SBV asked to keep lending limits Bizhub

The HCM City Real Estate Association (HOREA) has proposed the State Bank of Viet Nam (SBV)’s regulations on lending limits and capital adequacy ratio requirements for credit institutions, including branches of foreign banks not be changed at the moment. Investors scamper for Danang beachside estates Vietnam Investment Review

Beachside land in the centre of Danang city is being hunted by real estate investors because of the potential high profit due to the large number of tourists in these areas. Being graced with one of the most beautiful beaches in the world and located in proximity of world-famous cultural relics, Danang has attracted millions of domestic as well as foreign tourists.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 03 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

5 highlights of the The Golden Star project Vnexpress

Utilities, 5-star interiors, designed by many well-known companies as the differences of the project. The apartments are designed with a small area which are suitable for the financial capacity of the majority of people. Besides, The investor confirms Golden Star will finish as planned, as well as commitments for equipment installation for apartments. Marketplace made of containers in Saigon outskirt

The Golden Star project

Viet Bao

In recent days, people who pass through the residential area Celadon City (Tan Phu District, HCMC) are surprised about the appearance of dozens of large containers which are decorated with national flags. This is the complex area following Eco Box model, which comprises of shopping, food and drink stores made from old containers. Our City Urban Area receives $50 million investment Vietnam Investment Review

Marketplace made of containers

Hiep Phong Vietnam Co., Ltd., the developer of the Our City township Haiphong city’s Duong Kinh district, signed an investment contract with strategic partner Chinamall Holdings Pte Ltd on building Vietnam International Commercial Centre right in the township. Accordingly, the centre, covering 36,000m2 of space and worth approximately $50 mn in investment capital, is expected to be put into operation in 2017. Year of M&A activity in the property market Vietnam Net

2015 was littered with M&A activity in the property market, especially in residential, hospitality, and retail, and the trend is forecast to continue in 2016. Foreign developers usually choose to joint venture or cooperate with local developers rather than acquisition in the segment. Vietnam’s resort and hospitality property has also seen its share of foreign suitors. Real estate giants cut more than 50% of new projects Vietnam Net

Due to the control of credit from the State Bank, many local enterprises in HCM City has made cautious activities to adapt the policy. price growth rate is expected to peak in 2016. However, the rate of consumption in Hanoi and Ho Chi Minh City in 2016 is expected to be slower than in 2015.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 04 March 2016 Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

An Thinh JSC Danang PPC has introduced project’Complex 5 star hotel and luxury apartments’ Vietnam Net

PPC An Thinh Danang recently introduced the 5-star hotel and high-end apartment complex Anh Duong - Soleil Danang. With total investment capital of VND10,000bln, the project covers 21,800sqm, comprises of three 47-floor apartment blocks, and provides 1,000 high-end apartments. Sales launch: Monarchy garden apartments

Anh Duong - Soleil Danang

Dan Tri

Danang House recently launched the sale of The Monarchy - a high-end apartment project. It has a construction density of 40%, a greenery spanning 5,400m2, and provides 7 residential utilities and 25 customizable ones from Shophouses. Block A has sold about 60% of apartments at an average price of VND1.3bn HCM City’s retail property market to see new trends Vietnam Plus

Monarchy garden apartment

The property market in Ho Chi Minh City will see good prospects for all segments this year and the retail sector will see new trends, according to experts in the field. 2016 is a key year for the retail market in HCM City, as domestic consumption increases and foreign retailers enter the market to take advantage of opportunities created by free trade deals. Goldmark City announced next sales of Ruby and Sapphire Kinh Doanh Net

Goldmark City project recently announced its next sale event for Ruby and Sapphire apartments at prices from VND27mn per m2, together with many attractive promotions. Additionally, customers can also take housing loans at Maritime Bank at interest rate of 4.99% per year for 36-month term, or 0% for 18-month term. Five FDI projects receive licenses in Vinh Phuc Vietnam Investment Review

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 07 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

OPAL RIVERSIDE: Coming soon Opalriverside

Opal Riverside is a riverside apartment area next to Saigon River, with a view upon Thanh Da Peninsula. The investor Dat Xanh Group expects to launch its sale in March 2016, and currently accepts pre-orders with VND50mln payment-in-advance. Opal Riverside covers 20,096sqm, comprises of two 19-storey towers with 22 penthouses and 626 apartments. Samland Riverside: Apartment costs from VND1.5bn

Opal Riverside Apartment

Thoi Bao Ngan Hang

Property investors are now proactively and professional in leading the real estate market. For example, Gamuda Land Vietnam, the investor of one of largest township projects in Vietnam Gamuda City that spans over 500 hectares, is always very careful with its sales campaigns. Novaland announced plans in 2016 Bao Cong Ly

In 2016, Novaland will introduce five new projects with 4,000 products, mainly townhouses and villas. Novaland’s target is following closely the schedule of projects announced in 2015 and expected to finish in 2016, such as Sunrise Riverside, The Sun Avenue, Golden Mansion, Orchard Parkview and Botanica Premier. Proposed lending changes threaten market recovery Vietnam Investment Review

Property experts are warning that the draft amended Circular 36 of the State Bank of Vietnam on credit tightening could have a detrimental effect on the real estate sector, which is still undergoing a process of recovery. According to this draft, loans pouring into the real estate sector are expected to be tightened so as to prevent the sector’s robust growth from turning into a real estate market bubble.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 8 March2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Gemek Premium: launching nearly 1,000 apartments Cafe f

The investor Geleximco recently introduced the apartment project Gemek Premium in Hanoi. The project comprises of 34 floors with 992 apartments, with 8 emergency staircases, 14 high-speed elevators, as well as a professional security team and a 24/24 camera system. Each apartment is priced from VND14.7 m2. Ba Na Hills Golf Club to open late this month

Gemek Premium

Vietnam Breaking News

The first golf course ever designed by former world top-ranked player Luke Donald will be opened at Ba Na Hills on March 25. Ba Na Hills Golf Club (Ba Na Hills GC) will feature 18 tour-caliber Holes at the foot of a mountain less than half an hour’s drive from the center of Danang City, the gateway to three. When value of utilities raises voice F319

Ba Na Hills Golf Course

The location of the complex RichStar developed by Novaland is highly evaluated, as the project connects to many facilities and has fast-growing infrastructure. Covering 30,000sqm, the projects has six 22-storey towers, providing about 2,000 apartments at prices from only VND1.39bln per unit. Thu Duc House plans to buy 1.8 million shares Saigon Times Daily

Thu Duc Housing Development Corporation (TDH) plans to buy 1.8 million shares at Foreign Trade Development & Investment Corporation (Fideco-FDC) between March 2 and 31. TDH expects to increase its holding in Fideco to 24.89% from the current 18.15%. Experts bullish on property prospects Vietnam Investment Review

Foreign developers are looking to secure their foothold on the back of the voracious appetite seen in the local real estate market. The country, particularly Ho Chi Minh City, continued to attract foreign direct investment capital. This, coupled with a young and dynamic population, and a growing middle-class, would continue to drive demand for quality homes and investment-grade offices.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 9 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Guarantee customers for the HD Mon City project Vneconomy

In Hanoi, Hai Dang Real Estate Investment recently announced and handed over certificates of financial duty guarantee to customers buying housing at HD Mon City. The project covers 6.7 hectares, totals VND5,650bln, and located in the administrative and commercial center My Dinh, Nam Tu Liem District. Sacomreal launched Carillon 3 apartment

HD Mon City project

VOV

Sacomreal recently introduced to the market the project Carillon 3 with 97 apartments on the front of Hoang Hoa Tham Street, Tan Binh District, HCMC. At the sale events, many customers displayed great interest in the project. From March 2 to April , when customers pre-order apartments at Carillon 3, they will be gifted with gold taels printed with the word ‘Fortune’. Keppel Land will own 40% of the Empire City project

Carillon 3 apartment

cafef

Keppel Land and its partners will jointly develop a prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area, located in District 2 of Ho Chi Minh City (HCMC), Vietnam. The planned development will comprise premium residential apartments, office and retail properties as well as an 86-storey integrated mixed-use tower complex. Announcing voting results of typical Vietnam property transaction floor in 2015 The Saigon Times

The property market in the first month of 2016 has stayed stable in terms of price though there have been more successful housing transactions, according to the Housing and Real Estate Management Department under the Ministry of Construction. Hanoi has seen 1,600 successful housing transactions, and there have also been around 1,600 successful home deals in HCMC this month. The advantages of the apartment Cafef

Apartments have become the popular types of housing for young families for many reasons such as the beautiful views, the fresh air, limit noise and dust.. Criteria for evaluating a project not only based on technical indicators in construction, materials, furniture ... but also the spiritual values which help improve the quality of life.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 10 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

FLC Vinh Thinh Resort about to be put into use Giao Bao

Last week, FLC Group inaugurated and operated the tourism resort area FLC Vinh Thinh Resort, located in Vinh Tuong District, Vinh Phuc Province. Covering over 7 ha with vast greenery, the project is a promising tourism destination at weekend days. On this occasion, FLC Group also broke ground of the project’s Phase 2 which covers up to 250 ha and totals VND4,600bn. The highlights of Park Paroma tower

FLC Vinh Thinh Resort

Cafef

Owning a golden location next to the center of HCMC, inheriting a convenient transportation, Vinhomes Central Park brings a big chance for habitants to connect to all the important areas in the city. In particular, Park Paroma (Park 4) is considered beautiful tower located in Vinhomes Central Park. PVcomBank - Bank without distance Vietnam Net

Park Paroma tower

PVCombank launches the Superior Preferential Credit Package worth VND2,500bn, offering loans at an interest rate of 5.99% per year for individuals, and family businesses and ultra-small businesses who want to buy, build, repair housing; to purchase cars; or to take consumer loans. For example, there are incentives for customers buying housing at typical projects like Hanoi Landmark 51, A2 Apartment - Celadon City, City Gate Tower, etc. VietinBank to fund Tan Thuan IPC’s projects Thoi Bao Ngan Hang

VietinBank yesterday inked a strategic cooperation agreement in 2016-2021 with Tan Thuan Industrial Promotion Company Limited (Tan Thuan IPC) and a deal to sponsor a VND2trillion bond package to help the latter implement some infrastructure projects in southern HCMC. HCM City pledges favourable conditions for investors Vietnam Plus

Ho Chi Minh City will speed up administrative reform to create optimal conditions for businesses, the municipal Party Committee Dinh La Thang promised to ask municipal departments and agencies to take the initiative in holding working sessions with investors and enterprises to learn about emerging problems and increase their supervision to ensure the smooth progress of projects in the city.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 11 March 2016 Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Phu Son Thuan joins hands to distribute Xi Grand Court projects Thanh Nien

On March 3, Phu Son Thuan Construction cooperated with six property trading floors - STDA Mien Nam, Khuong Thinh, TBI Holding, Viet Tin Investment, Thoi Dai Housing, and G20 - to distribute Xi Grand Court project. The project will hand over apartments in December 2017, and each apartment is priced from VND2.2bn per two bedrooms. $446.6 million addition to Danang tourism scene

Xi Grand Court projects

Vietnam Investment Review

Vietnamese real estate developer PPC An Thinh Danang JSC has launched the implementation of its 5-star hotel and luxury apartment complex project which has the total capital value of approximately VND10 trillion. VietinBank took on the mantle of sponsor in providing credit for the project as well as benefit guarantees for customers. five-star hotel and luxury apartThe project is divided into two phases. ment complex project Ha Noi lists qualified housing projects Bizhub

Ha Noi Construction Department has announced upcoming real estate projects that have been approved for sale in the market and are being funded by 26 investors. As the projects are completed, they will add 10163 apartments and 585 low-rise buildings in the capital city.Chairman of Viet Nam Real Estate Association said the mobilisation of capital and pay-in-advance purchase of houses always carried latent risks. BIM Group woos buyers for two flagship projects Vietnam News

Syrena Viet Nam Investment and Development Jsc (Syrena Viet Nam), on March 20 will launch Green Bay Village and Lotus Residences in Ha Long City, northern Quang Ninh Province. he developer will offer a discount of 5% of the Lotus Residences townhouse’s value (before tax) for any deposits for purchase made before the end of March. Singapore firm to develop waterfront JV in VN Bizhub

Singapore’s Keppel Land Limited has signed a conditional investment agreement to claim a 40 per cent stake in Empire City Limited Liability Company, worth US$93.9 mn. The other joint-venture partners in Empire City would be Vietnamese companies Tien Phuoc Real Estate JSC and Tran Thai Real Estate Co. Ltd as well as Hong Kong-based real estate private equity fund Gaw Capital Partners. For market research reports, please visit our website at www.colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All material are sourced and collated in this document by Colliers is from the public domain. ©2015. All rights reserved. vietnam.media@colliers.com

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 14 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

More and more foreigners move to reside in South Saigon area Dan Tri

Without the turmoils that plague many other countries and with its burgeoning economy, Viet Nam has become a magnet for foreigners. Phu My Hung is undoubtedly on top of their list when looking for a place to live in Viet Nam. Developer Phu My Hung Development Corporation has kept improving this urban to achieve the same standards as urban areas elsewhere in the world. Phu My Hung Residential Area Diamond Island – The green diamond in the mouth of a Dragon Vietnam News

With three sides facing Saigon and Giong Ong To River, Diamond Island is located in a position called Thanh Long Thu Chau - “The diamond in the mouth of a dragon”, which brings vitality and provides a natural environment for citizens. Diamond Resort Homes was conceived and built as a solution for successful and sophisticated businessmen who appreciate sustainable and family values. Fansipan cable car serves thousands

Diaond Island

Vietnam News

With the world’s most modern three-rope system, the Fansipan cable car can withstand harsh weather conditions and guarantees complete safety for visitors. Besides the cable car system, Viet Nam’s Sun Group has plush five-star hotels, restaurants with local specialties, golf courses and a shopping mall at the Fansipan Legend tourism site. Less risks won’t harm property market Vietnam Investment Review

The amendments to Circular No 36 are meant to urge commercial banks to strengthen the risk management of lending activities, rather than tighten the credit sources for the real estate sector. In a draft document from the central bank circulated for public opinions, the risk index of receivable lending for real estate and securities would be raised from 150% (the lowest level) as stipulated in Circular No 36 to 250%. Real estate market: New level of development begins Viet Bao

Property investors are now proactively and professional in leading the real estate market. For example, Gamuda Land Vietnam is always very careful with its sales campaigns. It only launches the sale of The Two Residence project one year after the sale of The One Residence, after receiving positive news about the number of transactions from managing authorities and consulting firms.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 15 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Vingroup launches complex in Ha Long Bizhub

Real estate developer Vingroup launched the Vinhomes Dragon Bay complex in Ha Long City in the northern Quang Ninh Province on March 10. A highlight of the complex is 380 shophouses, measuring 90m2 to 189m2 each and having four floors, with the 1st floor designed for business and the rest as living spaces. Vinhomes Dragon Bay complex Buy apartment group at GoldSeason to receive 2% discount Vnexpress

The first 30 customers successfully book apartments in STDA GoldSeason will receive 2 gifts worth 70 million. According to the investor of GoldSeason project, customers who buy three or above apartments at the project will receive 2% discount of the flat’s value for a family group, including siblings and parents. Real estate race in green space Viet Bao

in Ha Long

GoldSeason apartment

The buying power in the post-Tet real estate market is being slowed down, and has begun to go opposite against the increasing housing supply. In order to attract customers, greenery is what property investors emphasize when introduce their projects. Flora Anh Dao of Nam Long Group in District 9 is welcomed by the real estate market with prices from nearly VND19mln per sqm, even though the project is designed with vast greenery. PropertyGuru makes final call for Property Awards nominations Bizhub

PropertyGuru, a leading online property group in Asia, celebrated the launch of the Viet Nam Property Awards (VPA) 2016 on March 7 in Ha Noi. The event was held to promote the links between real estate developers and investors in the northern region and from across the country, providing them better knowledge and detailed information of the VPA 2016. HCMC will have four underground basement neighborhood Bao Tien Phong

The project will have four basements, including complex underground pedestrian street, public square, appurtenances and shop area attached to the complex with the total area of over 45000m2 and total investment cost is VND 8392bn, of which the HCMC People’s Committee (ODA) is 4,982 billion, remaining the capital of investors (FDI capital PPP +).

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 16 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Gateway Thao Dien- An reputable real estate brand Cafeland

Occupying a prime location in the eastern part of HCMC, equipped with a host of high-end internal utilities, nicely designed and developed by prestigious project proprietors, Gateway Thao Dien is emerging as a potential project for both homebuyers and investors. This will offer homebuyers a diversity of choices with sophisticated interior design, optimizing the area and the usable space of each apartment. Thai group to manage VN apartment project

Gateway Thao Dien

Bizhub

Thailand-based Bespoke Hospitality Management Asia has been signed up by local company HBCI to manage its luxury apartment project in Hoi An. X2 Vibe Hoi An Residences comprising 214 units on a breachfront location near the ancient town will be completed by this year’s end. HBCI is an investment management company in Viet Nam with a diverse portfolio comprising property, construction, trading,etc. Still much room for property loans

X2 Vibe Hoi An Residences

Vietnam Breaking News

Under the draft of the revised Circular 36 on which the SBV is seeking comments, commercial banks can use short-term capital for medium- and long-term loans at a maximum ratio of 40%, instead of the current 60%.As explained by the drafting committee, the circular is revised to reduce liquidity risk for banks and too much lending to real estate. Foreign investors deepen pocket for real estate Saigon Times Weekly

Foreign investors have further penetrated the property market in HCMC by teaming up with local partners to pour more funds into new projects. CEO of Keppel Land, said in a statement that Vietnam, especially the fast-growing HCMC, is one of Keppel Land’s key growth markets. The Japanese investment fund Creed Group has inked a deal with two local partners to develop the River City, an apartment complex in District 7. Aim to make the market healthy Ha Noi Moi

HCMC held a workshop ‘The return of real estate’ to debate about the revised draft of Circular No.36/2014/TN-NHNN following the tightening of property credit and increasing of risk index in real estate loans. CEO of Nam Long Group affirmed that the modification of Circular No.36 will not really affect the company’s business, as its capital mobilization comes from stakeholders, foreign strategic partners, and domestic banks.

For market research reports, please visit our website at www.colliers.com

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All material are sourced and collated in this document by Colliers is from the public domain. ©2015. All rights reserved. vietnam.media@colliers.com

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 17 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

D’. Le Roi Soleil - Quang An stirred up Singaporean real estate market Vietnam Investment Review

Over 200 Singapore’s leading real estate companies and investors were totally charmed by the prospects and investment opportunities in Vietnam’s real estate market, particularly in the capital city of Hanoi, when they attended a seminar boasting potential of the Vietnamese property market, held by Tan Hoang Minh Group in Singapore on March 5 and 6. Sales launch: I Home Project

D’. Le Roi Soleil - Quang An

Viet Bao

On March 12, I-Home Lovely Home Company officially launched the first sale of apartments at I-Home - Hanoi Avenue project. At this sale event, the investor provides 300 first apartments with 2 bedrooms and prices from VND850mn per m2 (VAT excluded). First pre-ordering customers on the sales day will receive a discount of up to 6% the flat’s value, together with many other valuable gifts. Property market turns attractive to foreign investors

I Home Project

The Saigon Times

The real estate market has become attractive to foreign companies and investment funds, which is evident in some major merger & acquisition (M&A) and cooperation deals struck this year between foreign and local firms. According to industry watchers, investors must secure long-term capital for the large project as it is scheduled for completion in 2022. PM approves green urban project Vietnam Investment Review

The Prime Minister has approved a project on developing green urban areas using loans from the Asian Development Bank (ADB). The project aims at improving and expanding the localities’ traffic networks and infrastructure, while creating a driving force for urban development in commerce, services and tourism in order to generate income and better living conditions for participating provinces. End of property support package worries homebuyers Bizhub

Home buyers fear that once the support package ends the interest rates might rise to match current market rates, which might hit them financially. The package has been disbursed to assist low-income homebuyers and prop up an ailing realty market that faced very high inventories.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 18 March 2016 Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Sales launch: final phase of Samland Riverside project Bao Cong Thuong

SEAREAL - the exclusive distributor of Samland Riverside project, will work with the investor Samland to launch to the final sale of the 30 last apartments out of the project’s 138 units, at prices from only VND1.5bn per unit, with flexible payment schedule through 13 installments. The Golden Star project was introduced Cafeland

Last weekend, on the occasion of 15th anniversary, Hung Loc Phat Company has officially announced the high-end apartment project The Golden Star, located in the high-end residential area South Saigon, with the participation of many customers. At the event, the company offers very competitive prices of VND25.3mln per m2. Race to disburse VND30-trillion housing package before zero hour Bao Thanh Nien

Samland Riverside project The Golden Star Project

The Golden Star Project

Regarding of the news about loans disbursed after June 1, 2016 will have to follow commercial interest rates instead of the preferential rate of 5pct per year for 15-year term, many customers are urging property investors to accelerate the liquidity rate prior the mentioned date in order to enjoy fully the incentive rate. No deadline sought for disbursements in home loan program The Saigon Times

The HCMC Real Estate Association has proposed the State Bank of Vietnam not set a deadline for disbursements of the VND30trillion home loan program to give civil servants and low-income people the opportunity to buy homes. HoREA wanted no deadline for the disbursement of the home loan package to make life easy for low-income homebuyers and other beneficiaries of the program. NLG pays dividend and issues convertible bonds Dau Tu Chung Khoan

Nam Long Group (NLG) recently announced to pay dividend for the second time in 2015 via cash, at a rate of 4.73%. Additionally, NLG also gathered opinions of stakeholders about issuing VND500bn-worth convertible shares with 4-year term and interest rate of 7% per year, at a price of VND23,500 per share.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 21 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

FLC Quy Nhon to open on June 29 Bizhub

More than 2,000 specialists, architects and workers have been hurrying to finish the construction. The FLC Quy Nhon’s golf course – the project’s main construction -- has seen the fastest execution in the world and has been designed and built by two of the world’s leading companies, Nicklaus Design and Flagstick. Own Dragon Hill 2 from VND480mln only Bat Dong San

FLC Quy Nhon

From March 8 to April 30, by paying 30pct of a flat’s value (about VND480mln), customers can own an apartment at Dragon Hill Residence and Suites 2 (Dragon Hill 2), located in Dragon City (South Saigon). The remainder can be paid when customers have their apartments handed over. Resort sales follow realty resurgence Vietnam Investment Review

Dragon Hill Residence

The local market has attracted many domestic buyers through the launch of many large-scale resort projects with synchronous infrastructure development and reasonable sales prices. The HCMC beachfront villa market has heated up recently with the news that Vingroup received approval from the local people’s committee to become a strategic partner in implementing the 821ha Can Gio sea urban area. Apartment inventories in city plunge Vietnam Investment Review

Tokyo-based investment fund Creed Group became the first foreign investor in the Vietnamese property sector so far this year via its participation in a $500Mn residential project in District 7. Along with its partners Phat Dat Real Estate Development Corporation and An Gia Investment, Creed Group will develop the River City project in the southern part of the city, which will comprise of 8,000 apartments in 12 blocks. Asia invests US$62.4 billion in abroad properties Thoi Bao Tai Chig Vietnam

In accordance, outbound investment of the whole region’s real estate market in 2015 continues to see an impressive year, reaching $62.4bn, up 37% year-on-year. Main source of investment capital continues to arrive from Singapore, China, and Hong Kong. The office sector remained the most-preferred asset class, but hotel and industrial assets continued to receive strong appetite from

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 22 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Purchase and sale of villas in Danang increase Cafe f

According to report about Danang real estate market, the city’s market is seeing 11 villa projects launched for sale, providing 572 units and mainly located in Ngu Hanh Son District; 11 apartments projects with 412 units. Hai Chau and Son Tra are two districts with the highest primary supply, accounting 96% of the market share. Show flats ready at Novaland’s RichStar project Bizhub

Villa in Da Nang

Cafe f

RichStar Project

Novaland this week opened show flats for potential customers to see at its RichStar project in HCM City’s Tan Phu District. The company’s first development in Tan Phu, situated in Ho Binh Ward, spreads over 30,000m2 and has seven 22-storeyed buildings and is near to facilities like a supermarket, kindergarten, university, banks, cinemas and a hospital. Real Estate stock news

Hoang Van Anh, chairman of Song Da Urban Investment Construction & Development Company (SDU), will acquire one million SDU shares to raise his holding from 2.7% to 7.7% within one month starting from March 18. Cong Minh Real Estate Company has registered to sell its entire stake amounting to some 325,700 shares (3.2%) at De Tam Company (DTA) from March 18 to April 16. High-end apartments, do not lose customer confidence Cafe f

M&As in the domestic real estate sector are being favoured thanks to the recovery in the market, together with several new policies. Experts said 2014 and 2015 was the breakthrough period for M&As in the market. In the context of the frozen property market, the progress of several estate projects with favourable locations was stagnant as investors were facing financial difficulties. C.E.O Company to obtain VND1.2 trillion revenue Bao Moi

C.E.O Investment Company (CEO) looks to obtain VND1.2 trillion revenue and VND206 billion net profit this year. CEO said on its website that it plans to issue shares to raise its chartered capital by 50% to VND1.03 trillion in 2016. CEO Group expanded the business land fund the form of M & M & A.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 23 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Phu Quoc condotels warming up the market Vietnam Investment Review

Condotels in Phu Quoc are becoming increasingly attractive to foreign investors because of their location in one of the hottest tourism destinations of Vietnam as well as the prestigious developers behind them. With not only Sun Group, but also many real estate companies, such as Vingroup and LDG Group, seeing big opportunities in the condotel segment, investments in the area are poised for a surge in 2016. Vingroup has been chosen as the strategic investor of Savina

Condotels in Phu Quoc

Vietnam Finance

Vingroup has been chosen as the strategic investor of Sach Vietnam One Member Company Limited (Savina) under the Ministry of Culture, Sports and Tourism. Over 44 million Savina shares (65%) will be sold to Vingroup at the starting price of VND10,500 each via a put-through deal. Tightened loan sources to affect banks, business: property

Lake Side Hotel invested by Savina

Bizhub

The Ministry of Construction has asked the State Bank of Viet Nam to extend the terms of the government’s VND30 trillion (US$1.3 billion) property support package. This is being as the term ending on June 1 this year is a cause for concern for many homebuyers. The package has been disbursed to assist low-income homebuyers and prop up an ailing realty market that faced very high inventories. House prices expected to rise after steel hikes Bizhub

The cost of building houses is expected to increase due to the recent rise in steel prices, which will in turn likely cause a spike in home purchase prices. Real estate developers raised these concerns after the Ministry of Industry and Trade (MoIT) announced additional tariffs to be levied on imported steel products as of Tuesday.

For market research reports, please visit our website at www.colliers.com

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 24 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Thua Thien-Hue province a step closer to casino approval Vietnam Investment Review

Minister of Finance Dinh Tien Dung has voiced his support for Singaporean resort developer Banyan Tree Holdings to open a casino in Laguna Lang Co integrated resort complex in the central province of Thua Thien-Hue because he believed it would benefit both the province and the developer. Ho Tram Strip unveils Gallery Villas project Vietnam Breaking News

The Ho Tram Project Company is offering homes in Gallery Villas project as part of the multi-billion-dollar-integrated resort complex Ho Tram Strip in the southern province of Ba Ria-Vung Tau. The developer of the Ho Tram Strip said in a statement released over the weekend that 60 three-bedroom villas join Vietnam’s major entertainment destination. Hanoi Real Estate: Eco Villas Investment Business Tendency Cafef

Laguna Lang Co integrated resort complex

Ho Tram Strip unveils Gallery Villas project

Buying eco-villas and participating in ‘lease pre-commitment’ program is becoming the trend of investment having high profitability. With the high interest rate supporting policies and attractive rental returns, Vinhomes projects are getting more attention from investors and leading the real estate market. Domestic developers look for financial alternatives Vietnam Investment Review

Threatened by the government’s initiative to introduce lending limits, real estate developers are seeking new financial sources for their projects instead of depending on bank loans or deposits from buyers. Vietnam’s capital market must be better developed in order to support the country’s economic development, especially that of the real estate sector, which normally needs to have medium- to-long-term financing. Nam Long Group wins VUPDA award Thoi Bao Ngan Hang

Vietnam Urban Planning Development Association recently handed over the ‘VUPDA - Enterprise with Achievement in Vietnam Urban Development 2015’ award to Nam Long Group, for generating the main income for the urban budget, jobs for labourers, living environment for residents, and contributing to the modern and cultural urban development, strengthening the nation’s position.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 25 March 2016 Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Phu My Hung sells out phase 1 of Scenic Valley 2 Bizhub

Phu My Hung Development Corporation said it has sold all units it offered in the first phase of its new Scenic Valley 2. The company said 600 customers attended the sales event, 10 per cent of them foreigners, and all 183 apartments in blocks A and B were sold out in one morning. Phu My Hung said the next sales phase would be in the beginning of April to sell apartments in Block C. 400 Him Lam apartments are going to be launched

Scenic Valley 2

Bao Moi

Him Lam Land is preparing to launch to the market 400 high-end apartments located in the partly-secluded resident are Him Lam Phu Dong, at prices from VND1bln per two bedroom unit, together a special payment solution that allows customers to own apartments by making a pre-payment worth 50pct the flat’s value. Brands jostle for prime space Vietnam Investment Review

Him Lam Apartment

Retail development has been feverish as foreign and local developers compete in this rapidly changing environment. There has been significant retail related mergers and acquisitions activity throughout 2015. In 2016, there will be more space added, with new retail formats to be tested such as the Takashimaya Department Store within the Saigon Centre in Ho Chi Minh City. Foreign shops driving rents up Bizhub

More foreign shops such as France-based Auchan and US-based 7-Eleven convenience stores will lead to competition for rental spaces, particularly in downtown HCMC, according to a new report. The report also said that many spaces inside trade centres remained empty because investors were waiting to rent spaces on major streets. To meet the demand, real estate investors will offer more ground-floor spaces in high-rise buildings this year. HCM City’s east: where the smart money is on property development Bizhub

In 2010-20, HCM City plans to spend VND250 trillion on developing transport infrastructure. Of this, a whopping 70 per cent will be allocated to the eastern region, which is seeing a slew of infrastructure and property developments. Analysts say the property market usually tracks infrastructure development, an assessment that has been borne out in the city’s east.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 28 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

LDG loaned VND 1.760 bn for the Grand World project Tin Nhanh Chung Khoan

LDG Investment Corporation (LDG - HOSE) has loaned 1.760 bn from Bank for Industry and Trade of Vietnam - Kien Giang branch for the Grand Word Phu Quoc project. Located on Bai Dai, which is one of 10 world’s most beautiful beaches and designed by an Australian architect, Grand World has a Western style. The public area is 10.7 ha, the villas, hotel, resort and bungalows sit on 25.1 ha. Botanic - Gamuda Garden: Buy nice house, receive luxurious interior

Grand World project

Cafef

From now up to March 31, Buyers of villas and terraced houses at Botanic - Gamuda Gardens will have a chance to receive a Klever Home interior package worth VND600mn, together with other attractive promotions. The project is officially distributed by STDA. Additionally, Gamuda Land Vietnam also cooperates with banks to launch a housing loan package worth up to 70% the product’s value at 0 interest for 24 months. 8 common inconveniences of average apartment

Botanic - Gamuda Garden

Vietnam Net

There are some inconvenience when you live in the average apartment such as: overloaded elevator and underground parking, cracking house, soaked ceiling wall, fire safety, poor soundproof, the public areas receive less attention, low hygiene awareness, the ceiling is lower than specified, building management board does not remove responsibility. NLG to promote affordable housing in north Vietnam Tin Nhanh Chung Khoan

Nam Long Group’s leaders recently announced that the company’s department of land fund management and development is seeking for a supply of potential land fund not only in HCMC, but also in Hanoi - where the demand on affordable housing is pretty high. NLG is strengthening its leading position in the “affordable” housing market. China invests $10.4 billion in Vietnam Vietnam Net

By the end of March 2016, China had 1,346 valid projects in Vietnam with a total registered capital of $10.4 bn. Investment from China rose sharply, mainly pouring into the processing industry, textile and fiber dyeing ... because they wanted to benefit from the wave of integration of Vietnam. It is forecasted that capital from China into Vietnam will rise in the coming time because China is not a For market research reports, please visit our website at www.colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All material are sourced and collated in this document by Colliers is from the public domain. ©2015. All rights reserved. vietnam.media@colliers.com

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 29 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

The attraction of Shophouse Tuan Chau Marina Cafe f

Shophouse Tuan Chau Marina – the first coastal commercial business house project in Vietnam will be formally introduced on 03/26/2016 at Tuan Chau Marina Restaurant. Located in Ngoc Chau urban areas, the center of Tuan Chau Port - the largest artificial port in Asia, which attracts millions of tourists every year. Free parking lot a lure for buying apartment in The Sun Avenue Bizhub

Property experts predict that the market in trading parking lots in apartment buildings will become red hot as a new circular issued by the Ministry of Construction on managing and using apartment buildings comes into effect on April 2. The Sun Avenue, since the day it was introduced in the market, has been an attractive project not only because of the developer’s promotions but also its good location and design. Fears of a property bubble unfounded

Shophouse Tuan Chau Marina

The Sun Avenue Apartment

Bizhub

Property-oriented credit jumped 26% last year, triggering concerns from the State Bank, which is considering putting the brakes on credit growth. Dr. Le Xuan Nghia, former deputy chairman of the National Financial Supervisory Commission and head of the Business Development Institute, explains why it might not be a smart move to tighten credit flow into the real estate sector. Real estate urged to seek out stable capital Vietnam Plus

Experts have said it is necessary for the real estate sector to find stable financial sources to ensure adequate housing supply as demand was anticipated to pick up rapidly. Even though the Vietnamese economy was entering a new growth circle and the property market was oh the recovery path this year, limited funding has turned into a barrier. CapitaLand Vietnam launches JV with Thanh Nien arm for $55m housing project Vietnam Plus

Foreign investors should take account of buying a property in Vietnam at this time as the market is offering great opportunities, according to the UK-based Financial Times newspaper. Alongside this, Vietnam has the potential to become a global tourism destination. This will contribute to boosting the real estate market once foreign investors decide to pour capital into the country.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 30 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

Resorting to charm tactics Vietnam Investment Review

Hong Hac Dai Lai JSC – the developer of the Flamingo Dai Lai resort project, a luxury residential retreat located in the northern province of Vinh Phuc, about 40 kilometres northwest of Hanoi – has recently rolled out a promotion which has surprised many industry experts, as the resort has reported good occupancy. Sun Group’s first golf course elevates Ba Na to new heights Vietnam Investment Review

On March 25, domestic real estate developer Sun Group held the official opening ceremony of Ba Na Hills Golf Club in Ba Na in the central city of Danang. Ba Na Hills Golf Club is a mountain course with a diverse mix of natural topography and vegetation. The golf course was constructed with world famous golfer Luke Donald as the design consultant. Services are provided by IMG Golf Course Services. Businesses asked to be fully aware of intellectual property

Flamingo Dai Lai resort project

Sun Group’s first golf course

Vietnam Plus

Vietnam should increase protection of intellectual property (IP) and copyright in the digital environment to stand firm in the domestic playground, heard a seminar in Hanoi on March 23. Only a few Vietnamese businesses are aware of intellectual property, which makes it difficult for them to get engaged in the Trans-pacific Partnership and the European Union–Vietnam Free Trade Agreement. Nearly 450 firms join Vietbuild 2016 in Hanoi Vietnam Plus

Nearly 450 companies are showcasing their products at the Vietbuild Home International Exhibition-the first of three such events taking place in Hanoi in the coming months. Vietbuild 2016 has 1,350 booths displaying products and materials used in the fields of construction, real estate, architecture, interior and exterior decoration and solar energy systems. Authorities to make Quang Bình Province a tourism hub by 2020 Vietnam News

The central province of Quang Binh will be elevated into a tourism centre for Southeast Asia by 2020, announced the local authority at a recent conference of managers from tourism enterprises based within the province. The province has recently received much investment from both domestic and international.

colliers.com/vietnam

Daily Real Estate News Highlights Vietnam - 31 March 2016

Colliers International’s Residential Highlights is daily news summary which features the latest updates on the Residence, Serviced Apartment, Office, Retail, and Industry Real Estate market.

HOLM: a game-changer in the making Vietnam Investment Review

Not only leading the country in terms of economics growth, in the past few years, Ho Chi Minh City is also setting the trend of a new living lifestyle for the discerning class: riverfront housing. The good news is, in 2016, they may finally reach a solution when the HOLM Residences is launched. HOLM is expected to re-define the concept of luxury, to be the game-changer in the growing luxury housing market with the best offers in all aspects: location, design and security. Many partners to develop Viva Riverside apartment

The Project of HOLM

Bao Moi

Along with the growing interest of tourists in Phu Quoc, the rapid development of the island in the south of Vietnam is expected to make owning a vacation home there more attractive to investors. There were 4 factors driving the development of Vietnam’s hospitality real estate market: economic growth, an increase in demand, the growth of the tourism industry, and the growth of hospitality real estate. Vingroup opens first shopping mall in Central Highlands

Viva Riverside apartment

Vietnam Plus

People in the Central Highlands region will have the opportunity to enjoy a new shopping experience after Vingroup – Vietnam’s most reputable real estate developer opened Vincom Plaza Buon Ma Thuot Trading Centre, the first of its kind in the region, on March 26. Covering an area of nearly 11,000 m2 in the centre of Buon Ma Thuot city, Dak Lak province. Gallery Villas launched as jewel in Ho Tram’s crown Vietnam Investment Review

Ho Tram Project Company has launched its latest residential project, Gallery Villas, which are set to become one of Vietnam’s premier vacation residences. Michael Kelly, executive chairman of Ho Tram Strip, spoke with VIR’s Nam Phuong about the unique offering that the Gallery Villas would provide to discerning investors in vacation homes. Disbursement deadline for home loan program may be extended The Saigon times

SBV has said it will ask the Prime Minister for approval to extend the disbursement deadline for the home loan program after the May 31 deadline. The central bank said in a statement that it would suggest refinancing participating banks in the program so that they could continue disbursing low-interest loans for individual and household borrowers to acquire, build or upgrade homes after the deadline. For market research reports, please visit our website at www.colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All material are sourced and collated in this document by Colliers is from the public domain. ©2015. All rights reserved. vietnam.media@colliers.com

colliers.com/vietnam

COLLI ERSI NTERNATI ONAL HOCHIMI NHOFFI CE Bi t e x c oOямГc eBui l di ng , l e v e l 7 1 925Ng uy e nHue , Di s t r i c t1 T e l +84( 8)3827 5665 Fa x +84( 8)3827 5667