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[2009-05-11] Sound of hammering returns

 Sound of hammering returns  (Listed May 11, 2009)   The construction industry has begun showing signs of revival after spending nearly a year in the doldrums, with building-material sales showing a marked rise.Late last year sales dropped by almost 50 per cent from the same period in 2007 though prices fell sharply. The situation was even gloomier in the early part of this year.Independent analysts said sales of construction materials fell because a series of construction...
[2009-05-11] Golf courses accused of dodging tax

Golf courses accused of dodging tax  (Listed May 11, 2009) Golf course developers who build hotels, villas and commercial centers on their projects are evading tax, the “Golf Courses and Green Construction” conference in Hanoi heard Wednesday.The conference heard tax and land lease rates for golf courses were much lower than what developers of hotels and other commercial developments had to pay.Golf courses in Vietnam often have large areas set aside for non-golfing act...
[2009-05-08] Hanoi puts freeze on new building permits

Hanoi puts freeze on new building permits (Listed May 8, 2009)   Licences for urban building projects will not be issued before the approval of the Hanoi Master Construction Plan, according to a decision by Prime Minister Nguyen Tan Dung.This is ensure the planning project is carried out effectively and uniformly, Dung said. Hanoi People’s Committee will have to review all urban building projects already approved so the Government can decide which to scrap.“ Many projects we...
[2009-05-08] Houses with bird nests up for sale

Houses with bird nests up for sale (Listed May 8, 2009)   An advertisement which says a house in district 7 in HCM City with swift nests is for sale has caught people’s attention. Swift nests, an ingredient in the famed bird’s nest soup, is priced at VND27-54mil, or $1,500-3,000/kg on the market.As the demand for real estate has been decreasing due to the global economic recession, real estate developers have had to launch a lot of promotion programmes to boost sales. Some r...
[2009-05-08] Danang builds VND4 trillion university village

Danang builds VND4 trillion university village (Listed May 8, 2009) The central city of Danang on Wednesday started building Danang University Village in Ngu Hanh Son District with invested capital of nearly VND4 trillion (US$230 million) 12 years after the project was suspended.Located 20 kilometers from the city center, the village will cover 300 hectares in Quy Hoa Ward to accommodate 100,000 students by 2015. The three-phase project is invested and operated by the Ministry of Education and...
[2009-05-08] VND8 trillion to build accommodations for students

VND8 trillion to build accommodations for students (Listed May 8, 2009) A total of 8 trillion VND (450 million USD) will be poured in a programme to build accommodations for students of universities, colleges and vocational training and technical high-schools.According to the Prime Minister’s recent decision on policies to implement the programme, the money will be sourced from the State coffer, the Government’s bonds, and localities and ministries’ budgets for education inf...
[2009-05-08] Construction industry has bottomed: insiders

Construction industry has bottomed: insiders (Listed May 8, 2009) The construction industry had a very tough time last year but insiders say the decline in building activity may be over. Workers at a construction site in Ho Chi Minh City. Construction firms said they are optimistic about the industry’s prospects this year.Nguyen Luong Thinh of the Ho Chi Minh City-based Binh Minh Construction Company said 2008 was the most challenging year in the last two decades for the industry.The eco...
[2009-05-08] City receives more funds for urban upgrade program

City receives more funds for urban upgrade program (Listed May 8, 2009) HCMC will receive a supplementary fund of US$128.8 million financed by the World Bank for a long-term project to upgrade urban areas, protect the environment, and improve living standards, especially for the poor.Under a statement issued yesterday, the prime minister agreed providing additional loans funded by the World Bank to Vietnam Urban Upgrading Project, which is being carried out in HCMC, Can Tho, Haiphong and Nam ...
[2009-05-08] Death of real estate M&As highlight problems

 Death of real estate M&As highlight problems (Listed May 8, 2009) Many real estate projects have held sales over the past year, but just a few transactions have been a success. Phan Xuan Can, chief executive officer of investment consulting company Tiger Invest discusses the reasons behind the failures with VIR's Son Tran.What are the main reasons for the low volume of successful merger and acquisitions (M&As) of real estate projects?The global financial crisis has led to a redu...
[2009-05-07] Singaporean firms bullish on Binh Duong province's prospects

Singaporean firms bullish on Binh Duong province's prospects (Listed May 7, 2009) Vietnam remains an attractive destination for Singaporean investors and Binh Duong Province has emerged as their top choice, a Singaporean official said yesterday.Philip Yeo, chairman of SPRING Singapore, a development agency for growing innovative companies and fostering a competitive SME sector, said Singapore has maintained its position as one of the leading investors in the country, especially in Binh Duong, ...
[2009-05-07] Housing Tax Law draft still full of holes

Housing Tax Law draft still full of holes (Listed May 7, 2009) The Ministry of Finance, now compiling the housing tax law, admits that state management agencies still cannot determine how many houses and land plots individuals and households have, so it is very difficult to determine correct tax sums.Which agency grants certification?In HCM City, many real estate sellers still have to pay personal income tax, though the current laws stipulate that sellers do not have to pay tax if a sold prope...
[2009-05-07] Why don’t foreign investors sell 5-star apartments?

Why don’t foreign investors sell 5-star apartments? (Listed May 7, 2009) Under the current land laws, Vietnamese citizens have the right to own apartments permanently, even ones belonging to 100% foreign-invested projects. However, they have only been able to lease these apartments at exorbitant prices.Apartments just for leasePacific Place building at No 83B Ly Thuong Kiet street in Hanoi is being put under the management of Ever Fortune, a 100% Taiwanese-owned investor, under investme...
[2009-05-07] Apartment lessees will be expelled when contracts expire: expert

Apartment lessees will be expelled when contracts expire: expert (Listed May 7, 2009) Dang Hung Vo, former Deputy Minister of Natural Resources and the Environment, a real estate expert, affirmed that under the contracts signed between 5-star apartment lessees and investors, lessees will be kicked out after apartment lease contracts expire.You may know that a lot of apartment buildings now have investors being 100% foreign-invested institutions. The investors say that they do not have the rig...
[2009-05-06] Plan for second Lotte Mart in city rejected

Plan for second Lotte Mart in city rejected (Listed May 6, 2009)   Lotte Mart, a member of South Korea's leading department store operator Lotte Shopping, cannot proceed with a major plan to open a second shopping center in HCMC as earlier announced because the city authorities have turned down its proposal.Lotte Vietnam Shopping Co., a unit of Lotte Mart, originally planned to open its second outlet this year on the first five floors of the EverRich apartment building under construction...
[2009-05-06] Vietnam promotes major sea tourism proje

Vietnam promotes major sea tourism projects (Listed May 6, 2009) Vietnam's tourism developers called for international investors to join seven sea tourism projects at the Sea Festival in France last month.Bank for investment and Development of Vietnam (BIDV), one of two organizers of the two-day festival, introduced to foreign enterprises seven major projects in Hai Phong, Phu Yen, Binh Dinh, Khanh Hoa, Ba Ria-Vung Tau and Danang. The US$4-billion Ho Tram eco tourist site, which is said to be ...
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