Vietnam’s Top Property News – Week 53/2020
The top residential and commercial real estate news of the Week 53/2020 and promotional property both from new launch and secondary property market:
Information herein has been obtained from sources believed reliable, please analyze and use it at your own responsibility and independently confirm its accuracy and completeness.
Thu Duc, a City within Ho Chi Minh City:
Thu Duc City, merging of District 2, 9 and Thu Duc
The Standing Committee of the National Assembly, the legislative arm of Vietnam, approved the government’s resolution to give birth to Thu Duc as a new city on the basis of merging District 2, 9 and Thu Duc, about 211 km2 wide, with a population of more than one million. This is the leading nucleus, promoting the development of the city and the Southeast region. The city is expected to contribute 1/3 of the gross domestic product (GRDP) of Ho Chi Minh City, equivalent to 7% of the country’s gross domestic product (GDP). On December 31, Ho Chi Minh City plans to hold a ceremony to announce the establishment of Thu Duc City.
Thu Duc could position itself as a regional or Southeast Asian leader in infrastructure quality and multi-modal logistics, labor skill (particularly for industry 4.0), universities and research centers, and technology zones and initiatives that could attract new firms looking for a readymade industrial ecosystem, expert said.
This identity gives the city multiple dimensions to build on in terms of present advantages and future directions for policies and public investment.
Vietnam tells US no desire for trade advantage through monetary policies:
PM Nguyen Xuan Phuc has assured U.S. President Donald Trump that Vietnam does not seek to derive a trade advantage through its monetary policies
Speaking by phone on Tuesday Phuc said Vietnam is a developing country and therefore uses monetary policies to contain inflation and ensure economic stability, and not to gain advantages in international trade, a press release from the Ministry of Foreign Affairs said.
The U.S. Treasury had last week labeled Vietnam as a currency manipulator for its large trade surplus currency intervention.
The State Bank of Vietnam rejected it, saying that it does not seek unfair trade advantages and wants to continue to work with U.S. authorities to ensure a “harmonious and fair” trade relationship.
Phuc congratulated Trump for the development of vaccines for the novel coronavirus within a short period.
Trump said he “loves and respects” the people of Vietnam and would like to visit the country again in the future, the release said.
The two leaders agreed that the Vietnam-U.S. relationship has grown stronger over the last 25 years since diplomatic relations were established.
They expected it to further deepen and stabilize with trade being the focus and driving force and which would benefit the people of both the countries.
A strong, independent and prosperous Vietnam with an increasingly important role in the region is the desire of the Vietnamese people and is also in line with the U.S.’s interests, they agreed.
Vietnam succeeds duo targets in 2020:
Vietnam GDP Growth from 2010-2020
In 2020, Vietnam’s economy has a GDP growth of 2.91%. This is the lowest increase in the recent decade of Vietnam but a great success in the context of the complicated Covid-19 epidemic in many regional countries and the world is falling into recession.
This result is due to the solid control of the epidemic locally, the reduction in the number of deaths, the economic, social and national security results. According to the Prime Minister, the anti-epidemic achievement is an effort of the political system and the entire people when Vietnam is considered as an effective anti-Covid-19 model in the world.
In 2021, the government sets a target of 6.5% GDP growth.
Promotional property from primary property:
Masteri Centre Point (District 9):
- Developer: Masterise Homes
- Total scale: 10 towers
- Unit size: 1 – 4 bedrooms
Lumiere Riverside (District 2):
- Developer: Masterise Homes
- Total scale: 2 towers
- Unit size: 1 – 3 bedrooms
Promotional property from secondary property:
Tilia Residences, Empire City in Thu Thiem, District 2:
1 Bedroom with pool and river view:
- SPA for Foreigners
- 63.88 m2
- Price: 335,000 USD (all-in) / ~5,250 USD/sqm LOWER THAN MARKET PRICE
- Owner has paid 35%
- Status: will be handed over in Q3/2021
Layout and floor plan of 1 bedroom in Tilia Residences, Empire City
Sunwah Pearl, Binh Thanh District:
2 Bedroom + 1 with ~12m2 garden and view to river, pool and District 1 center:
- SPA for Foreigners
- 103 m2 excluding ~12m2 garden
- Price: 438,000 USD (all-in) / ~ 4,250 USD/sqm LOWER THAN MARKET PRICE
- Owner has paid 95%
- With bathtub
- Status: just handed over
Layout of 2 bedroom + 1 in Golden House of Sunwah Pearl
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