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Vietnam’s Top Property News – Week 23/2021

Posted by Khoi Pham on June 9, 2021

The top residential and commercial real estate news of the Week 23/2021 and property recommendations:

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.

NEW – Thao Dien Green (District 2, HCMC)

  • Developer: SIC Real Estate Investment Joint Stock Company
  • Location: Nguyen Van Huong Street, Thao Dien Ward, District 2, Ho Chi Minh City
  • Unit types: 1-Bedroom: 54.99 sqm & 61.36 sqm, 2-Bedroom: 83.51 sqm – 88.8 sqm, 3-Bedroom: 108.84 sqm – 130.39 sqm, Penthouse: 323.29 sqm – 400.71 sqm (Duplex)
  • Expected Completion: IV/2023
  • Soon receiving booking

Mathematician’s model sees end of current Covid wave in August

A Covid-19 forecast model by mathematician Ly Nguyen Le Anh depicting the number of active cases (top) and daily new cases (bottom left) and total coronavirus tally in the new wave

A mathematician has developed a model that forecasts Vietnam’s current Covid-19 wave to greatly subside by the end of July and end a month later.

Dr Ly Nguyen Le Anh, a former lecturer at the Military Technical Academy, said the outbreak is being contained and is not expected to spiral out of control.

His forecasting model uses data on efforts to control the disease and its infectivity.

But he said the data needs to be collected over several weeks to ensure accuracy since there are cases with long incubation periods, which means symptoms would only show up several days after a person contracts the virus.

The model takes into account three sources of infection, from close friends and family members, workplace and society and random infections due to close proximity, he said.

He then used techniques like computer simulations, differential calculus and functions to create the forecasting model.

It forecasts that from July 8 to mid-July there will be few to no new cases, and by August 29 most mild and moderate cases will recover.

The incidence should peak this week, and the number of active patients should peak by around June 20 at 7,000-8,000.

“So far there has not been major variations in the data,” Anh said.

“The number of infections is a bit higher than what the model suggests, but in general the disease is being contained.”

If the current efforts are kept up, the number of new cases would gradually decline starting now, he said.

Anh is not the only one to attempt to simulate the trajectory of the Covid wave.

Last month several experts, including the head of the tropical diseases department at HCMC’s Cho Ray Hospital, Le Quoc Hung, said most new cases would have already been contained through contact tracing, posing no infection threat and driving the number of cases down.

Referring to HCMC’s recent decision to impose two weeks of social distancing, Anh said around three days’ data is required to see if outbreaks in the southern metropolis are “out of control.”

Vietnam has had 4,549 cases in the five weeks since the fourth Covid-19 wave started.

Bac Giang and Bac Ninh have reported the largest numbers of infections, 2,424 and 879, followed by Hanoi with 416, including 93 in a hospital under lockdown, and HCMC with 227.

Source: VnExpress

HCMC to replace second metro line consultant

Houses on Cach Mang Thang Tam Street are cleared to give space for the metro line No.2, November 2020. Photo by VnExpress/Gia Minh

HCMC has decided to end cooperation with the primary consultant for metro line No. 2 after failing to reach agreement on renewing an independent consultant contract.

After more than a year of negotiations, the concerned parties – the HCMC Management Authority for Urban Railways (MAUR) and a consortium of three German companies, one Swiss company and a Vietnamese company – could not agree on an appendix to renew an Independent Consultant (IC) Agreement contract.

The Ben Thanh – Tham Luong Metro Line, the second metro line of the city that will run 11 kilometers between districts 1 and 12, had the consortium providing engineering, design and supervision services.

The services, costing nearly 44 million euros ($52.4 million), were funded by a non-refundable grant provided by German state-owned development bank KfW.

The consultant’s services commenced in January 2012, but stopped in October 2018 after disputes broke out over fees for service packages not originally included in the first IC Agreement.

The MAUR had failed to resume the IC agreement since.

The consultancy price tag for the metro line has risen by nearly 29 percent following years of delays, jumping an additional 12.6 million euros ($15.5 million) from the original sum agreed in 2012, the MAUR announced early this year.

The consultancy was demanding extra payment for making adjustments in the design, the investor said.

Now, after failing to reach an agreement after more than a year of negotiations, both sides have decided to end their cooperation.

In March, the HCMC administration had “severely criticized” the MAUR for failing to renew the IC contract in time for the project to proceed.

Such delays have affected the progress of the project, its quality and the city’s prestige, the administration said.

Now the MAUR will organize a tender to find a new consultant to cover the rest of the work on the metro line.

Approved 10 years ago, HCMC’s metro line No.2 had an original price tag of $1.3 billion, which had then ballooned to $2.1 billion by the end of 2019 over rising material and construction costs.

Three international development banks, ADB, KfW and EIB, are funding the project with nearly VND37 trillion ($1.6 billion), and Vietnam is to contribute the remaining sum as counterpart funds.

The route is one of eight metro lines planned in the city with a combined length of 220 kilometers and a price tag of nearly $25 billion.

Disagreements over compensation have repeatedly delayed land acquisition, causing the project to be rescheduled several times.

Source: VnExpress

Vietnam offers to build Covid vaccine production factory for global supply

An employee for Nanogen operates a vaccine assembly chain for Nanocovax, a Vietnamese Covid-19 vaccine, in HCMC, December 8, 2020. Photo by VnExpress/Quynh Tran

The Ministry of Health has proposed joining the Covid-19 vaccine tech transfer process by building a domestic vaccine factory.

At an online meeting with a representative for global vaccine access mechanism Covax on Monday, Minister Nguyen Thanh Long said Vietnam is hastening progress on buying and receiving technologies for Covid-19 vaccine production so the country could be proactive in inoculating its population.

“Vietnam would invest in the factory and wish to be allowed franchising to supply vaccines for Covax, other countries and also Vietnam,” said Long.

Vietnam highly regards the initiative of vaccine alliance GAVI and the WHO in creating the Covax mechanism, supplying two billion Covid-19 vaccine doses within 2021, ensuring equitable vaccine access for all countries, he said, adding it was an opportunity for all low-income countries to access Covid-19 vaccine resources.

Vietnam added it would contribute $500,000 toward Covax, stating it would like the latter to boost vaccine supplies and for countries and international organizations to continue supporting Vietnam regarding vaccine access and supply, especially as the domestic coronavirus situation grows ever more complex, he said.

Over a month into its fourth wave, which is by far the most challenging Vietnam has encountered, the country has recorded 4,407 cases in 36 of its 63 cities and provinces.

The country has so far received nearly 2.5 million Covid-19 vaccine doses from Covax. The mechanism has promised around 38.9 million vaccine doses for Vietnam within 2021.

Vietnam launched its mass Covid-19 inoculation program in March using a vaccine produced by British-Swedish firm AstraZeneca. So far over a million people have been vaccinated.

The country aims to secure 150 million vaccine doses this year to cover 70 percent of its population.

Source: VnExpress

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