VIETNAM REAL ESTATE REPORT Q1/2019 · 2019. 3. 15. · VIETNAM REAL ESTATE REPORT Q1/2019. 2 ... In...

transcript

VIETNAM REAL ESTATE REPORT Q1/2019

Executive summary 4 3.3.1 Real estate for rent 43

1. Business environment 7 3.3.2 Real estate for sale 70

1.1 Macroeconomic situation 7 3.4 Risks and challenges 83

1.2 Legal framework 11 3.4.1 Risks 84

1.3 Impact of trade agreements 21 3.4.2 Challenges 87

2. World Real Estate Market 24 3.4.3 SWOT 89

2.1 Real estate market in some countries in the world 24 3.5 Housing development planning 90

2.2 Real estate market in some countries in the region 30 3.6 Driving forces 92

3. Vietnam Real Estate Market 33 3.7 M&A trend 102

3.1 Industry concepts and characteristics 33 4. Enterprise analysis 107

3.2 The period of volatility of Vietnam Real Estate Market 38 5. Appendix 136

3.3 Movement of the real estate market 42 Financial statements 137

Content

RS Real estate

MC Ministry of Construction

FIA Foreign Investment Agency

GSO General Statistics Office

VNAT Vietnam National Administration of Tourism

VNREA Vietnam Real Estate Association

VIRAC Vietnam Industry Research And Consultant JSC

Abbreviations

Vietnam after a long time developed the

"bubble" with the virtual price and then fall into

recession, house prices gradually return to real

value.

Vietnam is one of the most attractive

destinations for retailers in Southeast Asia due

to the booming economy.

Executive summary

Content is intentionally removed for demo purpose

Executive summary

With an export-oriented economy, with

exports accounting for a significant portion of

80% of nominal GDP,

The rate of GDP growth over the years and

policies to attract investment, as well as

tourists in recent years, is driving forces for the

hotel market in Vietnam.

Vietnam is seen as an attractive market

compared to other ASEAN countries,

In addition, the former when the retail market

of Vietnam with only three big men in the

industry such as Metro, Big C or Saigon Co.op,

has formed and developed with many big

names in the domestic retail industry

Executive summary

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Impact of trade agreements

Content

Source: VIRAC, GSO

CPI fluctuations by month, 1/2015 –

12/2018

GDP growth by quarter, 2015 –2018

Source: VIRAC, GSO

CPI by commodity group, 2018

Consumer Confidence Index, 2014 –2018

Source: VIRAC, GSO

Source: VIRAC, FIA

FDI, 2014 –2018e USD billion

Average lending interest rate applied to USD, 2011 – 2018

1.2 Legal framework

Content

1.2 Legal framework

Real estate business law effective from 1 July 2015 has some notable changes as follows:

Sale or lease of houses to be formed in the future, investors must be guaranteed by credit institutions:

Real estate business must establish enterprise:

Investors of real estate projects are allowed to transfer all or part of the project

Disclaiming that all real estate transactions must be through a real estate trading platform:

1.2 Legal framework

Handling the recovery of real estate projects:

The Vietnam Bank for Social Policies (VBSP) will mobilize capital and provide loans to implement social support policies:

Expanding the scope of real estate business activities of domestic organizations and individuals:

1.2 Legal framework

The 2014 Revised Housing Law, effective from July 1, 2015, has some noteworthy points:

Foreigners are allowed to buy and own houses in Vietnam:

Expanding the beneficiaries of social support policies :

1.2 Legal framework

Circular 06/2016 amending and supplementing some articles of Circular 36/2014/TT-NHNN

A detailed walk-through map is included in the flat area and the sections

are not included.

Source: VIRAC, Circular 03/2014/TT-BXD)

1.2 Legal framework

On 12/15/2016, Circular No. 28/2016/TT-MC

1.2 Legal framework

The Ministry of Construction has issued two circulars effective from the beginning of February 1977 relating to apartment buildings and real estate

brokers:

1.2 Legal framework

General regulations

On 13/4/2018, the Ministry of Finance announced the draft report submitted to the Government on the proposal for the draft property Tax Law.

1.2 Legal framework

Content

Vietnam's integration process since 1995 to present

By the end of 2018, Vietnam has signed, implemented, and is negotiating a total of 17 free trade agreements (FTAs).

Trans-Pacific Partnership Agreement - TPP:

2. World Real Estate Market

2.1 Real estate market in some countries in the world

2.2 Real estate market in some countries in the region

Content

US Real estates

Source: VIRAC, National Association of Realtors

House price movement in the US, , 5/2012 – 12/2018

Total investment capital in global real estate market, 2008-2017Billion

Source: VIRAC, Statista

In Europe:

Ireland’s real estate market:

UK’s real estate market :

Germany’s real estate market:

Russia’s real estate market :

In Asia and Oceania:

Australia’s real estate market:

New Zealand’s real estate market:

China’s real estate market:

In the Middle East housing market:

Content

In ASEAN countries:

Myanmar’s real estate market:

Indonesia’s real estate market:

Source: VIRAC, numbeo.com

Home/income price indices in some Asian countries, 2019

Malaysia’s real estate market:

3. Vietnam Real Estate Market

3.1 Industry concepts and characteristics

3.2 The period of volatility of Vietnam Real Estate Market

3.3 Movement of the real estate market

3.4 Risks and challenges

3.5 Housing development planning

3.6 Driving forces

3.7 M&A trend

Content

Overview of real estate market

According to the Department of Housing Management - Ministry of Construction real estate is divided into three categories:

Basic characteristics of real estate

Characteristics of investment in real estate business in Vietnam

Source: VIRAC, GSO

Number of enterprises in Vietnam real estate business, 2010-2017

Number of labours in Vietnam real estate business, 2010-2017

Vietnam real estate business’s revenue, 2010-2017

Billion

Source: VIRAC, GSO Source: VIRAC, GSO

Vietnam real estate business’s before-tax profit, 2010-2017

3.6 Driving forces

3.7 M&A trend

Content

Periods of real estate in Vietnam

Source: VIRAC

Before 1990:

The first real estate fever (1993-1994):

The first freeze (1995-1999):

The second real estate fever (2001-2002):

The second freeze (2002-2006):

The third real estate fever (2007-2009):

The third freeze (2009-2013):

2014 – now:

3.6 Driving forces

3.7 M&A trend

Content

Vietnam's economy is on a growth trajectory in terms of GDP and other economic indicators. Personal income and family expenses are gradually

improving which also has a positive impact on the retail real estate market.

Forecast:

3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Retail market

Retail market

Retail market – Hanoi

Source: VIRAC, VNREA

Typical projects are scheduled for 2019-2020

Total supply by category, Q4/2018

Supply structure by region, Q4/2018

Vacancy rates and rental prices, Q4/2018

The area of supply for commercial centers always accounts for a large

proportion of over xx% of the retail supply area.

Thousand m²

USD/ m²/ month

Rental supply of commercial center, 2010-2018

Rental price and vacancy rates of commercial center, 2010-2018

Retail market – Ho Chi Minh city Total supply, Q4/2018

Retail supply structure by region, Q4/2018

Typical projects are expected to be completed in 2019-2020

VND/m²/monthVacancy rate and rental prices, Q4/2018

Thousand m²

USD/ m²/ month

Supply of commercial center for lease 2007-2018

Rental price and vacancy rate of commercial centers, 2009-2018

Source: VIRAC tổng hợp, VNREA

Structure of retail area for rent by purpose, 2015 Structure of retail area for rent by purpose, 2018

Source: VIRAC tổng hợp, VNREA

Lĩnh vực F&B ngày càng chiếm tỉ trọng cao hơn trong trung tâm thương mại.

Office market

3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Office market

Content is intentionally removed for demo purposeForecast:

Thousand m²

Office market – Hanoi New supply and vacancy rate of grade A offices, 2010-2018

Total supply by region,Q4/2018

USD/m²/month

USD/ m²/ month

Typical projects under construction, 2019

Average rental price by area, Q4/2018

Office rental price, Q1/2015-Q4/2018

Big office deals (>1,000m²) in Hanoi, 2018

Source: VIRAC , VNREA

Structure of office for rent by industry, 2018

Office market – TP.HCM

Thousand m²

Office supply and vacancy rate, Q1/2016-Q4/2018

Total supply and rental price by category, Q4/2018

Typical projects under construction

USD/ m²/ month

Office rental price, Q1/2015-Q4/2018

Big office deals in HCMC, 2018

Structure of office for rent by industry, 2018 Structure of co-working space for rent by enterprise, 2018

Forecast:

3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Industrial zone market

Industrial zone market

Industrial zone market – HanoiHa

VND thousand/ m²/ lease term

Rental price by area, Q4/2018

Total Supply by Region, Q4/2018

Typical projects in the period 2018-2020

USD/ m²/ lease term USD/ m²/ month

Northern Industrial Zone

Average rental price for the Northern

Industrial Zone, Q4/2018

Total supply and vacancy rate of Northern Industrial

Zone, Q4/2018

VND thousand/ m²/ lease term

Industrial zone market – Ho Chi Minh cityTotal supply and vacancy rate, Q4/2018

Rental price by area, Q4/2018

Typical projects in the period 2018-2025

Vacancy rate, 2011- 2018

There is a continuous increase in demand

Source: VIRAC, VNREA Source: VIRAC, VNREA

USD/m²/lease termUSD/m²/month

Rental price for land by area, 2011 – 2018

Rental price for factories available, 2011 – 2018

Apartment for rent is the main segment serving foreigners living and working in Vietnam.

Forecast:

3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Apartment for rent

Apartment for rent

Apartment

USD/m²/month

Apartment for rent – Hanoi Total Supply by Category, 2005- 2018

Apartment rental price by category, Q1/2013- Q4/2018

USD/ apartmenM/

Typical Serviced Apartments in Hanoi, 2019

Source: VIRAC

Apartment rental price and rental capacity, Q1/2015- Q4/2018

Apartment for rent – Ho Chi Minh city

Apartment

Typical projects under construction, 2019

Total supply of apartments for rent, Q1/2015- Q4/2018

USD/m²/month

Apartment rental prices by class, Q4/2016- Q4/2018

Forecast:

3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Hotel market

Hotel market

USD/room/night

Hotel market – Hanoi Hotel total supply, Q1/2016 – Q4/2018

Rental price and capacity, Q1/2016- Q4/2018

Rental price and capacity, Q4/2018

VND thousand/room/night

thousand/room/night

Hotel market – Ho Chi Minh city

Average rental price and capacity, Q1/2016- Q4/2018

Hotel total supply, Q1/2015 – Q4/2018

Forecast:

3.3 Movement of the real estate market - 3.3.2 Real estate for sale – Apartment for sale

Apartment for sale

Thousand m²

Apartment for sale – Hanoi

The housing market has increased sharply since 2013.

Housing supply in Hanoi, 2008- 2018

Both primary and secondary market prices showed signs of a rise from

2014 to 2015 due to the recovery of the market.

Price fluctuation of apartment for sale, Q1/2008 – Q4/2018

Typical projects are projected to complete

Project Investor LocationCompletion

Number of

Apartments

Selling price

(USD/m²)

Apartment

Apartment for sale – Ho Chi Minh city New supply and number of apartments sold,

2010- 2018

USD/m²

High-end apartment segment's price, 2010- 2018Offer price for apartment in Ho Chi Minh City, Q1/2015 –

Q4/2018

Project Investor LocationCompletion

Number

apartme

Selling

(USD/m²)

* Selling price does not include taxes and discounts.

Typical projects are open for sale

Source: VIRAC

BankInterest

rate(*)

Maximum

loan(**)

Maximum

repayment period

(years)

Lending rates of commercial banks, Q4/2018

If popular-segment customers mainly buy to stay, luxury-segment

customers still mainly have money to buy for investment or wait for selling

Structure of buying houses by purpose in HCM, 2016

3.3 Movement of the real estate market - 3.3.2 Real estate for sale – Villa and townhouse market

Villa and townhouse market

Villa and townhouse market - HanoiApartment

Total villa/townhouse supply, Q1/2015- Q4/2018

Price fluctuation of villas and townhouses,

Q1/2014- Q4/2018

Project Investor Location Completion time Number of

apartments

Selling price

(USD/m² )

Typical projects are expected to to complete

Source: VIRAC

Villa and townhouse market - Ho Chi Minh city

ApartmentTotal villa/townhouse supply, Q1/2014- Q4/2018

From 2019 to 2020, it is predicted that xx,xxx villas/townhouses will be supplied on the market.

Project Investor Location Completion

Number of

apartments

Selling price

(USD/m² )

Typical projects are expected to complete

Source: VIRAC

3.6 Driving forces

3.7 M&A trend

Content

The subjective risks from the investor side

3.4 Risks and challenges – 3.4.1 Risks

Objective risks from macro elements

No. City, country

Country House price on

income (times)

20 cities with the highest average income per capita in 2017 in

the world

House price on income in Vietnam, 2011 – 2017

3.4 Risks and challenges – 3.4.2 Challenges

Source: VIRAC, MOC

VND trillion

Stock value of real estate, 6/2015-11/2018

3.4 Risks and challenges – 3.4.3 SWOT

3.6 Driving forces

3.7 M&A trend

Content

On 11/30/2011, the Prime Minister approved and approved Decision No. 2127/QD-TTg on national housing development strategy to 2020 and vision

to 2030:

3.5 Planning

3.6 Driving forces

3.7 M&A trend

Content

In South East Asia

Vietnam

Area of land

Area of sea

Population (2017)

GDP (2017)

Income per capita (2017)

GDP growth rate (2017)

Vietnam

3.6 Driving forces – Geographical location

Hà Nội

Trường Sa

Đồng Nai

Phú Yên

Khánh Hòa

Đồng Tháp

An Giang

CàMau

Bắc Ninh

Hải Phòng

Hoàng Sa

Bình Định

Bình Phước

Hồ ChíMinh

Tiền Giang

Bến Tre

Thanh Hóa

Cần Thơ

Hưng Yên

Nam Định

3.6 Driving forces – Geographical location

Population distribution in Vietnam

Proportion of logistics cost in Vietnam’s GDP in 2016,

compared to other countries

Source: VIRAC collects

3.6 Driving forces – Infrastructure

Content is intentionally removed for demo purposeInvest capital in types of transportation,2010-2015

Source: VIRAC, World Bank

3.6 Driving forces – Infrastructure

Source: VIRAC, World Bank Source: VIRAC, World Bank

LPI Index ranks of ASEAN countries, 2010-2018

LPI Index rank of Vietnam, 2007- 2018

Largest urban areas of Vietnam

Estimated 2017

Rank City name Under

Population

(million

people)

Source: VIRAC

3.6 Driving forces – Advantages of infrastructure and population

Level of urbanization, 2010 - 2017

Disposable income and household expenditures, 2008 – 2017f

Source: VIRAC, GSO

3.6 Driving forces – Urbanization rate and disposable income

Source: VIRAC, MOC

VND trillion

Source: VIRAC, MOC

3.6 Driving forces – Outstanding credit of real estate

Outstanding credit of Real estate, 12/2012-12/2018

Structure of real estate credit balance, 2018

Structure of population by stratification (expenditure), 2013 – 2020f

Source: VIRAC, BCG

Million people

Source: VIRAC

3.6 Driving forces – The development of the middle class and consumer confidence index

Vietnam is one of the fastest growing travel destinations in Southeast

Source: VIRAC, TCDL

Million people

3.6 Driving forces – Tourism potential

Number of tourists, 2011-2018

3.6 Driving forces – Tourism potential

Vietnam’s revenue in real estate business, 2010-2022f

Source: VIRAC, TCDL

3.6 Driving forces

3.7 M&A trend

Content

In 2018, real estate market witnessed many large-sacle M&A transactions of over x billion USD.

3.7 M&A trend

Outstanding M&A transactions in real estate business in 2018

4. Enterprise analysis

Content

3. Types of real estate

Real estate enterprise analysis

Vingroup - JSC

Vinhomes Sky Lake, Pham Hung-Nam Tu Liem-Hanoi, Vingroup

Overview of FLC Group:

Five-star resort and golf complex Quy Nhon, Binh Dinh

Kinh Bac City Development Corporation

Que Vo Industrial Park, Que Vo District, Bac Ninh Province, KBC

Nova Real Estate Investment Corporation:

Residential project in Richstar, Tan Phu, HCMC, Novaland

Khang Dien House Trading and Investment Joint Stock Company

Lucasta Villa, District 9, Ho Chi Minh City

Nam Long Investment Corporation

Camellia and Ehome, Nam Long

Phat Dat Real Estate Development Joint Stock Company

Residential area of EverRich 2 (River City), District 7, HCMC, Phat Dat real

estate development

Quoc Cuong Gia Lai Joint Stock Company

Quoc Cuong Gia Lai Residence

Green Land Real Estate Group:

Sunview Town Residence – Dat Xanh Group

Binh Duong Business and Development Joint Stock Company (TDC):

TDC Plaza apartment building in Binh Duong, Hoa Phu, Thu Dau Mot,

Binh Duong

Overview of AEON Group and AEON MALL Vietnam Co., Ltd Major shopping centers of AEON in Vietnam

Location Shopping center Floor square Total investment

Overview of Lotte Group

Hoàng Sa

Hồ Chí Minh

Trường SaCần Thơ

Phú Quốc

Vũng Tàu

Đà Nẵng

MEGA MARKET VIET NAM COMPANY LIMITED (formerly METRO Cash &

Carry VIETNAM)

Overview of BIG C

Vincom Retail Joint Stock Company:

Vincom Plaza Shopping Center

Sai Gon Co.op. Investment and Development Joint Stock Company

TOP REAL ESTATE ENTERPRISES WITH HIGHEST REVENUE 2017

Enterprise Location Tax codeTotal assets

(VND million)

Net revenue

(VND million)

3. Real estate enterprise analysis

Target group of business results

VND million

Source: VIRAC

Net revenue growth, 2016 - 2017

Source: VIRAC

million

Gross profit growth, 2017

Source: VIRAC

Liquidity ratio, 2017

Source: VIRAC

Receivable turnover, 2016 - 2017

Financial indicators

Source: VIRAC

Solvency. 2017

Source: VIRAC

Asset turnover ratio, 2017

Fixed asset turnover, 2017

Source: VIRAC

Enterprise management expenses/ Net revenue, 2016 - 2017

Interest Expense/Net revenue, 2016 - 2017

Source: VIRAC

Sale expenses/ Net revenue, 2016 - 2017

Source: VIRAC

Profit ratio , 2017

Retail enterprises

Source: VIRAC

Distribution of supermarkets in Vietnam, by region,

Content is intentionally removed for demo purposeRetail market share in Vietnam, 2016

Source: VIRAC

5. Appendix

Content

BALANCE SHEET

Unit: VND million 2016 2017

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivables

1. Customer receivables

IV. Inventory

B. NON-CURRENT ASSETS

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

1. Short-term debt and loan

2. Taxes and amounts payable to the state

II. Long-term debt

1. Long-term debt and loan

2. Long-term provisions

B. EQUITY

TOTAL SOURCES

REPORT ON BUSINESS RESULTS

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

General and administrative expenses

Net profit from business activities

Gross accounting profit before tax

Current corporate income tax expense

Deferred corporate income tax expenses

Profit after tax

Appendix

Financial statements

Vingroup

No-Va Real Estate Investment Corporation

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

FLC Group

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

STATEMENTS OF CASH FLOWS

I. Cash flow from business activities

Depreciation of fixed assets

Unrealized foreign exchange gain/loss

Net cash flows from operating activities

II. Cash flow from investment activities

Spending on procurement, construction of fixed assets and other

non-current assets

Net cash flows from investing activities

III. Cash flow from financial activities

Net cash flows from financing activities

Effect of exchange rate difference in foreign currency

Net cash flows during the year

Khang Dien Housing Investment & Trading JSC

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

STATEMENTS OF CASH FLOWS

I. Cash flow from business activities

Depreciation of fixed assets

Unrealized foreign exchange gain/loss

Net cash flows from operating activities

II. Cash flow from investment activities

Spending on procurement, construction of fixed assets and other

non-current assets

Net cash flows from investing activities

III. Cash flow from financial activities

Net cash flows from financing activities

Effect of exchange rate difference in foreign currency

Net cash flows during the year

Nam Long Investment JSC

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

Dat Xanh Real Estate Service & Construction JSC

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

Kinh Bac City Development Share Holding Corporation

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

Quoc Cuong Gia Lai Joint Stock Company

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

Phat Dat Real Estate Development JSC

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

Binh Duong Construction and Development JSC

Appendix

BALANCE SHEET

A. CURRENT ASSETS

IV. Inventory

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

II. Long-term debt

B. EQUITY

TOTAL SOURCES

Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

Profit after tax

REPORT DISCLAIMER

This document has been prepared in good faith on the basis of information available at the date of publication without any

independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and

statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of

the pages of the report at the time of preparation. Such information has not been independently verified and VIRAC makes no

representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and

materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use.

You agree that you will not use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it

outside your organisation, or place it on a website for public access without the express written permission of VIRAC.

SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:

VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)

6th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam

Website: http://virac.com.vn/

Email: viracresearch@virac.com.vn | Tel: +84 463289520

Thank you !

VIETNAM REAL ESTATE REPORT Q1/2019 · 2019. 3. 15. · VIETNAM REAL ESTATE REPORT Q1/2019. 2 ... In...

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