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Real estate ranks third in FDI attraction

In Uncategorized on November 27, 2010 at 6:20 am

The real estate sector currently ranks third in attracting foreign direct investment (FDI) in Vietnam, according to the Ministry of Planning and Investment’s Foreign Investment Agency.

The new urban area Phu My Hung in South Ho Chi Minh City has been invested by a Taiwan business. (Photo: Viet Dung)

By the end of the third quarter this year, foreign investors had disbursed a total of 8 billion USD to real estate projects in Vietnam, the Foreign Investment Agency reported at an international seminar on experiences in developing housing and real estate worldwide, along with options for Vietnam.

The seminar, held in Hanoi on Nov. 26, brought together 1,500 real estate developers and foreign investment funds from 15 countries and territories.

Construction Minister Nguyen Hong Quan said the real estate market is important as it makes direct impacts on the national economy’s growth and has close ties with financial, construction, building materials, and labour markets.

According to Deputy Minister of Construction Nguyen Tran Nam , by the end of 2009, foreign developers had invested in 500 real estate projects with a combined registered capital of over 40 billion USD.

In 2009 alone, FDI in real estate reached 2.5 billion USD, accounting for 21.8 percent of new FDI in Vietnam .

The same day, Vietnam ’s real estate market potentials were introduced to participants in an international real estate exhibition, which was held as part of the seminar.

Source: SGGP

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