Property

Not only street shops but also shopping centers have been forced to accept the dire situation created by a shortage of customers. But according to research by Savills, many luxury retailers in city centers still intend to boost operations, most notably in Hanoi.

Southern Ba Ria-Vung Tau province will auction seven land plots with a total area of over 228 ha this year and expects to collect nearly VND12 trillion ($524.7 million). The list includes the Cu Lao Ben Dinh ecological urban area, on 110 ha. This new and modern urban area has mixed functions, including housing, commercial services, office space, an international passenger port, an amusement park, and tourism services.

Ho Chi Minh City leaders have sent an urgent petition proposing the Prime Minister give approval for the city to develop and issue a land price adjustment coefficient in accordance with the actual situation in the city, which will then be submitted to the Ho Chi Minh City People’s Council for approval.

The Thanh Hoa Provincial People’s Committee has recently issued decisions approving the sub-division planning for industrial parks within the north-central province’s Nghi Son Economic Zone.

Northern Hai Phong city has announced the auction of land use rights for an area to build a golf course and other businesses under the planning for the Doi Rong international tourist area. The land area totals about 1,358 sq m in Do Son district. The starting price is VND30.63 billion ($1.35 million).

Vietnam’s commercial real estate market has recovered strongly since the end of 2021. Hotels have been busy welcoming tourists now that social distancing measures have been lifted. The retail space and demand for office space for lease have also increased thanks to solid FDI attraction. These provide a foundation for real estate to become active once again in 2022.