Deutsches Haus: German World-Class Design in Ho Chi Minh City

By: Aleksandr Smechov

Deutsches Haus is “the symbol of the strategic partnership and friendship between Vietnam and Germany.”

On the 1st of August 2017 Deutsches Haus, Southeast Asia’s most eco-friendly and well-constructed building, will open its doors on the corner of Le Duan and Le Van Huu in District 1, Ho Chi Minh City, right beside the InterContinental Asiana Saigon Hotel.

Deutsches Haus in Ho Chi Minh

The 25-storey, 40,000 gross sq m building represents the union of the Vietnamese and German governments, showcasing modern German technology and acting as a model of sustainable design.

In 2011, Germany’s Federal Chancellor Dr. Angela Merkel and Vietnam’s Prime Minister Nguyen Tan Dung signed a declaration establishing the partnership between Germany and Vietnam, designed to strengthen the political, economic and cultural relations of the two countries.

For the past five years, Germany has been Vietnam’s biggest trade partner in the European Union, totaling a trade volume of US$8.92 billion in 2015 alone. The Deutsches Haus is to be the central platform for German and Central European companies doing business with Vietnamese and other ASEAN businesses, as well as the place to be for cultural exchange and relations.

Deutsches Haus in Ho Chi Minh

The project aims to receive the USGBC LEED Platinum certification - the highest level of green certification possible. This will be the first building in Vietnam to receive LEED’s Platinum level, and is one of a few in Southeast Asia. LEED (Leadership in Energy and Environmental Design) is a globally recognised certification that ensures a building uses less water and energy, has reduced greenhouse gas emissions, pays particular attention to its construction material (and their effects on health and environment), and much more.

Examples of LEED Platinum certified buildings include the Phipps Conservatory and Botanical Gardens in Pittsburgh, U.S., which contain the world’s only Platinum certified greenhouse; the massive Taipei 101 building in Taiwan; Canada’s Manitoba Hydro Place, quoted by CBC News as one of "the most energy-efficient office towers in the world”; Kohinoor Hospital, Asia’s first LEED Platinum certified hospital; and other select stadiums, hospitals, office buildings, conservatories, universities, convention centers and homes around the world.

Currently, there are only a total of 40 green certified buildings in the country, based on two certifications: LEED, and LOTUS (a certification similar to LEED, but more attuned to Vietnam’s climate and conditions). The first building to garner a LEED certification in Vietnam was a manufacturing facility owned by Colgate-Palmolive. The Diamond Lotus is a LEED-certified condominium project that will have three connected apartment complexes covered in bamboo, to be built in the coming years.

The design of Deutsches Haus has been entrusted to world-renowned architect Meinhard von Gerkan, who has over 50 years of experience. Gerkan has designed Tegel Airport, Lingang New City, the National Museum of China, the Hanoi Museum, Hamburg Airport, both the National Assembly and the National Convention Center in Hanoi, and many others. The design he undertook for Deutsches Haus is meant to express Germany’s role as an industrial and technological leader in the form of sustainable architecture, as well as German-standard architecture abroad.

Deutsches Haus in Ho Chi Minh

The building’s double façade will eliminate the heat of the sun while allowing a great deal of sunlight to pass through, minimizing artificial light usage while ensuring a comfortable interior. In addition, this “double skin” will reduce noise and provide superior thermal insulation.

This façade is unique in Vietnam and is to be a milestone for future developments. LED lights will be used throughout the building for brighter and more energy-efficient lighting; the building’s air will be cleaned through a superior hospital grade filtration system; personal comfort is pushed to the forefront with particular attention to localised temperature control, centralised dehumidification, shading and daylight control and integration of all non-life systems; rooftop solar panels will be able to power the building’s lobbies during normal business hours; and a thorough plan for the building’s water system includes rainwater harvesting, grey water flushing systems and the reuse of treated sewage for irrigation and cooling.

Deutsches Haus in Ho Chi Minh

The city is certainly in need for a greener urban environment: according to numbeo.com, Ho Chi Minh City is ranked the ninth most polluted city globally. This is more than evident in the amount of noise and smog one encounters while cruising around the city by motorbike. Although initiatives are being taken by introducing electric buses and other green projects, until the population adapts more sustainable practices, greener buildings are a necessary beginning.

The building will feature premium office space; a residential living space on the top floors; the largest rooftop terrace in the city; a pool and a fitness center; a multi-functional conference, exhibition and event-space; a restaurant; public areas with workspaces; coffee shops; a mobile washing station for cars and motorbikes parked at one of the four basement parking levels; raised floors (functioning to hide wires and regulate room temperature); and a fully-featured lobby. The lobby will feature screens projecting weather, German and European news, the building’s environmental stats, and will include an air freshener system, German artwork, and architecturally congruent seating. The building will also be the new home for the German Consulate and other German and European institutions.

Deutsches Haus in Ho Chi Minh

This is a serious undertaking in a city full of delimiting regulations and architectural mishaps. The building is an example for the entire country to follow - projects integrating some of its features have already began construction in Vietnam. The Deutsches Haus is to be an environmentally and culturally sound representation of the city’s international future - and it seems to have been entrusted to the right hands for the job.

Image source: flickr.com


A Day in the Life of KAZE Interior Design Studio in Ho Chi Minh City

By: Katie Kinnon

What is Functional Beauty? Fong-Chan Paw Zeuthen from KAZE Interior Design Studio explains.

Time for Gelato! KAZE Interior Design Studio goes on location.

Collaboration makes it happen; KAZE’s style of brainstorming.

The word KAZE is Japanese for ‘wind’ it represents expansion, growth and freedom of movement. Danish architect Fong-Chan Paw Zeuthen chose this name for her boutique Vietnam based interior design studio when she launched it in 2009 as a reminder to never allow KAZE’s sense of style and knowledge stagnate. The goal of each KAZE designed projects is to have the same sense of movement, lightness, and power as a gust of wind.

KAZE Interior Design Studio

KAZE interior design studio, has been going strong for more than 10 years and it is one of the top interior design studios in Vietnam. The firm has taken on more than 100 high-profile projects across Vietnam and Cambodia. Specialists in development in the fields of Hospitality and F&B, the KAZE team has transformed the style and spirit of major projects such as Le Meridien Cam Ranh Resort & Spa by Marriot, Liberty Central Saigon Citypoint in Ho Chi Minh City and DIAMOND ISLAND PENTHOUSE & VILLAS by Kusto.

KAZE Interior Design Studio

KAZE Interior Design Studio’s Idea of Functional Beauty

Fong-Chan has an unwavering commitment to what she calls her “building for humans” philosophy. This means nothing goes into the space that will not be useful, comfortable, and aesthetically pleasing. It should be a usable space, not simply a pretty picture.

As Fong-Chan puts it, “you can tell a lot about how a person runs their company by the way the toilets are kept.” If management only cares about the aesthetics of a company and not the functionality something has gone wrong.

Far from the stark, harsh modernity that can be found in certain ill-designed spaces, KAZE Interior Design Studio’s projects are categorised by beauty, light, warmth and innovation.

But what happens between concept creation and the moment that someone walks into a fully realised KAZE designed space? City Pass Guide acts as interior designer for one day to learn more about the processes, inspirations and, at times, frustrations of being the leading interior design studio in Vietnam.

KAZE Interior Design Studio

Mornings in the Beehive; KAZE Interior Design Studio Gets Ready to Get Creative

When someone walks into KAZE interior design studio in Saigon’s District 2 it is clear to see that the office is a hive of energy where anything and everything can instigate inspiration. Fong-Chan has created a unique environment that is the right balance of easy going and innovative. Interior design books stacked on shelves range from tomes about types of marble used in 15th century Italy to glossy coffee table books filled with new design trends. The volumes propped open suggest the team study hard and the single-use plastic free ethos provides an insight into the environmental focus of KAZE’s design projects.

The open plan office is fairly minimalistic in terms of design with a mix of dark wooden desks and large glass windows that let in lots of natural light. While the monochrome colour scheme enables the raw materials that are scattered around the office to pop.

Desks are covered with brightly coloured fabric samples, varying sizes of intricately detailed tiles and project sketches. It is mind-boggling to imagine how all these snippets of inspiration can possibly turn into a finished project. The different textures, colours, patterns, and shapes are the starting point for the designers to focus their ideas and start putting a design idea into actuality.

KAZE Interior Design Studio

Individuality is the Key to Creativity

Each designer has a different style of working. A junior designer named Duong loves following new trends and finds ways to incorporate them into his work. Maria, a project designer is detail oriented. Part of her morning is typically spent researching ways to use historical styles while maintaining modernity. Other teams members contribute their individual senses of style and focus to create an environment that is always in “creation-mode”. KAZE is a boutique company of only 28-30 employees, this enables Fong-Chan to get to know her team on a personal level and get a sense of their likes, dislikes and work style.

KAZE Interior Design Studio

When Fong-Chan walks into the office she immediately commands the room. Despite having a cute dog following her around, she is a no-nonsense woman. She knows what every single person in the office is working on and exactly what they will be doing next. Like any great mentor, Fong-Chan looks after her team and ensures to regularly spend time with each and every member, going through what they are working on the moment, challenges they are facing and provide guidance on how they can improve. She takes pride in teaching every single member individually and she will push and challenge them until they unlock their potential.

As we walk through the office and take time to speak to the team members, one thing is clear, Fong-Chan’s team finds her to be an inspired leader.

Diving into the Project’s; an Afternoon at KAZE Interior Design Studio

All of KAZE’s projects are created from a story, they are what gives a project meaning. These stories are inspired by the brief from the clients, the space and location of the project as well as real-world experiences the designers have had. Fong-Chan organises annual design trips for the team to experience new things around the world and find new inspiration. Some of their most recent trips include Bangkok, Taiwan, and Milan. Without these trips, designers find inspiration from pictures on a computer and can’t really understand the emotions certain places can evoke or how they can awaken new senses, for example, the sense of achievement earned from reaching a mountain peak or tasting real gelato in Italy for the first time.

KAZE Interior Design Studio

Back in the interior design studio in Ho Chi Minh City, these experiences enable designers to create incredible projects together. In a small company like KAZE, the office feels like a symphony masterpiece, everyone is playing their own instrument but when put together it makes a beautiful finished product. In one corner, the junior designer is sketching out multiple designs to work out the best places for the lighting fixtures to create the right ambiance for the project. On the other side of the room, the project designer is using miniature furniture models to understand the way people would naturally enter a room and where they would want to sit down. Down the small hallway, a headphone clad designer is testing out the acoustics—he is listening to how the noise of ocean waves resonate against wooden walls versus concrete walls. The whole process is fascinating to watch and Fong-Chan is the perfect conductor.

Fong-Chan explains to us that KAZE has a “design language” and everyone needs to be able to speak it. This helps the KAZE team effectively communicate, brainstorm and develop ideas with each other as well as to understand all the ideas going on in Fong-Chan ’s head. For those who don’t speak the ‘language’ Fong-Chan spends her time managing their expectations, sometimes this can be with clients who don’t really know what they want and sometimes this can be with her own team who haven’t quite come to grips with their part of the project story.

Collaboration, Creation and Coffee in Saigon’s District 2

Every Tuesday and Thursday the KAZE team gather for a coffee break to socialise and discuss their ideas. Fong-Chan explains that there is a real buzz in the office during these meetings. Everyone suddenly goes from working quietly at their desks to talking loudly in groups, getting excited about project ideas and working out how their concepts can be developed. This collaborative effort helps to solve problems and generate new ideas.

KAZE’s Friday afternoon workshops are a fascinating way to experience the ins and outs of what happens during a design process. Each member picks a designer or design topic and delivers a presentation on it, detailing the history, inspiration, and work behind it. The workshops encourage the team to learn new things, try new ideas in their work and delve into a new world of design they may never have realised existed.

KAZE Interior Design Studio

Hometime

Burning the midnight oil is not a strange concept at KAZE, although it may not quite be midnight, many of the team stay after hours to develop their design knowledge and experience to improve their work. They work hard to ensure their part of the project is just right. They all dedicated and strive for perfection. A passion for design is the beating heart of KAZE, as one of the top interior design studios in Vietnam, it is clear to see that only those who work hard and are passionate about their ideas achieve success in this demanding profession.

KAZE Interior Design Studio

Image source: KAZE Interior Design Studio


Gateway Thao Dien: Raising the Bar for Luxury

By: Aleksandr Smechov

Gateway Thao Dien is Ho Chi Minh City’s answer to high-end, exclusive living

Investors may be surprised by the level of commitment Gateway Thao Dien has shown. It seems delays and misinformation are common complaints for anyone investing in property in Ho Chi Minh City. Luckily, Gateway Thao Dien has delivered on its word, and even provided added value for its investors - something rarely seen in the local real estate market. There are four ways Gateway Thao Dien has kept its commitment to its demanding home buyers.

On Point and On Time

To date, Gateway Thao Dien has reached all of its milestones on time. Construction has been carried out in a timely manner. From the beginning of October, the status of the project has been going along smoothly: Tower A (The Aspen) and Tower B (The Madison) are expected to complete level 20 and 22, respectively, this November. This means the projects is on track for its expected completion of date of the last quarter of 2017.

World-Class Partners

Backing Gateway Thao Dien are a number of highly reputable contractors and suppliers. These companies all have outstanding track records, and were carefully chosen for their professionalism. Gateway Thao Dien put much effort into acquiring the support of these partners - and buyers can clearly see the results in the quality of the residential complexes, the timely execution, and the customer support given throughout.

Cofico: Since 1975, Cofico has been renowned as one of the leading contractors for both civil and industrial projects in Vietnam. Honored to be appointed as the main contractor for Gateway Thao Dien, the team at Cofico is making every endeavor to satisfy the developer’s requirements for progress, quality and safety. The company’s brand name will act as a guarantor for the construction quality of the project.

Mace: In charge of construction management and supervision of the Gateway Thao Dien project, the Mace Group is a global consulting and construction firm employing 4,600 people across 70 countries. Their management and supervisory team are actively ensuring that the high quality products selected by Gateway Thao Dien are given the proper level of treatment during installation.

Searefico: This company is responsible for providing Gateway Thao Dien with integrated mechanical and electric solutions, as well as equipping the project with modern, high quality products and utilities. Lifts have been installed from world-renowned Swiss elevator company, Schneider; Daikin air-conditioners and Mitsubishi generators have also been added to ensure quality airflow and uninterrupted power. Using Building Information Modeling (BIM), SEAREFICO helps minimise problems in the construction process, ensuring quality installation and quicker progress.

Arup: Known for their intelligent, sustainable structural design, among other high-quality services, Arup is an international firm with 13,000 staff across 42 countries. They have been responsible for some of the world’s most famous structures. They have assisted Gateway Thao Dien with the tower blocks’ structural design, as well as the project’s penthouse floors. Gateway Thao Dien is one of the tallest residential buildings in HCMC, and Arup ensures all the buyers this will be one of the safest places to stay, in terms of structure.

Eurowindow: High-end windows are supplied by Eurowindow. The high-tempered glass is soundproofed up to 40bB, with powder-coated aluminum frames. Complying with AAMA2604 standards, Eurowindow will offer a 20 year warranty for all of its products.

A Surprise Upgrade

Buyers will be delighted to know Gateway Thao Dien’s developers have upgraded many of the appliances that were initially agreed upon. In particular, most bathroom appliances from Kohler and Toto have been promoted to Duravit and Hansgrohe. Teka kitchen appliances have been upgraded to the German Bosch brand. Digital door locks have been changed from Samsung/Yale to Häfele from Germany. Entrance and internal doors will be provided by Sunwood, with the same specifications as for their Marina One project, one of the most luxurious multi-purpose high-rises being built in Singapore.

Steep Rise in Property Value

Metro Line 1 (Ben Thanh to Suoi Tien) is the first metro line in HCMC, with a total span 19.7km and a budget of US$2.49 billion. After the development of Line 1’s master plan, numerous projects began to spring up in the vicinity of the train line. As Line 1’s construction nears completion, property values will rise for anything in the line’s vicinity - that includes Gateway Thao Dien, which is right by the metro.

Contact information:

Website: www.gatewaythaodien.com.vn

Hotline: +84 9 3205 7979

Addresss: Gateway Thao Dien Sales Gallery, 53 - 55 Nguyen Dinh Chieu, D3


How to Buy a House or Land in Vietnam?

By: City Pass Guide

Foreigners who are living in Vietnam may purchase houses for the expressed purpose of dwelling in it. By Vietnamese law, land is a national good, so you can only own the structure built on a property, not the land that it is on. You can enjoy a “land use right” for up to 50 years. This duration can be renewed. Also note that if you’re married to a Vietnamese citizen or a Việt kiều, you will have the same ownership rights as Vietnamese citizens.

Seek professional advice to ensure that all steps are properly taken to ensure a troublefree property transfer.

Alternatively, according to Vietnam’s Housing Law, every foreigner who has a Vietnamese visa stamp on their passport can buy a property in Vietnam. However, if you enjoy diplomatic or consular immunities and privileges, this does not apply.

Besides individuals, foreign companies, branches, representative offices of foreign companies, foreign investment funds and branches of foreign banks that are operating in Vietnam are also entitled to purchase property of residential projects.


A serviced apartment in Diamond Island Luxury Residences

What are the limits of foreigners’ rights on residential property in Vietnam?

The law states that foreign individuals and entities may only buy, receive or inherit apartments and houses in commercial projects and not in areas that limit or ban foreigners.

Although the limit of one property per foreigner has been repelled, the new Housing Law sets a limit on the proportion of foreigners who may live in a determined area: the total number of units owned by all foreign buyers must not exceed 30% of the units in one apartment building, or 250 landed property units in one ward.

The duration of the tenure is supposed to be equal to the land use right owned by the developer, most likely 50 years, with an option to extend the land use right at the end of it. The exact conditions for the extension are still unclear and will be detailed in further regulations.


Crescent Residences in D7, HCMC

An expatriate may lease his/her property for any purpose that is not banned by law, but he/she must inform the provincial house management agency before leasing the property. In this case, he/she is subject to Vietnam’s property taxes. If you are an overseas Vietnamese or if you are married to a Vietnamese citizen, you are entitled to a freehold tenure on the property.

If you bought it, you could of course decide to live in the house but also lease it or pass it through inheritance to someone else without any difficulties. To lease it, you will need an administrative authorisation from the Housing Department of the People’s Committee where your property is located.

Can foreign-invested enterprises purchase residential properties in Vietnam?

Foreign-invested enterprises that operate in Vietnam under the investment law but are not engaged in real estate, can purchase residential houses for their employees. They must possess investment certificates or written certifications of investment activities as appropriate to investment forms specified by the investment law granted by a competent Vietnamese state agency. They can buy properties to house their employees, but are not able to use them for leasing or other purposes.

HCMC properties
Housing in Ho Chi Minh City. Photo: GettyImage

What are the steps to purchase a house in Vietnam?

1. Once you have chosen the property, you will have to sign a reservation agreement.

This legally links the buyer and seller and may include paying a deposit to the seller. Examine closely the reservation agreement before paying the deposit. It prescribes that if the buyer changes his mind, he will lose the deposit, and if the seller changes his mind, he will have to pay twice. You’re well advised to notarise this document to protect your interest.

2. Due diligence is the next step.

You will check the reliability of the seller by examining their ID or registration certificate along with the property’s certificates (for example the ownership certificate). You should also ask for a bank guarantee or insurance to ensure the seller is trustworthy.

3. Once due diligence has been satisfied by both parties, they confirm their engagement and interest by signing the housing contract.

An annex related to facilities that go with the apartment is advised. Make sure the agreement is signed by all related parties and if not, then by the representative who is mandated by the related persons. The contract on residential house purchase and sale must be in Vietnamese, so you will need a Vietnamese translator to help examine its content. Although many developers provide a bilingual version of the contract for a better understanding by all parties involved, only the Vietnamese version is valid under Vietnamese regulations. To help you with the complications involved with the contract, we list some details to look for before signing:

- Is it stated that the seller has the ownership certificate of the apartment and does he give a guarantee over this ownership?
- Is the apartment also a security for a loan?
- What are the responsibilities of the seller in case of dispute over the apartment ownership due to his fault?
- Methods used for payment?
- What are the responsibilities for tax and fees?
- What is the delivery time?

4. Paying taxes and fees.

Normally, if there is no other agreement between parties, the buyer pays the registration fee and the seller pays income tax. The payment shall be made at the tax department of the district where the house is located.

5. The last step is to apply for an ownership certificate.

Both parties can agree on how to handle issuance of the new certificate, although it is most likely that a buyer will have to take it up.


The Foreign Investor Guide to Real Estate in HCMC

By: Eric Le Dreau

Are you a foreign investor and want to know about real estate laws in HCMC? Confused by the new Property Law? Indochina Legal clears up the confusion:

One of the most notable changes introduced by Vietnam’s new 2014 property law and its regulations is the revision of the right for overseas Vietnamese, foreign individuals and organisations to own residential houses, as follows:

Overseas Vietnamese (or Viet Kieus) can now own residential houses in the same way as Vietnamese citizens without further residency requirements or any limitations on the type or quantity of houses, or the terms of ownership. They must hold a valid passport with an entry verification stamp marked by the Vietnamese Immigration Department (VID) and a document evidencing their Vietnamese origin.

Foreign individuals have the right to own residential houses, subject to certain restrictions as compared to Vietnamese citizens and Viet Kieus. In order to own houses, a foreigner is required to have a valid passport with an entry verification stamp marked by the VID and cannot fall under diplomatic or consulate preferences and immunities. Requirements of residency, investment in Vietnam, work permit, social contribution and/or marriage to a local Vietnamese is not necessary for residential housing ownership. However, as to ownership duration, foreigners married to Vietnamese citizens or to Viet Kieus are entitled to an indefinite term, whereas foreigners who are not can only own residential housing for a period of 50 years. This can be extended for another 50 years, subject to approval by the provincial People’s Committee where the house is located. Unlike other foreigners, those who are married to Vietnamese citizens are also exempt from notifying the housing administration authority at the district level prior to leasing their houses to others. Apart from that, the new legal framework grants foreigners the same rights of Vietnamese in the cases of subleases, mortgages, etc. of residential housing.

real estate in hcmc

Photo by: Manh Hai

Foreign organisations are allowed to own houses provided that (i) ownership term shall not exceed the period stated in their investment certificates issued by Vietnamese competent authorities, including any extensions; (ii) use of the houses is for residential purposes only, for their personnel; and (iii) lease-out of the houses is not permitted.

It is worth noting that foreign organisations and individuals shall not collectively own more than 30% of the total number of apartments in an apartment building or not more than 250 separate houses in an area where population is equivalent to that of a ward. In addition, house ownership beyond real estate projects (e.g. a villa built by individuals) is not allowed. For national defense and public security purposes, foreign individuals and organisations cannot own houses in certain areas. With respect to these limitations, the local Department of Construction will publish on their official website the projects where foreigners cannot own houses, detailed numbers of apartments or separate houses eligible for foreign ownership, and the number of houses where foreign ownership has been recorded. To our understanding, the database is not yet completely developed for all cities and provinces in Vietnam. Meanwhile, payment for purchase or lease of residential houses shall be made via credit institutions operated in Vietnam. So far there has been no specific instruction on foreign exchange control for relevant inbound and outbound foreign funding of residential housing.

Despite certain remaining limitations, the NHL has provided a more open approach to ownership of residential housing for foreigners. The hope is that these changes will ultimately defreeze the real estate market and create a new wave of foreign investment in Vietnam.

Website: www.indochinalegal.com


Buying Property in Vietnam

By: City Pass Guide

Vietnam property ownership for expats is a dilemma that has been here as long as the expats themselves. You come to Vietnam, fall in love with the country and settle down. But where will you live? Is it going to be rental property forever? You don’t intend on leaving so why not buy? It may surprise quite a few to realise that it is not as fraught with danger as you may think. It is certainly easier than in Thailand, and there is a lot less chance of you losing your hard earned money.

Vietnam Property Law Changes

The government changed the rules in July 2015, enabling foreigners to buy their dream home here, provided they match a few criteria. Anyone buying property here now has a lease of 50 years, with the ability to sell-on and transfer the lease.

Conic Residental Building in Binh Chanh (Photo by Đức-Huy)

According to the new law, foreigners and foreign entities will only be allowed to buy or take ownership of apartments and houses in commercial projects. They will still not be allowed to buy in areas that limit or ban foreigners. A maximum of 30% of apartments within a given block and 250 houses in a given ward will be available to expats. The 50 year lease will be able to be extended in the future, although details of exactly how this will be done will change over time.

People may think that not being able to buy the land and only the building upon it is unfair, but this is the same for the local population. The government maintains ownership of the land here. Since the announcement, a property market that was already heating up has really opened up and enabled foreigners to join the Vietnam property ladder. The country already had a strong economy and a very strong and vibrant middle class.

These new rules also apply to long term Vietnamese who, living abroad, have kept up their Vietnamese citizenship. With 4.2 million Vietnamese living overseas and about 30,000 high earning foreign executives working and living here (CNBC), the potential for local real estate companies is huge.

Big Changes for Ho Chi Minh City

The drive to modernise the city has meant that developments are springing up everywhere. The new prestigious tower being built in District 1 by Vinhomes is seen as a symbol of the future. At 461 metres, the Landmark 81 tower will be the tallest building in Southeast Asia.

Photo by Vinhomes 

Vietnam’s economy has a steady growth rate of over 5-7% per year. Almost 42,000 apartments were launched in 2015 with a record 36,000 of them being sold (Vietnambreakingnews.com). Vietnam does certainly look like a great place in which to invest. In Ho Chi Minh City, The top end properties are priced at $3,000 to $5,000 per square metre. This is way below the $9,375 per square metre you would have to cough up in Bangkok (Financial Times). And yet, rental yields here are 1.5-2.5% higher than those in Bangkok, Hong Kong and even Singapore, according to VinaCapital.


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