Weekly Newsletter

A55
Vietnam Real Estate Week 4+, October

The first weekly electronic newsletter issued to registered members, approximately 100,000 reads per month
joining to develop the newsletter VietRees, a member of

Market situation (p.2)

Real estate foreign investment (p.2)

Vietnam in the world (p.3)

Real estate agents (p.3)

Websites of real estate companies in Vietnam (p.4)

Real estate projects and prices (p.5)

Real estate supply for customer groups (p.7)

Real estate legislation (p.8)

Real estate market forecast (p.9)

Construction material market last week (p.9)

Stock market last week (p.9)

This weekly newsletter is shared with partners, clients, members (registered) and internal VietRees together with those who are concerning or interested in Vietnam real estate market changes.
Although the information is selected, synthesized from all reliable sources, this newsletter is only for reference and VietRees is not responsible for the occurring damage. Please visit the
website www.VietRees.com for further Vietnam Real Estate information. When individuals and organizations quote or publish the information from our newsletter, please cite the source
VietRees.

According to the statistics on registration for the newsletter, the subjects making reference to the newsletter includes real estate investors; companies or units of government performing
management tasks, business marketing, consulting, broking, assessment, real estate finance, construction, banking, architecture, interior decoration; domestic and foreign press agencies; and
full of professional investors or individuals who have demand for real estate throughout provinces and cities nationwide; typically Ho Chi Minh, Ha Noi, Da Nang, Can Tho, Hue, Nha Trang,
BRVT, Binh Duong, Dong Nai, Ha Tay…

We would like to say thanks to the sponsors and all of the readers. We expect to continue to receive your support as well as your comments to improve our newsletter.

Readers can print or save this newsletter on your computers to review when needed or transfer it to others. However, think of environment when you want to print it out. 3
Free register for weekly newsletter: Please send your email to marketnews@VietRees.com
Sponsor and advestising: T: (08) 948 5574 - E: properties@VietRees.com
 VietRees – Vietnam Real Estate
MARKET SITUATION
Real estate market: What should
be invested to be effective and safe?
SGGP – 27 Oct, 2008
Real estate transaction centers
mushrooming
TheSaiGonTimes – 28 Oct, 2008
REAL ESTATE FOREIGN INVETSMENT
Korean group starts the project
in Bac Ninh
Vnagency – 26 Oct, 2008
Constructing Tau Voi general
service area
Tuoi Tre – 29 Oct, 2008
FDI into Vietnam continues to
soar
Edited by VietRees – Oct, 2008
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 2
After the high fever of office buildings for rent, investors have flocked to the high-end apartment market.
When this market froze and the prices escalated, they switched to low-income clients. The situation has
not seen any improvement due to so many procedures. However, there is still another eventful market
segment that draws the attention of many people, including the apartments used for living in & business
operation although the real estate market has been rather quiet from the beginning of the year until now.
The concentration of the inhabitants at the apartment areas and new urban areas has been gradually
establishing a bustling living space together with a series of demands for facilities and services. And the
combination of houses and shops is becoming the general tendency when investors implement the
construction of the apartment areas. Currently, there are two forms of investment: investors only sell the
apartments and keep the commercial areas for lease or to sell back to the clients in order that the clients
will directly do business.
This is the potential market attracting those who want to do business with the services in terms of
shopping, entertainment, relaxation, etc. Because the profits from these shops are very basic and exist
in long-term conditions.
The residents are becoming crowded, the service demands are growing and the number of shops is
limited, which is also the basis to explain why the rate of the commercial apartments is always high. The
tendency of investing in the commercial apartments creates an attraction because it not only exploits the
market potential effectively but also owns the stability with the quickly increasing value.
What is hiding behind the chilly picture of the real estate transaction market throughout the country is the
eventful race for opening the standard transaction centers in accordance with the regulations of the
Ministry of Construction.
In fact, the race has started from the first half of 2008 under the form of establishing new transaction
centers or upgrading the operation of the available transaction centers. The main reasons is that the
time when the business operation of the real estate transaction centers is obliged to be performed
following Real estate Business Law is getting closer (on January 1st, 2009). The big brands want to take
advantages of the first stage to position a brand of their real estate services which also obey the law and
are professional. The real estate broking centers or real estate supermarkets have also suffered a
pressure to transform their quality in order to compete and survive. In addition, some private transaction
centers of the project investors have been established to trade in their products. Therefore, although the
market is gloomy, many companies are still preparing to set up the transaction centers to welcome the
opportunities when the market recovers.
According to the experts, the fact that many enterprises are active to construct the models of standard
transaction centers is a praiseworthy reality for the real estate market which is still in the complicated
situation. However, if the transaction centers are established to sell their own goods without paying
attention to the development of their services and linking with their trading partners, they will not be
strong enough to compete with other transaction centers.
In fact, the non-transparent nature of the real estate market is one of the main reasons that cause
property price fevers. Therefore, this regulation is a solution to publicize the transactions of the
transaction centers. The real estate investments have become more transparent, the volume of the
formal transactions has increased, the cases of sluggish investments are limited, etc. In addition, the
transaction centers must fully meet the requirements in terms of organization and operate following the
new regulations, which will create the foundation for the process of improving the quality of the services
at the transaction centers. Additionally, the personnel teams are obliged to be trained more basically and
professionally.
On October 27th, 2008, Group IGS - Korea started the construction of the project of industrial zone -
urban area - services IGS Nam Son - Hap Linh, Nam Son - Hap Linh commune, Bac Ninh province.
The investment for the project is 240 million USD and the total area is 602.5 hectares, in which 402.5
hectares are reserved for the industrial zone, the remaining area is used for the modern urban area,
management centre of the industrial zone, the exhibition house, the transportation center, factory, etc.
The infrastructure of the industrial zone is expected to be completed in the third quarter of 2010.
Ha Tinh Provincial People's Committee has licensed POLARIS International investors (Taiwan) to
establish the project of Tau Voi general service area at the two communes Trinh Ky and Ky Thinh, Ky
Anh suburban district.
The main work items include 2 - 5 star hotels, villa areas, houses, offices, department stores, etc on a
site of 390 hectares. The project is expected to be commenced in December 2009.
Regardless of the crisis spreading over the world, the foreign direct investment (FDI) into Vietnam has
still continued to dramatically increase. In October, there was an extra 2.02 billion USD of the registered
FDI into Vietnam with the newly licensed 68 projects, increasing by 6 times over the same period last
year. The foreign investment that has been disbursed in the past ten months is estimated to reach 9.1
billion USD in October, increasing by 38.3% over the same period last year, in which, Vietnam has
accounted for 10 – 12%.
Our country has been suffering the negative impacts of the global economy resulting in the high
increasing consumer price index, the large trade deficit, etc and this fact has affected the growth rate of
the economy and the aspects of the social life. However, the international investment community has
highly appreciated the solutions & policies of Vietnam in limiting the inflation, maintaining the stability for
the business investment environment in Vietnam & considered Vietnam as a reliable investment place.
 VietRees – Vietnam Real Estate
Total FDI and the number of real
estate projects until Sept, 2008
Source: General Statistics Office
VIETNAM IN THE WORLD
Vietnam ups 6 grades in the global
business rankings
Edited by VietRees
REAL ESTATE AGENTS
Opening Nam Viet real estate
transaction center
BDS & TS – 27 Oct, 2008
Ruby Garden apartments
officially go on sale
VietRees – 27 Oct, 2008
Hoa Binh invests in real estate
Nguoi Lao Dong – 27 Oct, 2008
An extra office area of 18,000m2
for lease in Hanoi
Ha Noi Moi – 27 Oct, 2008
Starting the construction of
technology infrastructure of
modern residential area
VietRees – 29 Oct, 2008
One more real estate company
established
TheSaiGonTimes – 30 Oct, 2008
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 3
As compared with the
previous month, only the fields
of construction and service
have seen the increase in the
number of projects and the
investment. However, the field
of hotel - tourism has still been
leading with the highest FDI.
According to the board ranking business environments worldwide (including 82 countries) announced on
19th Nov, 2008 by a US-based branch of Economic Intelligence Unit, Vietnam has moved up 6 ranks
from the rank 71st for the 2004 - 2008 to the rank 65th for the 2009 - 2013 periods.
The main cause that has helped Vietnam’s ranking increase is that the business environment has been
improved after Vietnam joins WTO. Additionally, the company writes that in 2009 - 2010, Vietnam will
improve the operation environment for private enterprises in line with the implementation of new
legislation and until the 2011 - 2013 period, many state-owned enterprises will be privatized. In the
meantime, the reformed personal income tax system will come to effect in January, 2009.
The company forecasts that the real GDP growth of Vietnam in 2009 will drop to 5.3%. However,
according to the company, foreign investors are still confident about the business future in Vietnam.
Nam Viet Real Estate Service JSC, a member of Thao Loan Group held an opening ceremony for Nam
Viet Real Estate Transaction Center at No.250 Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City
on the morning of October 23rd, 2008. The main functions of the transaction center are: real estate
research, consulting, marketing and management.
At the opening ceremony, the Ministry of Construction has granted the certificate certifying that Nam Viet
real estate transaction center has officially become the member of "Network of Vietnamese real estate
transaction centers”. In addition, the transaction center has also signed some contracts of researching,
marketing, establishing companies, etc with the partners.
The first 50 apartments of the Ruby Garden project invested by Tan Hong Uy Housing Business -
Construction - Trade Co., Ltd. (a member of Tan Hoang Thang Group) have been offered for sale.
The 12-storey project is located on Nguyen Sy Sach Street, Ward 15, Tan Binh District, Ho Chi Minh City
with a site of 7,200 m2, including 286 apartments, 12 hanging-garden villas and other public services.
According to the plan, this building is expected to be completed in April, 2009.
Hoa Binh Construction & Real Estate Corporation has shown that the company is currently putting the
investment of over 230 million USD into 8 real estate projects throughout the country, including: Binh An
apartment building (Dist.8), Binh Chieu apartment building, Lot I (Thu Duc), D5 apartment building (Binh
Thanh Dist.), Phuoc Kien apartment building (Dist.7), Hoa Binh building (Dist.7), Anantara Lang Co
Resort (Hue), Phu Yen Resort (Phu Yen province) and Nhi Thanh industrial zone (Long An province).
The C.E.O Investment JSC has held a ridge building ceremony for the C.E.O office tower and shown
that the project has completed the structure works and in the process of completing the M&E finishes.
The 27-storey tower is located on Pham Hung street, My Dinh new urban area. The project is expected
to put into operation in the middle of 2009, providing an office area of 18,000 m2 for the market.
Currently, CBRE Viet Nam has been the exclusive marketing agent for the project with the average
rental price of approximately 33 USD/m2.
On October 28th, 2008, PetroVietNam Company started the construction of the technology infrastructure
of the modern residential area at Ward 5, Vi Thanh town, Hau Giang province.
The modern residential area is located on a site of 27.6 hectares. The project is divided into 2 phases
with a total investment of over 500 billion VND and implemented from 2008 to 2012.
Ben Thanh Company (Sunimex), Ben Thanh Tourist Co., Ltd and Orient Commercial Joint Stock Bank
(OCB) have cooperated to establish Ben Thanh Land Corp. specializing in real estate investment,
construction, business and services.
The company is based at 71 - 79 Dong Khoi street, District 1, Ho Chi Minh City with the total initial
charter capital of over 80 billion VND.
VietRees – Vietnam Real Estate
Websites of real estate companies in Vietnam
Property developers
Ho Chi Minh
Company 585 - www.585.com.vn
Company 584 - www.congty584.com.vn
An Phu - www.anphugroup.vn
BCCI - www.bcci.com.vn
Daewon - www.daewon.vn
Him Lam - www.himlam.com
Hoang Anh Gia Lai - www.hagl.com.vn
Linh Phong Conic - www.conic.com.vn
Nam Long - www.namlongvn.com
Phu Long - www.phu-long.com.vn
Phu Quoc Land - www.phuquocland.net
SacomReal - www.sacomreal.com
Sadeco - www.sadeco.com.vn
Resco - www.rescovn.com
Thai Thinh Capital - www.richlandhill.com.vn
Thu Duc House - www.thuduchouse.com
Phu My Hưng - www.phumyhung.com.vn
Van Phat Hưng - www.vanphathung.com.vn
Vietnam Land SSG - www.saigonpearl.com.vn
Ha Noi
FPT Land - www.fpt-land.com
C.E.O - www.ceoholdings.com.vn
Gia Tue - www.giatue.com.vn
HUD - www.hud.com.vn
HDB Viet Nam - www.hdbgroup.com.vn
Keangnam - www.eng.kne.co.kr
Nam Cuong - www.namcuong.com.vn
Song Hong Land - www.songhongland.com.vn
Vinaconex - www.vinaconex.com.vn
Vincom - www.vincom.com.vn
Viet Hung - www.ecopark.com.vn
Other cities
Becamex IDC - www.becamex.com.vn
Biconsi - www.biconsi.com.vn
Tuan Chau - www.tuanchau-halong.com.vn
GNSVINA - www.cozyvill.com
Company 579 - www.cecico579.com.vn
Duc Manh - www.ducmanhco.com
Sponsor:
www.VietRees.com
Brokerage
Ho Chi Minh
An Gia - www.angia.com.vn
ACBR - www.acbr.com.vn
Dat Xanh - www.datxanh.com.vn
Dia Loi - www.nhadatdialoi.com.vn
Dat Cat - www.datcat.com.vn
FICO - www.ficohome.com.vn
Kim Son - www.kimson.com.vn
Phuc Duc - www.phucduc.com
Hung Phu - www.hungphunhadat.com
Hung Thinh 2 - www.diaochungthinh.com.vn
Hoang Quan - www.hoangquan.com.vn
Intresco - www.intresco.com.vn
Loc Dien - www.nhadatld.com
Nova - www.novahomes.com.vn
Phat Hung - www.phathung.com.vn
SacomReal - www.sacomreal.com
Tan Dien - www.tandien.com.vn
Ha Noi
Cland - www.cland.com.vn
Dong Do - www.dongdobds.com
Phu Thai Group - www.phuthaigroup.com
Petrowaco - www.petrowaco.vn
Petrolimex – www.pland.com.vn
Other cities
Dieu Hien - www.dieuhien.com.vn
Thien Loc - www.thienlocnhadat.com.vn
Research
CBRE - www.cbrevietnam.com
Savills Viet Nam - www.savills.com.vn
VietRees - www.VietRees.com
Consulting
CBRE - www.cbrevietnam.com
Dong Duong - www.indochina-consulting.com
Eden Real - www.edenreal.com
Hop Nhat - www.uniland.com.vn
Indochina Land - www.indochinacapital.com
Long Gia Khang - www.longgiakhang.com
Savills Viet Nam - www.savills.com.vn
Vina Capital - www.vinacapital.com
Viet Nam Real Estate Newsletter A55 Page 4
Evaluation
AREV - www.arev.com.vn
Hoang Quan - www.thamdinhgia.com
Vietland - www.thamdinhgia.com.vn
VVFC - www.valuation.vn
Construction
Ho Chi Minh
CIC8 - www.cic8.com
Coteccons - www.coteccons.com.vn
Cosaco - www.cosaco.com.vn
Hoa Binh - www.hoabinhcorporation.com
Hai Thanh - www.haithanh.com.vn
Toan Thinh Phat - www.toanthinhphat.com.vn
Ha Noi
Constrexim - www.constrexim.com.vn
Cavico - www.cavicovn.com
HANCIC - www.hancic.com.vn
HUD - www.hud.com.vn
Incomex - www.incomex.vn
Architect and Interior Decoration
Ho Chi Minh
A2 Visualization - www.a2viz.com.vn
Cat Moc - www.catmoc.com.vn
Nha Vui - www.nhavui.com
Nha Viet - www.nhavietdecor.com
Nha Dep - www.nhadep.com.vn
Pho Xinh - www.phoxinh.com.vn
Ha Noi
ACT - www.act.com.vn
ADKientruc - www.adkientruc.com
Ashui – www.ashui.com
Kien Truc Ha Noi - www.kientruchn.com
Other Countries
Architects 61, Sing - www.a61.com.sg
DP Architects, Sing - www.dpa.com.sg
SWA, USA - www.swavietnam.com
Ong&Ong, Sing - www.ong-ong.com
RSP Vietnam, Sing - www.resp.com.sg
Surbana Vietnam, Sing - www.surbana.com
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 5

REAL ESTATE PROJECT AND PRICES

Constructing an urban area for The People's Committee of Pleiku City will spend 10 billion VND on the construction of the systems of
electricity, traffic, water supply & drainage, compensation, bomb detection and disarming for Dien Phu
the low income people urban area project which will be commenced in the early November, 2008.
Thanh Nien – 26 Oct, 2008
The project is intended for the cadres, civil servants, low-income locals in the province, including 400
land plots with 200 m2/plot and the prices of 20 - 60 million VND.

Over 1,000 apartments in Go Vap
TheSaiGonTimes – 27 Oct, 2008
On October 25th, 2008, Khang Gia Real Estate Development Investment JSC has held a
groundbreaking for the construction of Khang Gia 3 resettlement building at the corner of Phan Huy Ich
and Quang Trung Streets, Ward 14, Go Vap District, Ho Chi Minh City.
The project is located on a site of 2.6 hectares, including three blocks of 15 storey buildings. The two
basements are used for parking; the ground floor & the mezzanine are for services, children playground,
gymnasium, trade center and 11-storeys with 1,052 units, in which 462 units are used for resettlement.
Total investment of the project is over 1,000 billion VND and is expected to be completed in the end of
the fourth quarter of 2010.

Two more housing projects The Ho Chi Minh City People's Committee has licensed Sai Gon Infrastructure Development JSC to
invest in the construction of the housing area at Nhon Duc commune, Nha Be District. The first phase of
approved the project has an area of over 342,000 m2 and the second phase has an area of nearly 177,000 m2.
VietRees – 29 Oct, 2008
Meanwhile, the People's Committee of the City has also licensed Dat Lanh Real Estate Company to
invest in the construction of the housing area on a site of over 35,500 m2 at Dong Hung Thuan Ward,
District 12.

High-grade apartment prices at

HCMC are not changed compared
with September, 2008
Edited by VietRees – Oct, 2008

Announced prominent real estate developments during the last 2 weeks*

Week4, October 2008 Week 4+, October 2008
Ho Chi Minh City Phuoc Thien residential area (Dist.9) Khang Gia 3 Resettlement AP (Go Vap Dist.)

Other Areas Vina Universal tourism site – film studio (Quang Ngai) Dien Phu urban area (Gia Lai)
19-12 trade – service center (Hanoi) IGS Nam Son Hap Linh urban-industrial zone (Bac Ninh)
Tau Voi tourism site (Ha Tinh)

Approved prominent real estate developments in HCM City*

Housing, apartment, residential area
September October
Phu Thuan Ward HA (Dist.7) Apartment building No.1 – No.31 Calmette Street (Dist.1)
Tan Kien Town ReA (Binh Chanh) Resettlement area at Phu My Ward (Dist.7)
Thanh My Loi B RA (Dist.2) 79B Ly Thuong Kiet apartment building (Tan Binh Dist.)
Phuoc Thien RA (Dist.9) Binh Chieu apartment buidling (Thu Duc Dist.)
99 Ben Binh Dong AP (Dist.8) Binh Tri Dong apartment building (Binh Tan Dist.)
Nhon Duc –Phuoc Kien RA (Nha Be) Tan Kien apartment buidling (Binh Chanh)
An Phu Ward residential area (Dist.2)
Housing area at Nhon Duc Province (Nha Be)
Housing area at Dong Hung Thuan Ward (Dist.12)

Office, commercial Tan Thanh Ward complex building (Tan Phu) Complex of Vietnam – Japan cultural park (Dist.2)
C6/27 Pham Hung commercial center (Binh Chanh)
Tan Binh commercial – service center (Tan Binh)
* Note: RA=Residential Area, AP=Apartment Building, HA=Housing Area, RuA=Reurban Area, TA=Tourism Area, IA=Investment Area, UA=Urban Area, ReA=Resettlement area

Websites of properties in Vietnam

Ho Chi Minh
Blooming Park - www.bloomingpark.com
Saigon Paragon - www.saigonparagon.com
Dragon City - www.dragonland.com.vn
Preche - www.preche.com
SaigonPearl - www.saigonpearl.com.vn
V-Star - www.v-star.com.vn
Time Square - www.timessquare.com.vn
The Everrich - www.theeverrich.com
Tan Da Court - www.tandacourt.com
Lancaster - www.lancaster.com.vn
The Vista - www.thevista.com.vn
Sponsor:
Ha Noi
Viglacera Tower - www.viglaceraland.vn
My Dinh – Me Tri RA - www.sudicosd.com
Bac An Khanh RA - www.vinaconex.com.vn
Ha Noi Plaza Hotel - www.charmvit.co.kr
Phap Van – Tu Hiep RA - www.hud.com.vn
Other cities
Furama Resort - www.furamavietnam.com
Sai Gon – Mui Ne Resort - www.saigonmuineresort.com
Sunspa ResortVietnam - www.sunsparesortvietnam.com
Other cities
Cozyvill - www.cozyvill.com
Flamingo Dai Lai - www.flamingodailai.com
Van Phu township - www.dothivanphu.com
Dam Vac Golf - www.damvacgolf.com
Sanctuary - http://sanctuary.com.vn
Ho Tram Strip - www.hotramstrip.com
Sai Gon Sunbay - www.ctc-corp.vn
Eden Lagi Resort - www.edenreal.com
Van Quan – Yen Phuc township - www.hud.com.vn
Quoc Te Do Son - www.vietlandgroup.com
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 6

Property Retail Price

Updated on information from ACBR, Van Phat Hung, Hung Thinh, Phuc Duc, Tuoi Tre Newspaper and developers (VietRees gathered by direct surveys), listed prices can be
original prices or transfer prices at current or at one week prior from the date this newsletter is issued.

Typical apartments in HCM city Other apartments and land lots

Area Price (million
District
(m2) VND/m2)
+/-
Apartment building – HCMC
Central Garden 1 76 31
The Lancaster 1 120 72.6 -
An Thinh 2 140 23.5 +
Binh Minh 2 108 16.6 +
Cantavil, Dist.2 V- star, Dist.7 Sky Garden 3, Dist.7 River Garden 2 156 33
* 80m2 – 31.7 million VND/m2 * 86m2 – 16.2 million VND/m2 * 71m2 – 31.7 million VND/m2 Screc Tower 3 81 26.5
* 100m2 – 35 million VND/m2 * 97.5m2 – 15.3 million VND/m2 * 91m2 – 38.5 million VND/m2 Hung Vương Plaza 5 121 31 -
Tan Da Court 5 76 34
Phu Loi 8 69.04 12.2
Dat Phuong Nam BTH 108 25.5 +
Phu My Thuan NB 93.5 8.6
Bau Cat TB 69 17
Fortuna TP 94 12
Ruby Land TP 93.4 16.5
Blooming Park, Dist.2 Phu My, Dist.7 The Everich, Dist.11 Development land lots – HCMC
* 115m2 – 29 million VND/m2 * 77m2 – 19 million VND/m2 * 119m2 – 2,00 USD/m2 Binh Trung Dong 2 176 10.2
* 135m2 – 31million VND/m2 * 83.65m2 – 22 million VND/m2 * 150m2 – 1,800 USD/m2 Tan Quy Dong 7 72 29.5
Direct contact with the investor1
Khang An 9 144 7.5
Nam Long 9 90 10.8
Dai Phuc BC 100 24
Hai Yen BC 160 8.5 +
Hong Linh NB 251 7 -
Phu Xuan – Van Phat Hung NB 126 9
Hong Long TD 100 7.7
Apartment building - Ha Noi
Preche, Dist.2 Panorama, Dist.7 Saigon Pearl, B.Thanh
Dich Vong CG 62 19
* 154.56m2 – 2,430 USD/m2 * 141m2 – 49.6million VND/m2 * 120m2 – 2,150 USD/m2
Trung Hoa – Nhan Chinh CG 62 19.5
* 146m2 – 46.6 million VND/m2 * 140m2 – 2,300 USD/m2
Trung Yen CG 90 21.5
Happy House Garden LB 95 11.4
My Dinh 1 TL 127 18.5 +
CT5 – Phi Long TX 85 13.1
Nang Huong TX 102 14.2 +
Development land lots – Other provinces
My Phuoc 3 BD 300 1.4 +
Long Toan BR-VT 100 2.6
The Vista, Dist.2 BMC Hung Long, Dist.7 The Manor, B.Thanh My Xuan BR-VT 80 4.5
* 140m2 – 1,750 USD/m2 * 100m2 – 18.8 million VND/m2 * 101m2 – 2,300 USD/m2 Nam Can Tho CT 100 2.2
* 121.4m2 – 20 million VND/m2 * 126m2 – 2,700 USD/m2
Licogi 16 DNI 240 2.5 -
Long Kim 2 LA 88 4.6
Tan Do LA 130 4.8 +

1
Kien A Investment & Services Co., Ltd. - An Phu Ward, District 2, HCMC - Tel: (84.8) 740 6688, Fax: (84.8) 740 6949

Danang: 225 Huyen Tran Cong Chua - T: (84) 511 836 216 * HCMC: 390 Nguyen Cong Tru, D.1 - T: 8 821 7509 * Hanoi: No.6-1D Trung Yen New Town, Caugiay - T: 4 783 1598

Sponsor:
VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 7

PROPERTY SUPPLY FOR DIFFERENT TARGETS OF CUSTOMERS

Social wefare houses for worker
VietRees
* Saigon Construction Corporation investor two apartment blocks high 5-storey for workers in Quarter 1,
Linh Trung Ward, Thu Duc Dist, HCMC.
* Hung Vuong JSC has just put a 5-storey apartment building into use for cadres and workers. The
company continues to petition Tien Giang Provincial People’s Committee to grant a 5.000m2 land area to
construct more apartment buildings for workers with an investment of 100 billions VND.
* Saigon Paper JSC has put an apartment building into use for workers at My Xuan Commune, Tan
Thanh suburban district, Ba Ria - Vung Tau province. The stage 2 of the apartment building is about to
be implemented with a scale of 8 storeys.
th
* Morning of August 28 , 2008, the Ministry of Construction has signed a memorandum for the
cooperation in the field of welfare housing with Korean Ministry of Land-Traffic and Marine.
* Ha Noi Construction Investment JSC (Hancic) has finished 4/10 units of the 5-storey house which
belongs to the housing project for workers at Kim Chung Commune (Dong Anh).
* Construction and Import-Export JSC (Vinaconex) has transferred and put into use 4 blocks of houses
among the total 16 blocks of the housing project for the workers at Thang Long industrial zone.
* The housing area of 7,000 m2 (380 rooms) for 1,500 workers of Dong Quang Knit Limited Company at
Hai Son industrial cluster (Duc Hoa Ha commune, Duc Hoa suburban dist., Long An province) has just
been put into use. The total investment cost of this housing area is 20 billion VND. (02/10/2008)
* The 4-storey apartment building at cluster 5, ward 8, Vinh Long town that serves the cadres,
employees, professional serviceman and etc has been ratified by Vinh Long Provincial People's
Committee with a total investment of over 37 billion VND. (03/10/2008)

Real estate for the low income * Sai Gon – Gia Dinh Real Estate Company and Hoa Binh Phu Yen Company build Thoi An Apartment
Building in District 12 with 1,000 apartments.
VietRees
* Construction Co. No.8 (CIC8) will invest in construction of 10,000 Keppel Land apartments & Tien
Phuoc Co. will build a resettlement area including 1,900 apartments at An Phu, Binh Khanh, District 2.
* HCM City People’s Committee will advance 50.5 billion to carry out the project of Vinh Loc B, Binh
Chanh residential area for resettlement with hundreds of townhouses and 40 apartment blocks.
* Construction Co. No.5 will invest in construction of 500 apartments at Ward 22, Binh Thanh District.
* HCM City Cooperative Alliance has developed its construction investment project of housing area at Le
Minh Xuan Commune, Binh Chanh Suburban District on a site of 67.49 hectares.
* 50% of the house reserve at The Splendor apartment area (Go Vap Dist.) will be intended to serve
resettlement demand in the district.
* Dat Lanh Co. will offer 1,500 apartments to the market with the prices of 500 - 700 millions VND/unit.
* People‘s Committee of HCMC has approved the project of the resettlement area on a site of 55.24
hectares at Dong Nam Cu Chi industrial - residential area in Cu Chi.
* House management of Dist.1 is assigned to construct the resettlement area at 7/4ª Kha Van Can, Thu
Duc district.
* In early 2010, Hai Thanh company will complete 352 apartments of Hai Thanh 1 resettlement area
project, Binh Tan District for the civil servants at Binh Tan District.
* People’s Committee of Binh Chanh has just cooperated with Hung Vuong university Investment &
Development JSC to construct resettlement area at Tan Kien commune, Binh Chanh suburban district.
* People’s Committee of HCM City has just licensed Cho Lon Real Estate JSC to invest in the
construction of the apartment buiding at No. 99 Ben Binh Dong, ward 11, district 8 in order to make the
house reserve at the social welfare housing program.
* People’s Committee of HCM City has promulgated the decision about reclaiming the land areas at
Phuoc Kien, Nhon Duc and Phuoc Loc communes, Nha Be suburban district for the construction of the
resettlement area in order to serve the project of Nhon Duc - Phuoc Kien new urban area.
* The HCM City Union of Housing Co-operatives has prepared to commence the construction of Thanh
Loc apartment building with 238 apartments on a site of 6.600 m2 in District 12. The Union intends to
construct another apartment building with over 200 apartments at Truong Tho ward, Thu Duc district.
* HCMC People’s Committee has ratified the planning of Binh Khanh residential area (Dist.2) which is
built on a site of 384,019 m2 to serve the resettlement of the locals in Thu Thiem new urban area.
* Dat Lanh has cooperated with Truong Son Vanguard Youth General Squad to build apartments for low-
income people at Dist.12
* Go Vap People’s Committee and Go Vap Public Benefit Service Co. have bought back the house
reserve belonging to Phu Gia Hung high-end apartments, Duong Quang Ham Street, Ward 15, Go Vap
Dist. and Dong Hung Thuan 1, 2 apartment buildings, Dist. 12 to serve the resettlement of the locals at
Tham Luong project - Ben Cat - Nuoc Len ditch.
* Approximately 184,000 apartments belonging to the investment program in the construction of the
social welfare houses in the stage of 2009 – 2015 with the total investment of about 49,000 billion VND
have been submitted to the government for approval. (30/09/2008)
* 800 social welfare houses for lease - lease to purchase will be built at 19A and 21A plots, Viet Hung
urban area in 2009, which have been ratified by The People’s Committee of Ha Noi City. (16/10/2008)
* 462 units of Khang Gia 3 apartment building (Go Vap Dist.) invested by Khang Gia Real Estate
Investment – Development JSC will be used for the resettlement demands. (27/10/2008)
The Committee for overseas Vietnamese in HCMC has showed that there have been 130 overseas
Dwellings for overseas Vietnamese Vietnamese buying houses, mainly in HCMC. Those who brought houses are those who come back to
and foreigners the country for their long term and direct investment, scientists, culture researchers invited to come back
VietRees to the country to become experts and repatriating overseas Vietnamese. To buy houses, beside
documents verifying priority subjects, the buyer must present their passport (issued in Vietnam). In the
case that house buyers bring foreign passports, they must have certificates of Vietnamese nationality or
documents confirming their losing Vietnamese nationality, or certificate of citizenship registration.

Sponsor:
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 8

REAL ESTATE LEGISLATION

Assessment of land-use demands The Ha Noi city People's Committee has promulgated the regulation on the order and the assessment of
the procedures for land use demands to execute the investment projects that do not use the budget
not exceed 20 days capital.
VietRees – 28 Oct, 2008
Accordingly, the period for the assessment of land-use demands does not exceed 20 working days from
the date of receiving the valid documents. During the process of assessment, if the departments,
branches and People’s Committee of the districts and suburban districts (where the land is located) do
not give a document to response within 15 days from the date the document was submitted, the
Department of Natural Resources and Environment will still carry out the assessment.
The units that do not have the document of response must take responsibility for the contents and the
assigned fields. In addition to the assessments of the suitability levels of the planning, policies and the
current regulations, the authorized bodies also assess the level of the influence of the land use on the
environment according to the Decree 80/CP.

2nd level investors not need to When investing in the new urban areas, if the 2nd level investors have transferred a part of the land
receiving the infrastructure of the new urban area from the 1st level investors (not the case of
ask for investment permit transferring the whole project), it is not necessary to perform the procedures to require the investment
Phap Luat – 28 Oct, 2008 permit.
The 1st investors are allowed to transfer or lease the land-use rights to execute the 2nd level projects at
the new urban areas when there are the technology infrastructure works suitable for the approved
projects. The 2nd investors just need to send the basic designs to the authorized organizations for their
assessment before they ratify the project.
After transferring the land use rights, one of the two sides must perform the procedures to change the
land-use rights from the 1st level investors into the 2nd level investors. The 1st level investors are not
allowed to hand over the land to the 2nd level investors.

Completing the granting of land
use rights certificate within 16 days
Ha Noi Moi – 30 Oct, 2008
The Hanoi City People’s Committee has promulgated the new regulations on the granting of land use
right certificate (red color) to the organizations using land in the area.
Within 15 days since receiving full valid documents, the Department of Natural Resource - Environment
will conduct their inspections. After the enumeration is completed and the registration fee is paid, the
Department will hand over the certificate to the organizations using lands. The solving period is one day
after the notice of tax the organization is received.
According to this regulation, the land used for the public purposes in the residential area will be assigned
to the People’s Committee at the commune level for management and not be granted the land use rights
certificate.

Free register for weekly newsletter: Please send your email to marketnews@VietRees.com * Sponsor and advestising: T: (08) 948 5574 - E: properties@VietRees.com
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A55 Page 9

REAL ESTATE MARKET FORECAST

* Note: Information on market forecast is only updated every 4 periods (after one month) by VietRees

General trends on HCM market
In general, the situation of real estate transactions in August is slower than July due to the psychology of
keeping off buying houses in lunar July. However, selling prices have come back to the uptrend.
Customers have more and more options to buy the properties whose prices are getting closer to their
real values.
According to the surveys of VietRees at the brokerage centers and transaction centers in HCMC, most
of them have had only few customers in HCMC. However, the prices of the real estate advertised for
sale have leveled off or seen a slight decrease of 2 - 5% as compared with the last month. This reason
of this price increase has been explained that construction materials prices in the past period have gone
up dramatically, inflation has risen, the actual incomes of the people have dropped and most importantly,
the sellers have been expecting the recovery of the market; as a result; the prices have become higher.
Increasing prices have been recorded at the projects in good locations and ensure the progresses of the
construction (the investors are continuing construction) and especially at the projects in which the
houses are about to be handed over or the infrastructures have been somewhat completed and the
construction speed is prompt.

Apartment market The sale and purchase of apartments or house on an installment plan in August, 2008 has drawn
interest from the buyers with real demands. Due to the fact that the banks have tightened real estate
loans, many investors have flexibly implemented the way of selling houses on installment plans for many
years to raise the capital for their projects.
According to the recent market surveys of VietRees, in addition to the previous factors such as location,
prices and convenient traffic; payment method and the money to pay in the first installment when
purchasing project houses are also drawing a lot of interest from buyers.
The apartments with small areas of 50 - 80 m2 and the value of below 600 - 800 million VND are seeing
a sign of decreasing attraction. The reason is that the supply is significantly increasing while the inflation
and the bank interest rates are rising sharply; therefore, the rent is not as high as the bank interest.
Tenants now have more options than before. As a result, many apartments are left vacant because there
is no tenant.

The market of project land plots
Similarly to July, on the whole, land prices have seen no decline and in some cases increased. The
sellers think that the situation has become less difficult and they will not accept any more loss.
Therefore, they will not try to sell properties at all costs like before. Land prices of some projects located
in Nha Be, Dist.2, Dist.7 have raised by 0.5 to 2 million VND/m2. Transactions have appeared on the
market although they are much less than in the beginning of the year.

CONSTRUCTION MATERIAL MARKET

Steel export tax is 0% Currently, the cement consumption of the enterprises is in a dire situation. In the first months of 2008,
the cement industry had to seek the measures and policies to "cool down" the market. On the contrary,
Edited by VietRees in the last months of the year, the consumption of cement has encountered many difficulties.
The Ministry of Finance has just decided to reduce the export tax on iron and non-ferrous alloys from 5%
to 0%, which is applied to the customs declaration forms from November 7th, 2008.
The above Decision has just been promulgated to help the producers to remove the difficulties and
resolve the amount of steel inventory. This is the 3rd time in the past 1 month that the Ministry of
Finance has decided to reduce the export tax on iron, and steel.
The popular retail prices range from 11.5 - 11.7 million VND/ ton, dropping by 9 million VND/ ton as
compared with the peak of the early July, 2008. This price level is still 300,000 VND/ton lower than the
EX-Work prices of steel producers because the volume of steel inventory is too large.

STOCK MARKET
Stock continues to recover, The positive signals from US stock market has
somewhat affected the Vietnamese market in the
VN-Index ups 10.48 points, morning session of 31st Nov, 2008.
HASTC-Index adds 2.94 points At HCMC bourse, right at the opening time, the
Edited by VietRees demand power has grown rather rapidly, the buying
Chart Source: Vietstock orders are launched rather soon, a series of gainers
have pulled the VN-Index up 6.65 points to the level of
Up to date: 30 Oct, 2008 342.22 points. The total trading volume on the whole
market has reached 3.1 million units. In the order
matching phase, the buying orders continue to be
executed. Vn-Index has added 2.56 points as
compared with the first phase, up to 347.95 points. The total trading volume of this phase has reached
over 10.5 million units. Ending the session, the upward trend of the market has continued to be
maintained. VN-Index has added a total of 10.48 points and closed at 347.05 points (equivalent to a
3.11% increase). The total trading volume on the whole market has reached 14.5 million units worth
333.7 billion VND.
Ending a trading week, with 3 upward session and 2 downward session, VN-Index has added 1.94
points as compared with the last week to close up at 347.05 points. After a trading month with 16
downward sessions and only 7 upward session, VN-Index has lost 109.72 points, decreasing from
456.77 points to 347.05 points.
At Hanoi, HASTC-Index has also added 2.94 points (or 2.63%) to close at 114.88 points. The total
trading volume on the whole market has reached 8 million units with a value of over 234.1 billion VND.
With 3 upward sessions and 2 dowward sessions after a trading week, HASTC-Index has added 3.3
points as compared with the last week to close up at 114.88 points. Ending the October, HASTC-Index
has lost a total of 33.67 points, decreasing from 148.55 points to 114.88 points.

Free register for weekly newsletter: Please send your email to marketnews@VietRees.com * Sponsor and advestising: T: (08) 948 5574 - E: properties@VietRees.com