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BY LOCALS, FOR LOCALS May 2017
“IN REAL ESTATE, YOU MAKE 10% OF YOUR MONEY
BECAUSE YOU’RE A GENIUS AND 90% BECAUSE YOU CATCH A GREAT WAVE”.
- JEFF GREENE -
#iAMHCMC EDITORIAL
2 | iamhcmc.com/gazette
No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission in writing from the publisher.
HAVE FEEDBACK? CONTACT ME AT [email protected]
EDITOR’S NOTE
As I visited the major real estate consulting firms, I learned the facts accompanying HCMC’s quickly changing landscape. This city is capitalising on its many assets – a young population, increasing urbanisation and its rising status as a major manufacturing hub are some of the broad strokes – and that has translated to a rising demand in real estate across all sectors. Hospitals, office buildings, schools, apartments and villas are all in high demand. Foreign and local real estate developers are more than happy to deliver quality products to meet the needs.
Just look at our stories covering the development of District 2’s Thu Thiem, the success of Vingroup and the soaring levels of investment in industrial zones. Ho Chi Minh City developers are seizing the moment to make the city richer and more accessible for a growing population.
This isn’t, of course, the whole story.
Alongside the rapid expansion are the millions of HCMC residents who live in the shadows of high-rises, who eke out livings outside of office buildings and department stores. As equally as Ho Chi Minh City belongs to the rising middle and upper classes, it belongs to the xe om drivers, street food vendors, wet market merchants and factory workers who work hard to buy food, pay rent and support their families.
I was happy to meet and speak with real estate professionals who are cognisant of and working towards mitigating the hardships some citizens have experienced as HCMC has increased its presence in the global marketplace. While luxury apartments look beautiful against the skyline, low-income housing is in higher demand; some developers are working diligently to provide these options. And these are issues that we’ve covered in the following pages.
For me, the big takeaway from this edition is one of high potential. The next few years will be important to determine how and where real estate developments leads. I, for one, am excited to see the results.
Best,
TABLE OF CONTENTS
FEATURES
3. HCMC in Context
4. Real Estate by the Numbers
6. Key Districts in Ho Chi Minh City
8. Why You Should Keep an Eye
on District 9
9. Big Plans for D2’s Thu Thiem
12. Vingroup Reshapes Vietnam
14. The Heavy Hitters in
HCMC Construction
15. What to Know When You Rent
16. Foreign Property Ownership:
What You Need to Know
20. Your Quick Guide to
Office Leasing in HCMC
22. Co-Working Your Way
Towards Success
24. Bring on the Green:
LEED Construction in HCMC
25. Tearing Down the House
27. Controlling the Flood:
Affordable Housing in HCMC
28. Industrial Zones in HCMC:
Land of Opportunity
30. Building the Boom: FDI in Construction
32. HCMC’s Hospitality Industry Ramps Up
34. FUV’s Unconventional Academic Leader
ADVERTORIALS
17. Santa Fe Relocation Services
18. Cogniplus Interiors
19. Move Your Office Like a Pro:
Crown Relocations
33. An Exciting Summer Ahead
at AIS Summer School
36. Passion Turned into Success
37. Victoria Healthcare
38. EVA Air: Fly to Canada in Style
MEET THE EXPERT
26. Is Sidewalk Culture at Risk?
EDITORIAL & NEWS
2. Editor’s Note
#iAMHCMCBy Locals, For Locals
Keely Burkey
#iAMHCMCby Alex Crane & Keely Burkey REAL ESTATE FEATURE
Q1/2016
OFFICE(GRADE A-CBD)
46.10
56.4256.22
60.54 60.54
60.89
47.50
48.27 48.2748.19
Q2/2016 Q3/2016 Q4/2016 Q1/2017
(US$/m2/month)
AVERAGE RENT OF OFFICE (GRADE A-CBD) AND RETAILFROM 2016 TO Q1/2017
3
Fact One: Despite Fluctuations, HCMC Has a Stable Footing
Jakarta, Manila and Bangkok are cities
that have a much longer history of serious
business development. However, HCMC is
showing promise. “We have low vacancy in
the office sector, pushing rents higher than our
neighbours, and strong investment into the
industrial markets,” Crane says.
Fact Two: The Main Driver Is Labour and Manufacturing
Manufacturing is attractive for HCMC’s real
estate market: companies will invest in an
industrial parks, but will also buy office space
in the centre of the city as an operations hub.
Crane points first and foremost to the city’s
strategic shipping location for this draw, but
also acknowledges an added bonus for our city:
“HCMC’s demographics are quite unique [in
Vietnam], offering a well-educated workforce
for corporates.”
Fact Three: Rents Are High, but This Will Change
As basic supply and demand dictates, landlords
can charge higher rents when tenants have few
options. However, in 2017 we’ll see an increase
in available office space, and this will likely
skew rent prices. Crane mentions another thing
to keep in mind:
“I think what is becoming more relevant to pricing now rather than supply is the occupier’s expectation
and evaluation of quality.”
As more high-quality buildings start coming
up, older buildings will pale in comparison.
Tenants will begin to expect more amenities
for the money they’re paying, which will create
real estate competition in the coming years.
HCMC in Context
Nothing exists in a vacuum, including real estate. One of the best ways to understand the sector? Take a look at some neighbouring cities. Cushman & Wakefield Vietnam’s General Manager Alex Crane helps us navigate through the stats and figures.
Q1/2016 Q2/2016 Q3/2016 Q4/2016
4
8
12
16
20
24
28
32
4
8
12
16
20
24
28
32
JakartaBangkokManila
US$/m2/monthVacancy %
4.99
24.25
25.40
31.0030.14 29.71
29.92
19.48
2.35
5.07
22.54
25.62
19.59
1.55
4.81
22.87
26.37
19.70
22.30
26.80
19.91
2.45
5.96
2.26
OFFICE (GRADE A-CBD): VACANCY & AVG. RENT
11 BUILDINGS
63 BUILDINGS
A
B
reaching a 5-year high in 2016.
In 2016, GDP grew 6.2 percent
4 PERCENT
REAL ESTATEEXPANDED
new businesses were created.
OVER3,100
newly registered Foreign Direct Investment (FDI) capital
US$1.5 BILLION
will be located outside the CBD*71,122 m2
will be within the CBD115,570 m2
total office stock, which is a 3 percent increase from last year
1,620,000 m2
average occupancy rate with a 3 percent increase in rent from 2015
97 PERCENT
registered and supplementary FDI, with 177 supplementary projects worth
US$1.44 BILLION
US$629.2 MILLION
50 PERCENT
374,000
of the Vietnamese populationwill live in cities by 2040.
Approximately
housing units must be produced yearly to meet the demand.
account for 212,651 m2 of leasable space.
account for 896,624 m2 of leasable space.
In 2017, an expected 62,300 m2 leasing space will be available.
In 2017, an expected 124,392 m2 leasing space will be available.
* Central Business District
115
JAPAN TAIWAN CHINA SINGAPORE SOUTH KOREA
CURRENT TOP FOREIGN INVESTORS, US$ MILLION, JANUARY, FEBRUARY AND MARCH, 2017
452 644 824911
3,748
SOURCES ILLUSTRATORS CBRE Vietnam Market Insight Presentation
World Bank Vietnam
will be created, with 512 adjusted projects, and a total investment capital of
650 NEW PROJECTS
US$13.7 BILLION
providing
in HCMC. These are mostly located in: District 1, District 3, District 7
37 SERVICED APARTMENTS
3,335 UNITS
There are
of the country’s inward FDI will be put towards the development of industrial parks and
economic zones.
83 PERCENT
The majority of
was made in
SUBURBANDISTRICTS,
not central districts.
NEW SPACE
Around
made up of 8 new industrial parks will be built in the immediate future. This will increase the current stock by
2,800 HECTARES
60 PERCENT
Colliers Report Q4 2016
Trang Pham | Tung Dinh
INDUSTRIAL SUPPLY BY DISTRICT
REAL ESTATE B Y T H E N U M B E R S
5%
OTHERS
D10
VILLA AND TOWNHOUSEPRIMARY STOCK BY DISTRICT
4%
25%
18%
4%
5%
4%
6%
37%
BINH CHANH
NHA BE
D7
D9
D2
D12
THUDUC
NSBINH CHANH
D9
CU CHI31%
NHA BE20%
OTHERS19%
19%
11%
Alex Crane, “Up and Coming Vietnam” - Bat Dong San
Trying to make sense
of Ho Chi Minh City’s urban sprawl? We’re here to help.
CBRE Vietnam has compiled the most important facts about some of
our city’s many districts.
6 | iamhcmc.com/gazette
District 1: District 1 is the hub of top hotels
(Intercontinental, Times Square), landmark
office buildings (Bitexco, Kumho), luxurious
apartments (Vinhomes Golden River, Avalon)
and top-tier retail brands (Takashimaya, Gucci,
Chanel).
Vibrant lifestyle can be felt with the bustling
business activities throughout the day and
partying at night in both local and Western
styles.
With a limited land bank, transaction prices in
all kinds of real estate properties are notably
higher than in other districts – apartments can
go for US$7,500 per square metre and prime
retail locations can be as high as US$300 a
month per square metre.
District 2: Considered to be the future
Central Business District of HCMC, District
2 has witnessed impressive changes in the past
few years, including the rapid forming of the
200-hectare township of Sala Dai Quang Minh
and the mushrooming mix-use hub around
Metro Line No.1’s stations, with some of the
biggest residential and retail projects such as
Masteri Thao Dien and Vincom Megamall.
District 2 has some of the highest rental
yields in apartment projects, especially
those near Thao Dien. District 2 has a very
positive outlook for pricing appreciation –
properties within 10 minutes of the metro line
stations are forecast to increase by 10 to 20
percent next year.
District 3: Right on the fringe of
the busy CBD, District 3 conveys a
sense of tranquillity with lots of
old-style French houses, and some
Grade B and C office buildings and
3-star hotels.
Rental fees for apartments and commercial
places are a bit higher than in other districts
around the centre due to easy connectivity
with the current CBD, but the district is
expected to stay relatively stagnant with a
lack of real estate projects coming online in
the near future.
District 4: Small District 4 is the most
densely populated district with an abundance
of delicious street foods. Low-quality houses
and continuous traffic jams make the location
less desirable for buyers and investors.
Recently the
district’s appearance has improved thanks
to high-rise condominium projects emerging
along the Ben Nghe river canal.
District 5: A strong Chinese culture can
be felt here with delicious, cheap restaurants
and many street-front shophouses along busy
retail streets such as Nguyen Trai and Tran
Hung Dao that keep drawing interest from
consumers. However, limited available land is
a strong drawback for developers. There are
7
District 7: Mostly known for the Phu
My Hung township, District 7, which has
wide streets with well-built
shophouses, apartments
and commercial
bui ld ings , has
attracted mostly
wealthy locals and
foreigners, especially
Koreans and Japanese.
In December 2016, District 7 welcomed the
Mapletree Business Centre, the first Grade A
office building ever to open in a decentralised
areas of Ho Chi Minh City. Considered a well-
established area with high levels of security and
services, District 7’s selling prices have been
higher but stabler compared to other districts.
some small-to-mid-scale projects
under construction, but the district
does not have a strong pipeline for
future projects.
District 9: With a large land bank
and improving infrastructure, District 9 has
become the new hot spot for townhouse/
land plots with appreciation at the top of the
market.
In 2016, on average, villas/townhouses
increased more than 10 percent year-on-year
and land plot prices were up as high as 15
percent to 25 percent. Traditionally dominated
by local developers (Khang Dien
House, Nam Long, M.I.K), District
9 now welcomes more foreign players,
extending product lines for buyers.
Nha Be District: Residential
townships with large green areas and sufficient
facilities have become attraction points for
buyers, many of them with kids. Notable
projects in this rural district include Dragon
Hill Residence, Nine South Estate and Phu
Hoang Anh. Bigger townships are under
planning.
There’s not much focus on business office
buildings or hotels, so Nha Be District is ideal
for living or simply for a second home for a
weekend retreat. Affordable prices and rental
fees might offset the traffic jams that buyers/
renters would have to embrace to travel to the
CBD, though usually they’re not too bad.
Binh Thanh District: With easy
access to District 1 and District 2, Binh Thanh
has become a good selection for many high-end
residential or mixed-use projects even before
the economy crisis in 2008. Villas along Saigon
River, such as Saigon Pearl and Vinhomes
Central Park The Villa, are among the most
expensive products across the city, selling at
US$7,000-US$9,000 per square metre. These
projects are still good choices for mid-to-high-
class locals and expat renters, with rental fees
comparable to those in District 2 along the
Metro Line, if not higher.
Lower-end projects are also being built to
satisfy different classes’ needs. Traffic jams
and flooding might be the main concerns for
residents in the area.
Phu Nhuan District: This small
district sits between Tan Son Nhat International
Airport and District 1, and thus is home to
plenty of hotels, shophouses and commercial
buildings. Due to its proximity to the
international airport (until the new one opens),
it attracts a lot of industrial warehouses with
foreign staff renting apartments nearby.
Traffic jams and crowded streets can be
depressing, but friendly neighbours and
delicious food do compensate.
Binh Tan District: Recent westwards
movement has made Binh Tan District more
desirable. Along with District 9, Binh Tan will
be one of the affordable housing hubs of the
city in coming years, thanks to infrastructure
developments and rapidly improving facilities.
The district also abuts many industrial parks
further to the west, so its houses can attract
workers.
Binh Tan District no doubt has an excellent
outlook in terms of real estate developments
and urbanisation.
#iAMHCMC REAL ESTATE FEATURE by Keely Burkey
8 | iamhcmc.com/gazette
Why You Should Keep an Eye on District 9
You’ve heard it here first: District 9 is gearing up to be the new Brooklyn of Ho Chi Minh City. Just… probably not anytime soon.
If you look at a map of Ho Chi Minh City,
you’ll notice something striking: the districts
in the centre of the map, like Districts 1, 3 and
4, are smaller than the outlying districts, like
Districts 9, 12 and Binh Tan.
This development is normal, and follows
established historical patterns seen in
other cities, like Paris and London. When
transportation was limited, districts needed to
be smaller. Now that we have motorbikes, cars
and a metro on the way, larger spaces can be
carved onto the map.
And it’s these larger spaces that are catching the eye of developers and
real estate consultants not only across the country, but also across the world.
Expansion Plans
Troy Griffiths, the Deputy Managing Director
for Savills Vietnam, explained the development
strategy in detail. “It’s the pattern of the city’s
development,” he said.
“There are nodes with density that have grown
and then become filled and occupied so that
developers are now having to look for cheaper
land. And this pushes them further and further
away from those established nodes.”
For developers, much attention falls on one particular sector:
District 9, a 114-km² block of land which lies on top of District 2.
For developers there are many draws: the land is cheap, the parcels are
large and as of now, not much of it has been seriously developed.
District 9 in particular has been on Griffiths’
eye for some time. Although land development
stopped in this space during the global financial
crisis of 2007 and 2008, recently he’s seen a
major upswing in market interest. “To be
honest,” he admitted, “I think that District 9
is starting to run out of these large available
parcels of land.” And who’s taking advantage
of it? “Everyone,” Griffith asserted. “You’ve
got the local developers and then you’ve got
your internationals, your Keppels and your
CapitaLands.”
Land Grab
The parcels of land might be sold with ease, but
that doesn’t mean that District 9 will be the new
District 1 in a year’s time. The Vinh Tran from
the Ministry of Construction recently reported
that although the government has a large stock
1. Condos
Sun Tower | Developer: N.H.O Khang Viet
Year of Completion: 2018
Units: 379 | Price: US$650/m2
Him Lam Phu An | Developer: Him Lam
Land | Year of Completion: 2017
Units: 1,092 | Price: US$900/m2
2. Villas and Townhouses
Lucasta | Developer: Khang Dien
Year of Completion: 2019
Units: 140 Price: US$800/m2
District 9’s Top New Projects
of land in District 9, that is the way it will stay
for the foreseeable future.
Rather than developing the stock, the city municipal department, along with other companies
who have invested in District 9’s land plots, prefers to bide their time for the moment, focusing on other projects
closer into the city.
One big reason for this seems to be
transportational issues. The construction of the
metro is a big topic in Ho Chi Minh City at the
moment, and even now, years before the metro
will be finished, it’s affecting real estate prices.
As VietnamNet reported, 37 percent of
apartment units for sale are along the Metro
Line No.1, which connects Ben Thanh Market
to Suoi Tien Park in District 9.
When you add the metro to the recently
completed Ho Chi Minh City-Long Thanh-Dau
Giay highway system, a 55-kilometre-long road
that connects District 9 to District 2 and Dong
Nai, it’s clear that developers see big plans for
this district.
Google Earth
#iAMHCMCby CBRE Vietnam REAL ESTATE FEATURE
9
Thu Thiem, right over the Saigon River from
District 1, is a huge land bank of 657 ha. This
area is set to become a new business and financial
centre for HCMC. These plans aren’t new: the
master plan for Thu Thiem was first designed by
US architecture firm Sasaki Associates in 2003.
Soon, these plans will be coming to fruition.
According to the master plan approved by the
HCMC People’s Committee in 2005, Thu Thiem
will have a resident population of 150,000 and a
daily working population of 220,000 when the
developments are completed. One of the major
issues is making the land easily accessible to
workers and residents in other parts of the city.
Links will include a tunnel (now completed),
four road bridges (one already completed), a
pedestrian bridge, a metro link and HCMC’s
existing waterway network.
Creating the Core Area
One of the main concerns during this huge project
is making the city plans as organised as possible.
Hence, the 657-hectare territory of Thu Thiem
is divided into eight plots. The “Core Area”
is divided into two neighbourhoods known as
#1 and #2 (a, b, c). The Northern residential
area consists of neighbourhoods #3 and #4.
The residential areas along the Mai Chi
Tho Boulevard are known as #5 and #6.
Neighbourhood #7 includes the Eastern
Residential development, Urban Resort Hotel
and Marina. Neighbourhood #8 encompasses
the entire Southern Delta area.
Similar to Pudong’s location in Shanghai, Thu Thiem occupies a large peninsula formed by
a meander in the Saigon River. Pudong needed 25 years to
become a thriving commercial and financial centre of Shanghai.
Big Plans for D2’s Thu Thiem
For Thu Thiem, 20 years after the local
authority decided to make it a new urban
area, it’s now gradually taking shape with
infrastructure, residential, commercial and
exhibition projects.
Investing in the Future
In Q1/2017, the total registered investment in Thu Thiem reached over US$6.6 billion from more
than 16 developers.
Here are some of the other big players. Keppel
Land invested in Quoc Loc Phat Co. to invest in
the Song Viet project in plot #1. Vingroup, will
invest in the Entertainment and Sport Centre
in plot #2c. Other projects under planning are
the GS E&C project in plot #3, Thu Thiem
EcoSmart City by Lotte, Mitsubishi and Toshiba
in plot #2a, and the Marina Complex by SULT
Marina Development Pte. Ltd. in plot #7. But
planning is easy. How is the construction going?
Projects under construction are located in the
centre of the peninsula in plot #5 and #6. Local
Just across the river from District 1’s Central Business District, right now District 2’s Thu Thiem Ward is largely grass, swamps and plains. But in a few years? Get ready.
developer Dai Quang Minh is the most active
developer in this area. It developed plot #5 and
#6 with a total area of nearly 40 ha, which
includes 5,600 condominium units, 513 villas
and other commercial components. The first
condominium block, Sarimi with 414 units, was
handed over to buyers in Q3/2016, while the
subsequent phases are under construction. The
average asking prices range from a whopping
US$2,000 to US$2,800 psm.
Attracting Attention
Another notable project is Empire City in
plot 2b, developed by a joint venture of Tien
Phuoc, Tran Thai, Gaw Capital and Keppel
Land, which will have 3,000 condominium
units along with office and retail space and a
86-storey landmark building.
In Q4/2016, Linden Residences in Empire City
held a soft launch event which attracted a lot of
attention from foreign buyers, with 459 out of
504 units sold. At the event the average asking
price ranged from US$2,500 to US$2,800
psm, but in Q1/2017, the average asking price
reached US$3,100 psm.
Thu Thiem holds a lot of potential but there
is still much to be done to ensure its success.
To make this vision of the Pudong of Saigon come true, some radical
policy changes are believed to be needed first.
Want to know more? Take a look at the projected
plans on the next pages.
MAJOR DEVELOPERS IN THU THIEM Scale, ha
0 20 40 60 80 100 120
Dai Quang Minh
Vingroup
JV Hong Kong Land-CII
GS E&C
JV Quoc Loc Phat-Keppel Land
JV Lotte Assets-Mitsubishi-Toshiba
JV Tien Phuoc-Keppel LandTran Thai-Gaw Capital Partner
Source: CBRE Vietnam, Q1/2017
#iAMHCMC REAL ESTATE FEATURE by CBRE Vietnam
10 | iamhcmc.com/gazette
Section 1-3 and 3-5: Trung Thuy Group got the approval to study development and design plans for a 1.16-ha site. Section 1-15 and 3-3, 3-7, 3-11: GS E&C got approval to carry out an investment plan for a 4-ha site. Section 3-1, 3-2, 3-6, 3-15, 3-16, 4-7 and 4-8: CII and Hong Kong Land will develop mixed-use projects; Quoc Loc Phat Co. got approval to invest in a 4.8-ha mixed-use development.
Plot 1 + 3 + 4 Major Approved Projects of Thu Thiem
Plot 2a: Thu Thiem EcoSmart CityMixed-use | Status: In-principal approval in 2014 Developer: Lotte, Mitsubishi, Toshiba Area: 16.7 ha | GFA: 730,000 m2 Total investment cost: US$2.2 billion
Plot 2b: Empire City Project
Plot 5 + 6
Mixed-use including a 86-storey landmark building Status: Started in late 2015 | Soft launch of Empire City Linden Residences in Dec 2016 Developer: Keppel Land – Tien Phuoc – Tran Thai – Gaw Capital | Area: 14.5 ha | GFA: 730,000 m2 Total investment cost: US$1.2 billion
Plot 7Marina Complex (Parcel 7-2) | Status: SULT Marina Development Pte Ltd. | (Singapore) and Sai Gon Yacht Corp have registered for development but no activity yet | Total area: 5.4 ha | Gross floor area (GFA): 5,000 m2 | Floor area ratio (FAR): 0.14 Height: 6 stories | Commercial ratio: 100%
1
8
3 4
5
7
2a
2b2c
6
Plot 2c Plot 8 Entertainment and sport centre:stadium, sport parkStatus: In-principal approval Developer: VinGroupArea: 31.49 ha Total investment cost: US$294 million
Eco-forest parkStatus: In-principal approval Developer: Dai Quang Minh | Parcel Area: 17.9 ha Gross floor area (GFA): 60,000 m2 | Floor area ratio (FAR): 0.34 | Height: 4 storiesCommercial ratio: 100%
Mixed-useStatus: First residential component handover in 2016Subsequent phases in progressDeveloper: Dai Quang Minh Area: ~100 ha | GFA: 730,000 m2 Total investment cost: US$2.2 billion
#iAMHCMC REAL ESTATE FEATURE
11
Thu Thiem 1Bridge opened
Thu Thiem Tunnelopened
Relocation of existingresidents officially begins
Planning forThu Thiem begins
1/2000 master plan by architecture firm Sasaki Associates unveiled
Work on Thu Thiem 2 Bridge begins
Launch of the first residential project in Thu Thiem by Dai Quang Minh
First residential project handover by Dai Quang Minh 7/2016
20081996 20112002 2012 2/2015 7/2015 2016
THU THIEM’S DEVELOPMENT TIMELINE
INFRASTRUCTURE
THU THIEM 1 BRIDGELinking Thu Thiem with Binh Thanh DistrictInvestor: Thu Thiem AuthorityOpened in 2008
THU THIEM 2 BRIDGELinking Thu Thiem with District 1 (at one end of Ton Duc Thang Str.)Investor: Dai Quang MinhUnder-construction, set to open in 2018
PEDESTRIAN BRIDGELinking Thu Thiem with District 1 (at Me Linh Square)Investor: Dai Quang MinhUnder Design and Concept Contest
THU THIEM TUNNEL Linking Thu Thiem with District 1Investor: Thu Thiem AuthorityOpened in 2011
Road R4
THU THIEM 3 BRIDGELinking Thu Thiem with District 4Under-planning
THU THIEM 4 BRIDGELinking Thu Thiem with District 7Under-planning
FOUR MAJOR ROADSTotal length: 11.9kmInvestor: Dai Quang Minh and Vietnam Infrastructure Development and Finance Investment JSC. (VIDIFI) Construction started in 2014, to be completed in 2017
EAST-WEST HIGHWAYConnects Thu Thiem to residential and commercial districts to the east
Source: http://www.thuthiem.hochiminhcity.gov.vn
#iAMHCMC REAL ESTATE FEATURE by Jesús López-Gomez
Even if you haven’t heard of Vingroup, you’ve definitely seen its developments. Many believe Vingroup is the face of
Vietnam’s real estate future, and it has big plans.
Today, Vuong is one of the wealthiest individuals in the nation,
and the company he started is one of the largest in Vietnam.
The story’s “prodigal son” theme – a journey
abroad followed by homecoming and success
– is nuanced by the fact that Vingroup’s profile
has extended to the world stage.
In 2013, the company became the first to
attract international investment from US private
equity firm Warburg Pincus. The company has
invested US$300 million in Vingroup so far.
Another US$1 billion has been invested in
Vingroup in the same time period.
International Attention
Aside from funding from outsiders, the company
has also attracted international attention for its
unparalleled developments.
A look at Vingroup’s revenues alone doesn’t
do justice to how large the company is. You
need context.
If Vingroup’s stocks were traded on a US securities
exchange, its 75 percent year-on-year growth would win it a place on
Fortune’s list of the top 100 fastest growing companies.
In 2016, the company reported almost doubling
its revenue from the year prior after posting
nearly the same banner year in 2015. It also
made a splash on the world stage in December
with its Vinhomes Central Park, which was
decorated with regional and global awards.
An obvious question arises: How?
Walking with Giants
It becomes an easier question
to answer once you look at the
broad range of sectors that Vingroup’s
assets cover. The group’s holds nearly 1,000
stores, 1 million square metres of retail space,
and a group of over 100 other properties across
the country that serve as hospitals, resorts
and entertainment destinations. Almost any
imaginable need could be served by a Vingroup
asset. “I think their strategy is just world
domination,” Deputy Managing Director of
Savills Vietnam Troy Griffiths said with a laugh.
“They’re just a very interesting animal.”
Vingroup’s meteoric rise is due to the company’s
executives, experts say. “It’s attributed to the
great leadership of the chairman,” Viet Capital
Securities researchers said in an interview citing
the company’s origin story.
Vingroup founder Pham Nhat Vuong started
the food-processing company Technocom in
Ukraine. By the time food giant Nestlé acquired
it in 2009 for US$150 million, Vuong had
broken ground on his first major projects in
Vietnam, Vinpearl Resort in Nha Trang and
Vincom City Towers, which opened in 2003
and 2004, respectively. Vingroup would be
formed in 2007.
Vingroup Reshapes Vietnam
by Thinh Dinh
#iAMHCMC REAL ESTATE FEATURE
13
Landmark81, a 461-metre-tall building that
will open later this year inside Vingroup’s
Vinhomes Central Park, was voted the best high-
rise building in the world at the International
Property Awards in London in December.
The 81-storey tower will be 152 metres taller
than the Shard of London as well as the tallest
building in Vietnam and the 11th tallest
in the world when it is completed. Located in
Binh Thanh District, the development took a
prize for the best urban complex in the region.
The development is just a fraction of the
company’s expansive portfolio.
After reporting a blockbuster financial year
– Vingroup posted a whopping 72 percent
increase in revenue, VND 58.5 trillion
(US$2.6 billion), over last year – the company
shows no signs of slowing down.
The group is working on an ambitious
waterfront development known as Vinhomes
Golden River. About 25 acres located southeast
of the zoo and botanical gardens will be used
for an enormous development made up of
13 apartment buildings. The plans call for 63
villas to be built around them.
The mixed-use development aims to open with
a plethora of amenities. The development’s
website boasts not only the standard perks of
living in a mixed-use development – a restaurant,
a supermarket – but also advertises plans for
parks, a museum and an international school.
The website calls the site “a city within a city”.
A report updating investors on the project in
February noted that 73 percent of the more than
2,500 units currently available in the project
have been claimed already.
Just as the Vinhomes Golden River project is a “city within a city”,
Vingroup’s businesses have grown to be a world unto themselves by the sheer breadth of sectors
in which they operate.
The group’s portfolio includes hospitals,
schools, groceries and many other businesses.
Vuong remains the board chairman and
majority shareholder in Vingroup with a 28.5
percent stake in the company, according to
a 2015 company report. The majority of the
company, 84 percent, remains with Vietnamese
shareholders. Foreign investors hold the
remaining 16 percent.
Planning for Vietnam’s Future
As the company’s revenue and profiles have
grown, so too has the company’s mission
matured. Vingroup’s network of Vinmec
hospitals and Vinschool educational centres
committed 100 percent of their profits to
charities in 2016. The company added that it
would invest VND 4 trillion (US$176 million)
in Vietnam’s healthcare and education.
Allocating financial resources to nonprofits
matches peer institutions like the United States’
Mayo Clinic and Johns Hopkins Hospital.
Vietnamese law describes such companies as
“social enterprises”. Vingroup’s move into the
health sector has led to the expansion of medical
services to previously underserved communities.
For example, the Vinmec hospital in Phu Quoc
was the area’s first international-standard
hospital, a move described by Griffiths as
“altruistic”. The company has a stated mission
of combating chronic food shortages through the
Vinmec centres. Vingroup also supports youth
development programmes and programmes to
support orphans and senior citizens.
Outside of Ho Chi Minh City, Vingroup is
completing a 175,300-square-metre mixed-use
project in Hanoi, Vinhomes Gardenia. About
three-quarters of the units there have been
sold in advance. Separately, the company’s
more than 7,000 villas and condos scattered
throughout the country are 81 percent occupied.
Looking forward, Vingroup’s shopping centres
and Vinpearl resorts will be a major focus
through 2020, according to the company’s
2015 annual report. The company’s five-year
strategy statement calls for further expansion
of these two brands.
The report provides an insight into Vingroup’s corporate philosophy. Its mission: creating “a better life
for the Vietnamese people”.
Alongside income growth, the company states an
interest in greater transparency and management
excellence by modelling its executive activities
after professional services consultants Ernst &
Young and PwC. The 2015 report describes 2016
as “a year of Quality and Efficiency” as the group
undertook changes to its corporate governance
and human resources development.
#iAMHCMC REAL ESTATE FEATURE by Kristian Goodchild
14 | iamhcmc.com/gazette
Dat Xanh remains committed to affordable
housing as the central point of its corporate
identity and will offer around 1,000 cheap
apartments in HCMC in 2017.
Vingroup
As we explain in greater detail in the previous
story, Vingroup is the largest private-sector real
estate operator – period – in Vietnam. While
most of the group’s current developments
appear to be aimed at middle-high earners,
the group is also planning between 200,000
and 300,000 apartments under its Vincity
banner, with low prices (around US$30,000)
aimed squarely at middle-income buyers.
The company has invested over US$1 billion
in HCMC developments in the last year, with
many flagship projects nearing completion.
Nam Long Group
Nam Long’s flagship projects, ‘Ehome’, are
possibly Saigon’s best examples of affordable
housing done well. Since the first trial
development in D7, Ehome offerings have
won plaudits for their aesthetic quality as well
as affordability and market-savvy awareness.
Group leader Nguyen Xang Quang said his
focus on budget construction was to serve the
real demand sector in the city:
“When the market was booming during 2006-2007, we […] decided
to focus on the segment with the bigger demand.”
The cranes are swinging over construction sites, but who’s paying for it all?
With massive foreign investment and dizzying
density, Saigon is developing at a furious pace.
Everywhere you look the city is changing,
with sleek malls and infrastructure investment
transforming the city.
Central to the city’s evolution is the residential
sector. At every level of the market new
developments are increasingly modern,
comfortable and safe. Budget developments are
on par with Western equivalents and the luxury
options are as good as you could find anywhere
in the world. Here are the top five companies
making huge waves in HCMC:
Novaland
High-end developments and Singapore-style
condo compounds are Novaland’s speciality.
New developments are popping up all over
the city, despite what some call a dire lack of
demand for luxury at such high volume.
Born from Nova Group, a provider of veterinary,
animal health and villa rental services, the
corporation rebranded as Novaland in 2007
and has since enjoyed considerable growth
within the residential construction sector.
Despite market worries about the niche nature
of its business strategy, the company sold 8,000
units in 2016. More than 3,800 were sold in
the first six months, and these accounted for
29 percent of units sold in the city, according
to Savills Vietnam.
Khang Dien House Trading and Investment
The group’s sprawling developments in Khu
Pho will eventually form a huge residential
bridge between District 2 and 7.
Formed of a mix of affordable and high-end
luxury condos, the developments will dominate
the hitherto sleepy District 9 for years to come.
Dat Xanh Real Estate
With interests in infrastructure and low-end
developments, Dat Xanh has also branched out
into mid to high-end apartments in recent years.
Developments such as the Sunview Apartments
in Thu Duc showcase the group’s commitment
to technical quality and modern design.
The Heavy Hitters in HCMC Construction
#iAMHCMCby CBRE Vietnam REAL ESTATE FEATURE
15
As people stream into HCMC, being a landlord
makes sense. Some 830 serviced apartments
are scheduled to come online this year, along
with 49,000 condominium units. Not less than
fifty percent of CBRE Vietnam’s residential
closed deals are buy-to-let, where foreign or
local investors buy a property to rent it out.
If you’re thinking about renting out an
apartment, you’ll be renting to either local
people or expatriates. How do they differ?
Differing Demographics
In the expat market, location is everything.
“Based on my experience, Westerners, both
single and with families, tend to prefer District
2, while District 7 sees a lot of action from
workers from Asian countries,” commented
Linh Do, Leasing Manager at CBRE Vietnam.
“If an expat chooses to live in District 1,
whether Western or Asian, more often than
not they’ll require a shorter leasing term (less
than six months).”
“Foreign tenants will look more closely at
the interior design, amenities close by and
the overall building. For local tenants, it’s all
about the price and unit capacity (the number
What to Know When You Rent
of rooms, not so much the total unit area),”
added Linh.
Where and How to Advertise
How do you get good tenants? Typically, anyone
looking for an apartment will search online or
ask friends about housing opportunities. Going
through a leasing agent is a distant second
choice due to the added costs involved.
The two most popular choices for apartment
leasing advertisements are Muabannhadat.vn
and Batdongsan.com.vn. However, if you’re
new to the game, going through an agency can
speed up the process and avoid complications
with tenants.
One of the most important decisions will be
determining a reasonable rent. In HCMC, the
market rent for a mid-end apartment is US$8
to US$11 per square metre, while high-end
apartments are generally US$12 to US$14 per
square metre. Rent will also depend on the
location, lease term (people generally offer lower
rents for longer lease terms) and the condition
of furnishing.
Look at the rents of comparable units nearby.
What does it take to successfully rent out an apartment in an increasingly competitive marketplace? Yes, location is important.
1. Do your research. Location is your top consideration. Think about the future: projects along the
Metro line should have good capital gain and leasing potential in the medium and long term. Good
local amenities such as schools, hospitals, supermarkets and green environments are another advantage.
Check the track record of the developer, amenities and facilities of the building, including parking
capacity, floor layout (number of units per floor, number of lifts, fire escapes) and the reputation of
the management company.
2. The apartment may need to be redesigned or upgraded to suit tenants. Loose furniture, kitchenware
and utensils, air-conditioners, a television and the internet should be provided. Some service companies
provide leasing consultancies such as rental rates, interior design, a 24/7 hotline to support tenants,
maid service or insect repellent if requested, and they manage tenants by collecting rental fees or help
to find new tenants. They can also help the owner avoid legal complications with tenants.
CBRE Vietnam’s Top Two Apartment Leasing Tips
#iAMHCMC REAL ESTATE FEATURE by CBRE Vietnam
Current Laws (Effective 1 July 2015)
EligibilityYES for all foreigners who are granted
a visa to the country and not entitled to
privileges and diplomatic immunity.
ProductApartments and landed property (villas and
townhouses)
Volume
The total number of dwelling units owned
by foreigners must not exceed:
30 percent of the total units in one
condominium building;
10 percent of the total landed property
units in one residential compound;
250 landed property units in one
particular administrative ward or its
equivalent.
PurposeThe properties owned by foreigners can
be sub-leased, traded, inherited and
collateralised.
Tenure50-year leasehold with renewal possibility;
Foreign individuals married to Vietnamese
citizens are entitled to freehold tenure.
16 | iamhcmc.com/gazette
Three months before the expiration of the
tenure for house ownership, if the owner
wishes to have the tenure extended, he/she
must file an application for extension which
specifies the extension length and includes
a certified true copy of the certificate of the
house, then send it to the People’s Committee
of the province in which the house is located.
Within 30 days from the receipt of the
owner’s application, the People’s Committee
of the province shall consider and issue a
written permission for one extension of the
ownership tenure at the request of the owner.
Such extension must not exceed 50 years
from the original expiration date written on
the certificate.
According to the written permission given
by the People’s Committee of the province,
the certificate-issuing body will write the
extension on the certificate, and send a
copy of the certificate to the Department
of Construction of the same province for
monitoring.
Looking Forward
Vietnam’s property market may not be as
transparent as its more developed counterparts, but
it does present great opportunities. Some projects
that have seen huge interest from foreigners include
The Nassim in the Thao Dien area or Empire City
in the Thu Thiem Ward of District 2.
Going forward, as the market further develops and quality standards further improve,
we believe there will be a growing presence of foreigners investing in Vietnamese properties after some time studying the market.
These buyers are more likely to look at projects
from well-known developers with good track
records, and/or those in good locations with
capital growth and leasing potential, even
though selling prices of these projects can be a
lot higher than average.
Vietnam’s economy has been thriving in recent
years. FDI into the country has been on an
upward trend, and its real estate market has
been booming since 2014 along with a great deal
of infrastructure investments. It is evident that
there is an increase in the number of foreigners
looking to invest in Vietnamese properties.
Since July 2015 buying a house in Vietnam as a foreigner
has been made a lot easier.
What Are the Rules on Foreign Property Ownership in Vietnam?
Taking effect from July 2015, the revised Law
on Housing has brought about many positive
changes in terms of foreign property ownership.
This opened a new chapter for Vietnam’s
residential sector, where local and foreign
developers alike are working aggressively to
tap into this new pool of buyers.
The biggest change with this new policy is that
now all foreign individuals who are granted
entry into Vietnam and all foreign investment
funds, banks, Vietnamese branches and
representative offices of overseas companies
are able to buy properties here.
In addition, they are allowed to buy not only
apartments but also landed property (villas and
townhouses), and their home ownership rights
have been significantly relaxed. The previous
law only allowed foreign home ownership to be
strictly for owner-occupied purposes, while the
revised law has allowed these properties to be
sub-leased, traded, inherited and collateralised.
The catch is that the total number of units
owned by foreigners must not exceed 30 percent
of the total units in one condominium complex,
or 250 landed property units in one particular
administrative ward or its equivalent.
From Whom Can It Be Purchased?
On the primary market: from developers of
residential projects. On the secondary market:
only from foreign individual/entity owners
(not from local owners) with the remaining
ownership tenure (renewal possibility available
upon expiry).
Sub-Leasing the House
Foreigners are allowed to sub-lease their houses,
but they must report this activity to the district-
level housing authority. Rental income is
taxable, with the tax rate varying in accordance
with the rental income.
Renewal of Ownership
For a foreign individual who owns a house
in Vietnam, the procedure for extending the
ownership tenure is as follows:
Foreign Property Ownership: What You Need to Know
Vietnam’s guidelines on foreign land ownership have changed dramatically. Here’s where foreign ownership stands today.
#iAMHCMC REAL ESTATE ADVERTORIAL
17
If you’re thinking of moving to another country, the to-do list seems never ending. For Santa Fe Relocation Services, however, this list is an opportunity, not a challenge.
Santa Fe Relocation Services
up a home, they don’t just drop off the
boxes and leave when the van is empty. As
Christine Byrne, the Head of Admissions at
ISHCMC and long-time customer of Santa
Fe Relocation Services, recalled, “They did
everything for me. I was literally sitting in
the corner – I didn’t have anything to do!
They even set up my electronics and hung the
pictures on the walls.” This story isn’t singular:
Santa Fe’s many in-house supervisors and vast
moving crew are experienced and qualified to
give every new resident peace of mind.
When friends came over that night to celebrate
the move, Byrne remembers looking around
her new home. “Everything was done by six
o’clock. I had never seen anything like it!”
Trusted Advisors
As everybody knows, moving is much more
than trading spaces. Moving is all about feeling
comfortable in a new environment. So Santa Fe
is always available for any question. This help
might be as small as pointing out a store that
sells Vegemite to as big as helping with the home
search or work permits.
But most important for Stephanie Ralainarivo? Making sure each family and individual feels happy, safe and healthy in their new home country.
“A family who had just moved had young
children and had only been in Vietnam for
a month. One night they called one of our
consultants at 11 p.m. saying that their child
was sick and they weren’t sure how to call
the hospital. So the consultant drove to the
house, calmed them down, and realised that
they had been dialling the numbers incorrectly.
Everything turned out fine. That’s the sort
of commitment we have to our customers.”
With offices in 47 countries and counting,
Santa Fe Relocation Services has made moving
into an art.
Moving is stressful. A national move, let alone
an international move, can be one of the most
taxing times in a person’s life. Just ask Stephanie
Ralainarivo, the General Director for Santa Fe
Relocation Services Vietnam.
Stephanie has made relocation her business, and she’s gotten good
at understanding what makes the process such a pain.
For starters? Schooling. When families move,
this is always the most important, and often
the hardest problem to solve. “Depending on
what academic environment a family is coming
from, it is not always easy to find a matching
curriculum,” she told us.
And then there are the matter-of-fact problems.
How about the tax laws that are vastly different
from the ones you grew reluctantly to know,
or the changes in weather and climate? Or
even just the fact that your kitchen appliances
won’t work in the outlets found on another
continent? What kind of houses will I find?
These are factors that people often don’t
consider amongst the myriad stresses that
accompany relocation.
Lending a Helping Hand
With a world that’s becoming increasingly
globalised, moving to another country is
becoming more and more normal and, in some
industries, almost expected.
Santa Fe Relocation Services has one singular
mission: to handle, minimise and eliminate
the stress of relocating. In fact, their mission
statement is, “We make it easy”. Stephanie told
us the biggest stress isn’t the adjustment to a
new culture or even a new language barrier
– it’s the emotional ties that are pulled when
a family leaves a comfortable home. “It’s the
emotional part [of moving] that makes it more
intense than just the physical part by itself,”
she acknowledged.
“A family knows they have to move, but they worry about everything. There are so many unknowns.
So we just take care of it. We handle the details that cause the most stress.
That makes a big difference.”
Moving countries without the hassle of
organising paperwork and with a team of
professionals to mitigate the emotional pitfalls?
Sounds almost too good to be true. But that’s
where Santa Fe’s experience come into play.
First of all, there’s the actual moving. Don’t
worry about the usual city-wide search for
cardboard boxes: a team of Santa Fe movers
will come and help pack, ship and track all of
a family’s valuables. Plus, a team will be at the
dock to help and, ultimately, to unload each
box in a resident’s new home.
Santa Fe works with their fleet of in-house
supervisors and crew to add to your peace
of mind. And when the Santa Fe team sets
8th Fl., 5 Nguyen Gia Thieu, D3
+84 8 3933 0065
santaferelo.com
Stephanie
Ralainarivo
#iAMHCMC REAL ESTATE ADVERTORIAL
18 | iamhcmc.com/gazette
The Sheraton Nha Trang Hotel & Spa. The Armani Exchange in Saigon Center. The Puma Development Center. What do all of these beautiful spaces have in common? They were designed and constructed by Cogniplus Interiors.
There’s nothing quite like the feeling of walking
into a beautiful, well-designed space. When the
colours, furniture and energy of a space align
cohesively, you can’t help but feel comfortable.
This harmony doesn’t come naturally: it’s
carefully constructed with the help of talented,
experienced construction visionaries such as the
team at Cogniplus.
Collaboration Is Key
Joseph Tham, the General Director and
co-owner of Cogniplus Interiors, knows
the peace that comes from a well-designed
space, and the discomfort that an ill-designed
space can bring as well. With 20 years of interior
creation experience in Malaysia and 15 years’
experience in Ho Chi Minh City, there’s little
he hasn’t seen in his line of work.
When a company opens an office, a retailer opens a shop or a
hospitality company opens a hotel, what actually goes into its creation? The first thing to understand is just
how many moving parts are needed to manage a project
from start to finish.
It starts with the construction. For a shop, this
might mean building inset shelves into the walls
or installing changing rooms in the back of the
store. For an office, it could mean anything from
putting up window blinds to installing sinks
and toilets in the bathroom. These changes,
called a “fit-out” in the construction business,
aim to make the space practical and useable
for the client.
Although Joseph is a designer by trade, he
recognised the importance of being able to
provide complete fit-out projects for companies.
That’s why he worked hard to grow Cogniplus
Interiors from four employees to 75 over its 15
years of business.
Today, in addition to interior design and fit-out
construction, Cogniplus can handle mechanical
and engineering projects and even make custom
furniture.
Controlling the Moving Parts
For Joseph, having the ability to do a
complete fit-out is one thing. But actually
having the personnel and staff to do the projects
is quite another. He is emphatic about one thing
in particular:
“The most important part of completing a project successfully
is the project management. If the project managers are not
organised and experienced, things can get very messy very quickly.”
Joseph is adamant that a good working
atmosphere is essential to running a good
company. By establishing a cosy and friendly
way of working with one another, the Cogniplus
team has been able to maximise the potential of
all of their creations. Joseph told us, “If people
feel comfortable at work, and not pressured,
all of their work will naturally be better. It’s
as simple as that.” It’s a well-known fact that
happiness naturally leads to productivity and
innovation, so this makes perfect sense. And
it’s been working well for Cogniplus since the
company was founded.
Lasting Partnerships
As a unified company, Cogniplus Interiors can
keep an eye on all the moving parts at once. Its
goal? To create partnerships.
This is why Joseph has created what he calls
the After Sales Service: professionals from
Cogniplus Interiors visit each project twice a
year after they’ve finished. If needed, they will
perform maintenance on any problem the office,
hotel or store might have.
Why does Cogniplus care so much about keeping
its clients happy? The reason is simple. “Real estate changes
so quickly here,”
Joseph notes. “In two or three years they will
move to a new space, and they’ll know who to
turn to when they do!”
Cogniplus Interiors
239 Dien Bien Phu, D3 | +84 8 3827 9688 | [email protected] | cogniplusvn.com
#iAMHCMC REAL ESTATE ADVERTORIAL
At Crown Relocations, professional, reliable
and consistent moving has been boiled down
to a science, from the initial consultation to the
specialised secure moving crates used for transport.
“We make sure they look at certain things,”
Rossall tells us. “What’s the access to the new
building like? What notices should you give to
security? How many good lifts are available?”
These are things that seem minor, but can
actually cause huge problems if they’re not
attended to. And that’s just the start.
Be sure to keep the following tips in mind if
you’re thinking about moving – or better yet,
give Crown Relocations a call.
1. Plan early! The time will go quickly. “As soon as you’ve got your premises and you know
where you’re going, look at it as early as possible,” Rossall advises. Just how early? If your
company is planning to move in a year, start talking to a moving company six months before.
2. Tidy up! How much an office relocation will ultimately cost depends on how much you
decide to bring with you. Volume equals money, so the more paper and accumulated waste
you can get rid of, the better. “There’s no point turning up to a bright, shiny, clean new
office with a bunch of old things that are going to go into the corner, take up space and
gather more dust,” Rossall says.
3. Clean securely! When an office moves locations, decades-old papers suddenly become
unearthed. You don’t need them anymore, but do your competitors? Simply throwing them
away in the bin will leave you and your company vulnerable. That’s why Crown Worldwide
provides secured destruction bins. Bonus tip: you can also rent these bins on a regular basis.
4. Sell the space! If your employees aren’t on board with the move they could quit, and that
could mean big trouble for you and your company. So make sure you let each and every
employee know the benefits of the new space – even if it means an extra 10 minutes a day
on the motorbike.
5. Store what you can! Most businesses have marketing materials – where do you keep yours?
If it’s in the break room cupboards, you might want to rethink that scenario. You could be
using that space better if you sign up for one of Crown Relocations’ secured storage units.
And if you’re moving, what a perfect opportunity.
This year is looking to be a big one for office
space. According to Cushman & Wakefield’s
“Office Snapshot Q4 2016”, 200,000 m2 of new
supply will be built, and over half of it will be
in the Central Business District. This will add
to the 10 Grade A buildings and 49 Grade B
buildings already in operation.
HCMC is beckoning to new and existing
businesses, and, judging by the success of leasing
agencies, businesses are responding in kind.
However, don’t whip out the bubble wrap just
yet. Moving offices might seem like a simple task,
but think again. Just ask Jamie Rossall, Crown
Relocations’ Country Manager for Vietnam.
His experience with Crown Relocations, the
largest privately owned moving company on
the planet, has allowed him to get the inside
scoop on all things moveable.
Prevent a Messy Situation
When a company starts thinking about
relocation, what happens next? As Rossall points
out, the chain of command isn’t always clear.
Considering the tremendous costs, time and
energy associated with moving to a new
office, this is not a decision to take lightly.
Making a mistake could have major financial
repercussions and affect your business. For the
sake of all involved, it’s often better to let an
expert handle the situation.
But what happens if you don’t? You’ve got
the CEO, the finance department and the IT
department just for starters. Everyone will want
their own department to benefit in the new
office space, and all those opinions will likely
lead to confusion. “You’re left with a bunch of
people who have no experience with moving,”
Rossall notes. “A lot of the time it’s the
finance people and procurement people who
have the ultimate say in what you’re doing.
And they’re not necessarily looking at it from
a holistic approach.”
Moving your company to a new office can be tough, but does it have to be? Crown Relocations’ Jamie Rossall shares the tips of his trade.
Unit 2404, 24th Floor, 561A Dien Bien Phu, Binh Thanh District
+84 8 3840 4237 | [email protected]
crownrelo.com/en-us/country/vietnam
Changing Spaces: Top Five Tips from Crown Relocations’ Jamie Rossall
Move Your Office Like a Pro: Crown Relocations
19
#iAMHCMC REAL ESTATE FEATURE by Keely Burkey
20 | iamhcmc.com/gazette
Your Quick Guide to Office Leasing in HCMC
Market Overview
Knowledge is power. If you’re thinking about
leasing an office in Vietnam, understanding
the economic climate is vital. Here’s a brief
overview of things that will affect your foray
into office spaces.
Vietnam Is a Frontier Market with Potential
Ho Chi Minh City has seen a lot of growth
in the past few years, but it’s important to
remember that Vietnam is still a frontier market.
Compared to cities like Bangkok or Jakarta,
we’re still in the early stages of development.
Ho Chi Minh City’s relatively low amount
of office space and high occupancy rate has
two main effects on the city’s office real estate
market. First, we’re living in a leasing agent’s
world. With low supply and high demand, the
team at Colliers International has seen rents
raised up to 30 percent in the last six months.
Office space in a Grade A building will generally
cost you US$45 or US$50 per square metre.
This is an incredible turnaround, seeing as the
Colliers team reported trouble achieving high
office occupancy in Bitexco when space was
leased in 2011.
The good news? Rent prices will likely stabilise
and decline as more office space becomes
available, and several new projects are due to
come online in 2017. The bad news? As Vietnam
increases its office space, it’s also becoming
more attractive to overseas businesses; don’t
expect the demand to waver anytime soon.
However, if you’re looking to move your
company to a new space in HCMC, here are
some things to keep in mind.
Phase 1: Planning Is Everything
This can’t be stressed enough. The success of
your move depends entirely on your planning,
organisation and strategy. Here are some
guidelines.
What Is Your Business’ Future?
Moving offices demands a bit of soul searching
about where you see your company in 5 or 10
years. David Jackson, the General Director of
Colliers International Vietnam, told us that a
potential office site depends entirely on what
your company requires: “If you’re a financial
institution that needs to be the best in class,
then maybe you need to be located in Deutsches
Haus, because you understand the quality of
what is being delivered and you pay a premium
for that. If you’re a telephone sales operator,
you don’t need to be located there.”
What Do Your Employees Want?
Changing offices means changing a lot of lives,
and sometimes it isn’t for the better. The last
thing you want is to lose valued employees who
don’t want to battle District 1 traffic if they’re
used to a converted villa in District 2.
Colliers International’s advice? Take a survey.
Ask all employees what they want and need in
a new office space. The benefits will be twofold:
your employees will feel included and invested
in the move, and you’ll get valuable information
when searching for potential spaces.
Involve Your Employees... But to an Extent
Employee input is valuable, but there’s always
the threat of a “too many cooks in the kitchen”
Leasing an office is at times utterly exciting and utterly terrifying. But don’t worry, Colliers International lets us know what it takes to get through the process with ease.
#iAMHCMC REAL ESTATE FEATURE
Colliers International’s 10 Mistakes Commonly Made by Tenants
21
Design the Office of Your DreamsIn Vietnam, appearances matter. Plus, besides
the deposit, the fit-out will be the most expensive
part of leasing an office – so don’t take it lightly!
Hire a professional designer and contractor who
knows what he or she is doing, and has plenty of
experience. This is also a great chance to make
use of those employee surveys you handed out
in Phase 1.
Remember that not everything has to do with
money; factor in the intangible costs and
benefits of the space as well.
Your office should reflect your company’s
culture, aesthetic and goals, not to mention
affect employee morale.
scenario. Many opinions from different
departments can easily lead to chaos, so here’s
another tip from Colliers International: appoint
a project manager. Make a senior employee the
go-to person in charge of communicating with
the leasing agents, consultants and contractors.
And after the move, be sure to give that
employee a bottle of wine for their efforts!
Learn the Market. Know the Market. Be the Market.
The real estate market is constantly evolving,
and this is doubly true for a quickly growing
city like HCMC. An informed decision will
mean scouring quarterly reports put out by
real estate research companies, websites and
investment journals as thoroughly as possible.
This can be difficult if you can’t speak or read
Vietnamese so here’s another option: pair up
with a consulting company and let it do the
dirty work for you.
Phase 2: Fitting in the Fit Out
Now you know what you want. What next?
Finding the office of your dreams and making
it yours. But what does this entail? Whatever
you choose, get comfortable: a typical leasing
period in Ho Chi Minh City can last from six
months to two years, depending on the size of
your company.
Take a Good, Hard Look at the Contract
It’s best you know up front that as a tenant,
you’re not going to have home court advantage.
David Jackson notes, “Because there’s limited
buildings of quality here, a lot of the contracts
are much in favour of the landlord in terms of
the constraints and options.” This is why it’s
so important to know what you need inside
and out.
While most leasing contracts are largely the
same (“They’re the same because I wrote most
of them,” Jackson jokes), there’s one area in
which a Vietnamese lease differs from a typical
lease in a Western country: the length of time is
generally shorter. In London, leases can range
from 5 to 15 years, while in HCMC you’re more
likely to find two to three-year leases.
The reason? The exchange rate. While real estate
discussions typically use US dollar amounts,
the Government’s Decree 99 states that all real
estate contracts must use Vietnamese dong.
Shorter leasing periods let landlords and tenants
renegotiate when the exchange rate changes.
1. Failing to leave enough time at the end of the lease to fulfill reinstatement obligations.
2. Acting too slowly once a decision is made and consequently missing out on opportunities.
3. Failing to appoint a project leader as the internal single point of contact.
4. Making inaccurate estimations of the company’s space requirements.
5. Agreeing to terms before obtaining a space-planning perspective.
6. Beginning the negotiation of a renewal or new lease too late.
7. Lacking clearly defined business or real estate objectives.
8. Focusing exclusively on financial costs.
9. Failing to allow for expansion space.
10. Lacking the knowledge of future
opportunities. Often, the best
deals are secured well in advance
of space becoming available
#iAMHCMC REAL ESTATE FEATURE by CBRE Vietnam & Arik Jahn
22 | iamhcmc.com/gazette
Co-Working Your Way Towards Success
First things first: what is a co-working space?
A co-working space is a work environment that several occupiers, often from different
industries, share.
The point is that rather than renting an office,
you pay for a membership that allows you and
your fellow co-workers to use the working
space and the on-site facilities such as coffee
machines (that’s an important one), Wi-Fi,
printers, meeting rooms, etc.
Who uses it? This real-estate model caters to
freelancers and start-ups as they are full of
ideas and motivation but short of money, and
in need of flexible office solutions as well as a
networking-friendly environment.
Co-working spaces provide them with just that.
Since memberships are typically monthly, leasing costs
are considerably lower and their networking options sit right
at their table.
In Ho Chi Minh City, choosing a co-working
space over a traditional office can save up to
25 percent of leasing costs, and that doesn’t
even include the extra money needed to equip
the office.
A Belated Boom
However, while Tokyo alone is home to more
than 100 co-working operators, Ho Chi Minh
City only recently reached the modest threshold
of 10, covering less than one percent of the city’s
overall office space. The reason is easy to guess:
Japan experienced a “start-up boom” earlier
and on a larger scale than Vietnam.
Between 2010 and 2012, the number of
co-working spaces in Japan, tailored to the
new business model, skyrocketed by more
than 1,400 percent! Meanwhile, the very first
co-working provider in Ho Chi Minh City, Start
Saigon, began its business in 2012.
The numbers seem to indicate a similar, yet
more moderate trend in Vietnam. According
to data from the General Statistics Office, the
amount of newly registered companies has
been growing at an average 21 percent per year
across the country since 2015.
The start-up model has taken hold in Vietnam, even though
at a comparatively slow speed.
Ho Chi Minh City is in the vanguard of this
movement, followed by Hanoi and Danang.
Let’s embrace the future by taking stock of the
present: here’s all you need to know about five
major co-working spaces in Ho Chi Minh City.
DreamPlex 1: Level 9 - 10 - 11, 21 Nguyen
Trung Ngan, D1
DreamPlex 2: Level 10 - 11 - 12, 195 Dien
Bien Phu, Binh Thanh D
Auditorium: Ground Floor, 195 Dien Bien
Phu, Binh Thanh D | [email protected]
dreamplex.co | +84 8 7306 6880
Business hours: Mon-Sat 9 a.m. to 6 p.m.
Price: VND 150,000/day;
From VND 2,000,000/m
What’s the place like? DreamPlex has two huge
complexes in District 1 and Binh Thanh District
with DreamPlex 1 catering to small or medium
start-ups, while DreamPlex 2 provides bigger
space for bigger companies.
Who does it cater to? All kinds of individuals,
start-ups and small businesses are welcome.
What about private offices? Small studios for
two to four people come at VND 17,000,000
to 20,000,000.
Business services? DreamPlex provides contact
to law and accounting firms, audit and HR
companies, investment mentoring and coaching.
Networking events/workshops/coaching? There
are weekly events and workshops to connect
investors and start-ups.
Any special amenities? DreamPlex 2 also houses
a 225-m2 auditorium for up to 210 guests.
What else to mention? Barack Obama spoke
with entrepreneurs at DreamPlex when he
visited Saigon in May 2016.
THE WORLD’S MOST
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TO VIBRANT VIETNAM BY LOCALS, FOR LOCALS
we're looking for a
Say, you have a cracking business idea, perhaps even small team, but you don’t have the money to rent an office. What do you do? You become a co-worker. DREAMPLEX
#iAMHCMC REAL ESTATE FEATURE
23
101 Cu Lao, Phu Nhuan D | +84 9 6510 0244
saigoncoworking.com
Business hours: Mon-Fri 9 a.m. to 9 p.m.
Price: No daily pass; From VND 2,000,000/m
What’s the place like? Housed in a multi-storey
building in a calm neighbourhood, this is a
dynamic and large co-working space.
Who does it cater to? Saigon Coworking attracts
co-workers from all business and creative fields.
What about private offices? Saigon Coworking
offers private offices for up to 15 people,
starting at a monthly fee of VND 11,000,000.
Business services? It provides co-workers with
legal, financial and IT consulting, as well as
a range of other services including help with
driving licence or work permit.
Networking events/workshops/coaching? No.
Any special amenities? How about a lush
rooftop garden?
What else to mention? Saigon Coworking can
organise a personal secretary for you.
18bis/14 Nguyen Thi Minh Khai, D1
+84 8 6682 8580 | start-saigon.com
Business hours: Mon-Fri 9 a.m. to 6 p.m.
Price: VND 120,000/day;
From VND 1,800,000/m
What’s the place like? Start Saigon sets a casual
environment spread over two houses. It was the
first co-working space in Vietnam.
Who does it cater to? The focus lies on IT
start-ups and design professionals.
What about private offices? Private offices come
at VND 25,000,000/month.
Business services? Start Saigon actively helps
start-ups with product development, web design
and team building. Renowned partners provide
legal advice and business licences.
Networking events/workshops/coaching? It
organises daily community lunches, barbecue
and pool parties, tech meet-ups, workshops, etc.
Any special amenities? Start Saigon boasts an
outdoor swimming pool and a rooftop lounge.
What else to mention? For those who want to
make their workspace their home, the private
bedroom package is VND 11,000,000/month.
15 Nguyen U Di, D2 | +84 8 3744 2589
factoryartscentre.com/go-work | Business
hours: Mon-Sat 9 a.m. to 7 p.m.
Price: VND 100,000/day; VND 1,900,000/m
What’s the place like? Go Work is a smaller
co-working space that is part of The Factory
Contemporary Arts Centre.
Who does it cater to? All kinds of individuals,
start-ups and small businesses are welcome.
What about private offices? To come.
Business services? No.
Networking events/workshops/coaching? It
organises networking events and workshops.
Any special amenities? Go to the outdoor terrace
or the exhibition hall for a creative break.
What else to mention? Membership comes with
a discount at the on-site restaurant, bar and cafe
with an organic and healthy menu; members
have free entrance to all exhibition openings
at The Factory.
44/10 Nguyen Van Dau, Binh Thanh D
+84 9 4971 6313
[email protected] | fablabsaigon.org
Business hours: Mon-Sat 9 a.m. to 6 p.m.
Price: No daily pass; VND 1,300,000/m
What’s the place like? Fablab is a makerspace,
a coffee shop and a co-working space all in
one, housed in a typical Vietnamese townhouse.
Who does it cater to? Fablab is tailored to
creatives and designers.
What about private offices? You can rent a
private office for 8-10 people, starting from
VND 8,000,000/month.
Business services? No.
Networking events/workshops/coaching?
Fablab runs regular workshops of original
content and engages members in community
projects.
Any special amenities? Fablab also has a
makerspace and an on-site shower.
What else to mention? Membership comes with
one free drink per day and a 10% discount on
food and beverages.
Limited Places. Register today!
(08) 2222 7788 / 99
www.issp.edu.vn/camp
92 Nguyễn Hữu Cảnh, Ward 22, Bình Thạnh Dist., Ho Chi Minh City
Summer CampJune 19th - July 14thFor children 18 months to 11 years old
Summer Camp
For children 18 months to 11 years old
June 19th - July 14th
SAIGON COWORKING
START SAIGON
GO WORKFABLAB
#iAMHCMC REAL ESTATE FEATURE by Jesús López-Gomez
24 | iamhcmc.com/gazette
Bring On the Green: LEED Construction in HCMC
Go out on any warm day and you’re likely to
hear the collective “whoosh” of the city’s many
air conditioner units perched outside residences.
A centralised air conditioning system would
be more cost effective and friendly to the
environment, but the reason you don’t see
these and other sustainable practices adopted
more widely in construction is partly just
short-sightedness. LEED expert and Colliers
International Vietnam General Director
David Jackson explained that the benefits of
green building are buyer- and tenant-centric.
(LEED stands for Leadership in Energy and
Environmental Design, a US rating system for
the environmental performance of a building.)
“The issue with residential is that a lot of people won’t invest because
the benefits [of having more efficient equipment or construction materials] stay with the owner rather than the
builder,” he said.
Never mind that the cost between building
a sustainable structure and a conventional
building is “minimal”, he added.
LEED vs. LOTUS
Interest in LEED certification has grown to a
point where a separate, more locally oriented
set of standards has been developed, LOTUS.
Those standards have been slow to take hold.
Vietnam’s Green Building Council reported in
December that just 12 projects had sought and
acquired LOTUS certification.
In 2013, the council reported that 41 buildings
had received some kind of sustainability
certification, either from LEED, LOTUS or a
comparable metric. The majority, 42 percent,
were factories. The residential sector had the
smallest share of certified buildings, 3 percent.
“Green building adoption has been limited in
Vietnam,” the council wrote in its 2013 report.
The report said that “factories have led the
way thus far”, like the LEED-certified Colgate-
Palmolive Plant in Cu Chi, the first one to obtain
the certification in the country in the summer of
2016. The Binh Duong province plant, which
opened in 1996, worked with international
engineering firm Royal HaskoningDHV to
remake the 18,600-square-metre facility.
The plant employs around 1,200 people and
makes 250 million products annually. “Slowly,
Asia’s Factories Begin to Turn Green,” read a
New York Times headline in 2014 describing
a Vietnam Intel plant with a water-reclamation
system and one of the country’s largest solar
panel clusters. The developments resulted in
questions from local authorities: they were
reportedly seeking direction on what kind of
standards the Vietnamese government could
impose on its country’s manufacturers.
“Until you get to a very mature city level …
with tax incentives, development incentives …
it’s going to be hard to push for [sustainable
development],” Deputy Managing Director
of Savills Vietnam Troy Griffiths said. Some
incentives do, however, exist right now. Jackson
described a HCMC building code that allows
builders to add an extra floor to their edifice if
sustainability standards are met.
A Green-Tinged Future?
Looking forward, Jackson said firms are going
to need to figure out how to help developers
frame their sustainability interests in terms of
market value for buyers. In other words, “what
people look at here in terms of development is
which one is going to sell my property more,” he
said. “And I think people will focus on LEED”
because of its international recognition, he said.
Jackson said developers need to involve a green
building consultant early in a project.
“By bringing on a green consultant at an early stage of a project … they will guide you in terms of
cost savings,” he said.
Vietnam has also eased this process by making
sustainable appliances more widely available.
“When you’re looking at green products, five,
six years ago, it was very difficult to find low-
flush toilets,” Jackson said. “You can get that
here now.”
Vietnam has an edge in the green building
space because of its wealth of architects and
international architecture firms. With the
decreasing costs and greater sensitivity to
environmental issues, Jackson said there’s
reason to be optimistic about the adoption of
sustainable building practices.
“I think with technology [becoming less
expensive] and more experience in the market,
all building is going that way.”
Vietnam isn’t known for green energy initiatives, but some developers are looking to change that. We find out what a greener and cleaner future might look like in HCMC.
FactoryOfficeHospitality
*Measures green buildings that are certified and/or registered with LEED, LOTUS, EarthCheck, BCA GreenMark or following GreenStar.
Source: “Is There a Future for Green Buildings in Vietnam?” by Solidiance
SupermarketSchoolResidential
SECTORS DOINGGREEN IN VIETNAM*
42%
22%19%
8%
6%
3%
#iAMHCMCby Keely Burkey & Vinh Tran REAL ESTATE FEATURE
25
Tearing Down the HouseFor architect The Vinh Tran, From the HCMC Department of Construction, the key to HCMC’s future development isn’t building new buildings – it’s tearing down old ones.
This might shock you, or it might not: hundreds
of buildings in Ho Chi Minh City are deemed
worthy for demolition.
Many of the buildings in question are old
residential buildings – condos or apartment
complexes built before 1975. As architect The
Vinh Tran explains through an interpreter over
a cup of tra da, although there are 474 of these
old condos in and around Ho Chi Minh City,
most are concentrated in Districts 1, 3, 5 and 10.
In total, there are around 50,000 apartment units
that need to go.
This might come as strange news for anyone
who follows real estate in the city. After all,
land prices are rising, and this is especially true
for land in Districts 1 and 3. Some developers,
Tran reports, have been waiting for land to
become available for over 20 years. And it’s not
just the developers – the government is equally
prepared to develop new projects over old and
unsafe projects. The holdouts? The tenants of
the buildings themselves.
Location, Location, Location
According to real estate regulations in Vietnam,
any building constructed before 1975 is
considered liable for destruction or renovation.
The problems come into play when tenants,
who own apartments or have binding leasing
agreements, refuse to give up their home to
make way for new building construction.
Legally, Tran explains, the government has no
right to forcibly remove a resident from their
proper home, even when the house is hazardous
and potentially dangerous.
When you factor in the monetary incentive that members of the Ministry of Construction are offering tenants,
you have to ask: why stay?
Because they live in prime locations, Tran
says. Development plans in the city are
widely known, and the tenants who live in
these rapidly degrading buildings know the
worth of the properties they live in. Many
tenants consider the compensation offered by
government officials to be inadequate when
judged against the property’s worth as well as
other factors.
After all, many tenants living in the degrading
houses work in the centre of the city in a
variety of lower paying jobs. Occupational
options seem bleak when forced with the idea
of relocation to affordable housing units on the
outskirts of the city. However, as the years pass
and the buildings degrade, these citizens are
playing a dangerous game of chicken.
Building on the Edge
The Vinh Tran is adamant about this issue and
considers it a keystone preventing the city from
efficient development strategies.
Rather than develop from the centre of the city and then
slowly progress outwards, as many cities naturally develop around the world, Ho Chi Minh City is on a
different path.
Real estate companies, waiting years for land
to become available in the city centre, have
grown impatient. Now Novaland and other
development companies have opted instead to
invest money in land around the outer rim of
the city. Tran considers this a less-than-optimal
solution, as it results in uneven and ultimately
uncontrollable real estate development.
Traffic congestion and even pollution would be
less, he maintains, if development was allowed
to go forward on old condo complexes.
Slow Progress
Despite the lengthy compensation negotiations,
old buildings are gradually being torn down –
just not at the rate that the city has targeted.
Recently, Tran reports, government officials
have thought of a new incentive which has
been attracting more old apartment tenants: a
guaranteed spot in the new apartment building,
and sometimes a job within the building as well.
However, it seems as though for the moment
The Vinh Tran will have to be content with
the slow crawl towards uniform modernisation
in the centre of the city. Without adequate
resources to make existing tenants happy these
crumbling houses will serve as a visual reminder
of the progress yet to be made.
#iAMHCMC MEET THE EXPERT Interview by Keely Burkey
26 | iamhcmc.com/gazette
We’re seeing an anti-immigrant sentiment sweeping the globe,
and people have not come up with good ways to deal with the fact
that millions of people are already here.
What about motorbikes, and how the sidewalks
are used as parking lots?
They take up a lot more space than vendors.
In my book, we meticulously measured the use
of sidewalk space and found that vendors take
less space but employ a lot more people.
And I think it’s really serious how, as incomes
have grown, there are so many more cars.
The city really wasn’t built for that many cars.
There really needs to be serious control of cars,
because that’s going to lead to gridlock.
Are there any other cities that are incorporating
vendors in different or innovative ways, so
residents get the best of both worlds?
What I brought to [the HCMC city planning
department] was the example of Boston’s
Freedom Trail. It’s like a red painted line that
goes around the city, so tourists can follow the
line as they walk around.
What’s neat is that it goes from historic things
as well as shopping as well as different ethnic
towns like little Italy and Chinatown.
The city planning department was intrigued by
that. They invited me to make a mock proposal
for HCMC, and it was approved by the People’s
Committee to be a pilot project.
The whole approach was that you don’t need to radically change things and sanitise the city. People want to
see the regular living life of Ho Chi Minh City.
When you go to Ho Chi Minh City, what are
some of your favourite street foods?
So many things! I love nuoc mia, and all the
drinks. I get xoi, the sticky rice, and banh mi.
And lots of the snacks, like the crackers and
cookies that they grill on the sidewalk.
Sidewalk clearing initiatives are nothing new in Ho Chi Minh City, but the latest attempts have been making national news. University of Southern California (USC) Professor Annette Miae Kim provides some insight on what could be lost if the sidewalks are cleared.
How did you become interested in Ho Chi Minh
City’s sidewalks?
I have a personal family background – my
father was born in North Korea, so I was
interested in these Asian communist countries
that were starting to make reforms, and I
came to Vietnam with my advisor as a
grad student and just really liked it there.
While I was living in Saigon in 2000,
researching [my book, Learning to Be
Capitalists], I would walk on the sidewalks.
I loved living in the city but could never
quite put my finger on what exactly was so
wonderful about living in Ho Chi Minh City.
What did you find out when you began
researching sidewalks for your second book,
“Sidewalk City”?
Basically, one of the biggest things I found out
is that sidewalks are a very democratic space.
People from different classes were coexisting
and hanging out with each other and helping
out each other. There’s an incredible amount of
sharing of the sidewalk space. There’s a social
system that allows people to take turns.
How do you think the sidewalks in Ho Chi
Minh City differ from sidewalks in other cities?
After organising an international conference
about global street-vending where I could
compare it to other places, it became clear to
me that Vietnam is very different. Usually the
store owners are the ones most vehemently
against street vendors because they think it’s
unfair competition and/or they’re degrading
the physical environment and they’re going to
lose their real estate value.
But in Ho Chi Minh City while these arguments
are also made, there are also many accounts
in which the store owners were helping [street
vendors] out. They were hiding them during
police raids, they were giving them free water,
free electricity, they would store their goods
overnight for a small fee.
I realised that there’s a high degree of legitimacy in Vietnamese culture,
especially in the South, and that there’s a lot of accommodation
made for vendors.
Do you think the sidewalk clearing campaign
we’re seeing today is different from any past
attempts?
I think what was really remarkable was
how [District 1 Deputy Chief Doan Ngoc
Hai] was towing government cars and
demolishing government office buildings.
I hadn’t seen that before, and I think
that’s why it’s gotten a lot of attention.
It’s a “no one’s above the law” kind of act, and
I haven’t seen that before.
Are you aware of any options or alternatives
that might be available to street vendors if this
initiative takes away their place to work?
I haven’t heard of any government suggestions
what the alternative would be. With a lot of
migrant populations and immigrants – not just
in Vietnam, but globally – I think, a lot of times
the city’s approach is “just don’t be here”, and
not really thinking of alternatives.
Is Sidewalk Culture at Risk?
by Travis Hawk
#iAMHCMCby Keely Burkey & Nguyen Van Duc REAL ESTATE FEATURE
27
Controlling the Flood: Affordable Housing in HCMC
One of the keywords in Vietnam’s real estate today is urbanisation.Today, 34.1 percent of the country’s population live in cities, and this number is rapidly growing. The biggest question remains: where will everyone live?
With an increasing Foreign Direct Investment
(FDI) presence, a rising middle class and an
influx of expatriates from wealthier countries,
there’s no simple answer to this question.
Nguyen Van Duc, the founder and owner of Dat
Lanh Real Estate Company Ltd., a real estate
developing company that focuses exclusively
on affordable housing in Ho Chi Minh City,
knows this only too well.
With the help of his son, Nguyen Hung Tam,
who acted as interpreter, Duc explained why he
has devoted his life to affordable housing. He
pointed out an obvious advantage to affordable
housing development: “The land available is on
the outskirts of the city, so it’s cheaper.”
So far he’s built dozens of housing projects for low-income workers,
mostly in District 12, and this demand will not let up any time soon.
Adding Up the Numbers
Thousands of Vietnamese have been pouring
into the city limits, attracted by the prospect
of employment and educational opportunities.
While this increase is clearly good news
for manufacturing factories and schools, it
has caused strain on the city’s housing and
infrastructure developments.
One problem? FDI has been funneling into
Ho Chi Minh City’s high-end real estate
projects, but has so far turned a blind eye
towards affordable housing. I ask if any foreign
companies make affordable housing, and he
answers, “From my knowledge, there’s only
been one foreign company that is investing in
affordable housing. And I don’t know the name.
It’s not a big presence.”
For local investors it’s also notoriously difficult
to gather the money to complete these projects
through bank loans. Dat Lanh Real Estate
Company Ltd. has found another way to
complete Duc’s projects: crowdsourcing from
potential tenants.
Many low-income workers and families will
learn of a real estate project and will invest
money to ensure a place to live when the
project is finished. I ask how many projects
have required help from tenants, and Duc’s
response is immediate: “Most of them.”
Rising Demand and a Shifting Future
The rising demand for affordable housing has
come at a time when the real estate market is
least prepared. In the past several years, the
middle income and luxury apartment market
has soared, spearheaded by large companies
like Vingroup and Novaland. But these middle-
to high-income apartments are only viable for
20 percent of Vietnam’s population.
The result has been thousands of apartments coming online at
an asking price of VND 1 billion (around US$44,000). Keep in mind
that the General Statistics Office listed Vietnam’s median yearly income in 2016 as just VND 50
million (US$2,200).
The real estate market has already seen a
small shift in development. Last December,
for example, Vingroup’s residential sector,
Vinhomes, announced plans to develop condos
with a VND 700 million price tag in the outer
districts of Hanoi, HCMC and other larger
Vietnamese cities. While this goes in the right
direction, more substantial plans are required
to address the needs of the millions of students
and workers who want affordable living space.
For Duc, the question of an adequate supply
of housing depends on several factors. He’s
adamant, for example, about the need to revise
the necessary amount of square metres per
apartment. In HCMC, every apartment needs
a minimum of 45 m2; Duc would like this to
be changed to 30 m2 or even 20 m2, like the
building limits in Binh Duong.
Duc expressed his desire to find a like-minded
foreign partner who could help fund projects
in Districts 12 and 9, though many foreign
companies are likely put off by the low return
on investment (around 10 to 20 percent).
“It’s true,” he said, “the profit is not very high.
But the benefit is, we always run out of the
product.”
by Thinh Dinh
#iAMHCMC REAL ESTATE FEATURE by Maxfield Brown, Dezan Shira & Associates
28 | iamhcmc.com/gazette
Industrial Zones and HCMC’s Real Estate Market
Besides providing good conditions for
investment, industrial zones, and the parks
within them, often provide opportunities for
real estate professionals.
After all, building an industrial park also means
building roads, utilities networks and other
infrastructures.
Plus there’s the fact that by supporting
investment from small and large investors alike,
industrial zones play a significant role in driving
demand for residential housing.
With unemployment in HCMC hovering
around 2 percent and managerial skills in
high demand, new projects in industrial zones
are often dependent on workers from other
Vietnamese provinces and on managerial staff
from abroad. Everyone needs a place to live,
and now developers are working to build these
affordable housing blocks.
At present, while industrial parks in districts such as Tan Phu,
District 2 and District 9 are all at full capacity,
other areas such as Cu Chi still provide significant
potential for future investment.
Keeping Costs Under Control: A Constant Struggle
If you’re a real estate investor and you want
to tap into these opportunities, you should
remember: always consider the supply of
leasable land in conjunction with the cost of
basic materials, wages and the going sale price
for real estate within specific districts.
While certain areas within HCMC may be at
a relatively low capacity, Vietnam remains
Ho Chi Minh City has long stood as a hub for
economic activity and a primary attractor of
Foreign Direct Investment (FDI) in Vietnam,
and guess what? This hasn’t changed. Here
are the big numbers: in the first quarter of
2017, FDI investments in the city were up 51
percent over the year prior, amounting to nearly
US$600 million total.
There are many reasons for HCMC’s success:
an array of logistics links, demographic trends
and trade agreements with other countries are
all coming together to attract investment. On
top of this, and perhaps most importantly, are
HCMC’s industrial zones.
Right now the city has 19 industrial parks with
another eight on the way.
For domestic or international investors setting up in HCMC,
industrial parks offer a wide variety
of advantages: personal and corporate income tax incentives;
improved infrastructure; streamlined compliance requirements; and a range of prefabricated or tailor-made facilities are just
some benefits.
Although most industrial zone tenants are
domestic companies, today these areas are also
highly sought after by multinational enterprises
seeking large-scale bases for manufacturing
within Vietnam.
Some of the heavy hitters?
For one, there’s Samsung, which set up a US$2
billion components facility in the Saigon High-
tech Park in 2016. And then there’s Intel, which
established a production facility in 2009 at the
same location with a current value topping
US$1 billion.
Industrial Zones in HCMC: Land of Opportunity
HCMC BINH DUONG LONG AN DONG NAI BA RIA - VUNG TAU
50
100
150
200
250
300
Max Rent
US$/m2/term
Source: Savills Research & ConsultancyRENT RANGES
Min Rent
Industrial zones (IZs) aren’t as flashy as the high-rise office buildings in District 1, but manufacturing has become the backbone of Vietnam’s economy. Maxfield Brown, the lead ASEAN editor for Dezan Shira’s Asia Briefing Ltd., takes a look at the future of IZs in HCMC.
#iAMHCMC REAL ESTATE FEATURE
29
one of the most sought-after destinations for
investment in the country.
As such, leasable land as a whole is in low
supply compared to other provinces such as
Dong Nai and Binh Duong.
Because of this, the minimum leasing rate within HCMC, even within low capacity areas, is near the maximum rate found
in other provinces.
While this certainly allows for increased
profit for the landlord, the intense demand
for materials and personnel has led to higher
wages and price inflation for building materials
in recent years. These are constantly shifting and
should be monitored closely if you’re looking
to construct a new factory or housing complex
within the city lines.
Districts to Watch
With several new industrial projects in the
planning stages in HCMC, we’re expecting to
see industrial zones play an even bigger part in
the city’s future soon enough. Keep an eye on
Binh Chanh, Cu Chi and Nha Be districts, which
all have projects in various states of planning.
With high occupancy rates and the third-
highest average rental prices across all districts
in HCMC, Binh Chanh in particular is well
positioned for real estate investment. With
over 1000 ha of leasable land expected to come
online in the years to come, the potential for
this district cannot be understated. Within Binh
Chanh, Le Minh Xuan Industrial Park and Vinh
Loc I Industrial Park are expected to provide
580 and 466 ha of new land respectively,
accounting for the vast majority of new space
coming online in the district.
For everyone involved, the ongoing development of new industrial park
projects will present significant
immediate-term contracting opportunities.
Further downstream, once the listed projects are
completed and new workers flood to these areas,
we’ll see added pressure on both commercial
and residential real estate markets around these
areas. However, no matter the location and
focus area where real estate investors choose
to stake their claim, the impact of industrial
zones cannot be discounted. Get ready to see
these projects continue to grow HCMC in the
years to come.
D9 D7 D2D12 CUCHI
BINHCHANH
NHABE
TANPHU
THUDUC
50
100
150
200
250
300
10
20
30
40
50
60
70
80
90
100
Source: Colliers International Research
Average Asking Rent Occupancy Rate
US$/m2/term %
INDUSTRIAL MARKET PERFORMANCE BY DISTRICT
#iAMHCMC REAL ESTATE FEATURE by Alice Laurent, Solidiance Asia Pacific
30 | iamhcmc.com/gazette
of this thanks to the factors boosting the
construction sector. Ho Chi Minh City is seen
as a good match between the city and FDI
expectations: we have a business mindset,
skilled and relatively cheap labour costs, an
international port, plenty of industrial zones
and a relatively flexible FDI legal framework.
South Korea, Japan, Singapore and Taiwan are
the top foreign investors in the HCMC area.
We’re seeing them invest more and more in
industry and the reason is clear: the biggest
export manufacturing companies in Northeast
Asia are transferring their production facilities
to developing countries like Vietnam as China
increases their production costs.
In HCMC, the high-end residential segment is still attractive, accounting
for more than 40 percent of the total FDI in real estate.
Let’s look at one case.
CapitaLand, a Singapore-based company, is a
major foreign investor in Ho Chi Minh City
at the moment. They plan to build another
“Vista Verde” condominium in District 2
with 200 units. Meanwhile, another major
actor, Mitsubishi Group (Japan), signed a
contract with Bitexco to set up a housing
development joint venture with an initial
capital of about US$290 million.
Foreign architecture and design companies
are also doing their part to boost this
sector: French consultancy and architecture
company Archetype Group, design company
Ong&Ong (Singapore), Kumho E&C (South
You’ll notice it when you walk down the streets
of Ho Chi Minh City: every square metre is
getting optimised. Cranes lifting and trucks
bringing material to construction sites are now
a regular part of the scenery. Clearly, construction
has been picking up again following the
2011-2012 property market bubble collapse.
Contributing 25.3 percent of total Foreign Direct Investment (FDI)
capital in Vietnam, construction in Ho Chi Minh City is one of Vietnam’s
business success stories.
Moreover, recent and upcoming free trade
agreements are easing the FDI stream flowing
to Vietnam and, consequently, speeding
construction investment in Ho Chi Minh City.
Here’s what you should know.
Making Sense of the Market
According to market estimates, construction in
Vietnam (residential, commercial and industrial)
was worth about US$51 billion in 2016 and is
expected to reach more than US$78 billion by
2020. Wondering why? Glad you asked.
A strong demographic pressure.
HCMC officially houses 8 million people but
estimates lean more towards 10 million. By
2025, we may be looking at 13.2 million.
An increasing urbanisation rate.
From 18 percent in 1980, the rate reached
35.7 percent in 2015. Need I say more?
An urban development governmental
action plan for 2011-2020.
There will be one hundred million square
metres of residential construction every year;
a US$50 million fund shared between public
and private investors will be used to support
the urban expansion of HCMC and Hanoi.
Who’s Getting Involved?
In 2016, the total national FDI inflow was
US$15.8 billion. HCMC took a large share
Building the Boom: FDI in Construction
Foreign Direct Investment (FDI) has been pouring into the construction and real estate markets for years. Alice Laurent from Solidiance tells us which countries are betting a lot of chips on Vietnam’s real estate game.
2008 20132009 2010 2011 2012 2014
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Source: General Statistics Office of Vietnam
Foreign Invested SectorTotal Output
VND billionVND billion
VALUE OF CONSTRUCTION SECTOR(at constant 2010 prices)
0,0
0
#iAMHCMC REAL ESTATE FEATURE
PaediatricsGynaecologyOsteopathyAcupunctureChild Birthing Classes - Breastfeeding SupportENT
General and tropical medicineCardiologyPsychologyPsychiatryPsychomotor therapySpeech therapy
OUR SPECIALTIES
CENTRE MÉDICAL INTERNATIONALYOUR MULTIDISCIPLINARY CLINICIN THE HEART OF HO CHI MINH CITY
1 Han Thuyen, District 1Ho Chi Minh City
08 38 27 23 [email protected]
31
Korea) and developer Mitsubishi Group
(Japan) are all good case studies
Commercial and Industrial Buildings: The Promised Land
In particular, companies like CapitaLand,
Mapletree (Singapore) and Kumho (South
Korea) have been showing a strong interest
in the segment. Here are some big numbers:
CapitaLand will establish a US$500 million
fund by next year to invest in commercial
property. They’re turning their eyes towards
the Thu Thiem New Urban Area, a 657-hectare
site east of the Saigon River, which is marked
to be the new central financial district.
And don’t forget that last year Takashimaya
opened its first department store in Vietnam,
in HCMC’s Saigon Centre, a mixed-use
development by Keppel Land from Singapore.
In 2016, industrial investments accounted for 17 percent of HCMC’s total construction, but this is expected
to increase in the coming years as the city aims to become one of the manufacturing hubs in the region.
Ho Chi Minh City currently counts 17
industrial zones with a total area of 4,063
hectares, of which there are two high-tech
zones. It is expected that seven new industrial
zones will be established with a total area
of 2,089 hectares. Samsung’s new US$1.4
billion facility in Saigon High Tech Park is
just one proof of this continued interest.
Next FDI Challenge? Taking Bottlenecks out of the Highway System, Improving Infrastructure
“Ho Chi Minh City will need about US$7.6
billion by 2020 to develop infrastructure,” said
the HCMC Popular Committee Vice-President
Le Van Khoa during a real estate conference in
the city last November.
Fully developed communications systems,
transportation networks, energy, water supply
and sewerage systems, and financial service
facilities will all act as leverage for future FDI
projects. Moreover, lowering transportation
and communication costs will further improve
investment effectiveness. Thus, development
of infrastructure is essential to attracting FDI.
The government has approved the construction
of a US$16 billion Long Thanh International
Airport near Ho Chi Minh City able to handle
100 million passengers by 2025 – five times
the capacity at existing Tan Son Nhat airport.
In addition to this, the HCMC committee
published a list of infrastructure projects for
which foreign investors are allowed to bid
(they’re mainly transportation). We’re hoping
this will translate to harmonised development
in the future.
Having said that, both local and foreign
investors will have to get their hands dirty to
solve current challenges to quality of life and
increasing productivity: congestion, green
space and air pollution are the big three.
Let’s see what the future holds.
STATEOWNED
CIVIL TECHNICALBUILDINGPRIVATE FOREIGN
INVESTEDRESIDENTIAL
HOUSENON-RESIDENTIAL
HOUSESPECIALISEDBUILDINGS
Source: The General Statistics Office and RongViet Research.Data taken from “Vietnamese Construction Sector in 2017:Slowdown with Great Promises” by Nguyen Ba Phuoc Taiin Bat Dong San magazine. All numbers converted from VND.
9M2015 (USD Billion)
9M2016 (USD Billion)
YOY Growth(Percent)
GROSS OUTPUT OF THECONSTRUCTION INDUSTRY
0.9
16.0
14.5
20.912.3
9.0-8.7
#iAMHCMC REAL ESTATE FEATURE by Rudolf Hever, Savills Hotels Asia Pacific
32 | iamhcmc.com/gazette
Which nicely brings us to the subject of M&A
activity. Thus far, activity remains limited. There
are far more buyers with capital at the ready
than hospitality assets available, although there
have been some notable deals, mostly recently
the sale of Intercontinental Asiana Saigon, as
well as the Duxton HCMC and others.
It remains very much a seller’s market.
We expect to see a lot more M&A (Mergers and
Acquisitions) activity over the next two years
as newly developed properties come online and
some owners may be forced to dispose as the
initial operating results fail to meet the service
requirements of their investment capital.
Coastal Condotels
So, what keeps us up at night? It would most
likely be the coming avalanche of condotels
mainly in the coastal locations, such as The
Kenton Node in District 7. The fervour at which
developers are taking to condotels is somewhat
concerning.
There seems no let-up in sight. We see more and more projects
announced, seemingly trying to outdo each other in terms of scale and outlandish guaranteed returns.
Developers are quick to label projects as a
condotel as soon as they are located in a tourism
destination, but what worries us is the ‘tel’ part.
In most cases we see very little regard for the
hotel aspects and the management implications
these entail in order to have any chance of
meeting the promised returns.
Still, when we look forward to 2017, there is
plenty of optimism in the hospitality market.
The rapid pace of development we’re seeing is
likely to continue, and maybe even accelerate
as domestic and international arrivals continue
to grow rapidly.
HCMC has always had trouble catering to tourists. As city officials make strides to improve the city’s accessibility, has it been paying off in the hospitality industry?
Rudolf Hever, Director of Savills Hotels Asia Pacific, weighs in.
The past year didn’t disappoint hospitality
market stakeholders in HCMC and across
the country. Confidence remained high,
underpinned by a very strong growth of
international arrivals. This led to elevated levels
of activity across the planning, development,
construction and pre-opening pipelines.
This year, not only did we see strong
development activity in the main cities and
destinations of Vietnam, we also saw secondary
and tertiary locations gearing up for more
development: Ho Tram, Sapa, Quy Nhon, Cat
Ba and Dong Hoi to just name a few.
Rising Numbers
After stagnating growth in 2014 and 2015,
international arrivals surprised even the most
hardcore optimists. In 2016, international arrivals
rose to 10 million, up 26 percent compared to the
previous year. Growth was driven by several key
markets including China (up 51 percent), South
Korea (39 percent) and Russia (28 percent).
Thailand, the UK, US, Taiwan and Malaysia
were also up by double digits.
However, we are still heavily reliant on only
four key source markets: China accounts for
27 percent of all international arrivals, followed
by South Korea (15 percent), Japan (7 percent)
and the US (6 percent).
And, if you’re interested in HCMC: international
tourist arrivals to Ho Chi Minh City increased
steadily from 3 million to 5.2 million with
an average growth rate of 10 percent during
2010-2016.
In Q1/2017, the city welcomed approximately 1.6 million
international tourists, up 15 percent compared to the same period last year and accounting for
49 percent of all international arrivals to Vietnam.
Rising Projects
Although the numbers are impressive, the
performance of hotels and resorts across the
different submarkets has not improved at the
same pace. However, the last few years have
seen robust real estate development activity and
we are beginning to see the implications in terms
of new supply.
Competition is intensifying across the board and
we expect to see more of it in the future. For local
and international guests, an increasing choice
of accommodation options across the budget
spectrum is a boon – especially with heavily
discounted rates during the startup period!
In HCMC, we expect the openings of
approximately 1,000 keys in the upscale to
luxury segment during 2017-18 (increasing at
a compound annual growth rate of five percent).
However, the future supply in HCMC is fairly
stable compared to coastal destinations in
Vietnam, particularly in Nha Trang and Cam
Ranh as well as Phu Quoc with a large wave
of new supply over the next two to three years.
These markets are developing at an impressive
double digit growth rate, and will no doubt
overcome their case of ‘indigestion’, just as
Danang did a few years earlier, although owners
may need to sober up their expectations.
HCMC’s Hospitality Industry Ramps Up
#iAMHCMC EDUCATION ADVERTORIAL
33
capable Vietnamese Support Teachers who
help the teaching staff provide a caring and
stimulating environment.
Multicultural Learning by Experienced Educators
One of the great advantages of the AIS Summer
School is that children come from many
nationalities. This reflects AIS itself where over
40 nationalities attend the school. It always
brings joy to the staff to see the way children
from different countries build friendships with
each other.
Many children love the AIS Summer School so
much, they enrol to the school. If your child will be attending AIS, this program is a great way to get
to know this fully accredited international school.
This year Christina Zinetti, one of the AIS staff,
will be the overall coordinator. Christina is a
very experienced teacher and has coordinated
other summer programmes in Europe. Ian
Osberg will again be overseeing the Thao
Dien campus and will ensure that the campus
is well-organised.
The programme is great value for families
offering several types of discounts for students,
as well as free buses in some areas.
AIS has always had a reputation, not just
for being an outstanding school, but also
for holding excellent summer schools. You
and your children should take advantage and
make this summer the best one yet! It looks
like this year will be no exception, so it’s time
to enrol the kids.
Visit www.aisvietnam.com for further details.
Summer holidays are just around the corner. What are the best activities that stave off boredom and make the summer fun and productive? Australian International School has the answer.
For the last nine years, the Australian
International School (AIS) has been answering
the cry of parents with its English language-
based Summer Programme.
Now in its 10th year, the AIS Summer School has helped literally thousands of
children improve their English language skills whilst also meeting new friends from around the world
and learning other soft skills.
This year, the Australian International School’s
Summer Programme will be spread over all
three of their well-equipped campuses in
District 2’s Thao Dien and Thu Thiem wards.
Starting on 20 June and ending 21 July, kids
will learn and play from 8:00 a.m. to 2:45
p.m. every weekday.
Days Filled with Fun
The programme at the Thu Thiem campus will
cater to children who are not native English
speakers and want to improve their English.
With its wonderful state-of-the-art facilities and highly qualified staff,
the programme will focus on the development of children’s English
skills through weekly themes.
History shows that those children who
complete the programme become more
confident with speaking, listening, reading
and writing skills, no matter at what level they
start. The classes begin at kindergarten through
to Year 11.
The Thao Dien campus will have classes for
kindergarten to Year 6 students. These classes
will not only be challenging but great fun as
well, with weekly excursions supplementing
the classroom activities. The students will also
have lessons focusing on Technology, Art/Craft/
Cooking and Drama/Music so they learn to
apply their English in different situations.
AIS will also offer a play-based, engaging
programme for kindergarten children at its
outstandingly resourced Xi campus.
Such is the popularity of the AIS Summer
School that many of the teaching staff return
year after year to support the children in their
learning. All the teaching staff have university
degrees from Western institutions as well as
extensive ESL training. They are a great bunch
who know how to challenge and engage
children so learning becomes fun. Every class
will also have one or two experienced and very
An Exciting Summer Ahead at AIS Summer School
Enquiries: [email protected]
Thu Thiem Campus: 264 Mai Chi Tho, D2 | +84 8 3742 4040
Thao Dien Campus: 36 Thao Dien Road, D2 | +84 8 3744 6960
Xi Campus: 190 Nguyen Van Huong, D2 | +84 8 3519 2727
#iAMHCMC EDUCATION FEATURE by Frank B. Edwards
34 | iamhcmc.com/gazette
FUV’s Unconventional Academic Leader
believes to be post-war Vietnam’s first privately-
owned company – a consultancy for European,
Australian and American businesses exploring
Vietnam’s economic landscape. After six years
of talking business and finance informally,
she headed to America in 1993 on a Fulbright
Scholarship that gave her an MBA and entry
to the world of banking.
For 10 years she was based in Singapore,
negotiating infrastructure financing for dams,
power plants, sewage systems and roads
throughout Southeast Asia, China and India.
When she returned to Vietnam in 2005, it was
as general manager of ANZ’s Vietnam bank –
the first time a Vietnamese had run a foreign
bank here.
After leaving the banking sector, Ms Thuy was
elected FUV’s president after the institution
had finally received its licence from the
government in 2015.
Strengthening Vietnam’s Future
While Ms Thuy’s business connections serve
her fundraising efforts well, her academic
vision seems anchored in the time when she
stubbornly chose to study what was in her
heart rather than what was being prescribed
for her. She dreams of creating a community
where students learn as much from one another
as from their professors and books.
FUV’s first undergraduate class of 100 students
won’t arrive until 2018 but Ms Thuy already
has a vision of it as a strong, independent
university.
“Independent in designing a curriculum, in
setting admission standards, in recruiting
faculty, in our governing system,” she explains
passionately. “We believe that we can build
and train the graduate to become not only a
global citizen but a true Vietnamese, one who
understands the country, the opportunities and
the challenges.”
After a career in international finance, Dam Bich Thuy leads Fulbright University Vietnam, the country’s first non-profit, liberal-arts university.
By her own admission, the founding president of
Vietnam’s newest university is not an academic.
She did not attend a regular school until she
was 11 years old. She has no doctorate and
has never taught a university course.
In fact, her university’s main campus is
actually an empty field in District 9’s Saigon
Hi-Tech Park.
But that does not mean that Dam Bich Thuy
lacks the qualifications to launch Fulbright
University Vietnam (FUV). Her supporters
include former US President Barack Obama
and former Secretary of State John Kerry who
dropped by last year to officially launch the
university.
Several weeks ago, the president of Harvard
University visited Ms Thuy at the Fulbright
Economics Teaching Program (FETP),
the Harvard-funded public policy school
(established 1994) that was recently transferred
to FUV, complete with faculty and 120
graduate students.
A Passion for Learning
Ms Thuy (she blushes when called President
Thuy) claims to be the black sheep of her
family. Her parents were scientists who hoped
she would follow in their academic footsteps.
Instead she studied English at the University of
Hanoi in the early 1980s, a time when Russian
and French were vastly more popular languages.
In the anti-American, post-war era, English
resources were particularly scarce and Ms Thuy
laughs as she describes the English textbooks
that were written by Russians.
“Just imagine how the Russians used English in a sentence,” she says.
Being born in 1961 Hanoi, Ms Thuy had to
deal with adversity early. At age three she was
sent to live in rural evacuation centres with only
weekly visits from her parents for the next eight
years. She did her lessons at night by oil lamp.
At age 11, she watched the intense Christmas
air attacks on Hanoi from the relative safety
of the countryside and innocently assumed the
bombs were fireworks.
She says those experiences made her an optimist.
“It was a difficult time,” she says, but adds
that those years taught her how to survive.
“[We learned] that tomorrow will be better
than today because you must live with hope
during war.”
At university, her real language education took place under bed covers, secretly listening to Voice of America broadcasts, an illegal
act. “I would listen and repeat,” she explains.
Her persistence paid off several years later when
Vietnam opened its doors to English-speaking
foreigners.
After a short stint in the government patent
office, Ms Thuy joined friends to start what she
#iAMHCMC HEALTH ADVERTORIAL
36 | iamhcmc.com/gazette
Passion Turned into SuccessThis has been not only a great source of pride for
me personally, but also a significant motivator
as I could see that my passion and dedication in
the field had gained international recognition.
In collaborative ProArch/All-on-Four research
with Professor Michel Dard from New York
University, I am close to publishing a scientific
essay about my studies on the All-on-Four
implant process.
Out in the World
Already enjoying a happy life with a lasting
and fruitful career, I have also been the
recipient of numerous, exciting awards from
the international dental community.
In 2011, I came first in a research-based
tissue engineering competition held the by
the International Association of Dental
Research (IADR) in Singapore. That was
quite a productive year, as I also attended
and presented an analysis based on clinical
implant cases at Hamburg, Germany’s
ICOI Conference.
Over the years, I’m proud to say that I have been a renegade
of dentistry in Vietnam, and have not been shy in sharing
my knowledge with others.
Life and Goals
When I was a boy, my grandmother had removable
dentures. As I grew up, I always noticed how she
struggled with eating and had to cover her mouth
when she laughed. These lasting impressions
sparked my interest in dentistry, which led me
down the path of stem cell tissue research.
I had an idea, that maybe, just maybe, I could figure out how to grow teeth back. And although
scientists have not reached this milestone yet, much research is
currently underway.
Meanwhile, when I first discovered the existence
of implants, I strove to learn everything I could
about them, and it became the primary focus of
my work. I am passionate about dental implants
and I really hope to use this method throughout
Vietnam and, further, across the globe.
A confident smile can change a person’s life,
and I’ve been lucky enough to have seen this
procedure instantly bring joy to clients across
the world. This pushes me to dedicate more time
to my craft. In my opinion, dental implants truly
are an artform of their own that can rejuvenate
anyone’s smile.
An International Education
Dedicated to innovation and dentistry, I have
worked to stay one step ahead by embracing
the industry’s most modern techniques.
My education in the field has been a unique journey
that has taken me around the world while treating thousands of people,
as well as providing me with a warm sense of accomplishment
which serves as continual inspiration to continue my work.
My passion for education has always been
tremendous. I received my D.D.S (Doctor of
Dental Surgery), and graduated at the top of
my class at the Ho Chi Minh City University
of Medicine and Pharmaceuticals. Soon after,
a desire for further specialised training brought
me to France where I received a PhD for dental
implants and restoration. When I finished this
course, I was delighted to add a Diploma of
International Congress of Oral Implantology
(ICOI) to my wall, as well as a DU, or Diplôme
Universitaire, in Prosthodontics.
In 2015, I was made a fellow by nomination of
the International Team for Implantology (ITI).
Elite Dental Vietnam offers a comprehensive range of services for locals and expats. In April 2017, Elite opened a second facility in District 3, home to one of Vietnam’s most advanced digital dentistry departments. Here its principal dentist, PhD Dr. Tan Hung Lam, fluent in French and English, shares his personal journey.
57 Tran Quoc Thao, D3 (Orthodontic and Aesthetic Dentistry
Center) | 51A Tu Xuong Street, D3 (Implant and Digital
Dentistry Center) | +84 8 3933 3737 | [email protected]
[email protected] | elitedental.com.vn
#iAMHCMC HEALTH ADVERTORIAL
37
Victoria Healthcare strives to educate their patients on how to live
well and be healthy. “This might not be good in a
short-term business sense,” Dr. Cobb joked, “but
if you’re healthy, you’ll stick around longer.”
Continuing Education
To make sure all doctors and nurses stay
current on medical research and technology,
Dr. Tuong and Dr. Cobb have implemented
weekly clinical updates. For doctors, there is
the Continuing Medical Education (CME)
which is conducted in English. Each physician
must deeply research a topic in their specialty
and present it to the rest of the medical staff.
The question-and-answer sessions are robust
and highly interactive. Technology is also
harnessed to facilitate lively clinical discussions
amongst doctors across all four care sites.
This zest for learning is infectious, and the
founders proudly report that every member of
their staff enthusiastically wants to be part of
the team as well as be the best that they can be.
Continued Engagement
It’s clear that Dr. Cobb and Dr. Tuong have
found a recipe for success. Since opening their
first clinic in 2005 on Dien Bien Phu, three more
have sprung up. However, Dr. Tuong doesn’t
want to grow too quickly. “We open clinics
very strategically,” he says. “We really want
to make sure we’re providing exactly what the
customers want and need in exactly the right
place. After a few years, if the clinic does well,
we open another one, always incorporating
lessons learned.”
Victoria Healthcare just celebrated the grand
opening of its newest clinic. This nine-storey
palace of health on Dinh Tien Hoang in District 1
is a sight to behold. Features include two
very child- and family-friendly floors devoted
entirely to pediatrics, a 128-slice CT Scanner
and an outpatient minor surgical ward.
I asked what they could expand in the future.
Dr. Tuong smiled. “Maybe a hospital in two or
three years.” That would be the oak forest.
It’s often said that a great oak grows from
a small acorn. Victoria Healthcare is surely
proof of this.
For Dr. Mason Cobb, one of Victoria’s
founders, the oak is everywhere he looks.
“I started in Vietnam with Dr. Tuong 20 years
ago. Our project was revolutionary for the time
and Saigon was just opening its eager eyes to a
bigger world. Now when I look out the window
I see all the high-rises, I know this is a world-class
city. I know how far from home I really am,”
he reminisced. For Dr. Cobb, home was a small
farm in rural Michigan.
Victoria Healthcare’s co-founder is Dr. Nguyen
Vinh Tuong. Raised in Saigon, he came from a
family of doctors and nurses; it made sense for
him to carry on this tradition. He remembered
his early days of selling medicine directly to
doctors, before pharmacies were established
and regulated. Once he began studying at the
Ho Chi Minh City Medicine and Pharmacy
University, he could tell his professor the price
per dose of everything on the market. “They
were stunned. They didn’t know how I knew
that!” he laughed.
Their current partnership was born a few years
later. Dr. Cobb had gone back to pediatric
surgery in Washington, while Dr. Tuong
continued to pursue his interests in
gastroenterology at the National University
Hospital in Singapore and the Mayo Clinic in
Arizona. While in the US, Dr. Tuong visited his
friend in the Pacific Northwest and together they
were excited to open another clinic in Vietnam
together – this time on their own terms.
A Working Philosophy
For Dr. Cobb, high-quality healthcare is a
layered concept. The first layer? Safety. “We
want to make sure, of course, that nobody gets
hurt or sicker while receiving care,” he said,
listing the international levels of sterility and
cleanliness that are practised at all clinics, the
newest one having just opened in late April
of this year.
The second layer is “doing the best thing for
the patient, even if it’s not the best business
decision: ‘Patients first’ – even before business”.
Rather than run tests that cost a lot but prove
little, Dr. Cobb and Dr. Tuong have worked to
help people medically, not hurt them financially.
This mission is embedded in every Victoria
doctor as a basic ethical responsibility.
The last layer, while the most important, is also
characteristically unconventional: “Respect. We
respect the patient.” Rather than wait for an
illness to bring a patient to their doors, Victoria
For 11 years, Victoria Healthcare has been leading Ho Chi Minh’s medical community by example. The secrets to its success? Engagement, exploration, empathy and education.
victoriavn.com | [email protected] | + 84 8 3910 4545
Clinic 1: 79 Dien Bien Phu, D1
Clinic 2: 135A Nguyen Van Troi, Phu Nhuan D
Clinic 3: Broadway D, 152 Nguyen Luong Bang, D7
Clinic 4: 20-20Bis -22 Dinh Tien Hoang, D1
#iAMHCMC TRAVEL ADVERTORIAL
38 | iamhcmc.com/gazette
Canada is ranked third among the top travel destinations for Vietnamese. How to go from Ho Chi Minh City to Vancouver or Toronto? EVA Air has the answer.
Vietnamese Canadians form one of the largest
non-European ethnic groups in Canada – an
impressive 220,000 have made this northern
country their home, and that number is
growing. Many of them were among the famous
“boat people” from South Vietnam who fled
the country after the fall of Saigon in 1975.
Sixty thousand Vietnamese resettled in Canada
by the late ‘70s.
As for so many other immigrants, Canadian
Vietnamese are drawn to the country’s urban
centres – most notably Vancouver, home to
Vietnam’s Consulate General, and Toronto,
which has the highest concentration of
Vietnamese in all of Canada.
And where there’s family, Vietnamese want to visit.
All the more if relatives have moved to North America, a region many
Vietnamese still consider to be the land of milk and honey.
Starting 16 June 2017, the Taiwanese airline EVA
Air is catering to this need, adding two extra
flights per week to its Toronto-Ho Chi Minh City
route; additionally, the airline will increase flights
between Vancouver and Ho Chi Minh City to
once a day. But why fly with EVA Air?
Five-Star Service at Reasonable Prices
Well, how about this: EVA Air is a 5-star airline.
All right, 5-star is a widely overused term, but
Skytrax, the definitive international benchmark
for airline quality standards, does not use this
label lightly. These flying experts know what
makes an air trip great, and they awarded only
nine airlines in the world with the top rating.
Service? On-board technology? Entertainment options?
Comfort? Safety? All top-of-the-range.
EVA Air’s high-end fleet includes Boeing 777-
300ERs, perfect for spoiling you with the best
Wi-Fi quality during a cross-Pacific flight.
Thanks to a short layover time of only two
to two-and-a-half hours at Taiwan Taoyuan
International Airport in Taipei, EVA Air
minimises the overall flight from Ho Chi Minh
City to Vancouver to a convenient 17.5 hours.
A trip to Toronto takes a little more: 20 hours.
EVA Air: Fly to Canada in Style
Feel at Home
Say, a Vietnamese mother and father are visiting
their children who study in Toronto. What do
they need most to feel at ease during their flight?
Vietnamese flight attendants to navigate them
through their journey.
EVA Air has a large number of Vietnamese crew members for an international airline.
You can be sure to have at least one of them on all long-haul trips
to North America. Especially elderly people
appreciate that, as they do not always speak English.
EVA Air has set up a three-month ground
training for all its crew staff, making sure
its service maintains the highest safety and
behavioural standards. The cabin crew know
how to make you feel like at home when you
fly with EVA Air. The staff will gladly assist
with any issue you might possibly have. As
most of the passengers between Vietnam and
North America are Vietnamese, this is key to a
convenient flight experience.
With the Vietnamese community growing in
Canada, EVA Air smartly caters to an increasing
need of comfortable and fast, yet affordable
flights to the country’s key destinations –
features that also attract Western expatriates
who wish to visit their home country and,
certainly not least, tourists.
Canada, the Asian Dream
Southeast Asians love Canada for many things
their home countries don’t have: polar bears, for
instance. It is truly cosmopolitan, space is vast,
traffic is safe, healthcare is a public good, and
it is cold – freezing cold – hence there’s snow!
The unequalled natural delights of a country
which is home to a population that counts less
than half of Vietnam’s, while its territory is the
second-largest of the world, makes for a travel
destination that is a change to ever-so-dense
Ho Chi Minh City.
The Rocky Mountains. The Niagara Falls.
Do we have to say more?
Unit 401-404, Saigon Riverside Office Center, 2A-4A Ton Duc Thang, D1 | Reservation Hotline: +84 8 3822 4488 | evaair.com
You are a talented Vietnamese english writer/
journalist and natural storyteller. You will conduct
regular research and interviews to enrich our content for
CityPassGuide.com and #iAMHCMC. You will mostly write in
English and conduct the necessary translations to ensure we have the best and
most updated content available. You’ll work under the supervision of our Content
Managers and in correlation with our marketing team to craft quality, SEO-
f r i e n d l y content. For e x t e r n a l
clients, you will c o n d u c t interviews and r e s e a r c h to understand our clients’ offerings and standards t o
assess content opportunities, make recommendations, develop and execute concepts
that meet our clients’ goals and deliver copy in line with each brand identity. Included r e s p o n s i b i l i t i e s are (but not limited to):
Develop original, high-quality articles that combine qualitative insights with quantitative
data. Follow C i t y P a s s G u i d e . c o m’s editorial calendar and generate relevant
c o n t e n t . Edit existing content for c r e d i b i l i t y ,
relevancy and accuracy. Adhere to our content production department’s style guide, processes, procedures & guidelines. Expand our existing content by adding new information a n d
transforming it into the ultimate source for the given subject. Apply SEO knowledge and appropriate keyword research to enrich CityPassGuide.com’s
content to meet the latest on-page recommendations. Collaborate with internal teams to develop multimedia elements (pictures, charts, videos, infographics and more) to
enrich your content. Review national daily news and select / translate appropriate articles for our news feed.Create meaningful content for third party clients when needed. Other duties assigned by
management. About You: You are someone who loves travel and Vietnam. You are curious about the way the internet is changing people’s lives, the travel industry and the way we connect with companies
through our devices. You develop original perspectives with wit and clarity, arming yourself with statistics and technical data to build a strong argument. You also have a knack for simplifying complex ideas into accessible terms, and can articulate your opinions with ease to a senior-level audience. Requirements: Eager to learn more about
digital marketing strategies. Bachelor/Master degree in multimedia and/or journalism prefered. Three+ y e a r s experience as an author and journalist in English.Experience in the tourism sector and/or news-
r e l a t e d f i e l d s . Natural storytelling skills that inject emotion into any topic, however complex. 26 - 35 years o l d .Excellent E n g l i s h skills, both written and spoken. Positive and energetic; you have excellent social skills. Good knowledge of
H C M C a n d Vietnam: you must love this city and country. Ability to brainstorm, research, produce and promote high-quality c o n t e n t r a p i d l y . G o o d understanding of digital distribution is a plus. COMPANY PROFILE Innovo JSC is the mother company of
Citypassguide.com and #iAMHCMC brands and a small integrated digital marketing and media agency that helps some small to medium organisations grow their business via a m p l i f y i n g their online and offline presence. We specialise in the travel and F&B industry sectors and we work with many of
Vietnam’s leading brands choosing Innovo JSC as their marketing partner. Innovo JSC’s hedgehog concept is to be the most credible local content provider, and to ensure a targeted reach through our premium channels for a high return. Our team is a bunch (20) of mu l t i c u l t u r a l , t a l e n t e d professionals with over 60 years of combined experience led by a management team with hands-on experience. Innovo JSC delivers stand-out marketing strategies and campaigns that achieve their objectives and maximise return on investment. www.innovo.vn City Pass Guide is Vietnam’s leading guidebook publisher, we understand the market needs better than anyone else at a key moment in the t ransformat ion of Vietnam’s travel industry.Our experience allows us to develop complete solutions for key players looking to effectively reach their target demographics. With our competitive pricing and the strong performance of our packages, there are no comparable competitors in the marketplace. We are already Vietnam’s leading information provider for travellers and residents based in Vietnam. Our travel guides are available in print and online format. The HCMC Resident guidebook and the launched series of City Pass destination maps for Hanoi and Saigon lead the market as well. Our well-established #iAMHCMC Gazette is widely recognised for the quality of its concept, content and design. Our effective email marketing campaigns and large database is currently leading the market to reach middle-class to high-end English speaking Vietnamese and expatriates in HCMC. All this to be an essential resource of credible information for residents, expats and travellers from all over the world. www.citypassguide.com MISSION STATEMENT Citypassguide.com strives to be Vietnam’s most credible information provider for premium travellers and #iAMHCMC does the same for Saigon’s residents. We take the best elements from East and West and we develop sincere, transparent and sustainable relationships. Valuing teamwork, attention to detail, honesty, courtesy, creativity and innovation, Citypassguide.com and #iAMHCMC aims to be inspiring Vietnamese brands with worldwide recognition for the quality of its integrated marketing products and services. CORE VALUES Credible: our information is comprehensive, practical, valid, timely and as objective as possible.Customer focus: we aim to serve them well and to continuously add value to their businesses.Innovation: our goal is to constantly reinvent ourselves and the way we work.Leadership: our cutting-edge creative solutions combine quality, design and flair.Qualitative: our mission is to deliver effective solutions that are tested and proven.Passion: we want to develop insightful and fun content for our audiences.Transparent: our communication is open, honest, courteous and transparent.interviews to enrich our content for CityPassGuide. com and #iAMHCMC. You will mostly write in English and conduct the necessary translations to ensure we have the best and most updated content available. You’ll work under the supervision of our Content Managers and in correlation with our marketing team to craft quality, SEO-friendly content. For external clients, you will conduct interviews and research to understand our clients’ offerings and standards to assess content opportunities, make recommendations, develop and execute concepts that meet our clients’ goals and deliver copy in line with each brand identity. Included responsibilities are (but not limited to): Develop original, high-quality articles that combine qualitative insights
with quantitative data. Follow CityPassGuide.com’s editorial calendar and generate relevant content.Edit existing content for credibility, relevancy and accuracy. Adhere to our content production department’s style guide, processes, procedures & guidelines. Expand our existing content by adding new information and transforming it into the ultimate source for the given subject. Apply SEO knowledge and appropriate keyword research to enrich CityPassGuide.com’s content to meet the latest on- p a g e recommendations. Collaborate with internal teams to develop multimedia elements (pictures, charts, videos, infographics and more) to enrich your content. Review national daily news and select / translate appropriate articles for our
eaningful content for third party clients when needed. Other duties assigned by management. About You: You are someone who loves travel and Vietnam. You are curious about the way the internet is changing people’s lives, the travel industry and the th companies through our devices. You develop original perspectives with wit and clarity, arming yourself with statistics and technical data to build a strong argument. You also have a knack for simplifying complex ideas into accessible terms, and opinions with ease to a senior-level audience. Requirements: Eager to learn more about digital marketing strategies. Bachelor/Master degree in multimedia and/or journalism prefered.Three+ years experience as an author and journalist in English.urism sector and/or news-related fields. Natural storytelling skills that inject emotion into any topic, however complex. 26-35 years old. Excellent English skills, both written and spoken. Positive a n d
ou have excellent social skills. Good knowledge of HCMC and Vietnam: you must love this city and country. Ability to brainstorm, research, produce and promote high-quality content rapidly. Good igital distribution is a plus. COMPANY PROFILE Innovo JSC is the mother company of Citypassguide.com and #iAMHCMC brands and a small integrated digital marketing and media agency that helps some small to medium organisat ions via amplifying their online and offline presence. We specialise in the travel and F&B industry sectors and we work with many of Vietnam’s leading brands choosing Innovo JSC as their marketing partner. Innovo JSC’s hedgehog concept is to be
ocal content provider, and to ensure a targeted reach through our premium channels for a high return. Our team is a bunch (20) of multicultural, talented professionals with over 60 years of combined experience led by a management team erience. Innovo JSC delivers stand-out marketing strategies and campaigns that achieve their objectives and maximise return on investment. City Pass Guide is Vietnam’s leading guidebook publisher, he market needs better than anyone else at a key moment in the transformation of Vietnam’s travel industry. Our experience allows us to develop complete solutions for key players looking to effectively reach demographics. With our competitive pricing and the strong performance of our packages, there are no comparable competitors in the marketplace. We are already Vietnam’s leading information provider for travellers
nts based in Vietnam. Our travel guides are available in print and online format. The HCMC Resident guidebook and the launched series of City Pass destination maps for Hanoi and Saigon lead the marshed #iAMHCMC Gazette is widely recognised for the quality of its concept, content and design. Our effective email marketing campaigns and large database is currently leading the market to reach middle-class to higaking Vietnamese and expatriates in HCMC. All this to be an essential resource of credible information for residents, expats and travellers from all over the world. www.citypassguide.
ION STATEMENT Citypassguide.com strives to be Vietnam’s most credible information provider for premium travellers and #iAMHCMC does the same for Saigon’s residents. We take the best rom East and West and we develop sincere, transparent and sustainable relationships. Valuing teamwork, attention to detail, honesty, courtesy, creativity and n, Citypassguide.com and #iAMHCMC aims to be inspiring Vietnamese brands with worldwide recognition for the quality of its integrated g products and services. CORE VALUES Credible: our information is comprehensive, practical, valid, timely and as objective as . Customer focus: we aim to serve them well and to continuously add value to their businesses. Innovation: our goal is to ntly reinvent ourselves and the way we work. Leadership: our cutting-edge creative solutions combine quality, design and Qualitative: our mission is to deliver effective solutions that are tested and proven. Passion: we want to develop ightful and fun content for our audiences. Transparent: our communication is open, honest, courteous
and transparent. You are a talented Vietnamese english writer/journalist and natural storyteller. You will conduct regular research and interviews to enrich our content for CityPassGuide.com and #iAMHCMC. You will
mostly write in English and conduct the necessary translations to ensure we have the best and most updated content available. You’ll work under the supervision of our Content Managers
and in correlation with our marketing team to craft quality, SEO-friendly content. For external clients, you will conduct interviews and research to understand our clients’ offerings and
standards to assess content opportunities, make recommendations, develop and execute concepts that meet our clients’ goals and deliver copy in line with
each brand identity. Included responsibilities are (but not limited to): Develop original, high-quality articles that
combine qualitative insights with quantitative data. Follow CityPassGuide.com’s editorial
calendar and generate relevant content. Edit existing content for credibility,
relevancy and accuracy. Adhere to our content production department’s
style guide, processes, procedures & guidelines.
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