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21 3
4 5
Handbook Cover Photos:
1. The One - HCMC
2. German House - HCMC
3. Viet Capital Center - HCMC
4. Vivo City - HCMC
5. Saigon Center Phase 2&3 - HCMC
2
Copyright Statement and information ca-veat
Eighth Edition 2015
© Langdon & Seah Vietnam Co Ltd
All rights reserved. No part of this publication
may be produced, copied, stored or transmitted
in any form without prior written permission from
Langdon & Seah Vietnam Co Ltd.
The information contained herein should be
regarded as indicative and for general guidance
only. Langdon & Seah Vietnam Co Ltd makes
no representation, expressed or implied, with
regard to the accuracy of the information herein
and cannot accept any responsibility or liability
for any errors or omissions that may be made.
handbook are current as at 4th Quarter 2014.
3
Table of Content 4
Calendars 6
Introduction 7
1. CONSTRUCTION COST DATA
Construction Costs for Selected Asian Cities
Utility Costs for Selected Asian Cities
2. GENERAL CONSTRUCTION DATA
Import Duties
3. PROPERTY INVESTMENT
Contractor Selection Strategies
4
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TABLE OF CONTENT
10
18
26
28
36
44
50
52
53
54
58
62
63
64
67
72
77
82
4. VIETNAM BUSINESS ENVIRONMENT
5. OTHER INFORMATION
Language
Accounting System
Taxation
Insurance
IDD Codes and Time Differences
Conversion Factors
Some Interesting Facts
Langdon & Seah Culture
Langdon & Seah Vietnam 10 Years Anniversaries
Professional Services
Directory of offices
Acknowledgement
5
92
92
93
95
96
100
105
108
109
110
112
121
122
124
126
127
131
132
135
139
150
JAN FEB MAR
APR MAYAA JUN
JUL AUG SEP
OCT NOV DEC
2015S M T W T F S S M T W T F S S M T W T F S
4 511 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 29 30 31
S M T W T F S S M T W T F S S M T W T F S
S M T W T F S S M T W T F S S M T W T F S5
6 7 813 14 15 16 17 18 1920 21 22 23 24 25 2627 28
S M T W T F S S M T W T F S S M T W T F S
1 2 36 7 8 9 10
28 29
1 2 3 49 10 11 12
30
29
31
78 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 28
1 7654328 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 28
1 2 3 4 5 6
5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29
1 2 3 4
30
1 23 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30
31 67 8 914 15 16 17 18 19 2021 22 23 24 25 26 2728 29
1 2 3 4 510 11 12 13
30
5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29
1 2 3 4
30 31
12 3 4 5 6 7 89 10 11 12 13 14 1516 17 18 19 20 21 2223 24 25 26 27 28 29
30 31
30
4 511 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27
1 2 36 7 8 9 10
28 29 30 31 29 30
78 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 28
1 2 3 4 5 6 56 7 813 14 15 16 17 18 1920 21 22 23 24 25 2627 28
1 2 3 49 10 11 12
29 30
JAN FEB MAR
APR MAYA JUN
JUL AUG SEP
OCT NOV DEC
2016S M T W T F S S M T W T F S S M T W T F S
S M T W T F S S M T W T F S S M T W T F S
S M T W T F S S M T W T F S S M T W T F S
S M T W T F S S M T W T F S S M T W T F S
6
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CALENDARS
INTRODUCTION
31 1 23 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30
1 2 3 4 5 67 8 9 10 11 12 1314 15 16 17 18 19 2021 22 23 24 25 26 2728 29
1 2 3 4 56 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28 29 30 31
1 23 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30
1 2 3 4 5 6 78 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 2829 30 31
1 2 3 45 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29 30
31 1 23 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30
1 2 3 4 5 67 8 9 10 11 12 1314 15 16 17 18 19 2021 22 23 24 25 26 2728 29 30 31
1 2 34 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30
30 31 12 3 4 5 6 7 89 10 11 12 13 14 1516 17 18 19 20 21 2223 24 25 26 27 28 29
1 2 3 4 56 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28 29 30
1 2 34 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30 31
future annually published handbooks, focuses on the
major cities in Asia.
The handbook is structured to serve as a general
reference guide on construction cost indicators in Asia.
The information contained in this handbook has been
compiled by Langdon & Seah Vietnam Co Ltd. Any
further information and/or if advice relating to particular
Langdon & Seah Vietnam Co Ltd
7
INTRODUCTION
INTRODUCTION
CONSTRUCTION COST DATA1Construction Market 2015 Outlook
Major Rates for Selected Asian Cities
Construction Costs for Selected Asian Cities
M&E Costs for Selected Asian Cities
Utility Costs for Selected Asian Cities
Interestingly much of the global economic press has
focused more on politics in its forecast for 2015 rather
than economic growth. Although there will be global
growth in 2015 it seems few people are expecting
anything exceptional.
As we had predicted the global economy carried
mixed results in 2014. The developed world remained
pretty much the driver of global demand and despite
the scaling down of Quantitative Easing both in the US
and UK. Europe continued to struggle and Japan
continued to implement its fiscal and monetary
reforms but at a slower rate than hoped.
There were a number of issues affecting the Emerging
Markets and especially Russia and Brazil struggled.
China did not achieve its forecast growth rates yet its
GDP growth was higher than the other BRIC nations.
Global GDP is on the increase however and much of
the 2014 growth was carried by China and the other
Emerging Markets.
Vietnams GDP growth was quite strong at over 6%
and largely driven by exports and Foreign Direct
Investment. The domestic economy remained fairly
flat and with little access to credit.
CONSTRUCTION MARKET 2015 OUTLOOK
12 CONSTRUCTION COST DATA10
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
Global GDP in 2015 will grow around 2.5% and the
fastest growing region will be Asia but few countries in
the region will improve upon their 2014 growth. China
will likely be the fastest growing major Asia economy at
7% growth.
The US and UK are likely to be the best performing
developed economies and Japan will continue its own
economic and structural reforms, we also expect a
greater level of QE in Europe. Ultimately the developed
economies will improve growth in Asian exports.
THE GLOBAL ECONOMY 2015
13CONSTRUCTION COST DATA 11
Vietnam will have one of the higher GDP growth rates in
the region at circa 6.5% and growth will continue to be
fuelled by exports and Foreign Direct Investment (FDI).
Investment particularly from Japan and South Korea
may be hampered by currency volatility. The banking
sectors non performing loans issues are being rectified
and as consequence we do expect an improvement in
money supply into the domestic economy.
THE VIETNAM ECONOMY 2015
The market will continue to remain flat and due to
limited access to credit. We do expect a greater
FDI focus into property development including;
private investment into the residential market and
continued Overseas Development Assistance
(ODA) into the infrastructure sector.
Global commodity prices may improve in 2015 but
from a low base and accordingly this may affect
and increase construction costs but most likely in
the second half of 2015.
THE VIETNAM CONSTRUCTION MARKET 2015
80 70 60 50 40 30 20 10 0
16 CONSTRUCTION COST DATA12
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
5.1
02
.57
2.8
43
.14
3.0
03
.19
4.5
56
.84
12
.00
21
.30
71
.73
22
.63
18
.60
12
.70
12
.18
20
.82
17
.33
2.4
70
.98
1.3
11
.71
1.2
71
.14
1.2
21
.97
4.6
76
.04
11
.50
10
.00
11
.00
10
.05
10
.00
10
.55
11
.20
28
53
27
39
15
55
80
87
91
81
19
70
98
71
,54
41
,55
71
,15
59
69
91
99
80
1,1
75
1,4
27
2014
)
1,80
0
1,60
0
1,40
0
1,20
0
1,00
0
800
600
400
200
0
CONSTRUCTION COST DATA
4,00
0
4,50
0
3,50
0
3,00
0
2,50
0
2,00
0
1,50
0
1,00
0
500
28.0
4
11.8
1
2,35
3
10.7
5
3.68
478
36.5
9
11.8
4
2,45
4
36.7
1
10.4
5
4,06
3
32.7
1
8.33
1,34
2
17.9
7
5.84
548
14.1
6
4.51
860
6.65
2.93
371
10.9
3
2.61
712
7.94
3.13
1,08
2
14
13
40 35 30 25 20 15 10 5 0
Sector No. of
projects
Registered Capital
(mn US$)
Legal Capital
(mn US$)
Legal Capital
(%)
1 Industry and construction 13,945 230,207 76,020 92%
Manufacturing 9,407 138,578 47,436
Property 439 46,848 12,489
Accommodation 362 11,086 2,624
Construction 1,140 11,349 4,154
Mining 82 3,274 2,606
Electricity, gas and water production and distribution
96 9,749 2,072
Information andCommunication
1,065 4,095 2,289
Wholesale & Retail; Repair
1,316 3,880 1,981
Water supply & Waste treatment
38 1,348 369
2Agriculture & Forestry & Aquaculture
516 3,658 1,822 2%
3 Service 2,886 13,967 5,231 6%
Art & Entertainment 147 3,632 1,076
Logistics 431 3,711 1,140
Finance, Banking & Insurance
81 1,328 1,176
Health care & Social welfare 97 1,755 424
Science & Technology 1,665 1,773 960
Education and Training 200 807 184
Administration & Support-ing services
129 211 109
Others 136 751 162
Total 17,347 247,832 83,073 100%
(Source: Vietnam Investment Review)
FDI BY SECTORS AS OF NOVEMBER 2014
18 CONSTRUCTION COST DATA14
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
VIETNAM ANNUAL ODA
19CONSTRUCTION COST DATA 15
Bill
ion
US
$
(Sou
rce:
Min
istr
y of
Pla
nnin
g an
d In
vest
men
t)
012345689
1998
1999
2000
2001
2002
2003
2004
2005
2006
2008
2009
2010
2011
2012
2013
2
014
2.20
2.15
2.40
2.40
2.46
2.83
3.44
4.44
5.43
5.91
8.06
1.24
1.35
1.65
1.50
1.52
1.42
1.65
2.18
2.25
4.10
3.54
3.65
3.65
4.50
4
.11
3.52
Con
stru
ctio
n, %
of G
DP
Con
stru
ctio
n V
alue
, US
$Bn
Con
stru
ctio
n, %
of G
DP
Con
stru
ctio
n, R
eal G
row
th,
% o
f y-o
-y
e e
Con
stru
ctio
n V
alue
, US
$Bn
MAJOR RATES FOR SELECTED ASIAN CITIES
22 CONSTRUCTION COST DATA18
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
1. Ex
cava
ting b
asem
ent n
ot ex
ceed
ing 2m
deep
2. Ex
cava
ting f
or foo
tings
not e
xcee
ding 1
.5m de
ep3.
Remo
ve ex
cava
ted m
ateria
ls off
site
5. Ma
ss co
ncret
e grad
e 15
6. Re
inforc
ed co
ncret
e grad
e 30
7. Mi
ld ste
el rod
reinf
orcem
ent
8. Hi
gh te
nsile
rod r
einfor
ceme
nt
11. 1
12.5m
m thi
ck br
ick w
alls
m3 m3 m3 m3 m3 m3 kg kg m2 m2 m2
DE
SC
RIP
TIO
NU
nit
HO
CH
I MIN
H#
VN
D
66,70
0 - 73
,700
74,60
0 - 82
,500
68,30
0 - 75
,500
346,8
00 -
383,3
001,3
60,80
0 - 1,
504,0
001,7
65,50
0 - 1,
951,3
0021
,900 -
24,20
020
,600 -
22,80
017
8,600
- 19
7,400
228,4
00 -
252,4
0018
5,200
- 20
4,700
KU
ALA
LU
MP
UR
RM
15 -
2015
- 20
20 -
2560
- 70
230 -
270
260 -
320
3.50 -
3.90
3.50 -
3.90
35 -
4535
- 45
40 -
48
BA
NG
KO
K#
BA
HT
150 150 120 600
2,500
2,800 30 28 450 450 800
BR
UN
EI
B$
3.50 3.00 3.00
43.00
124.0
013
0.00
1.00 1.00
15.00
15.00
17.50
Avera
ge ex
pecte
d prel
imina
ries
8 - 12
m2 m2 kg kg m2 m2 m2 m2 m2 % 6
- 12
12 -
18 5
- 8
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
23CONSTRUCTION COST DATA 19
472,7
00 -
522,5
002,6
60,00
0 - 2,
940,0
0029
,400 -
32,50
032
,400 -
35,80
055
,800 -
61,70
079
,700 -
88,10
023
2,600
- 25
7,100
299,7
00 -
631,2
0076
,500 -
84,50
0
55 -
6035
0 - 50
06.0
0 - 7.
506.0
0 - 7.
5015
- 22
15 -
2250
- 70
35 -
453.5
0 - 4.
50
1,200
7,000 62 62 200
225
1,200
800
160
58.00
160 -
210
3.50
3.20
9.00
8.00
33.00
28.00 5.0
0
# R
ate
s a
re n
ett
of V
AT
16. 2
5mm
Ceme
nt an
d san
d (1:3
) pav
ing17
. 20m
m Ce
ment
and s
and (
1:4) p
laster
to w
alls
12. "K
liplok
Colo
rbond
" 0.64
mm pr
ofiled
stee
l she
eting
14. S
tructu
ral st
eelwo
rk - b
eams
, stan
chion
s and
the l
ike
MAJOR RATES FOR SELECTED ASIAN CITIES
22 CONSTRUCTION COST DATA20
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
1. Ex
cava
ting b
asem
ent n
ot ex
ceed
ing 2m
deep
2. Ex
cava
ting f
or foo
tings
not e
xcee
ding 1
.5m de
ep3.
Remo
ve ex
cava
ted m
ateria
ls off
site
5. Ma
ss co
ncret
e grad
e 15
6. Re
inforc
ed co
ncret
e grad
e 30
7. Mi
ld ste
el rod
reinf
orcem
ent
8. Hi
gh te
nsile
rod r
einfor
ceme
nt
11. 1
12.5m
m thi
ck br
ick w
alls
DE
SC
RIP
TIO
NG
NIJIE
BG
NO
KG
NO
HA
LIN
AM
SIN
GA
PO
RE
**
PH
P
m3 m3 m3 m3 m3 m3 kg kg m2 m2 m2
Un
itS
$H
K$
RM
B
350
300
300
3,000
3,500
5,000
48.00
49.00 900
850
N/A
16.50
16.50
45.00
- 50
.0050
.0019
7.00
148.0
01.4
5 - 1.
551.4
5 - 1.
5540
.00 -
45.00
40.00
- 45
.0035
.00 -
40.00
210
190
270
900
1,150
1,350
10.30
10.30 380
380
360
26 31 37 170
433
517
5.00
5.00
85 73 72
JAK
AR
TA#
RP
’000
35 45 38 370
1,050
1,200 12 12 180
160
170
6 - 10250
1,200 27 27 60 75 160
150 27
16. 2
5mm
Ceme
nt an
d san
d (1:3
) pav
ing17
. 20m
m Ce
ment
and s
and (
1:4) p
laster
to w
alls
Avera
ge ex
pecte
d prel
imina
ries
8 -15
m2 m2 kg kg m2 m2 m2 m2 m2 %13
- 17
10 -
15 7
- 10
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
25CONSTRUCTION COST DATA 21
950
9,500
115
105
350
350
1,200
1,300
400
43.00
290.0
04.8
0 - 5.
804.8
0 - 5.
8022
.0024
.0074
.0030
.003.5
0 - 4.
00
850
2,800 36 39 130
138
350
540 55
N/A
815 11 10 27 28 140
162 32
# R
ate
s a
re n
ett
of V
AT
** R
ate
s a
re n
ett
of G
ST
Man
ila -
Ite
m 1
3 -
Alu
min
ium
with
ano
dize
d fin
ishe
d, 6
mm
thic
k S
inga
pore
- It
em
5 -
Ra
te fo
r le
an
co
ncr
ete
blin
din
g H
ong
Kon
g -
Item
3 -
Ra
te in
clu
din
g d
um
pin
g c
ha
rge
s B
eijin
g -
Item
13
- R
ate
for
do
ub
le g
laze
d w
ind
ow
12. "K
liplok
Colo
rbond
" 0.64
mm pr
ofiled
stee
l she
eting
14. S
tructu
ral st
eelwo
rk - b
eams
, stan
chion
s and
the l
ike
MAJOR RATES FOR SELECTED ASIAN CITIES
22 CONSTRUCTION COST DATA22
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
1. Ex
cava
ting b
asem
ent n
ot ex
ceed
ing 2m
deep
2. Ex
cava
ting f
or foo
tings
not e
xcee
ding 1
.5m de
ep3.
Remo
ve ex
cava
ted m
ateria
ls off
site
5. Ma
ss co
ncret
e grad
e 15
6. Re
inforc
ed co
ncret
e grad
e 30
7. Mi
ld ste
el rod
reinf
orcem
ent
8. Hi
gh te
nsile
rod r
einfor
ceme
nt
11. 1
12.5m
m thi
ck br
ick w
alls
DE
SC
RIP
TIO
N
m3 m3 m3 m3 m3 m3 kg kg m2 m2 m2
SH
EN
ZH
EN
/G
UA
NG
ZH
OU
SH
EN
YA
NG
CH
ON
GQ
ING
/C
HE
NG
DU
RM
BR
MB
RM
BU
nit
30 25 60 180
442
484
5.50
5.50
80 80 57
18 40 45 130
360
400
5.50
5.50
65 65 50
22 25 35 150
410
500
5.50
5.00
90 90 70
IA
HG
NA
HS
RM
B
22 22 105
150
400
500
4.70
4.70
75 75 85
5 - 10N/A
650 11 9 25 26 145
150 35
16. 2
5mm
Ceme
nt an
d san
d (1:3
) pav
ing17
. 20m
m Ce
ment
and s
and (
1:4) p
laster
to w
alls
Avera
ge ex
pecte
d prel
imina
ries
5 -10
m2 m2 kg kg m2 m2 m2 m2 m2 %5 -
105 -
10
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
Sha
ngha
i - It
em 1
1 -
Rat
e fo
r 12
0mm
thic
k co
ncre
te b
lock
wal
lsC
hong
qing
/Che
ngdu
, She
nyan
g -
Item
13
- R
ate
for
doub
le g
laze
d w
indo
w
CONSTRUCTION COST DATA
N/A
550 12 10 30 25 140
180 20
N/A
750+ 10 10 28 22 130
150 30
N/A
700 11 11
.30 25 26 165
120 30
23
12. "K
liplok
Colo
rbond
" 0.64
mm pr
ofiled
stee
l she
eting
14. S
tructu
ral st
eelwo
rk - b
eams
, stan
chion
s and
the l
ike
MAJOR RATES FOR SELECTED ASIAN CITIES
22 CONSTRUCTION COST DATA24
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
1. Ex
cava
ting b
asem
ent n
ot ex
ceed
ing 2m
deep
2. Ex
cava
ting f
or foo
tings
not e
xcee
ding 1
.5m de
ep3.
Remo
ve ex
cava
ted m
ateria
ls off
site
5. Ma
ss co
ncret
e grad
e 15
6. Re
inforc
ed co
ncret
e grad
e 30
7. Mi
ld ste
el rod
reinf
orcem
ent
8. Hi
gh te
nsile
rod r
einfor
ceme
nt
11. 1
12.5m
m thi
ck br
ick w
alls
DE
SC
RIP
TIO
NU
AC
AM
LU
OE
S^^
IND
IA@
MO
P
m3 m3 m3 m3 m3 m3 kg kg m2 m2 m2
Un
itW
RK
sR
120
140 90 1,100
1,200
1,200
9.00
9.00
250
250
300
160
180
NA 3,725
5,150
6,050 62 64 550
600
860
1,890
1,890
9,800
28,90
063
,100
76,50
01,1
801,2
1027
,200
27,20
043
,800
DA
LIA
N
RM
B
28 33 30 170
420
500
5.50
5.50
92 92 70
5 -10
N/A
700+ 11 11 37 40 140
140 32
16. 2
5mm
Ceme
nt an
d san
d (1:3
) pav
ing17
. 20m
m Ce
ment
and s
and (
1:4) p
laster
to w
alls
Avera
ge ex
pecte
d prel
imina
ries
6 - 12
m2 m2 kg kg m2 m2 m2 m2 m2 %8 -
126 -
11
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
@
All
29CONSTRUCTION COST DATA 25
N/A
3,800 35 35 120
130
500
550
130
1,325
4,950 98 98 380
310
1,350
1,000
180
38,50
031
5,000
1,550
1,580
3,100
8,900
63,80
026
,000
7,790
Dal
ian
- Ite
m 1
3 -
Ra
te fo
r d
ou
ble
gla
zed
win
do
w
12. "K
liplok
Colo
rbond
" 0.64
mm pr
ofiled
stee
l she
eting
14. S
tructu
ral st
eelwo
rk - b
eams
, stan
chion
s and
the l
ike
NOIT
ACIFI
CE
PS
ENILT
UO
GNI
DLIU
B
DO
ME
ST
IC
OF
FIC
E /
CO
MM
ER
CIA
Lpa
inte
d w
all a
nd fa
lse
ceili
ng.
HO
TE
LS
1) In
terio
r de
cora
tion
IND
US
TR
IAL
Indu
stria
l un
its,
shel
l on
ly (
Con
vent
iona
l si
ngle
st
orey
fram
ed u
nit)
heat
ing
and
light
ing
indu
stry
and
heat
ing.
CONSTRUCTION COST SPECIFICATION
30 CONSTRUCTION COST DATA26
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
Apa
rtm
ents
, hi
gh r
ise,
ave
rage
sta
ndar
dA
part
men
t un
its w
ith fi
t-ou
t, in
clud
ing
air-
cond
ition
ing,
kitc
hen
cabi
nets
and
hom
e ap
plia
nces
,ex
clud
ing
but
dec
orat
ive
light
fitt
ings
and
loos
e fu
rnitu
re
Apa
rtm
ents
, hi
gh r
ise,
hig
h en
dA
part
men
t un
its w
ith g
ood
qual
ity fi
t-ou
t, in
clud
ing
air-
cond
ition
ing,
kitc
hen
cabi
nets
and
hom
e ap
plia
nces
, bu
t ex
clud
ing
dec
orat
ive
light
fitt
ings
and
loos
e fu
rnitu
re
Terr
aced
hou
ses,
ave
rage
sta
ndar
dH
ouse
s w
ith fi
t-ou
t, in
clud
ing
air-
cond
ition
ing,
kitc
hen
cabi
nets
and
hom
e ap
plia
nces
, bu
t ex
clud
ing
deco
rativ
e lig
ht fi
ttin
gs,
loos
e fu
rnitu
re,
gard
en a
nd p
arki
ng
Det
ache
d ho
uses
, hi
gh e
ndH
ouse
s w
ith g
ood
qual
ity fi
t-out
, inc
ludi
ng a
ir-co
nditi
onin
g, k
itche
n ca
bine
ts a
nd h
ome
appl
ianc
es,
excl
udin
g b
ut
de
cora
tive
light
fitt
ings
, lo
ose
furn
iture
, ga
rden
and
par
king
excl
udin
g
excl
udin
g
excl
udin
g
excl
uded
OT
HE
RS
31CONSTRUCTION COST DATA 27
Und
ergr
ound
/bas
emen
t ca
r pa
rks
(<3
leve
ls)
RC
str
uctu
re
Mul
ti st
orey
car
par
ks,
abov
e gr
ound
(<
4 le
vels
)R
C s
truc
ture
, na
tura
l ven
tilai
on,
no fa
cade
enc
losu
re
Sch
ools
(pr
imar
y an
d se
cond
ary)
Incl
udin
g fit
-out
and
air-
cond
ition
ing,
but
exc
ludi
ng e
duca
tiona
l equ
ipm
ent
Stu
dent
s' r
esid
ence
sIn
clud
ing
fit-o
ut,
loos
e fu
rnitu
re a
nd a
ir-co
nditi
onin
g
Spo
rts
club
s, m
ulti
purp
ose
spor
ts/le
isur
e ce
ntre
s (d
ry s
port
s)
Dry
spo
rts (n
o sw
imm
ing
pool
) and
are
for '
leis
ure
cent
re' t
ype
sche
mes
incl
udin
g m
ain
spor
ts h
all,
anci
llary
spo
rts
faci
litie
s, c
hang
ing
and
show
ers,
res
taur
ant
/ ca
fe,
bar,
etc
. C
osts
incl
ude
a/c,
F
urni
ture
, Fitt
ings
and
Equ
ipm
ent
(FF
&E
).
Gen
eral
hos
pita
ls -
pub
lic s
ecto
rE
xclu
ding
med
ical
and
ope
ratin
g eq
uipm
ent
Not
es:
1. T
he c
osts
for
the
resp
ectiv
e ca
tego
ries
give
n ab
ove
are
aver
ages
bas
ed o
n fix
ed p
rice
com
petit
ive
tend
ers.
It m
ust
be u
nder
stoo
d th
at t
he a
ctua
l cos
t
of
a b
uild
ing
will
dep
end
upon
the
des
ign
and
man
y ot
her
fact
ors
and
may
var
y fro
m t
he fi
gure
s sh
own.
2. T
he c
osts
per
squ
are
met
re a
re b
ased
on
Con
stru
ctio
n F
loor
Are
as (
CF
A)
mea
sure
d to
the
out
side
face
of t
he e
xter
nal w
alls
/ e
xter
nal p
erim
eter
incl
udin
g
lif
t sh
afts
, st
airw
ells
, ba
lcon
ies,
pla
nt r
oom
s, w
ater
tan
ks a
nd t
he li
ke.
The
cost
exc
lude
s si
te fo
rmat
ion
wor
ks,
exte
rnal
wor
ks,
land
cos
t, p
rofe
ssio
nal f
ees,
fina
nce
and
lega
l exp
ense
s.3.
All
bulid
ings
are
ass
umed
to
have
no
base
men
ts (
exce
pt o
ther
wis
e st
ated
) an
d ar
e bu
ilt o
n fla
t gr
ound
, w
ith n
o rm
al s
oil a
nd s
ite c
ondi
tion.
4. T
he s
tand
ard
for
each
cat
egor
y of
bui
ldin
g va
ries
from
reg
ion
to r
egio
n an
d do
not
nec
essa
ry fo
llow
tha
t of
eac
h ot
her.
5. A
ll co
sts
are
in U
S$/
m2
CF
A.
Flu
ctua
tion
in e
xcha
nge
rate
s m
ay le
ad t
o ch
ange
s in
con
stru
ctio
n co
sts
expr
esse
d in
U.S
. do
llars
.
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES
DOME
STIC
Apar
tmen
ts, hi
gh ris
e, av
erag
e stan
dard
Apar
tmen
ts, hi
gh ris
e, hig
h end
OFFI
CE/C
OMME
RCIA
L
Retai
l mall
s, hig
h end
HOTE
LS
DE
SC
RIP
TIO
NH
O C
HI M
INH
##B
AN
GK
OK
##B
RU
NE
IJA
KA
RTA
#K
UA
LA
LU
MP
UR
US
$/m
2
32 CONSTRUCTION COST DATA28
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
595
- 745
385
-580
672
-855
825
-1,
133
670
-760
755
- 870
935
-1,1
2097
7-1
,160
1,01
9-
1,32
792
5-1
,050
395
- 465
275
-390
489
-611
534
-84
236
0-4
6545
5 - 5
5591
0-1
,115
824
-1,0
0881
2-
1,12
097
0-1
,170
695
- 815
735
-845
641
-794
825
-1,
133
660
-735
800
- 1,0
901,
060
-1,4
2585
5-1
,099
1,16
7-
1,47
597
5-1
,100
500
- 600
655
-785
641
-837
801
-1,
108
570
-630
645
- 845
805
-1,0
4584
0-9
011,
056
-1,
364
630
-680
1,05
0 - 1
,290
1,22
5-1
,690
1,16
0-1
,282
1,56
0-
1,86
81,
150
-1,3
601,
290
- 1,5
652,
125
-2,4
551,
466
-1,6
792,
200
-2,
508
1,57
0-1
,750
1,66
5 - 1
,935
2,36
0-2
,725
1,71
0-2
,443
2,25
9-
2,56
71,
680
-1,9
00
350
350
460
460
390
525
495
585
504
611
381
518
689
826
305
330
- -
- -
- -
-- -
330
365
INDU
STRI
AL
Owne
r ope
rated
facto
ries,
low ris
e, lig
ht we
ight
OTHE
RS
Exch
ange
Rate
Use
d : U
S$1 =
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, i
nclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
33CONSTRUCTION COST DATA 29
595
- 715
440
-60
055
0-
733
470
-57
537
5 - 4
1525
5-
330
183
-30
542
3-
731
305
-33
050
0 - 5
5027
0-
305
619
-92
750
0 - 6
5034
5-
380
724
-1,
031
750
- 800
710
-77
51,
665
-1,
973
1,05
0-
1,57
5
NA
1,06
01,
300
-1,
871
-2,
179
RM
3.4
6B
$ 1.
26
N/A
N/A
BAH
T 32
.75
VN
D 2
1,33
3
N/A
N/A
N/A
N/A
N/A
IDR
12,
150
N/A
DOME
STIC
Apar
tmen
ts, hi
gh ris
e, av
erag
e stan
dard
Apar
tmen
ts, hi
gh ris
e, hig
h end
OFFI
CE/C
OMME
RCIA
L
Retai
l mall
s, hig
h end
HOTE
LS
86
0 - 92
0 1,1
70 -
1,230
60
5 - 69
01,2
80 -
1,370
820 -
870
1,260
- 1,3
6573
5 - 87
0 1,0
80 -
1,120
1,180
- 1,3
75
1,270
- 1,3
751,5
75 -
1,650
1,550
- 1,7
502,3
45 -
3,495
1,985
- 2,2
252,5
00 -
3,335
1,9
85 -
2,185
2,185
- 2,4
25##
2,185
- 2,3
452,3
45 -
2,580
2,460
- 2,6
603,1
35 -
3,575
3,135
- 3,5
75
66
81,6
50 489
733
97
71,3
03 733
1,303
1,059
1,792
2,280
733
1,873
570
814
1,303
2,117
977
1,792
1,303
2,280
2,932
3,030
- 3,5
504,0
80 -
4,730
4,140
- 4,8
605,5
10 -
6,180
3,0
30 -
3,550
3,770
- 4,6
003,0
50 -
3,620
4,080
- 4,7
90
3,870
- 4,2
104,0
80 -
4,790
4,790
- 5,5
10
DE
SC
RIP
TIO
NG
NO
K G
NO
H*
ALI
NA
M^
BE
IJIN
G$
SIN
GA
PO
RE
**US
$/m
2
- - - - - - - - - - -
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES
34 CONSTRUCTION COST DATA30
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
450 -
460
480 -
510
510 -
560
460 -
510
690 -
765
690 -
765
1,180
- 1,4
25
1,350
- 1,4
75
PHP
44.50
835
- 1,0
75
1,075
- 1,4
70
755 -
1075
^^
1,825
- 1,9
852,2
65 -
2,425
3,135
- 3,2
95
SG 1.
26
570
814
489
570
407
977
1,303
651
896
570
733
570
1,303
1,629
2,350
- 2,9
60
2,230
- 2,8
201,3
80 -
1,640
2,540
- 2,6
902,4
40 -
2,820
3,740
- 4,3
30
5,060
- 5,7
20
HK$7
.80
INDU
STRI
AL
Owne
r ope
rated
facto
ries,
low ris
e, lig
ht we
ight
OTHE
RS
Exch
ange
Rate
Use
d : U
S$1 =
- - - - - - -
RM
B 6
.14
35CONSTRUCTION COST DATA 31
DOME
STIC
Apar
tmen
ts, hi
gh ris
e, av
erag
e stan
dard
Apar
tmen
ts, hi
gh ris
e, hig
h end
OFFI
CE/C
OMME
RCIA
L
Retai
l mall
s, hig
h end
HOTE
LS
712 -
790
1,738
- 1,8
9747
4 - 50
771
2 - 79
0
9
48 -
1,264
1,264
- 1,5
80
1,344
- 1,7
38
1,028
- 1,2
641,7
38 -
2,370
2,370
- 2,8
44
55
0 - 60
7 9
15 -
1,010
415 -
458
567 -
625
801 -
886
1,101
- 1,2
1776
2 - 84
21,1
27 -
1,244
1,036
- 1,1
451,6
73 -
1,849
2,282
- 2,5
21
559 -
638
925
- 1,0
3741
5 - 47
955
9 - 60
7
878 -
958
1,197
- 1,3
5771
8 - 79
81,1
97 -
1,357
1,053
- 1,1
651,5
96 -
2,075
53
0 - 67
0 8
50 -
1,120
415 -
511
575 -
670
880
- 1,0
401,1
20 -
1,520
690 -
895
1,200
- 1,6
00
1,035
- 1,2
801,9
20 -
2,395
DE
SC
RIP
TIO
NS
HA
NG
HA
I$S
HE
NYA
NG
$C
HO
NG
QIN
GC
HE
NG
DU
$S
HE
NZ
HE
NG
UA
NG
ZH
OU
$
US
$/m
2
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES
36 CONSTRUCTION COST DATA32
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
554 -
632
790
- 1,1
0739
4 - 55
455
4 - 71
239
4 - 55
41,0
28 -
1,264
1,580
- 2,0
52
RMB
6.14
521 -
575
526 -
845
376 -
415
417 -
461
265 -
293
780 -
863
RMB
6.14
607 -
670
375 -
407
RMB
6.14
480 -
640
370 -
430
RMB
6.14
INDU
STRI
AL
Owne
r ope
rated
facto
ries,
low ris
e, lig
ht we
ight
OTHE
RS
Exch
ange
Rate
Use
d : U
S$1 =
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, i
nclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
CONSTRUCTION COST DATA
Rat
es a
re e
xclu
sive
of c
ontin
genc
ies.
Hou
ses
are
built
to
shel
l and
cor
e st
anda
rd O
NLY
, w
here
all
tena
nt o
r oc
cupa
nt a
reas
are
unf
urni
shed
.S
choo
ls (
prim
ary
and
seco
ndar
y) a
re o
f pub
lic a
utho
rity
stan
dard
, no
a/c
and
com
plet
e w
ith b
asic
ext
erna
l wor
ks.
33
DOME
STIC
Apar
tmen
ts, hi
gh ris
e, av
erag
e stan
dard
Apar
tmen
ts, hi
gh ris
e, hig
h end
OFFI
CE/C
OMME
RCIA
L
Retai
l mall
s, hig
h end
HOTE
LS
2,065
- 2,5
282,8
79 -
4,406
3,529
- 4,2
054,2
93 -
5,594
2,378
- 3,0
793,0
79 -
3,367
2,240
- 3,3
673,5
29 -
4,255
3,16
6 - 3,
579
4,293
- 5,1
315,1
31 -
6,308
60
6 - 70
21,1
50 -
1,261
446 -
511
606 -
671
910 -
974
1,244
- 1,3
0979
8 - 89
41,2
30 -
1,389
1,085
- 1,1
811,8
36 -
2,075
1,250
- 1,5
501,5
00 -
1,900
2,260
- 3,4
50
1,200
- 1,5
501,4
20 -
1,870
1,135
- 1,7
801,3
60 -
2,210
1,680
- 2,0
102,3
60 -
4,080
2,720
- 4,4
30
50
5 - 58
076
5 - 92
034
5 - 37
045
5 - 48
0
38
0 - 41
547
5 - 50
537
0 - 40
552
0 - 56
5
71
5 - 79
51,1
15 -
1,325
1,415
- 1,5
65
DE
SC
RIP
TIO
NIN
DIA
@S
EO
UL
##M
AC
AU
***
DA
LIA
N$
US
$/m
2
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES
38 CONSTRUCTION COST DATA34
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
1,877
- 2,7
531,0
39 -
1,364
2,065
- 2,4
031,6
52 -
1,915
MOP
7.99
391 -
407
RMB
6.14
670 -
825
975
- 1,0
3557
0 - 69
01,8
30 -
1,970
1,080
- 1,2
001,4
75 -
1,580
KRW
1,10
7
295 -
350
315 -
370
245 -
265
190 -
210
240 -
265
265 -
295
530 -
555
580 -
635
INR
62
INDU
STRI
AL
Owne
r ope
rated
facto
ries,
low ris
e, lig
ht we
ight
OTHE
RS
Exch
ange
Rate
Use
d : U
S$1 =
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, i
nclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
39CONSTRUCTION COST DATA 35
Rat
es a
re e
xclu
sive
of c
ontin
genc
ies.
Hou
ses
are
built
to
shel
l and
cor
e st
anda
rd O
NLY
, w
here
all
tena
nt o
r oc
cupa
nt a
reas
are
unf
urni
shed
.S
choo
ls (
prim
ary
and
seco
ndar
y) a
re o
f pub
lic a
utho
rity
stan
dard
, no
a/c
and
com
plet
e w
ith b
asic
ext
erna
l wor
ks.
M&E COSTS FOR SELECTED ASIAN CITIES
MECH
ANIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
ELEC
TRIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
HYDR
AULI
C SE
RVIC
ES
1,641
,000 -
2,33
9,000
1,331
,000 -
1,79
6,000
1,990
,000 -
2,37
3,000
1,755
,000 -
2,21
7,000
273,0
00 -
519,0
00
360 -
470
62 -
9029
0 - 46
029
0 - 41
021
0 - 29
5
225 -
465
144 -
160
255 -
600
205 -
275
88 -
220
26 -
55
4,500
- 4,9
001,5
50 -
1,600
4,800
- 5,2
004,6
00 -
4,900
4,500
- 4,6
00
3,400
- 3,6
001,9
50 -
2,200
3,900
- 4,3
502,8
00 -
,3050
3,100
- 3,5
20
790 -
950
189 -
236
24 -
4130
5 - 35
121
6 - 25
722
3 - 25
7
243 -
305
203 -
243
305 -
398
231 -
331
263 -
331
17 -
41
870 -
1030
270 -
630
870 -
1170
770 -
930
770 -
1000
700 -
940
400 -
620
710 -
1000
620 -
780
700 -
940
170 -
260
DE
SC
RIP
TIO
N
HO
CH
I MIN
HK
UA
LA
LU
MP
UR
BA
NG
KO
K##
BR
UN
EI
JAK
AR
TA$
VN
D/m
2R
M/m
2B
AH
T/m
2B
$/m
2R
P’0
00/m
2
40 CONSTRUCTION COST DATA36
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
FIRE
SER
VICE
S
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
LIFT
S/ES
CALA
TORS
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
531,0
00 -
629,0
00
632,0
00 -
1,049
,000
431,0
00 -
543,0
00
591,0
00 -
1,127
,000
1,20
2,000
- 1,7
02,00
067
1,000
- 97
1,000
37 -
4618
0 - 24
526
- 32
18 -
45
60 -
8045
- 65
65 -
9565
- 85
20 -
25
88 -
400
55 -
190
85 -
370
85 -
110
63 -
105
750 -
790
1,500
- 1,7
5081
0 - 95
01,2
05 -
1,420
790 -
860
730 -
750
790 -
890
790 -
850
790 -
890
1,100
- 1,1
50
1,100
- 1,1
9023
0 - 49
050
0 - 58
0
11 -
2064
- 88
13 -
4340
- 63
33 -
41 13
- 20
27 -
5133
- 69
27 -
54
9 - 33
4 - 20
13 -
4713
- 38
11 -
27
100 -
180
710 -
1000
170 -
260
700 -
1010
230 -
350
100 -
180
240 -
350
240 -
280
240 -
280
370 -
1010
370 -
940
280 -
750
360 -
750
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of c
ontin
genc
ies
unle
ss o
ther
wis
e st
ated
.
**
Exc
lude
s sp
ecia
l pow
er s
uppl
y.B
ased
upo
n
41CONSTRUCTION COST DATA 37
MECH
ANIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
ELEC
TRIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
HYDR
AULI
C SE
RVIC
ES
3,000
- 5,0
00 6
50 -
1,500
3,000
- 6,5
002,1
25 -
4,500
600
- 3,0
00
3,300
- 6,0
002,0
00 -
3,500
4,700
- 9,0
003,0
60 -
6,000
3,600
- 6,3
00
900 -
2,00
0
180 -
290
35 -
130
150 -
325
170 -
285
100 -
190
175 -
280
55 -
145
200 -
385
170 -
330
110 -
250
30 -
60
1,900
- 2,6
5015
0 - 25
02,1
00 -
2,600
2,200
- 2,7
00 8
00 -
1,650
1,650
- 2,4
0060
0 - 85
01,9
00 -
2,600
1,800
- 2,4
001,0
50 -
1,650
400 -
500
760
- 10
5017
0 - 28
0 91
0 - 11
5079
0 - 95
014
0 - 38
0
460 -
703
320 -
450
705 -
943
481 -
676
253 -
398
95 -
140
DE
SC
RIP
TIO
N
MA
NIL
A^
SIN
GA
PO
RE
^^H
ON
G K
ON
GB
EIJ
ING
PE
SO
S/m
2S
$/m
2H
K$/
m2
RM
B/m
2
M&E COSTS FOR SELECTED ASIAN CITIES
42 CONSTRUCTION COST DATA38
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
FIRE
SER
VICE
S
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
LIFT
S/ES
CALA
TORS
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
700
- 1,3
001,9
50 -
4,000
595
- 1,4
001,4
00 -
2,700
650
- 1,2
0060
0 - 90
0 6
50 -
1,100
550 -
900
600
- 1,3
00
1,600
- 2,9
00
1,800
- 3,0
00 5
95 -
2,000
800
- 2,1
00
20 -
4010
0 - 19
550
- 90
80 -
160
35 -
6025
- 55
30 -
6040
- 60
25 -
55
70 -
180
45 -
115
55 -
120
60 -
100
45 -
125
300 -
400
1,200
- 1,6
0040
0 - 50
0 8
50 -
1,300
550 -
700
400 -
500
600 -
850
550 -
700
150 -
250
700
- 1,2
0055
0 - 75
055
0 - 85
0 8
50 -
1,000
450 -
850
95 -
140
370 -
480
140 -
200
170 -
230
180 -
265
150 -
225
220 -
375
220 -
375
70 -
135
294 -
577
145 -
400
232 -
520
327 -
520
175 -
289
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of c
ontin
genc
ies
unle
ss o
ther
wis
e st
ated
.
** E
xclu
des
spec
ial p
ower
sup
ply.
^ Tr
ansf
orm
er in
clud
ed in
Ele
ctric
al S
ervi
ces.
43CONSTRUCTION COST DATA 39
MECH
ANIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
ELEC
TRIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
HYDR
AULI
C SE
RVIC
ES
761 -
966
173 -
289
971
- 1,2
651,0
50 -
1,103
310 -
410
593 -
651
305 -
431
651 -
830
520 -
651
252 -
368
110 -
163
750 -
1,01
914
7 - 26
31,0
50 -
1,313
693 -
935
120 -
373
520 -
750
300 -
436
667 -
898
473 -
640
273 -
436
120 -
163
2,400
- 2,8
002,0
00 -
2,600
800 -
1000
2,400
- 2,8
002,4
00 -
2,600
900 -
1200
700
- 1,0
0015
0 - 25
0 7
50 -
1,200
600
- 1,0
0010
0 - 30
0
450 -
700
300 -
400
550 -
800
450 -
700
250 -
350
70 -
130
DE
SC
RIP
TIO
N
SH
AN
GH
AI
SH
EN
ZH
EN
GU
AN
GZ
HO
UM
AC
AU
CH
ON
GQ
ING
CH
EN
GD
U
RM
B/m
2R
MB
/m2
MO
P/m
2R
MB
/m2
M&E COSTS FOR SELECTED ASIAN CITIES
44 CONSTRUCTION COST DATA40
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
FIRE
SER
VICE
S
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
LIFT
S/ES
CALA
TORS
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
89 -
131
368 -
488
137 -
184
168 -
226
220 -
300
150 -
250
280 -
380
250 -
380
50 -
100
280 -
550
135 -
390
220 -
495
325 -
495
165 -
325
84 -
110
383 -
483
110 -
147
142 -
252
220 -
341
136 -
262
273 -
405
242 -
363
63 -
120
288 -
427
147 -
425
236 -
456
320 -
451
120 -
263
1,200
- 1,5
0040
0 - 55
075
0 - 10
00
800 -
1,00
055
0 - 70
020
0 - 25
0
600 -
800
450 -
700
450 -
600
70 -
120
300 -
400
70 -
130
120 -
200
180 -
250
150 -
250
200 -
330
220 -
330
50 -
100
350 -
600
150 -
350
300 -
500
300 -
450
140 -
250
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, e
xclu
sive
of c
ontin
genc
ies
unle
ss o
ther
wis
e st
ated
.
** E
xclu
des
spec
ial p
ower
sup
ply.
45CONSTRUCTION COST DATA 41
MECH
ANIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
ELEC
TRIC
AL S
ERVI
CES
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
HYDR
AULI
C SE
RVIC
ES
600 -
700
700 -
800
600 -
900
100 -
300
450 -
650
700 -
900
500 -
600
300 -
400
30 -
120
600 -
700
700 -
800
600 -
700
100 -
300
470 -
690
720 -
920
520 -
620
220 -
320
70 -
120
220,0
00 -
290,0
00 9
2,000
- 15
9,000
215,0
00 -
340,0
0014
9,000
- 24
5,000
95,0
00 -
173,0
00
200,0
00 -
395,0
0012
5,000
- 16
5,000
300,0
00 -
490,0
0018
0,000
- 25
0,000
140,0
00 -
180,0
00
34,00
0 - 57
,000
4,000
- 5,7
001,8
55 -
3,300
4,950
- 5,4
003,8
50 -
5,050
2,200
- 2,7
00
3,550
- 4,9
002,1
00 -
3,500
3,950
- 5,4
003,4
00 -
4,550
1,725
- 2,3
50
625 -
950
DE
SC
RIP
TIO
N
SH
EN
YAN
GD
AL
IAN
SE
OU
L#
IND
IA@
RM
B/m
2R
MB
/m2
KR
W/m
2IN
R/m
2
M&E COSTS FOR SELECTED ASIAN CITIES
46 CONSTRUCTION COST DATA42
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
FIRE
SER
VICE
S
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
LIFT
S/ES
CALA
TORS
Hotel
sSh
oppin
g Cen
tres
Apar
tmen
t
200 -
300
120 -
170
100 -
200
150 -
230
130 -
230
50 -
150
50 -
130
300 -
550
300 -
500
140 -
230
120 -
250
200 -
300
120 -
170
100 -
150
150 -
230
150 -
230
150 -
200
60 -
150
300 -
550
250 -
350
150 -
250
120 -
200
22,00
0 - 32
,000
71,0
00 -
110,0
0029
,000 -
57,00
049
,000 -
75,00
0
35,00
0 - 68
,000
28,00
0 - 35
,000
40,00
0 - 91
,000
25,00
0 - 72
,000
33,00
0 - 68
,000
40,00
0 - 64
,000
16,00
0 - 25
,000
110,0
00 -
175,0
0050
,000 -
84,00
029
,000 -
41,00
0
425
- 75
03,2
50 -
4900
92
5 - 1,
675
1,45
0 - 2,
000
990
- 1,3
0047
5 - 62
51,1
50 -
1,475
950
- 1,1
0052
5 - 63
0
825 -
1050
530 -
690
1,200
- 1,7
501,4
00 -
1,800
750 -
950
The
abo
ve c
osts
are
at 4
th Q
uart
er 2
014
leve
ls, i
nclu
sive
of p
relim
inar
ies
and
cont
inge
ncie
s un
less
oth
erw
ise
stat
ed.
** E
xclu
des
spec
ial p
ower
sup
ply.
CONSTRUCTION COST DATA 43
COUN
TRY
HO C
HI M
INH
+
KUAL
A LU
MPUR
BANG
KOK
BANG
ALOR
E
BRUN
EI
BEIJI
NG
GUAN
GZHO
U
VND
21,12
0
VND
21,28
2
0.111
++
0.11++
0.25
- 0.5
4
0.25
- 0.5
4
1.06++
+
1.89++
+1.1
3-1.1
5++++
0.95-
0.98++
++
Exch
ange
Ra
te U
sed
LEUFRETA
WYTICIRTCELE
citsemoD
citsemoD
Com
mer
cial/
Indu
stria
lCo
mm
ercia
l/In
dust
rial
Dies
elLe
aded
Unlea
ded
US$1
=US
$/kwh
US$/m
3US
$/m3
US$/l
itre
US$/l
itre
US$/l
itre
US$/k
wh
UTILITY COST FOR SELECTED ASIAN CITIES
48 CONSTRUCTION COST DATA44
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
0.10-
0.17 /
0.06
-0.11
0.8 / 0
.49
0.09-
0.16 /
0.06
-0.11
0.8 / 0
.49
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
RM3.1
90.0
68 -
0.142
0.123
- 0.1
350.1
79 -
0.627
0.649
- 0.7
150.6
3N/
A0.6
6
RM3.4
60.0
63 -
0.165
0.110
- 0.1
470.1
65 -
0.578
0.598
- 0.6
590.6
45N/
A0.6
53
Baht
: 31.6
90.0
58 -
0.124
**0.0
84 -
0.086
0.268
- 0.4
560.3
00 -
0.499
0.946
N/A
1.244
*
Baht
: 32.7
50.0
57 -
0.120
**0.0
81 -
0.083
0.260
- 0.4
410.2
90 -
0.483
0.867
N/A
1.014
*
INR
630.0
39 -
0.093
0.102
- 0.1
180.2
38 -
0.572
0.952
0.921
N/A
1.238
INR
620.0
43 -
0.093
0.115
- 0.1
230.2
42 -
0.580
0.967
0.920
N/A
1.120
B$1.2
40.0
08 -
0.12
0.058
- 0.1
620.0
88 -
0.355
0.492
- 0.5
320.3
060.4
110.4
27
B$1.2
60.0
08 -
0.12
0.058
- 0.1
620.0
88 -
0.355
0.492
- 0.5
320.3
060.4
110.4
27
RMB
6.13
0.08
0.13
0.65
1.01
1.23
n/a1.3
1
RMB
6.14
0.08
0.16
0.81~
1.47
1.16
1.12
n/a1.1
3
RMB
6.13
0.13
0.11/0
.150.3
20.5
61.4
0N/
A1.5
4
RMB
6.14
0.10.1
6/0.11
0.32
0.57
1.18
N/A
1.31
HONG
KON
G
MACA
U
SHAN
GHAI
CHON
GQIN
G
JAKA
RTA
MANI
LA
NEW
DEL
HI
SEOU
L
SING
APOR
E^
49CONSTRUCTION COST DATA 45
HK$ 7
.800.1
0.12
0.83
0.59
1.61
N/A
2.12
HK$ 7
.800.1
0.13
0.83
0.59
1.57
N/A
2.10
MO P
7.99
0.16 o
o0.1
6oo
0.55 t
o 0.66
o0.6
6 ooo
1.68
N/A
1.52
MO P
7.99
0.17 o
o0.1
7 oo
0.55 t
o 0.78
o0.7
0 ooo
1.44
N/A
1.94
RMB
6.13
0.101
(pea
k)0.0
50(n
orma
l)0.1
86(p
eak)
0.055
(nor
mal)
0.59
0.82
1.25
N/A
1.27-1
.35
RMB
6.14
0.111
(pea
k)0.0
55(n
orma
l)0.1
73(p
eak)
0.082
(nor
mal)
0.48
0.61.1
0N/
A1.1
2-1.19
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6.13
0.08
0.13/0
.139
0.57
0.74
1.2N/
A1.1
6/ 1.3
0 *RM
B 6.1
40.0
80.1
3/0.13
80.4
60.6
71.0
8N/
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9/1.15
*
IDR
11,4
000.1
000.1
190.4
121.1
010.4
82N/
A0.5
70ID
R 12
,150
0.125
0.125
0.807
1.033
0.617
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0.700
PHP
43.20
**0.21
-0.26
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**0.58
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0.976
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0.808
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1.041
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630.0
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1.717
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R 62
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^^^
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1.76^
^^^^
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
HO
CH
I MIN
H
MA
CA
UW
ater
: Con
sum
ptio
n ch
arge
: U
S$0
.55/
m3
for
28m
3 or
bel
ow, U
S$0
.62/
m3
for
29m
3 to
60m
3, U
S$0
.70/
m3
for
61m
3 to
79m
3an
d U
S$0
.78/
m3
for
80m
3 or
abo
ve; O
ther
cha
rges
(D
epen
ding
on
met
er s
ize
15m
m -
200
mm
) : M
eter
ren
tal =
US
$0.3
4 -
58.0
0/m
onth
; E
lect
ricity
tarif
f are
com
posi
tion
of d
eman
d ch
arge
s, c
onsu
mpt
ion
char
ges,
fuel
cla
use
adju
stm
ent a
nd g
over
nmen
t tax
Cha
rges
for
ordi
nary
use
rs (
e.g.
Bus
ines
s, g
over
nmen
t bui
ldin
gs, s
choo
ls, a
ssoc
iatio
ns, h
ospi
tals
and
oth
ers)
onl
y.S
peci
al u
sers
(e.
g. g
amin
g in
dust
ries,
hot
els,
sau
nas,
gol
f cou
rses
, con
stru
ctio
n, p
ublic
infr
astr
uctu
res
and
othe
r te
mpo
rary
con
sum
ptio
n) a
re e
xclu
ded.
o oo ooo
BR
UN
EI E
lect
ricity
(D
omes
tic)
: Tar
iff e
ffect
ive
from
1st
Jan
201
2. 1
-10k
wh
10c,
11-
60kw
h 8c
, 61-
100k
wh
12c,
abo
ve 1
00kw
h 15
c
BA
NG
KO
K
F
or n
orm
al ta
riff w
ith c
onsu
mpt
ion
not e
xcee
ding
150
kW
h pe
r m
onth
HO
NG
KO
NG
No
tes
50 CONSTRUCTION COST DATA46
1LA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
DCONSTRUCTION COST DATA
GU
AN
GZ
HO
U95
+A
ll ra
tes
are
VA
T in
clus
ive
++D
ome
stic
ele
ctri
city
ra
tes
are
app
lied
to th
e 3
01
KW
abo
ve w
ard
s.
+++
D.O
- 0.0
5%
++
++9
2&
95
Unl
ea
ded
petr
ol a
s a
t Oct
20
12
* **
SH
AN
GH
AI
CH
ON
GQ
UIN
G
MA
NIL
A
SE
OU
L
be
low
in u
se)
SIN
GA
PO
RE
Ele
ctric
ity ta
riff i
s ba
sed
on lo
w te
nsio
n po
wer
sup
ply
w
ater w
ater
As
at 6
Nov
embe
r 20
1498
Unl
eade
d pe
trol
as
at 6
Nov
embe
r 20
14
No
tes
(co
nti
nu
ed)
51CONSTRUCTION COST DATA 47
Unl
eade
d 93
# =
US
$1.0
9/lit
re;
Unl
eade
d 97
# =
US
$1.1
5/lit
re
* ^ ^^ ^^^
^^^^
^^^^
^
GENERAL CONSTRUCTION DATA2Material Price Indices
Import Duties
Progress Payments
Estimating Rules of Thumb
Year
2008
2009
2010
2011
2012
2013
Qu
art
er
I II III
IV
11,2
00,0
0014
,518
,000
12,0
00,0
00
100
.00
129
.63
154
.51
0.00
%29
.63%
19.2
0%90
4,00
085
0,00
0
100
.00
116
.80
125
.59
0.00
%16
.80%
14.3
6%
100
.00
99.
69
130
.64
130
.43
0.00
%
31.0
4%
10,9
40,0
0010
,990
,000
11,8
20,0
0012
,220
,000
98.
13
105
.54
109
.11
0.46
%
3.38
%
130
.00
130
.00
130
.00
130
.00
3.51
%0.
00%
0.00
%0.
00%
1,25
51,
255
1,25
51,
255
128
.59
128
.59
128
.59
128
.59
0.00
%0.
00%
0.00
%12
,452
,500
11,5
90,0
0012
,830
,000
13,4
40,0
00
111
.18
103
.48
114
.55
120
.00
1.90
% 1
30.0
0 1
30.0
0 1
30.0
0 1
30.0
0
0.00
%0.
00%
0.00
%0.
00%
1,25
51,
218
1,20
91,
209
128
.59
124
.80
0.00
%
0.00
%15
,030
,000
15,9
25,0
0015
,925
,000
134
.20
131
.52
142
.19
142
.19
11.8
3%
8.11
%0.
00%
130
.00
130
.00
143
.32
143
.32
0.00
%0.
00%
10.2
5%0.
00%
1,24
11,
263
1,45
91,
459
129
.41
149
.49
149
.49
2.65
%
15.5
2%0.
00%
15,9
25,0
0015
,925
,000
16,3
20,0
0016
,320
,000
142
.19
142
.19
0.00
%0.
00%
2.48
%0.
00%
945,
000
945,
000
1,10
9,00
0
139
.63
139
.63
166
.56
163
.86
0.00
%19
.29%
1,45
91,
546
1,60
01,
600
149
.49
158
.40
163
.93
163
.93
0.00
%5.
96%
3.49
%0.
00%
16,3
20,0
00
15,1
70,0
0014
,470
,000
135
.45
135
.45
129
.20
0.00
%1,
109,
090
1,10
9,09
01,
109,
090
1,10
9,09
0
0.01
%0.
00%
0.00
%0.
00%
1,60
01,
600
1,60
01,
600
163
.93
163
.93
163
.93
163
.93
0.00
%0.
00%
0.00
%0.
00%
0.00
%-4
.61%
I II III
IV I II III
IV I II III
IV I II III
IV I II III
IV
2014
14,4
70,0
00
14,4
70,0
0014
,470
,000
14,4
70,0
00
129
.20
129
.20
129
.20
129
.20
0.00
%0.
00%
0.00
%
1,10
9,09
01,
109,
090
1,10
9,09
01,
109,
090
163.
8716
3.87
163.
8716
3.87
163.
8716
3.87
163.
8716
3.87
0.00
%0.
00%
0.00
%0.
00%
1,60
01,
600
1,60
01,
600
163
.93
163
.93
163
.93
163
.93
0.00
%0.
00%
0.00
%0.
00%
0.00
%
I II III
IV
MATERIAL PRICE INDICES
(Sourc
e:
Ho C
hi M
inh C
ity D
epart
ments
of
Const
ruct
ion a
nd D
epart
ments
of
Fin
ance
Year
2008-2
014)
50 GENERAL CONSTRUCTION DATA
2 GENERAL CONSTRUCTION DATALA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
D
m/D
NV
T/D
NV
3V
ND
/kg
Ind
ex
(Ba
se
QI/
20
08
)
Ind
ex
(Ba
se
QI/
20
08
)
Ind
ex
(Ba
se
QI/
20
08
)
Ste
elb
ar
(D12-D
15)
Co
ncre
te (
Gra
de 2
50)
Cem
en
t (P
CB
40)
51GENERAL CONSTRUCTION DATA
Ste
elba
r (D
1D
25)
Con
cret
e (
ade
250
)C
emen
t 40
)
80.0
0
90.0
0
100.
00
110.
00
120.
00
130.
00
140.
00
150.
00
160.
00
170.
00
180.
00
I II
III
IV
I II
III
IV
I II
III
IV
I II
III
IV
I II
III
IV
I II
III
IV
I II
III
IV
2008
2009
2010
2011
2012
2013
2014
IMPORT DUTIES
52 GENERAL CONSTRUCTION DATA
2 GENERAL CONSTRUCTION DATALA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
D
(1): Cambodia, Thailand(2): Thailand(3): Cambodia, Indonesia, Thailand(4): Myanmar(5): Cambodia, Indonesia, Malaysia(6): Cambodia, Lao, Malaysia, Thailand(7): Indonesia, Myanmar(8): Brunei, Cambodia, Philippines, Thailand(9): Malaysia, Thailand
Where the MFN/WTO tax tariff of a goods item specified in the Import Tariff is lower than Special tariff according to different trade agreement, the import tax tariff applicable to such goods item shall be the MFN/WTO tax tariff.
kg 45 5 - - 15 - 15 35 46 28 31 10
AT
IGA
AC
FT
A
NO
N-A
CF
TA
AK
FT
A
NO
N-A
KF
TA
AA
NZ
FT
A
AIF
TA
VC
FT
A
AJ
CE
P
VJ
EP
A
kg 12 0 5 (1) 10 (2) 15 12.5 19 14 16 10kg - 0 5 (3) 10 (2) 15 12.5 19 14 16 10kg 3 0 5 - 5 - 5 3 5 5 2 10kg 37 5 - - - - 15 - 33 - - 10
1000 35 5 - - 15 - 15 25 32 23 25 10unit
unit
unitunit
unit
m2 45 5 - - 15 (4) 15 35 48 28 31 10
porcelain kg 35 5 15 (5) 15 (4) 15 35 41 29 32 10
m2 20 5 - - - - 15 - 28 30 18 10
kg 25 5 - - - - 15 - 23 30 30 10kg 15 5 12.5 (6) 7 (7) 10 - - 4 0 10
kg 12 5 15 - - - - - 37 15 10 10
m2 15 5 5 - 7 - 7 12 15 7 8 10
30 5 15 (8) - - 15 18 33 11 9 10
10 5 5 (9) 5 (9) 5 5 9 4 4.5 1020 5 5 - - - 15 27.5 24 17 19 10
Ceramic floor, hearth, wall tiles
MarbleGraniteCarpentry of WoodPorland cement
Ceramic building bricks, flooring blocks
Ceramic roofing tiles
Ceramic sanitary fixtures of
Multiple-walled insulating units of glass
Glass mirror (unframed)Concrete steel
U,I or H section of steel (height under 80mm)
Alluminium doors, windows, frames and thresholds
Air conditioner (window or wall mounted) not exceeding 26,38 kW
Passenger liftsWater pump
Electric genset 20 5 12 (1) - - 15 24 30 30 10
DESCRIPTION(ALL FIGURES)
UNIT
MF
N/W
TO
SPECIAL TARIFF
VA
T T
AR
IFF
MFN/WTO
ATIGA ACFTA AKFTA AANZFTA AIFTA VCFTA AJCEP VJEPA
:
::::::::
Most-Favored-Nation/World Trade Organisation Normal Tax Rate = Favoured Tax Rate x 150% ASEAN Trade In Goods Agreement/ ASEAN free trade area ASEAN-China Free Trade Area ASEAN-Korea Free Trade Area Australia-ASEAN-New Zealand Free Trade AgreementASEAN-India Free Trade Agreement Vietnam-Chile Free Trade Agreement ASEAN-Japan Comprehensive Economic Partnership Vietnam-Japan Economic Partnership Agreement
PROGRESS PAYMENTS
The following graph and table are an indication of the rate of expenditure for construction projects.
The rate of expenditure is an average rate and will
circumstances are taken into account.
No account has been made for retention.
Progress Claims
0%
20%
40%
60%
80%
100%
0% 20% 40% 60% 80% 100%
Project Period
CONTRACT
CUMMULATIVE PROGRESS
CLAIMS
CONTRACT PERIOD
CUMMULATIVE PROGRESS
CLAIMS
GENERAL CONSTRUCTION DATA 53
ESTIMATING RULES OF THUMB
Structural Design – Concrete Ratios
The following is a range of concrete ratios for building superstructure design in Viet Nam.
3/m2 to 0.5 m3/m2
2/m2 to 3.0 m2/m2
3 to 250 kg/m3
Average External Wall/Floor Ratio
2/m2
2/m2
2/m2
Average Internal Wall/Floor Ratio
2/m2
2/m2
2/m2
Air - Conditioning
2
The above ratios are indicative and for reference purposes only. They do not account for buildings with special shapes,
Indicative Dimensions for Sports Grounds
htdiW htgneL
Tennis Court 40 m 20 m
Volleyball Court 30 m 20 m
The above dimensions are for a single court with appropriate clearance. No Spectator seating or support area has been allowed.
Densities of Common Materials
Concrete 2,400 kg/m3 Water 1,000 kg/m3
Cement 1,441 kg/m3 3
Sand 1,600 kg/m3 3
3 3
3 Soil (compact) 2,100 kg/m3
54 GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATALA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
D2
Concrete Strength (in accordance with TCVN 3118 - 1993)
6,000 41 49 40 5,800 335,000 34 41 35 5,000 294,000 28 34 30 4,400 253,000 21 25 25 3,600 21
15 2,200 13
Reinforcement
Bar Dia. Weight/m Perimeter Area (mm) (kg/m) (mm) (mm2)
8 0.395 25.13 50.26
20 2.466 62.83 314.16
32 6.313 100.53 804.25 40 9.864 125.66 1256.64
Composition of Concrete (per m3)
1:3:6 216 kg 0.45 m3 0.90 m3
1:2:4 308 kg 0.43 m3 0.86 m3
1:1:2 540 kg 0.38 m3 3
Average Loads Volume
Lorry (24 ton) 10.0 m3
Concrete truck (24 ton) 5.5 m3
3
Dimensions for Standard Parking Space,Loading / Unloading Bays and Lay - bys
Light Vans 5 m 2.5 m 2.4 m
Lorries 11 m 3.5 m 4.1 mContainer Vehicles 16 m 3.5 m 3.5 m
and the lower most projection from the ceiling including any lighting units, ventilation ducts, conduits or similar.
55GENERAL CONSTRUCTION DATA
PROPERTY INVESTMENT3Building Control and Procedures
Project Closed Out Procedures
Typical Submission Flowchart
Key Planning Parameter
Procurement Strategies
Contractor Selection Strategies
Property Overview
BUILDING CONTROL AND PROCEDURES
58 PROPERTY INVESTMENT
3 PROPERTY INVESTMENTLA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
D
Project Classification
Projects are categorized based on the scale, nature and source of fund in accordance with Appendix 01 of the Decree 12/2009/ NDCP dated 10 February 2009. Special projects under the jurisdiction of the Prime Minister’s Office encompass the most national import-ant project and or top security project. Projects classified as Group A under the jurisdiction of the Ministers of Ministries encompass infrastructure and ports (sea-ports and airports), oil and gas, cultural and sensitive projects to national defense and all projects over VND 500 billion, or equivalent to USD 25 million. Group B projects encompass all other projects and fall under the jurisdiction of Provincial People’s Commit-tees and require registration only for investment licenses and applies to projects with a manufacturing and export earnings component. A full assessment for investment licenses is required for all other projects.
Project Investment Appraisal
Developers must carry out the project investment report (feasibility study report) and the basic design for project investment appraisal including the Planning Certificate applied to the People’s Committee of the relevant province. The information of basic design to be included encompasses address and description of land plot, function of land plot, red-line boundary and exit and connection with the existing transportation and infrastructure including power, water, storm water drainage, waste water treatment, overall dimension and existing level, construction boundary, construc-tion density, plot ratio, schedule of land use area and schedule of floor area, maximum floor height and building height, parking lot ratios, principle of architec-tural, structure and infrastructure design, environmen-tal impact plan, fire protection plan, design standards and building codes. The project investment appraisal is in accordance with the Circulation 03/2009/ TT-BXD dated 26 March 2009.
59PROPERTY INVESTMENT
Technical Design and Detailed Design
Developers using foreign design consultancies must ensure their projects undergo a Design Evaluation Assessment to the Ministry of Construction or the Chairman of the Peoples Committee of relevant province who will delegate to the Ministry of Construc-tion or provincial Construction Department. The Technical Design and Detailed Design must be in line with the previous approved basic design including the compliance of design standards and building codes, the integrity of project, the well protection of environ-ment and the safety in the event of fire circumstances. The appraisal and approval of technical and detailed design are in accordance with the Decree 15/2013/ NDCP dated 6 February 2013 and Circulation 13/2013/ TT-BXD dated 15 August 2013.
Construction Permit
Under the Law on Construction investors must first obtain a construction permit issued by the Provincial People’s Committee Construction Department prior to construction can commence.
The investor of residential development projects shall submit an application dossier of all the mentioned inclusion plus the certificate of EIA (Environment Impact Assessment) and Fire Protection, which are issued by the Provincial Department of National Resources and Environment and Provincial Fire Police Department respectively. An application dossier shall contain design implementation drawings and land-use right certificates and land rental contracts. The basic inclusions are mandatory and they are location and description of works, storey height and height above sea-level, site boundary
BUILDING CONTROL AND PROCEDURES (cont’d)
60 PROPERTY INVESTMENT
3 PROPERTY INVESTMENTLA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
D
demarcation, overall site plan, major cross sections, main elevations, structural framing plans and foundation designs, environmental and safety technical details, principle of materials, schematic line diagrams of infrastructure connection of power, telecommunication, water supply, storm and waste water drainage system, and quantities for key compo-nents.. Construction Permit applications will be checked against various compliances in respect of boundaries and interference with neighboring proper-ties and approved planning (site coverage, plot ratio and car-parking). The issuing body should provide timely notice to the investor of any non-compliance for their remedy and resubmission to allow the implemen-tation stage to commence. The content of application, procedures of construction permit are in accordance with the Decree 64/2012/ NDCP dated 4 September 2012 and Circulation 10/2012/ TT-BXD dated 20 December 2012.
Site Clearance
A plan for site clearance and/or resettlement shall be submitted at the same time as the application for the investment license and resettlement carried out prior to site clearance taking place for construction. The time limit for site clearance should comply with the project implementation schedule. Resettlement is based on the principle of providing similar or better conditions and governmental regulations on principles, methods and a price framework shall be adopted by the People’s Committee for determination of compensation levels. This is a matter for great uncertainty and foreign investors are advised to seek vacant possession prior to transfer of land use right to the joint venture.
61PROPERTY INVESTMENT
Supervision of Construction
Independent Supervision of construction works by a competent and registered firm is a mandatory require-ment. The supervisory role encompasses quality control and compliance checking, schedule control, quantification control, safety and environmental hygiene control during construction. The safety and environment control are conducted regularly and continuously during the implementation phase. The Supervisor is also responsible for arranging indepen-dent inspections witnessing of testing and commis-sioning data and assistance in compilation of the dossier for putting the building into operation and receipt of the Occupation Permit.
Commencement of Construction
Construction of works may only commence after satisfying the following conditions : the site area being ready to be handed over, either in whole or in section and free of encumbrances; a construction permit; approved design drawings for execution of building; aconstruction contract; sufficient capital funds to ensure the building schedule in accordance with the approved building schedule in the investment license; measures to ensure safety and minimum environmen-tal impact during the construction process. Construc-tion All Risks and Third Party Liability Insurances as well as all required insurances in accordance with conditions of contract are recommended to be effected prior to commencement of any physical construction works on Site.
PROJECT CLOSED OUT PROCEDURES
62 PROPERTY INVESTMENT
3 PROPERTY INVESTMENTLA
NG
DO
N &
SE
AH
VIE
TN
AM
CO
LT
D
Before an investor can receive rental income and occupy the premises for its intended use, the receipt of approval must be received by the provincial Construction Department or the Ministry of Construction depending on the category and size of the project.
The Construction Department will receive a dossier complete with independent testing and commissioning data (prepared by an independent party not the original designer) for piling, structure, electricity and earthing, environmental impact with regard to water and waste disposal, final checking and approval of fire protection requirement. The dossier needs to have Minutes to put the Building into Operation signed by the Investor, Testing Body, Contractor and Designer including the Project or Construction Manager if appointed. The project close out procedure is in accordance with Decree 15/2013 – NDCP dated 6 December 2013.
TYPICAL SUBMISSION FLOWCHART
PROPERTY INVESTMENT
The Employer can simultaneousty perform Step 1,1’, 1’’, 1’’’
(1)
(2)
(3)
(1’) (1”) (1’”)
PROGRESS OF IMPLEMENTATION FOR CONSTRUCTIONINVESTMENT PROCEDURES FOR REAL ESTATEPROJECTS LEVEL 1, SPECIAL LEVEL – GROUP A
The Employer[upon completion of the Basic Design]
Request for writtencomments on the fireprotection measures
(Fire Department– 10 days)
Collect the approvalon the Basic Design
(Ministry of Construction– 20 days)
Agreement on location ofwater supply connection(Water Supply Company)
Agreement on DrainageSystem connection
(Department of Transportation/ Management Company)
Agreement oncommunicaltions
infrastructure connection(Department of
Information Center/ Managerment Company)
Agreement onPower Supply
(Electricity Company)
(4)
(5)
Report onassessment of
environmental impact(provincial People’s
Committee – 75 days)
Request for written approvalon height of the building(Department of Combat -Department of Defense
– 15 days)
Agreement on technicalinfrastructure connections includes:(no required time by law so theEmployer shall make their own
arrangements)
Approval onFire Protection
(Fire Department– 15 days)
Review onTechnical Design
(Ministry of Construction– 40 days)
Construction Permit(Department of
Construction – 20 days)
1. “Date” as above mentioned is considered as working days from the date of sufficient and valld documents2. The Employer can implement procedures for collecting of the agreements on technical infrastructure connections after receipt of approval on the basic design, However, if after the basic design approved by the Ministry of Construction that the technical infrastructure managerment agency does not agree with the Employer’s plan, then the Employer must change the plan for technical infrastructure connections, leading to change in the basic design and to request the Ministry of Construction to approve again on the basic design dossier. Therefore, the Ministry of Construction recommends that the Employer should have in advance the written agreement on the provision of electricity, water and drainage connections, transportation system connection for the project, infrastructure communication connection before submitting documents to the Ministry of Construction for approval on the basic design
Note:
63
KEY PLANNING PARAMETER
MAXIMUM SITE COVERAGE
Maximum site coverage of linked houses and villa houses
Maximum site coverage of condominium buildings
The maximum site coverage of urban public building such as educational, healthcare, cultural buildings, sport centres and market in the new urban development area is 40%.
lot must be complied with the current regulation.
Land plot area (m2/house)
Building height measured from ground level (m)
Maximum site coverage (%) according to land plot area
19
22
25
28
31
34
40
43
46
>46
65
60
53
50
48
46
44
43
42
41
40
63
58
55
51
48
46
44
42
41
40
39
38
60
55
52
48
45
43
41
39
38
36
35
m210,000
m218,000
m235,000
m2
100
75
90
100
80
200 300
60
500
50 40coverage (%)
64 PROPERTY INVESTMENT
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MINIMUM LANDSCAPING RATIO FOR CONSTRUCTION LAND LOTS
For those built on a land plot of area <3.000m2, the site coverage
with the current regulation.
Type of building
house, villa)
3. Factory
Minimum of ratio forlandscape (%)
20
20 303030
2020
Building height measured from ground level (m)
Maximum site coverage (%) according to land plot area
19
22
25
28
31
34
40
43
46
>46
80
80
80
80
80
80
80
80
80
80
80
80
65
62
58
55
53
51
49
48
46
45
68
63
60
56
53
51
49
46
45
44
43
65
60
53
50
48
46
44
43
42
41
40
m23,000
m218,000
m210,000
m2
65PROPERTY INVESTMENT
KEY PLANNING PARAMETER (cont’d)
MINIMUM OF CAR PARKING LOT
MINIMUM OF PARKING SPACE
ROAD FOR FIRE PROTECTION
Width of road > 3.5 (m)
Clearance height > 4.25 (m)
Area for making U-turn > 15x5 (m)
Type of building
standard upward
Super market, shopping mall, conference centre, exhibition, show room and display center
condominium
Type of vehicle
Car parking space
Truck parking space
Minimum car parking lot
4 bedrooms / 1 lot
100m2
100m2
1 apartment / 1.5 lot
Minimum area ofparking space
25 m2
3 m2
0.9 m2
40 m2
30 m2
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66
For the hotel grade of below three-star, public admin-istration office and public service buildings, the numbers of parking lot must be at least 50% of the parking lots specified in the table above
BUILDING AREAS DEFINITIONS
Gross External Area (GEA)
Includes:
Areas occupied by internal walls and partitions
Columns, piers, chimney breasts, stairwells, liftwells,
and the like
Atria with clear height above, measured at base
level only
Internal balconies
access
Lift rooms, plant rooms, fuel stores, tank rooms which
are housed in a covered structure of a permanent
nature, whether or not above main roof level
main building
Loading bays
Areas with a headroom of less than 1.5m
Conservatories
PROPERTY INVESTMENT 67
BUILDING AREAS DEFINITIONS (cont’d)
Excludes:
Includes:
Gross Internal Area (GIA)
Canopies
property
Areas occupied by internal walls and partitions
other internal projections, vertical ducts, and the like
Atria with clear height above, measured at base
level only
corridors, smoke lobbies, etc.)
access
Lift rooms, plant rooms, fuel stores, tank rooms
which are housed in a covered structure of a
permanent nature, whether or not above main
roof level
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Excludes:
Includes:
Gross Floor Area (GFA)
the internal structural face of the enclosing walls.
Service accommodation such as toilets, toilet
lobbies, bathrooms, showers, changing rooms,
cleaners’ rooms, and the like
Loading bays
Areas with a headroom of less than 1.5m
Conservatories
Canopies
like in residential property
Areas occupied by partitions, columns, chimney
and the like
Lift, plant, tank rooms and the like above main roof
slab
PROPERTY INVESTMENT 69
BUILDING AREAS DEFINITIONS (cont’d)
Note:
Excludes:
Net Internal Area (NIA)
Net Internal Area is the usable area within a building
measured to the internal face of the perimeter walls
Includes:
Sloping surfaces such as staircases, galleries,
tiered terraces and the like should be measured
of the building which are not enclosed spaces
the like). These should each be shown separately
should be shown separately.
Atria with clear height above, measured at base
level only
Entrance halls
Notional lift lobbies
usable areas
Area occupied by ventilation/heating grills
Area occupied by skirting and perimeter trunking
demountable partitions, whether or not perma
nent, and the like, where the purpose of the divi
sion is partition of use, not support, provided the
area beyond is not used in common
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Excludes:
Those parts of entrance halls, atria, landings and
balconies used in common
Toilets, toilet lobbies, bathrooms, cleaners’ rooms,
and the like
Lift rooms, plant rooms, tank rooms (other than
those of a trade processcnature), fuel stores, and
the like
Corridors and other circulation areas where used
in common with other occupiers or of a permanent
essential nature (e.g. fire corridors, smoke lobbies,
etc.)
Areas under the control of service or other external
authorities including meter cupboards and statutory
service supply points
Internal structural walls, walls enclosing excluded
areas, columns, piers, chimney breasts, other
projections, vertical ducts, and the like
The space occupied by permanent and continuous
and ducting in so far as the space it occupies is
rendered substantially unusable
Areas with headroom of less than 1.5m
Areas rendered substantially unusable by virtue
fhaving a dimension between opposite faces of
less than 0.25m
Vehicle parking areas (the number and type of
spaces noted)
Building Footprint
but is generally understood to mean the area of the land
upon which the building sits (excluding all basements),
measured to the outside face of external walls.
PROPERTY INVESTMENT 71
PROCUREMENT STRATEGIES
Overview
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The primary consideration in the choice of procurement strategy is the need to obtain overall value for money during the entire life of the facility and each method has a different risk profile for the employer and contractor. In Vietnam the following is currently prevalent.
Traditional Lump Sum - high extentManagement Contracting - low extentConstruction Management - medium to high extentDesign and Construct - low extentPrime Contracting - low extentFramework Agreements - rising extentPublic Private Partnership (PPP) - new and promoted extent
Most if not all projects in Vietnam are tendered in competition and the process is covered by the Law of Tendering promulgated in 2006 intended primarily for state projects defined as over 30% total investment capital by a state entity and for Vietnamese Private firms. Foreign Investors do not need to follow the Law of Tendering although it is advisable. The law recognizes open tendering, limited tendering and competitive tendering. For state projects tenders are normally sought using a “two-envelope system” i.e. technical and financial the former being opened first to check for compliances.
Most foreign entities short-list tendering contractors by having a robust pre - qualification procedure for check-ing financial and technical competencies. Tenders are usually open for 90 days.
The FIDIC suite of contracts is widely used for Vietnam construction contracts with the 1999 Red Book being now widely accepted. There are official translations of some of the FIDIC forms and the Vietnam Consultant Association (VECAS) is an official member of FIDIC. Most Official Development Aid (ODA) projects in Vietnam adopt FIDIC also.
72
PROPERTY INVESTMENT
a) Traditional Lump SumMost contracts are let in Vietnam on a lump sum basis using a modified FIDIC Contract which in its unamended form is a measure and value contract. This method requires appointment of independent design consultants by the employer and a sufficiently developed design preferably “frozen” prior to tender. Bills of Quantities are usually provided for “information only” to the contractor who normally provide their own quantities with their tender for comparison purposes only and only the rates are contract rates with any “errors and omissions” not being subject to remea-surement after the lump sum is finalized. Prime costs sums for nominated subcontracts for mechanical and electrical and lift sub-contracts are widely used.
b) Construction ManagementThis form of procurement is often portrayed as “fast-track” as tender packages are often let succes-sively throughout the design process with no need to wait until detail design is complete. A construction management consultant is engaged normally for a fixed percentage fee to procure and manage the individual trade contracts which are placed by the employer. This necessitates effective cost manage-ment as the total construction budget is not finalized until the final packages are let. The employer bears not an insignificant risk in terms of price certainty, delays, disruption, design and coordination problems. Clients adopting this approach need to be conversant with the local environment and have the requisite in-house skills to deal with issues as they arise.
c) Framework AgreementsFramework agreements referred sometimes as “call-off” contracts between investors with a “pipe-line” of projects and contractors can result in significant savings to both parties using any of the procurement options above. The advantages are time reduced for tendering and negotiations, improved processes and knowledge transfer, bulk order costs savings, reduced confrontation and economies of scale due to continui-ty of workflow. All these advantages are extremely important in the Vietnam context because it is of paramount importance to maintain healthy relation-ships between employers and contractors as unfore-seen events are prevalent during the design and procurement stages in Vietnam.
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PROCUREMENT STRATEGIES (cont’d)
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d) Public Private Partnership (PPP)PPP is the generic term for the relationships formed between the private sector and public bodies often with the aim of introducing private sector resources and / or expertise in order to help provide and deliver public sector assets and services. The term PPP is used to describe a wide variety of working arrangement from loose, informal and strategic partnerships to design, build, finance and operate type services contract and formal points of joint venture companies. The PPP mechanisms would help attract commercial capital and other sources of capital that private investors will seek for PPP projects. In that way, investment efficiency will be improved while public debts controlled at safe levels. Investors of projects will be chosen via competitive bidding in order to maximize benefits and create equal opportunities for domestic and foreign investors. On 9 November 2010 the Prime Minister of Vietnam authorized the issue of detailed regulations covering the piloting of investment in the form of Public Private Partnerships (PPPs) in Vietnam. The PPP Regulations became effective on 15 January 2011 and will continue to be implemented over the next three to five years. The Vietnamese Government intends to carry out PPP programme according to a list of defined projects to ensure that investors are provided with carefully prepared projects with a view to creating a real PPP commercial market in Vietnam. In the coming years the government will carry out some pilot projects. The PPP projects in the country will concentrate on core technical infrastructure that requires much capital, and further-more, mechanisms to mobilize private investment: (i) Roads, Road bridges, road tunnels, ferry road stations; (ii) Railway, railway bridges, railway tunnels; (iii) Airports, sea ports and river ports; (iv) Clean water supply systems; water drainage systems; liquid and solid waste collection and treatment systems; (v) Power plants, electricity transmission cables; (vi) Hospitals; (vii) Other infrastructure projects.The draft decrees of PPP has been official submitted to Prime Minister since October 2014 and hopefully been approved soon to create solid legal frame work to increase the trends of contribution of private fund into the infrastructure works especially the major infrastructure works.
74
Table A - Procurement Strategy y
getartS tcart
no
C fo sse
netairp
orp
pA
airetirC tcej
orP
Par
amet
erO
bje
ctiv
esP
PP
Trac
dit
ion
alM
anag
emen
tC
on
trac
tin
gC
on
stru
ctio
nM
anag
emen
t
Des
ign
and
Co
nst
ruct
Pri
me
Co
ntr
acti
ng
Fra
mew
ork
Ag
reem
ents
Tim
ing
Ear
ly C
ompl
etio
nx
x✓
✓✓
x✓
Cos
t✓
✓x
x✓
x✓
Qua
lity
Des
ign
pres
tige
x✓
✓✓
xx
x
Var
iatio
nsA
void
pro
hibi
tive
cost
of c
hang
ex
✓✓
✓x
xx
Com
plex
ityTe
chni
cally
adv
ance
d or
hig
hly
com
plex
bui
ldin
g✓
x✓
✓x
✓x
Sin
gle
cont
ract
ual l
ink
✓x
xx
✓✓
✓
Nee
d fo
r de
sign
team
to r
epor
tto
spo
nsor
x✓
✓✓
xx
✓
Avo
idan
ceD
esire
to tr
ansf
er c
ompl
ete
risk
✓x
xx
✓✓
✓
Dam
age
Fac
ility
to r
ecov
er c
ost d
irect
from
con
stru
ctio
n✓
✓✓
x✓
✓✓
Con
trac
tor
inpu
t to
econ
omic
cons
truc
tion
✓x
✓✓
x✓
✓
PROPERTY INVESTMENT 75
Table B - Risk Allocation
76 PROPERTY INVESTMENT
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CONTRACTOR SELECTION STRATEGIES
There are four tiers of contractor available for tendering
There is a considerable diversity between these tiers
and have much lower human resource costs. This is
inevitably leading to higher tender returns. A rigorous
weighted scoring in line with project objectives eg.
lowest cost objective will have an inevitable impact
(indicative weighting for Vietnam 1 through 10,
10 highest)
Vietnam experience (if foreign) 8
Financial capacity (particularly local) 8
Direct labour strength (local and foreign) 6
Australia
State contractors
Tier 1
Tier 2
Tier 3
Tier 4
77PROPERTY INVESTMENT
CONTRACTOR SELECTION STRATEGIES (cont’d)
Cognizance of international procedures, codes and
Financial capacity (local)
Local contractors now have access to bank funding
interim payments. Deductions for defective works
so careful diplomacy is often more productive. Claims for additional costs due to prevailing market conditions are more common in today’s climate but also for misinterpretation of contract obligations making the
Plant and Equipment Inventory (local)
size, capacity and suitable state of repair as contractors
Direct labour strength (local)
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State firms tend to share or pool plant and equipment for example tower-cranes and piling rigs. It is often impossible to determine the true owner of plant and equipment on-site in the event of premature demobili-zation.
unskilled and untrained workers from remote provinces, who often are not legally resident at their working destination.
Contractors should be asked to prove their direct labour
arrangements. The tier 1 contractors will not have
2 contractors often import workers from their home country for the project duration and shall be responsible for all associated costs and taxes.
Labour is not usually permitted to reside on site. Contractors shall provide details of training curriculums for each trade discipline when tendering as well as health and safety programmes.
Proposed sub-contracting arrangements (local)
to check the percentage of work subcontracted out
contractors largely act as management function providing only project engineers, site supervisors,
and local contractors rarely directly employ foremen,
These arrangements are perfectly normal and accepted but it is preferable to know in advance the exact arinterests with other projects and to understand fully the amount of “control” the appointed contractor has on the works he is engaged to undertake.
Planning and programming capability (local)
79PROPERTY INVESTMENT
CONTRACTOR SELECTION STRATEGIES (cont’d)
resourced planning is rarely used. The approach adopted is often “rule of thumb” whereby planners determine critical activity durations using their knowledge of other projects. Floor/structure cycle times are often inconsistent and the lack of recording and reutilization of historical data means the planning process can be crude at best. Time or delay is a perennial problem in Vietnam sometimes due to employer delays such as site clearance or permit issues or neutral delays such as weather but contractor culpable delays should not be of any surprise. The use of critical path analysis, planned impacted analysis, window analysis and collapsed asbuilt are not widely known in Vietnam. This means time recovery analysis and the implementation of acceleration measures are not readily adopted and time for completion can become unpredictable. The input of experienced
delays and formulating time recovery plans.
International experience (local)
from the source country. It is essential to determine the degree of exposure local contractors have had to international standards, procedures and indeed expectations. The Vietnamese Codes and Standards whilst detailed need to be used concurrently with international standards such as American, Australian,
international standard project. There is no uniform and
bespoke set of standards depending on the investor and his consultant source country. The appointed design team will naturally look to use their familiar “off the
80 PROPERTY INVESTMENT
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be asked to list the standards they have successfully built for the key trades and building elements. There is a move to produce a set of consolidated Vietnamese standards but this is some way off and the hybrid approach will continue for some time to come.
mandatory Vietnam building code or standard. Design
to obtain local approvals. The contractors should also be asked to list investments such as system formwork and their use of recent technology and list previous employers and consultants whom they have worked with.
81PROPERTY INVESTMENT
Vietnam’s gross domestic product grew 5.62% in the first nine months of 2014. Coupled with accelerating foreign investment, this helped to boost manufacturing and exports and helped the country to counter low credit growth.
According to the State Bank of Vietnam, by Septem-ber 2014, credit to the real estate market had expand-ed by 10.8% compared to the beginning of this year, higher than the credit growth for the whole economy (nearly 7%) and other sectors’. However, credit growth projected for the first eight months is only at 4.50% y-o-y, half of the target for 2014 despite government efforts in gradually lowering lending rates from 20% in 2011 to 13% currently.
Apart from the recovery in consumer confidence, the performance of the economy is supported by invest-ment in the manufacturing sector, which remains the most significant sector for foreign investment, accounting for almost 70% of total FDI. South Korea has overtaken Japan as the biggest foreign investor. Samsung has invested nearly US$8 billion in Vietnam to date and Lotte Mart plans to double its current number of stores to a total of 2020.
Following manufacturing, the real estate sector is ranked second in terms of a destination for FDI to Vietnam, accounting for 7.3%, equivalent to US$1.27 billion. Large amounts of money are expected to flow into southern realty. Large current projects include: Smart Complex by Lotte in Thu Thiem, HCMC (US$2 billion) and Amata City Long Thanh by Amata in Dong Nai Province (US$530 million). There is additional investment to ports in HCMC, which will be replaced by mixed-use projects including Saigon New Port, Khanh Hoi Nha Rong Port and Ba Son Shipyard.
PROPERTY OVERVIEW
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PROPERTY INVESTMENT
OFFICE
In Q3 2014, the market welcomed only one Grade A office building – Lotte Center Hanoi in Ba Dinh District, Hanoi while demand keeps being observed in the market, vacancy reported improvements across all sub-markets both on the yearly and quarterly basis. In HCMC, the Grade A and B vacancy rate decreased by 0.6 percentage points (pps) quarter-on-quarter (q-o-q) and 3.6 pps year-on-year (y-o-y). Hanoi also saw a positive improvement in Grade B’s occupancy rate due to some large occupiers taking over space in several buildings. Rents being more affordable and attractive incentives from landlords motivated commercial tenants to move from villa-type offices to professionally managed office buildings. Besides, tenants are paying more attention to buildings in Midtown and the West for lower rents. Preferred office area reported from 200sm to 300sm. Hanoi’s Grade A occupancy, on a contrary, recorded a decrease due to the entrance of Lotte Center Hanoi with large leasable office space of over 36,000 sm.
In HCMC, average rent showed a remarkable improvement with Grade A increasing by 3.7% y-o-y, 1.8% q-o-q and Grade B increasing by 2.2% y-o-y and being quite stable as compared to the previous quarter. In Hanoi, Grade A rents in Midtown experi-enced a sharp growth of 12.8% q-o-q in the review quarter due to the entrance of Lotte Center Hanoi with asking rent of US$39 psm pm. Whereas, asking rents in both grades in other areas of the country’s capital underwent declines ranging from 0.4% to 6.7%. On a y-o-y basis, both Grade A and Grade B rents witnessed significant drops of 4.9% and 5.9% respec-tively.
Moving forward, it is anticipated that no new Grade A and Grade B buildings will come online till early next year. Delays in construction as well as launch of several office projects relieved pressure for the Hanoi market while in HCMC, a large proportion of new supply showing good construction progress will be owner-occupied. For this reason, the market will be unlikely to suffer an increasing burden from new competitors and landlords may maintain a position of strength. Notable new supply will predominantly be located in decentralized submarkets such as District 3
83
PROPERTY OVERVIEW (cont’d)
84 PROPERTY INVESTMENT
3 PROPERTY INVESTMENT
Office Vacancy Rate (%), HCMC vs. Hanoi
Source: CBRE Research, Q3 2014
0%10%20%30%40%50%
VACANCY RATE(%)
GRADE B GRADE A
2014
Q3
Q2
Q1
2013
Q4
Q3
Q2
Q1
2012
Q4
Q3
Q2
Q1
2011
Q4
Q3
Q2
Q1
0% 10% 20% 30% 40% 50%
(Lim Tower 2), District 10 (Viettel Office and Trade Center). Vietcombank Tower is the only notable office project located in the CBD of HCMC. Last but not least, it is now essential that aged office buildings renovate their facilities and keep up with newer offerings so as to be competitive to new buildings, especially in the West of Hanoi.
85PROPERTY INVESTMENT
RETAIL
The third quarter is a high contrast picture of retail market in Hanoi and HCMC. In Hanoi, there were two projects that were closed for restructuring, but two remarkable new projects came online in Q3 2014. While the renowned Trang Tien Plaza was temporarily and partially closed to be re-positioned to improve tenant mix after 16 months of operation since its re-opening in April 2013, the opening of Lotte Depart-ment Store created certain hype among Hanoi’s residents as this is the first department store under Lotte brand name opened in Hanoi, integrated in a 65-level building with multiple premium F&B outlets and entertainment services, including an observation deck, sky walk and fine dining. Other newly-opened retail project in Hanoi is the podium of Hoang Thanh Tower, which is located in CBD area, is fully leased out to four tenants, three of which are high fashion brands, introducing to Hanoi two new retail entries (Topshop, Topman and Oasis opened their first stores in Hanoi), and one retail expansion.
In HCMC, new retail entries included Marks & Spencer opening a 1,200 sm flagship store in Vincom Center B and Café Bene’s first store in Dong Khoi Street, District 1. On the other hand, Saigon Tax Trade Center is taken out of the retail sample for Q3 2014. This shopping centre officially closed on September 25th, 2014 to provide space for a 40-sto-rey skyscraper. The building is planned to have five floors and 1.5 basements for a shopping centre component with over 40,000 sm GFA.
In terms of market performance, the two cities experi-enced different scenarios. In Hanoi, rents declined by 13.9% in the CBD and 2.0% in non-CBD areas. The CBD saw such a significant drop only due to the temporary closure of Trang Tien Plaza which offered highest rent in shopping centre segment. Retail occupancy also dropped by 1.8 pps q-o-q. Meanwhile, in HCMC, both occupancy rates and CBD retail rents showed improvements as the average rent of shopping centres in the CBD increased 6.7% y-o-y.
Notably, five retail companies operating in Vietnam have been chosen among 500 best-performing retailers in Asia Pacific in 2014, according to an
PROPERTY OVERVIEW (cont’d)
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announcement by Singapore-based Retail Asia Publishing Pte Ltd and Euromonitor (Asia) Pte Ltd. The ranking, based on the retailers’ revenues in 2013, included Saigon Union of Trading Cooperatives (Saigon Co.op) (US$1.1 billion), BigC under French-based Casino Guichard Perrachon SA ($534 million), Nguyen Kim Trading Joint Stock Co ($490 million), Saigon Jewellery Co ($487 million), and Mobile World Joint Stock Co. ($395 million).Looking forward, retail space in the CBD is in high demand in spite of high rents due to big retailers’ preferences, particularly new entries. Luxury shopping centres, besides location, should create better tenant mix and offer more professional services to serve sophisticated and discerning customers. According to a CBRE survey, planned future retail developments in HCMC in the next two years are only 50% of the levels expected in Manila and Singapore and 12% - 15% the levels expected in Tokyo and Bangkok. This will help to support rental levels in HCMC, especially in CBD areas.
Source: CBRE Vietnam, Q3 2014
Development Pipeline, Q3 2014
Dev
elop
men
t Pip
elin
e (’0
00 s
m)
2015 2014
Tok
yoB
angk
okB
eijin
gK
uala
Lum
pur
New
Del
hiS
henz
hen
Han
oiG
uang
zhou
Sha
ngha
iS
inga
pore
Man
ilaM
elbo
urne
Jaka
rtaB
risba
ne
Mur
nbai
Ho
Chi
Min
h C
ity
Ade
laid
eH
ong
Kon
gP
enrth
Tai
pei
Auc
klan
dW
ellin
gton
2,0001,8001,6001,4001,2001,000
800600400200
0
87PROPERTY INVESTMENT
RESIDENTIAL FOR SALE
Activities from developers and buyers were seen in both Hanoi and HCMC residential markets. Active launches and re-launches were held and well-attend-ed by buyers even during the “ghost” month which, in the traditional Eastern mind-set, is not a good time for business activities. In Hanoi, 2,202 units were added to total supply, while in HCMC, developers launched a total 3,104 new units to the stock, making the 9-month new launches since beginning of the year well surpass the total new launches of the whole 2013 in both cities. Meanwhile, re-launches of mid-end projects were active in Hanoi with massive promotion programs and deferred payment schemes were very common as most of these projects are completed and buyers can move in immediately.
Sales momentum remained strong despite the “ghost” month’s tradition. In Hanoi, an estimated 2,550 units were sold in the quarter, a slight increase of 2% as compared to last quarter. In HCMC, an estimated 3,300 units changed hand, an 8.6% q-o-q increase. Affordable segment led the rising wave in HCMC, while mid-end projects were the main drivers for the increase in number of transaction in Hanoi. Growth in transaction of high-end condominiums was relatively modest, comprising mostly of investors (either buy-to-let or capital gain investors), who often try to avoid selling or buying houses in “ghost” month.
Thanks to improving market conditions, prices on both the primary and secondary markets started to show tentative improvements on a q-o-q basis. In terms of primary pricing, slight increase from 2.0% to 5.0% y-o-y in tag prices was seen in many new launches in both Hanoi and HCMC, especially those projects that are completed and ready to move in. Although promo-tions of bigger value are on offer, the increase in tag prices shows that developers were more confident in the market and in positioning of their projects.
Prices of resale apartments were also on an upward trend with a slight 1.0% increase q-o-q in Hanoi and approximately 2.5% increase q-o-q in HCMC. In Hanoi, resale prices improved in most segments, and strongest in mid-end apartments with 1.8% q-o-q
PROPERTY OVERVIEW (cont’d)
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growth. (In Q1 and Q2 of the year, resale price increase was stronger in luxury and high-end segments.) The coming back of the mid-end segment in resale price increase shows that resale buyers are finding mid-end apartments more reasonable while products are realized. Meanwhile, in HCMC, the high-end segment showed a more positive picture than the other segments as resellers found it easy to find tenants and were confident about capital value increases. In addition, housing is a favoured invest-ment route for Vietnamese.
If 2013 showed early signs of recovery, especially in the affordable housing sector, 2014 has seen a complete turnaround due to some Government policies in an effort to unfreeze the residential market. Notable measurements include: lower home interest rate; more transparent condominium measurement; the extension to 15 years for loans from the VND30,000-billion credit package; and mortgage of future-built houses; etc. Basically the residential market has gone on steroids with large local develop-ments coming on line across districts 2, 4, 9 and Binh Thanh and developers being able to sell more mid-market units in the last four months than in the last two years. The largest examples of this are at Masteri Thao Dien in District 2 and at Vinhomes Central Park in Binh Thanh in HCMC. Recently, the National Assembly allowed all foreigners who are granted a visa to Vietnam to buy residential properties in the country. This together with other ‘rescue’ measurement from the Government will boost the market confidence and bring a brighter outlook for 2015.
Source: CBRE Vietnam, Q3 2014.
Hanoi, Q-o-Q changes in secondary prices
HCMC, Price changes of condominiums for sale
89PROPERTY INVESTMENT
VIENAM BUSINESSENVIRONMENT4
Language
Accounting System
Banks
Government Administration
Taxation
Insurance
Workforce
LANGUAGE
borrowed from Chinese and the intonation is similar to Cantonese. It is spoken by approximately 90% of the Vietnamese population and ranked as the world’s 15th most spoken language. English, however, is widely used in the business community.
ACCOUNTING SYSTEM
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Accounting records are required to be maintained in VND. Foreign-invested business entities can select a foreign currency to be used for their accounting
244/2009/TT-BTC issued by the Ministry of Finance (“MoF”). Accounting records are required in Vietnam-ese language, but this can be combined with a commonly-used foreign language. At the end of a
Companies operating in Vietnam are required to comply with the Vietnam Accounting System (“VAS”). It is possible to diverge from the standard VAS, but
tax authorities treat VAS non compliance as a basis for tax reassessment and imposition of penalties, including withdrawal of CIT incentives, disallowance of expense deductions for CIT purposes and disallowance of input VAT credits/refunds.
-ed business entities must be audited by an indepen-dent auditing company operating in Vietnam. Audited
applicable licensing body, MoF, local tax authority, Department of Statistics, and other local authorities if required by law.
BANKS
FINANCIAL
Banking industry of Vietnam is considered as young in terms of integration to worldwide, until in 1990, it was only restructured to separate the State Bank of Vietnam from commercial banks. The State Bank of Vietnam acts as a central bank and a supervisory institution and is also a main share holder in state-owned commercial banks (SOCB). Later, more forms of commercial banks are established especially after 2006 when Vietnam joined WTO. With less than 5% of the population regularly using banking service, and 10%-20% holding bank accounts, it has provided good opportunities for growth, however, competition in banking sector is considered as very harsh. Besides Vietcombank, Vietinbank, Agriculture Bank, BIDV as top of SOCB, top joint stock banks can be named as ACB, Sacombank, Techcombank, Indovina Bank as top of joint venture bank. Nowadays, in the banking sector, we can see a variety range of plenty commercial banks including 4 biggest SOCB, around 40 joint –stock banks, and 40 foreign invest-ed banks or branches of foreign banks, representa-tive offices, 4 joint-venture banks in playground. Although all the big names of foreign banks such as Citibank, HSBC, Standard Chartered Bank, ANZ are all presence in Vietnam, the banking system is still characterized by the strong dominance of market share by SOCB.
Official currency in Vietnam is VND, however, laws allow local and foreign entities and individuals to hold foreign currency at bank accounts as deposit/savings and funds received/transferred from foreign countries in freely. Nevertheless, domestic payment, usage or cross border outward transfer of foreign currency is prohibited or limited to certain kinds of transactions and it requires supporting documents.
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BANKS (cont’d)
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Banks can provide customers with all kinds of services, however, it is more characterized by commercial banking market rather than having a clear division on investment banking and commercial banking. Commercial banking services are such as deposits, loans, trade finance, bank guarantees Deposit can be made in both VND or foreign curren-cies and deposit is including current account, saving accounts and fixed deposit from 1 months to 24 months. Interest rate for VND is always higher than foreign currencies (currently average VND interest rate is 5%-7%p.a. compared to USD interest rate at 0.75%p.a). Loan services comprises of short term loan (under 1 year), medium term loan (from 1 to 5 years) and long term loan (over 5 years). Loans in foreign currencies (popular USD) are restricted to companies who have the proceeds in foreign curren-cy. Getting loans in USD is also always cheaper than loans in VND especially for those who having source of fund from their export. Banks always offer a credit line to their customers to finance all their need in short term working capital or long time investment in machineries or factories. Credit line may be used for loan disbursement, trade finance or bank guarantee service. Trade finance can be listed as L/C service (sight or usance L/C), bills for collection D/P or D/A, L/C negotiation, shipping guarantee, factoring. The most popular trade finance service in Vietnam is L/C, D/P and D/A, while factoring service is rarely used. Bank guarantee services are comprised of many types, some commonly used in the economy are such as bid bond, performance bond, warranty guarantee, payment guarantee or advance payment guarantee… Fee for issuance of bank guarantee is 2% p.a. of the guarantee value plus a small amount charge on documentation. Customers can request banks to issue for them a bank guarantee by deposit fund to bank or from a credit line offered by bank.
GOVERNMENT ADMINISTRATION
The National Assembly is the highest representative organ of the people and the highest organ of the state
elections. Sittings of the National Assembly are held twice a year and have full constitutional and legislative powers. The standing committee of the National Assembly is responsible for enforcement of laws. Its functions
by the National Assembly from among its members to
from the representatives. The National Defense and Security Council has the duty to mobilize all forces and
Assembly and shall report to the National Assembly, the National Assembly standing committees and the
Assembly and has the term of 5 years. The Deputy
take on the State management of allotted branches
criminal court, civilian court, the court of appeal and the assistant apparatus.
95FINANCIAL
TAXATION
TAXATION IN THE REAL ESTATE INDUSTRY
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I. Corporate Income Tax (“CIT”)
Organizations established in Vietnam deriving income from transferring or leasing property are subject to Corporate Income Tax (“CIT”) at the standard tax rate of 22% from 1 January 2014. This rate will reduce to 20% from 1 January 2016.
A CIT rate of 10% shall be applicable to income from selling, leasing and financial leasing of social housing. Aside from this, real estate developers generally are not given preferential tax rates, tax holidays or other tax reductions except for special cases such as projects located in poor social-economic regions or projects for construction of residential houses for the poor or workers.
For advanced payment for properties under develop-ment, real estate developers are required to pay provisional CIT, either at 25% on provisional income if the corresponding expenses can be determined and matched with the revenue or 1% on advanced payments if not. However, no revenue recognition is allowed for the advance payment.
Where the enterprise sub-leases out a property, if the lessee pays a lump sum for a number of years and certain conditions are met then the lessor is able to recognise revenue by one of two methods: (i) on allocated on a year-by-year basis or (ii) a lump-sum basis.
Losses incurred in a given year can be consecutively carried forward for 5 years. With effect from 1 January 2014, losses from real estate transfer activities can be offset against the taxable income of other business activities of the relevant tax year. However, the gain from transfer of real estate is still required to be record-ed and taxed separately without offsetting with loss from other activities.
Land use rights (“LURs”) with indefinite terms may not be depreciated for tax purposes. However, LURs with a definite term used for production or business activities, can be amortized over the prescribed land use duration.
Any gains from the revaluation of a LUR for capital contribution purposes shall be determined as follows:
97FINANCIAL
(i) For capital contribution for residential housing for sale: the whole gain is recognized as other income at once in the current tax period.
(ii) For capital contribution for production or business activities, if the company receiving LUR is allowed to depreciate such LUR, the whole gain is recognized as other income at once in the current tax period. Otherwise, the gains may be allocated to other income over the period up to ten years.
II. Value Added Tax (“VAT”)
The transfer of a LUR without any related infrastructure is not subject to VAT. Conversely, the transfer of LUR with an infrastructure and building component is generally subject to VAT at 10%. However, the land value can be excluded from the revenue subject to VAT. The determination of deductible land price for VAT purpose varies depending on how the land was acquired for the project.
Input VAT incurred for construction costs can generally be claimed as an input VAT credit. Output VAT will also be applied to the payment collection on schedule and the deductible land value for VAT purpose is also allocated accordingly.
The VAT rate of 5% applicable to contracts of selling/leasing/financial leasing for social housing, which satisfy the stipulated conditions.
III. Stamp Duty
Stamp duty is payable at the transfer of title of real estate property by the buyer. Some specific transfers may be exempted from the stamp duty. Stamp duty is imposed at 0.5% on the value of the property up to VND 500 million (approx. USD 25,000) per asset per transaction.
IV. Foreign Contractor Tax (“FCT”)
Foreign companies with or without its permanent establishment (“PE”) in Vietnam carrying out its business activities in Vietnam, and/or deriving income in Vietnam under a contract or agreement signed with a Vietnameseorganisation or individual, would be referred to as a
TAXATION (cont’d)
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foreign contractor (“FC”), and subject to Vietnamese FCT.
VAT and CIT are the two components of the FCT. There are three tax filing and payment options: (i) Full registration method with maintenance of books and accounts in Vietnam under Vietnam Accounting System; (ii) Deemed Withholding method and (iii) the Hybrid method, which consists of paying VAT on the conventional deduction method like a Vietnamese company but paying CIT on a Deemed Withholding method basis.
The Deemed Withholding method is the most common one in practice by which the contracting Vietnamese party is responsible for registering, withholding, filing and paying the FCT due from each payment made to the FC. The applicable rates vary depending on the nature of goods and services provided. For projects having a substantial portion of local purchases, the Hybrid method is often applied so that the FCs can claim credit on the input VAT incurred on local purchases but can still pay the CIT on a deemed basis. V. Personal Income Tax (“PIT”)
Generally, real estate (other than a property used as a sole residential property and some other specific exempt transactions) transferred by an individual is subject to PIT. Property transactions subject to PIT include the transfer of “the right to buy”, and the transfer of “the right to lease”.
PIT exemption for transfer of sole residential property is not applicable for (i) transfer within 182 days from the date of having the right of ownership/LUR; and (ii) transfer of house/apartment/construction work completed in the future.
Typically, a Vietnam tax resident has to pay PIT for the property transactions under one of the following two methods: (i) At 25% on the net gain assessed by the difference between the transaction price less the cost and relevant expenses; or
(ii) 2% on the transfer price, if the cost cannot be determined.
99FINANCIAL
However, recent practice has indicated that (ii) above would apply in most cases.
No PIT declaration and payment are required in case individuals/households having property for lease earning annual rental of VND100 million or less (approx. USD4,800 per year).
VI. Non-agricultural land-use tax
Non-agricultural land-use tax (“NALUT”) is generally applicable to the following types of land: Non-agricultural land used for residential, production or business purposes.
The calculation of the tax liability is generally based on the land area, price of land (normally set by the provin-cial-level People Committee and remains unchanged within 5 years from 1 January 2012) and tax rate. For residential land holding a multi-floor building or non-ag-ricultural land holding a production or business establishment, the applicable tax rate is 0.03%.
Organisations granted with LUR and existing land users are required to submit NALUT declaration on a yearly basis at the tax office of the relevant district no later than 30 January of the following year. However, no further declaration in subsequent years is required if there is no change in tax payer or tax liability. If there is any change, the tax payer is required to submit an amended declaration within 30 days following the date on which the change takes effect.
The tax payer may opt to pay the NALUT on one-off basis a year no later than 31 May each year or twice a year no later than 31 May and 31 October each year. If the tax payer requests to pay the NALUT on one-off basis for many years within a 5-year period, the payment of tax may not be later than 31 December of the year in which the request is made.
NALUT exemption and reduction can be granted to certain types of land including land related to invest-ment projects in the sectors eligible for special invest-ment incentives, investment projects in geographical areas with qualifying socio-economic difficulties and other specific cases.
(Reproduced by kind permission of KPMG)
Most risks that a company would insure anywhere else in the world can be adequately insured for in Vietnam. Rates and terms are generally a function of the world market with due consideration given to local factors however it should be noted that VAT of 10% applies to insurance premiums on policies written within Vietnam. While the overall ability to insure large or complicated risks entirely within Vietnam is limited, the Vietnamese insurance industry can nonetheless insure any size risk through reinsurance arrangements with international reinsurance organizations. The leading reinsurers and those who carry more than 10% have to be rated at least BBB by Standards & Poors or B++ by AM Best or Baa by Moody's or equivalent.
Vietnam passed a comprehensive Insurance Law in December 2000 which took effect on April 1, 2001. The Amendment of Insurance Law has been passed and was effective as at July 1, 2011. The key chang-es are focused at keeping up with any WTO commit-ments such as: the insurance market is professional & open, foreign insurers are allowed to establish a branch in Vietnam or issue an insurance policy into Vietnam. However, the law gives the power to the government to release detailed guidance and to license such transactions. The Decree No. 123/2011/ND-CP was issued on 28 Dec 2011 to provide guidance on the implementation of the Amended Insurance Law. In addition, the govern-ment issued Circular No. 124/2012/TT-BTC and Circular No. 125/2012/TT-BTC on 30 Jul 2012 with effective from 01 Oct 2012 to guide on the operation and finance of the insurance market. The Decree No. 98/2013/ND-CP effective from 15 Oct 2013 providing guidance on penalties for administration offences in Insurance Business.
Construction All Risks (CAR) insurance, including the covers for the Contract Work & Third Party Liability, is popular in Vietnam. Recently, owners of larger projects have shown interest in considering more technical coverages such as Advance Loss of Profit (ALoP) / Delay in Start-Up (DSU), to protect their anticipated profit/fixed costs and Completed Operation/Product Liability insurance liability of a particular project.
INSURANCE
Overview
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101FINANCIAL
Since the real estate market was in hibernation stage over the past years, construction insurance program did not develop significantly. At the moment, due to positive enactment of new law and regulation from the government including Property Law (Amendment) and Real Estate Commercial Law (Amendment) which shall have effect from July 1st, 2015. In addition, mortgage loan for construction and real estates will be also easy access as instruc-tions of National Banks, the real estate market has recovered positively and we are expecting promising developments in construction insurance also
In another side, construction insurance premiums tend to decline in recent years. This comes from fierce competition between insurance companies and tightening insurance costs of investors and contractors. The international insurance companies are hardly capable to compete on cost with the local insurance companies. However, the international insurance companies still have certain advantages in projects requiring in-depth underwriting skills and the ability to arrange with international re-insurers.
Construction insurance still tends to be left to the contractor to arrange rather than the owner which can give rise to gaps in cover when projects are delayed or split into smaller packages. There may also be gaps when the project passes from construc-tion to operation.
Compulsory Insurances in Vietnam
Compulsory insurances are regulated in insurance laws & some specialisedspecialized laws. Below is the consolidation:
Fire and Explosion - (Article 8 of Law on Insurance Business) Motor Vehicle/Aviation carriers to passengers - (Article 8 of Law on Insurance Business, Decree 103/2006/ND-CP/ Article 163 of Civil Aviation Law) Civil Liability Insurance of those who deal in the transport of passengers or cargo in inland water ways - (Article 6 &7 of Decree 125/2005/ND-CP and Article 58 & 126 of Marine Law)
INSURANCE (cont’d)
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Professional Indemnity insurance for:
Insurance brokers - (Article 8 of Law on Insurance Business)
Lawyers - (Article 8 of Law on Insurance Business & Article 40 of Law on Lawyer)
Contractor to perform survey for construction works - (Article 51 of Law on Construction)
Contractor to design for construction works - (Article 58 of Law on Construction)
Contractor to supervise for execution of building works - (Article 90 of Law on Construction)
Securities companies - (Article 71 of Law on Securities)
Fund management companies - (Article 72 of Law on Securities)
Auditing Companies - (Decree 105/2004/ND- CP on independent auditor)
Enterprises on price assessment - Article 11 of Decree 111/2005/ND-CP on Price assessment)
Medical examination and treatment
Insurance for Construction works:
Applicable to investors/developers - (Article 75 of Law on Construction)
Applicable to contractors - (Article 76 of Law on Construction)
Applicable to parties who call construction tender - (Article 104 of Law on Construction)
Professional insurance, civil liability insurance and environmental damage compensation liability insurance applicable to organizations and individuals performing radiation jobs
Civil Liability Insurance and Environmental Damage Compensation Liability Insurance applicable to Organizations and Individuals performing Radiation Jobs
Travel Insurance for Vietnamese traveling overseas
Technically there is no requirement for worker compensation insurance. However since there is a liability regarding employees under the Vietnamese labour law the purchase of worker compensation insurance can act as a risk transfer method to protect against these liabilities.
102 FINANCIAL
103FINANCIAL
Market Players
Insurers
There are numerous domestic and foreign companies licensed to provide non-life insurance, including insurance for construction sectors in Vietnam.
State-owned:Vietnam Insurance Corp (Bao Viet), Bao Minh Insurance Corp (Bao Minh)
Group-controlled:PetroVietnam Insurance Corporation (PVI), PG Insurance (PJICO), Post & Telecommunication Insurance JSC (PTI), Global Insurance Co. (GIC), Vietnam Aviation Insurance JSC (VNI), SHB Vinacomin Insurance JSC (SVIC)
Bank-based:Vietinbank Insurance Co. (VietInsco), BIDV Insurance Co. (BIC), Agriculture Bank Insurance JSC (ABIC), Military Bank Insurance Company (MIC)
PrivateJoint Stock:BaoLong Insurance Corporation (Bao Long), Vien Dong Assurance Corp (VASS), AAA Assurance JSC (AAA), Phu Hung Assurance (PAC), Hung Vuong Insurance Corp (BHV), Great Mountant Insurance JSC (GMIC)
Foreign:Groupama, QBE, AIG, ACE, Liberty, Fubon, MSIG, Cathay
Joint Venture:Bao Viet Tokyo Marine (JV between Baoviet and Tokio Marine), United Insurance Co. (UIC – the JV among Bao Minh, Sompo & LG), Samsung Vina Insurance (JV between Samsung and VinaRe)
Reinsurer:Vietnam National Insurance Corp (VinaRe).
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Oth
er
3.87
%
Ba
o V
iet
23.3
0%
PVI
20.9
4%
Ba
o M
inh
944
%
PJIC
O8.
15%
PTI
6.07
%
Sam
sun
g V
ina
3.77
%
BIC
3.25
%
MIC
2.42
%
AB
IC2.
18%
AA
A2.
17%
GIC
2.02
%
Lib
ert
y1.
84%
VN
I1.
81%
Ba
o L
on
g1.
76%
AIG
1.54
%
MSI
G1.
36%
BV
TM1.
18%
VA
SS1.
12%
UIC
0.93
%B
SH0.
90%
PV
I Rei
nsur
ance
Joi
nt S
tock
Cor
pora
tion
(PV
IRe)
No
n-l
ife
Insu
ran
ce M
arke
t S
har
e 20
13
(S
ourc
e: V
ietn
am In
sura
nce
Ass
ocia
te)
Brokers
As insurance is best arranged through a licensed insurance broker who can help companies to assess the underlying risks and then arrange appropriate insurance on their behalf, there are a number of licensed insurance brokers. International:Jardine Lloyd Thompson (JLT), Aon, Marsh, Grass Savoye Willis
Local:Viet Quoc, A Dong, Thai Binh Duong, Sao Viet, CIMEICO, Nam A
WORKFORCE
FINANCIAL
The estimated population of Vietnam in 2015 will be circa 91.3 million (as the General Office for Population Family Planning).
The region-based minimum wage level applied to operating in localities of region is USD 147 per month from 01st January, 2015 (Pursuant to the Decree No. 103/2014/ND-CP of the Government dated 11th November 2014).
Pursuant to the Law No 46/2014/QH13 dated June 13, 2014 on amendments to some articles of the Law on Health insurance No. 25/2008/QH12, from January 2015, the monthly Health insurance rates and responsibilities to pay health insurance of the group whose insurance are paid by the employers and employees must not exceed 6% of the monthly salaries, 4% is paid by the employers and 2% is paid by the employees. During the time the employees are entitled to maternity leave due to maternity benefits under the regulations of law on health insurance, the maximum premiums equal to 6% of their monthly salaries before the maternity leave shall be paid by the health insurance organizations.
In accordance with the Law on Employment No: 38/2013/QH13 on 16 November 2013 with effective date on 1 January 2015, a person on unemployment allowance will stop receiving it when he/she has found a job. The period of payment of unemployment insurance premiums shall be reserved for calculating the subsequent duration of receipt of unemployment allowance. The reserved period equals the total of the periods of payment of unemployment insurance premiums minus the period during which the worker has received unemployment allowance, with one month of receipt of unemployment allowance equiva-lent to 12 months of payment of unemployment insurance premiums.
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OTHER INFORMATION5Vietnam Map
Domestic Routes
Relevant Websites
Public Holidays
Prime Rates
IDD Codes and Time Differences
Conversion Factors
Some Interesting Facts
Vietnam Key Data
Langdon & Seah Culture
Langdon & Seah Vietnam 10 Years Anniversaries
Professional Services
Directory of offices
Acknowledgement
VIETNAM MAP
(Source: Wikimedia)
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DOMESTIC ROUTES
(Source: Vietnam Airlines)
EMIT THGILF ECNATSID
NRUTER DNUOBTUO SMK/SELIM
HA NOI TO
Da Lat 662/1065 1:40 1:40
HO CHI MINH CITY TO
Da Lat 133/214 0:50 0:50
Vinh 549/883 1:45 1:45
DA NANG TO
109OTHER INFORMATION
RELEVANT WEBSITES
Vietnam National Administration of Tourism
Ministry of Health Portal
The State Bank of Vietnam
110 OTHER INFORMATION
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http://www.chinhphu.vn
http://www.mps.gov.vn
http://www.moha.gov.vn
http://www.moj.gov.vn
http://www.mpi.gov.vn
http://www.mof.gov.vn
http://www.moit.gov.vn
http://www.mard.gov.vn
http://www.mt.gov.vn
http://www.moc.gov.vn
http://www.monre.gov.vn
http://www.mic.gov.vn
http://www.molisa.gov.vn
http://www.cinet.gov.vn
http://www.most.gov.vn
http://www.moh.gov.vn
http://www.moet.gov.vn
http://www.mofa.gov.vn
http://www.sbv.gov.vn
http://www.gso.gov.vn
http://www.tcvn.gov.vn
http://www.vietnamtourism.com
http://www.customs.gov.vn
http://www.vr.org.vn
111OTHER INFORMATION
PUBLIC HOLIDAYS
Liberation Day of SaigonInternational Labour Day
National Day
Christmas Day
Labour Day
National Day
VIETNAMNormal Scheduled Holidays
CHINA
2015
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* 2 - 3 January 2015 are holidays, 4 January 2015 is working day.$ 21 - 24 February 2015 are holidays, 15 and 28 February 2015are working days.^ 6 April 2015 is holiday.% 22 June 2015 is holiday.@ As 27 September 2015 falls on Sunday, the deferred day off isarranged together with National Day.# 6 - 7 October 2015 are holidays, 10 October 2015 is working day.
# substitue for 21 Feb (Sat)
Labour Day
Tuen Ng Festival
The day following Chinese
The day following Ching MingFestival
National Day
FestivalChristmas Day
Christmas Day
25 Dec
26 Dec
HONGKONG
2015
OTHER INFORMATION
19 Feb20 Feb21 Feb
03 Apr04 Apr06 Apr*
07 Apr01 May25 May20 Jun01 Jul
28 Sep01 Oct21 Oct
*As Ching Ming Festival in 2015 falls on a Sunday, the following day will be designated as a general holiday in substitution. However, as the day following Ching Ming Festival and Easter Monday fall on the same day, the next following day that is not itself a general holiday will be observed as an additional general holiday.
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114 OTHER INFORMATION
PUBLIC HOLIDAYS (cont’d)
# Bank’s Holiday* Obligatory Holiday @ Special Holiday Granted by Chief Executive for staff in Public Administration
MACAU
2015
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New Year's DayLunar New Year's Eve(Afternoon)Lunar New Year's DayThe 2nd day of Lunar New YearThe 3rd day of Lunar New YearThe 4th day of Lunar New YearThe 5th day of Lunar New YearGood FridayThe day before EasterChing Ming FestivalThe first working day after the Day before EasterThe second working day after Ching Ming FestivalLabour DayThe Buddha's BirthdayTung Ng Festival (Dragon Boat Festival)The first working day after Tung Ng FestivalBank's Holiday The day following Mid-Autumn FestivalNational DayThe day following National DayChung Yeung FestivalAll Soul's DayFeast of the Immaculate ConceptionMacau SAR Establishment DayThe first working day after Macau SAR Establishment DayWinter SolsticeChristmas EveChristmas DayNew Year's Eve (Afternoon)
0118192021-2303040506
07012520
2201
28010221020820
2122242531
Jan#*Feb@Feb#*Feb#*Feb*
Feb#@Apr#AprApr*Apr#@
Apr@May#*May#Jun
Jun@Jul#
Sep#*Oct#*OctOct#*Nov#Dec#Dec*
Dec#@DecDec#Dec#Dec@
National Day
Forces Anniversary**
Anniversary of the
Christmas Day
Labour DayVesak Day
National Day
Deepavali*Christmas Day
* Subject to changes # The following Monday will be a public holiday.
* Subject to Change ** Replacement for Fridays / Sundays Fridays and Sundays are government off days
01 Jan03 Jan19 Feb23 Feb16 May
31 May15 Jul18 Jun
04 Jul17 Jul18 Jul19 Jul23 Sep13 Oct25 Dec
01 Jan19 Feb20 Feb03 Apr01 May01 Jun17 Jul09 Aug#24 Sep10 Nov25 Dec
BRUNEI
SINGAPORE
2015
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PUBLIC HOLIDAYS (cont’d)
Labour DayIndependence Day
Christmas Day
All Saint’s DayAll Souls Day (Additional)Christmas Eve (Additional)
PHILIPPINES A. Regular Holidays
B. Special Holidays (Non-Working Holidays)
2015
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01 Jan02 Apr03 Apr09 Apr01 May12 Jun18 Jun31 Aug24 Sep30 Nov25 Dec30 Dec
15 Feb04 Apr21 Aug01 Nov02 Nov24 Dec31 Dec
International Labour DayWaicak Day
National Independence DayIdul Fitri*
Idul Adha Day
Christmas Day
* Subject to changes
* Subject to change ** Except Johor, Kelantan, Kedah, Perlis &Terengganu# The following Monday will be an additional public holiday
MALAYSIA
INDONESIA
2015
117OTHER INFORMATION
New Year's Day **Chinese New Year
Labour DayWesak DayKing/Agong's BirthdayHari Raya Aidilfitri*
National DayMalaysia DayHari Raya Qurban*Awal Muharam (Maal Hijrah)Deepavali*Prophet Muhammad's BirthdayChristmas Day
PUBLIC HOLIDAYS (cont’d)
Special Holiday@
Songkran Festival
National Labour DayCoronation Day
Chulalongkorn Day
Constitution Day
# Banks only + Government only
- Substitute for 5 December 2015(Saturday)
THAILAND
2015
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@ Special Holiday Granted by Thai Government
Sankranthi
Ugadi
Independence Day
DeepavaliChristmas Day
Children’s Day
Liberation Day
National Foundation day
Christmas Day
INDIA
KOREA
2015
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PUBLIC HOLIDAYS (cont’d)
Founding Day
Children’s Day
Double Ten Day
TAIWAN
2015
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*When the memorial day or holiday falls on a Saturday or Sunday, a deferred day off will be granted. If a memorial day or a holiday falls on a Saturday, the deferred day off is on the preceding workday; if a memorial day or a holiday falls on a Sunday, the deferred day off is on he following workday. However, the deferred days off for Chinese New Year’s Eve and Chinese New Year are always on the following workdays.
PRIME RATES (as at 4th Quarter 2014)
COUNTRYRATE (%)
4Q 2010
4Q 2011
4Q 2012
4Q 2013
4Q 2014
Australia*
China**
Egypt ***
India
Indonesia
New Zealand^
Singapore
South Africa
Thailand#
United States of America
Vietnam##
121OTHER INFORMATION
9.00 9.00 9.00 9.00 9.00
4.75 4.50 3.25 2.50 2.50
5.50 5.50 5.50 5.50 5.50
5.60 6.90 6.40 6.15 6.15
9.75 10.25 10.25 9.75 10.25
5.00 5.00 5.00 5.00 5.00
8.50 14.75 9.75 8.75 10.25
6.50 6.00 5.75 7.50 7.75
1.60 1.60 1.20 1.20 1.15
5.25 5.25 5.25 5.25 5.25
6.30 6.60 6.60 6.60 6.85
10.47 10.01 9.57 9.57 10.46
13.52 13.97 11.29 10.38 10.00
6.540 5.740 5.320 4.662 4.360
5.38 5.38 5.38 5.38 5.35
9.00 9.00 9.00 9.50 9.50
2.38 3.25 2.76 2.50 2.00
6.56 7.71 7.52 7.51 7.28
0.50 0.50 0.50 0.50 0.50
3.25 3.25 3.25 3.25 3.25
IDD CODES & TIME DIFFERENCES
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* Allowance should be made for seasonal time variations
OTHER INFORMATION 123
CONVERSION FACTORS
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125OTHER INFORMATION
SOME INTERESTING FACTS
to 4,000 years (Neolithic) ago, cultures in the area included Son
Lang. In the third cen
French War: Vietnam battled French colonialism from
American War: Vietnam fought America from 1954 to
development and success and has been member of
Nations (UN)
Association of Southeast Asian Nations (ASEAN)
with the United States
182 nations throughout the world, including permanent members of United Nations Security Council
Vietnam’s history can roughly be divided into the following periods:
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VIETNAM KEY DATA
Government
Country Name
Capital City
Administrative Divisions
Independence
Legal System
National Language
Geography
Location
Total Area
Land Area
Water
Land use
Irrigated Land
Coastline
Land boundaries
Climate type
Natural hazards
58 provinces and 5 municipalities
2nd September 1945
Vietnamese
Vietnamese
South East Asia
16 10 N, 107 50 E
Cambodia 1,228 km,
China 1,281 km, Laos 2,130 km
arable land: 19.64%;
3,444 km (excludes islands)
4,616 km
phosphates, coal, manganese,
rare earth elements, bauxite,
chromate, offshore oil and gas
deposits, timber, hydropower
delta
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
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:
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permanent crops: 11.18%;
other: 69.18%
45,850 sq km (2005)
tropical in south; monsoonal
in north with hot, rainy season
(May to September) and warm,
dry season (October to March)
VIETNAM KEY DATA (cont’d)
People
Age structure
Life Expectancy
Languages
15 and over can read
and write)
poverty line
Labor Force
Labor Force by
occupation
(increasingly favored as a second
language), some French, Chinese,
total population: 94%
male: 96.1%
female:92% (2012 est.)
11.3% (2012 est.)
:
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90.73 million (2014 est.)
0-14 years : 24.3%
15-24 years : 17.8%
25-54 years : 44.8%
55-64 years : 7.4%
65 years and over : 5.7%
1.08% (2014 est.)
total: 29.2 years
male: 28.1 years
female: 30.2 years (2014 est.)
72.91 years
male: 70.44 years
female: 75.65 years (2014 est.)
6.94 million (May.2014 est.)
7.82 million (May.2014 est.)
54 Ethnic Groups
Kinh (Viet) 85.7%, Tay 1.9%, Thai
1.8%, Muong 1.5%, Khome 1.5%,
Hmong 1.2% (2009 census)
54.48 million (2014 est.)
Agriculture: 46.6% (2014 est.)
Industry: 21.4% (2014 est.)
Services: 32% (2014 est.)
2.45% (2014 est.)
Economy
Currency Code
Exchange rate to
USD
Euro
Average Consumer
sectors
Trade
Total Exports
Commodities
Total Imports
Vietnamese Dong
VND
dong (VND) per
US$ 150 billion
parts thereof
instruments
parts and accessories thereof
US$ 148 billion
:
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21,222 (2014 average)
28,324 (2014 average)
35,110 (2014 average)
4.09% (2014 est)
US$ 185.56 billion (2014 est)
5.98% (2014 est)
Agriculture: 18.12%
Industry: 38.50%
Services: 43.38% (2014 est.)
EU 14.7%, US 19.6%, Asean 3.1%,
Japan 8%, Korea 18.1%,
China 11.8%
Commodities
International Airports
instruments
materials and auxiliaries group
parts thereof
fodders materials
parts and auxiliaries thereof
Tan Son Nhat International
Nang International Airport (Da
Trang), Can Tho InternationalAirport (Can Tho).
Tho)
:
:
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VIETNAM KEY DATA (cont’d)
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China 21.8%, Asean 8.2%,Korea 4.9%, EU (5.9%), Japan 9.4%
131OTHER INFORMATION
LAN
GD
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& S
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LANGDON & SEAH VIETNAM 10 YEARS ANNIVERSARY
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1 2
3 4
5 6
7 8
9 10
Professional Consultancy & Practices
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135OTHER INFORMATION
PROFESSIONAL SERVICES
Langdon & Seah Vietnam offers an unparalleled range of compatible and integrated cost and project management services which alongside their particular fields of specialism are designed to provide a seamless service to the construction industry and property market.
At the very essence in the success of any project is the selection of an appropriate procurement strategy in terms of the Client's requirements, project charac-teristics, time and cost certainty, quality targets and distribution of risk. Langdon & Seah is well placed and has the relevant experience to advice on various procurement options from the traditional and straight-forward to bespoke hybrid methods - in response to the Client's priorities. These include: Measurement contracts Lump sum contracts Design and build contracts Develop and construct contracts Turnkey contracts Construction management contracts Management contracts Term contracts Cost reimbursement contracts Guaranteed maximum price contracts
Langdon & Seah Vietnam provides a total integrated cost and project management service in the following areas to meet and add value to each individual Client's specific needs: Quantity Surveying Mechanical and Electrical Engineering Quantity Surveying Civil Engineering Quantity Surveying Project Management Services of Employer's Agent or Representative (for Design and Build projects) Contract Advisory & Dispute Management Services Investment Appraisals Value Management
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Build-ability Appraisals Due Diligence Reports Project Cost and Contract Audits Capital Allowances Taxation Assistance Fire Insurance Valuations (or Reinstatement Cost Assessments) Advice on Development Brief Sustainable Economics and Strategies
The types of construction projects undertaken cover both new building and refurbishment work on residential, commercial, institutional, industrial and infrastructure type developments, such as: Airports and Airport Buildings Arts and Cultural Buildings Business Park Developments Civic Buildings Civil Engineering and Infrastructure Works Educational Buildings Health and Hospital Buildings Historic Buildings Hotels and Resorts Internet Data Center Industrial/Warehouse Developments Leisure Projects Office Buildings and Interior Fit-out Works Parks and Recreational Projects Petro-chemical Projects Power Generation Projects Public Buildings Residential Developments Retail Developments Sports Centers Transportation Water and Waste Projects
137OTHER INFORMATION
L&S CONTRACT ADVISORY & DISPUTE MANAGEMENT SERVICES
L&S VN offers a professional Contract Advisory and Dispute Management (CADM) Services at all stages of the construction process. Our primary objectives are to ensure that our Client’s contractual interests are suitably protected and to effectively communicate to our Client a clear understanding of his commitments made to other parties.
Our CLIENTS - Our services are provided to and for developers, building owners, construction profession-als, insurance companies, financial institutions, contractors, sub-contractors.
Front End Contract Advisory Work
We Provide contract advisory work prior to, during and after completion for every type of construction project. The work includes project procurement, incorporation of conditions of contract, interpreta-tion and selection of appropriate forms of contract, warranties, indemnities, wording on performance bonds, and contracts and sub-contract agree-ments.We Ensure the front end documents are kept updated with the latest developments in the law and legislations.
Expert Technical Advisory Work
We Provide expert advisory services on most construction related issues including extension of time, loss and expenses, contractual validity and quantum of claims, value of defective work, and time related issues. We Advice on preparation and presentation of payment claims and responses including notices, applications and responses in connection with adjudication proceedings under the Security of Payment regime.
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Claims Assessment, Legal & Litigation Support
We Work for and with Construction Lawyers and advise their clients on contractual validity and evaluation of claims, negotiation, project monitor-ing, audit & recovery, extension of time, defects and liability, loss and expenses, acceleration, valuation measurement methods, determination, and termination.We Provide support in the preparation of documents for claims, discovery process, trial, mediation, adjudication and arbitration.
Dispute Management, Avoidance and Resolution
We Assist and facilitate parties in negotiations on disputed claims to avoid and/or resolve disputes. We Advise and support the legal process for cost-effective resolution of disputes by carrying out neutral evaluation, expert determination, managing adjudication, arbitration and the various other forms of alternative dispute resolution.We Offer the highest level of expertise and support to the legal processes associated with every stage of the construction cycle.
Expert Witness in Connection with Adjudicators & Arbitrators
We Provide the preparation of defense and support documents in response to potential dispute issues as raised to Adjudication or Arbitration by the Contractor against Engineer's assessments of Variations; Engineer's assessments of Contractor's Financial Claims; Engineer's assessments of Contractor's Extension of Time Claims and Engineer's interpretation of contractual matters.We Attend and Assist the Employer for the purpos-es of preparing a necessary defense during Adjudi-cation and Arbitration hearings in the capacity of an Expert Witness.
DIRECTORY OF OFFICES
MALAYSIA
SELANGOR
JOHOR
Taman Setia Tropika
Email : [email protected]
PENANG
No.25, Lebuh Light
Fax : (60 4) 264 2068
(Cont’d)
ASIA PACIFIC
139OTHER INFORMATION
LANGDON & SEAH SDN BHDJURU UKUR BAHAN MALAYSIAJUBM SDN BHDARCADIS PROJEKS SDN BHDLevel 5, Menara TSR12 Jalan PJU 7/3, Mutiara Damansara47810 Petaling JayaSelangor Darul Ehsan, MalaysiaGPS : 3.1616, 101.6129Tel : (60 3) 2106 8000Fax : (60 3) 2106 9090Email : [email protected] : Loo Ming Chee / Mohd Ali Abd Karim /Justin Teoh / Syed Mahadzir Syed Ahmad /Mohamad Faiz Awang / Nur Aziz Abu Bakar
Nur Aziz Abu Bakar
SABAH
Tel : (60 88) 223 369
Email : [email protected]
SARAWAK
Tel : (60 82) 232 212Fax : (60 82) 232 198Email : [email protected]
BRUNEI
BANDAR SERI BEGAWAN
Email : [email protected]
KUALA BELAIT
Email : [email protected]
DIRECTORY OF OFFICES (cont’d)
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(Cont’d)
KUALA BELAIT
Email : [email protected]
CHINA
BEIJING
Tel : (86 10) 6310 1136Fax : (86 10) 6310 1143Email : [email protected]
CHANGSHA
410005, China
Email : [email protected]
CHENGDU
Email : [email protected]
OTHER INFORMATION
Contact : Lum Ka Wai, Andy
141
CHONGQING
Tel : (86 23) 8655 1333Fax : (86 23) 8655 1616Email : [email protected]
DALIAN
116001, China
Tel : (86 411) 8800 8018Fax : (86 411) 8800 8823Email : [email protected]
FOSHAN
3/F, Foshan Ling Nan Tian Di
528000, China
Email : [email protected]
GUANGZHOU
Tel : (86 20) 8130 3813Fax : (86 20) 8130 3812Email : [email protected]
DIRECTORY OF OFFICES (cont’d)
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(Cont’d)
HAIKOU
Email : [email protected]
HANGZHOU
310016, China
Email : [email protected] : Lu Mei Hua / Lu Wei
HONG KONG
Tel : (852) 2830 3500
Email : [email protected]
143OTHER INFORMATION
HENGQINLANGDON & SEAH CONSULTANCY (ZHUHAIHENGQIN) CO. LTD. HENGQIN BRANCH7/F, 156 Nan Shan Ju Road, Hengqin, Zhuhai, Guangdong Province 519031, China GPS : 22.142774, 113.544438Tel : (86 756) 868 8986Fax : (86 756) 868 8969Email : [email protected] : Wan Chi Shing, Stanley
Contact : Au Kai Ming, Francis
QINGDAO
Tel : (86 532) 8280 1818Fax : (86 532) 8280 1881Email : [email protected] : Feng Shi En, Andy
SHANGHAI
Shanghai 200052, China
Tel : (86 21) 6091 2800Fax : (86 21) 6091 2999Email : [email protected]
SHENYANG
Fax : (86 24) 3128 6983Email : [email protected]
DIRECTORY OF OFFICES
144 OTHER INFORMATION
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MACAULANGDON & SEAH MACAU LIMITEDAvenida da Praia Grande, No. 594 Edificio BCM, 12th Floor,MacauGPS : 22.192210,113.541252Tel : (853) 2833 1710Fax : (853) 2833 1532Email : [email protected] : Chan Yuk Sim, Katherine
Contact : Chan Hoi Or, Joe
Tel : (86 24) 3195 8880
SHENZHEN
Room 1001, AVIC Centre,1018 Huafu Road, Shenzhen Guangdong Province 518031, ChinaGPS : 22.543241, 114.082051Tel : (86 755) 2598 1841Fax : (86 755) 2598 1854Email : [email protected] : Lo Kwok Chu, Kenneth
1 Suzhou Avenue West,
(Cont’d)
SUZHOU
215021 China
Email : [email protected]
TIANJIN
4002, 40/F
Tel : (86 22) 2329 8611Fax : (86 22) 2319 3186Email : [email protected]
WUHAN
Email : [email protected]
145OTHER INFORMATION
LANGDON & SEAH CONSULTANCY CO LTDTIANJIN BRANCH
XI’AN
Tel : (86 29) 8866 9711
Email : [email protected] : Wang Zhu Zhu
INDIA
DELHI
The Elements
Email : [email protected]
DIRECTORY OF OFFICES
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BANGALORE
2nd Floor, Esquire CenterNo.9, M G RoadBangalore 560 008, IndiaGPS : 12.974, 77.617Tel : (00 91 80) 4123 9141Fax : (00 91 80) 4123 8922Email : [email protected] : Gary Miles / Velan Murali / Biju AK
CHENNAI
New No.20, West Cott RoadRoyapettahChennai 600 004, IndiaGPS : 13.055, 80.265Tel : (00 91 44) 2855 3137Fax : (00 91 44) 2855 0141Email : [email protected] : Gary Miles / Sankar Ramakrishnan
(Cont’d)
INDONESIA
147OTHER INFORMATION
HYDERABADLANGDON & SEAH CONSULTING INDIA PVT LTD2nd Floor, Trade Fair OfficeHitex Exhibition CenterIzzat Nagar, Hyderabad 500 084, IndiaGPS : 17.475, 78.375Tel : (00 91 40) 2311 4942Fax : (00 91 40) 2311 2942Email : [email protected] : Gary Miles / Bhoomeshwar Rao
PUNELANGDON & SEAH CONSULTING INDIA PVT LTDCity Survey No 804 / B, Bhandarkar Institute Road, Lane No-14.Pune 411004 (Near Skoda Show room),Maharashtra - INDIAGPS : 18.5204, 73.8567Tel : (00 91 20) 25650417 / 25650419Fax : (00 91 22) 3933 5556Email : [email protected] : Gary Miles / Darshan Joshi / Rahul Patil
MUMBAILANGDON & SEAH CONSULTING INDIA PVT LTDUnit No.103, First FloorAkruti SMC, Khopat JunctionNear Khopat Bus DepotThane (West) 400601Maharashtra, IndiaGPS : 19.1988, 72.9756Tel : (00 91 22) 4125 6060Fax : (00 91 22) 4125 6050Email : [email protected] : Gary Miles / Darshan Joshi
KOLKATALANGDON & SEAH CONSULTING INDIA PVT LTDStesalit Towers, 6th FloorE2-3, EP & Gp Block,Sector V, Salt Lake,Kolkata - 700091GPS : 22.569814, 88.433725Tel : (00 91 124) 430 8790Fax : (00 91 124) 430 8793Email : [email protected] : Gary Miles / Arun Basu
BALIP.T. LANGDON & SEAH INDONESIAJalan Sunset Road No 8CLingkungan Abian BaseBali 80361, IndonesiaGPS : 8.7046, 115.1520Tel : (00 62 361) 894 7517Fax : (00 62 361) 894 7392Email : [email protected] : Ir. Putu Arya Canti
JAKARTAP.T. LANGDON & SEAH INDONESIALevel 18, Ratu Plaza Office TowerJalan Jenderal Sudirman 9Jakarta 10270, IndonesiaGPS : 6.2271, 106.8008Tel : (00 62 21) 739 7550Fax : (00 62 21) 739 7846Email : [email protected] : Peter Robinson / Stephen Osborne
LANGDON & SEAH SINGAPORE PTE LTDL&S CONTRACT ADVISORY & DISPUTEMANAGEMENT SERVICES PTE LTD1 Magazine Road, #05-01 Central MallSingapore 059567GPS : 1.288526,103.842085Tel : (65) 6222 3888Fax : (65) 6224 7089Email : [email protected] : Eugene Seah / Ho Kong Mo
SINGAPORE
SEOULLANGDON & SEAH KOREA CO LTD#429, 27, Seochojungang-ro 24-gilSeocho-gu, SeoulKorea 137-882GPS : 37.4953, 127.0164Tel : (00 82 2) 543 3888Fax : (00 82 2) 543 3898Email : info @kr.LangdonSeah.comContact : Victor Stanger
KOREA
MANILALANGDON & SEAH PHILIPPINES INC4th & 7th Floor, Kings Court 12129 Pasong Tamo, Makati City 1231PhilippinesGPS : 14.5576, 121.0135Tel : (00 63 2) 811 2971Fax : (00 63 2) 811 2071Email : [email protected] : Bernie C. BasilanCEBULANGDON & SEAH PHILIPPINES INC12F, 2Quad Bldg., Cardinal Rosales AvenueCebu Business Park,Cebu City 6000PhilippinesGPS : 10.3142574, 123.9053502Tel : (00 63 32) 2322 200Fax : (00 63 32) 2603 699Email : [email protected] : Bernie C. Basilan
PHILIPPINES
DIRECTORY OF OFFICES
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149OTHER INFORMATION
VIETNAMHANOILANGDON & SEAH VIETNAM CO LTD4th Level Thanh Dong Building132-138 Kim Ma Street, Ba Dinh DistrictHanoi, VietnamGPS : 21.0320, 105.8263Tel : (00 844) 3942 7525Fax : (00 844) 3942 7526Email : [email protected] : Mark OliveHO CHI MINH CITYLANGDON & SEAH VIETNAM CO LTD9th Level, Unit E-VTP Building08 Nguyen Hue, District 1Ho Chi Minh City, VietnamGPS : 10.7727, 106.7051Tel : (00 848) 3823 8297Fax : (00 848) 3823 8197Email : [email protected] : Mark Olive
HONG KONGARCADIS ASIA HEADQUARTERS
38/F AIA Kowloon Tower, Landmark East, 100 How Ming StreetKwun Tong, Kowloon, Hong KongGPS : 22.3125, 114.2223Tel : (852) 2830 3500 Fax : (852) 2576 0416Email : [email protected] : Poon Kan Young, Kenneth, CEO
THAILANDBANGKOKLANGDON & SEAH (THAILAND) LTDLECE (THAILAND) CO LTD10th Floor, Kian Gwan II Building140/1 Wireless Road, Lumpini, PratumwanBangkok 10330, ThailandGPS : 13.734969, 100.545448Tel : (00 66 2) 253 1438 - 9Fax : (00 66 2) 253 4977Email : [email protected] : Ang Yen Kooi / Wong Soon Bin
ARCADIS PROJECT MANAGEMENT PTE LTD(Formerly known as Langdon & Seah Project Management Pte Ltd)1 Magazine Road, #03-12 Central MallSingapore 059567GPS : 1.288526,103.842085Tel : (65) 6239 8600Fax : (65) 6538 4508Email : [email protected] : Seah Choo Meng / Bernard Ho / Teoh Wooi Sin
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Credits to KPMG, Jardine Lloyd Thompson.
ACKNOWLEDGEMENT
CB Richard Ellis.
Langdon & Seah Vietnam Co Ltd would like to acknowledge the invaluable support and advice from the following organisations:
http://www.kpmg.com
http://www.jltasia.com
http://www.cbrevietnam.com
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