The Government has issued regulations on financial management of Vietnam Electricity (EVN), banning the group from making financial contribution to stock, banking, insurance, investment funds, real estate and finance.


EVN workers examine safety of the electric power transmission system (Photo: SGGP)

The largest power company in the country must abide by this regulation except special cases decided by the Prime Minister.

EVN investment in other fields must be in accordance with the law; ensure effectiveness, conservation and development of capital; increase revenue; and not change its goal of operation.

The group is entitled to mobilize capital from domestic and oversea individuals and organizations, and take full responsibilities for effectiveness of the capital use and payment of the debts together with interest.

Capital mobilization must ensure that the debt to equity ratio not exceed three times.

EVN can mobilize dormant capital from subsidiary companies which EVN holds 100 percent chartered capital. In case the group holds less, it must reach an agreement from the companies.

By Lam Nguyen – Translated by Hai Mien
Tags: Cỏ Nhân Tạo, Lưới Chắn Bóng, Trần Văn Sports

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Foreign Direct Investment (FDI) in the real estate sector was ranked second in Vietnam in the first seven months with 20 new projects that have been licensed at US$1.13 billion.


Hoang Anh Sai Gon Company introduces a new project in HCMC (Photo: SGGP)

The real estate FDI accounts for 11.9 percent of the total FDI capital in the country, according to the Foreign Investment Department under the Ministry of Planning and Investment.

Several projects of foreign and domestic investors have restarted after a long delay.

Vietnam’s real estate market is escaping from its bottom with initial positive changes, said Dr. Su Ngoc Khuong, director of property company Savills Vietnam.

Meantime, other real estate markets in the Asia region that have developed into their tops since last couple years, are now in the downward trend. This is believed to create attractiveness for the Vietnamese market, Khuong added.

By Do Tra Giang – Translated by Hai Mien

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Vietnam’s property market has shown signs of recovery after a long period of stagnation, heard a symposium held in Ho Chi Minh City on September 11.


Illustrative image (Photo: VNA)

Speaking at the "Vietnam Real Estate Symposium, 20 years looking back and two years looking forward" symposium", Nguyen Tran Nam, Deputy Minister of Construction, said that property prices had not increased and were now selling at reasonable prices, especially in the mid-range housing segment.

As for the high-end market, the prices of property projects in the western area of Hanoi fell dramatically, by 60 percent from 2011-2013. For the first half of the year, prices remained stable, with some project prices increasing by 1-2 percent only.

The number of transactions had gone up as well, he said. Around 5,100 transactions were completed in Hanoi in the first seven months of the year, or double the figure over the same period last year.

In HCM City, there were 4,500 transactions in the first seven months, a rise of 30 percent compared to the same period last year. As of August 20, the total value of real estate inventory was 82.295 trillion VND (3.9 billion USD), a drop of 46.254 trillion VND (2.2 billion USD) compared to the first quarter of last year. From December 31, 2013 to June 30, 2014, the total credit balance for property had increased by 7.7 percent to reach 282.2 trillion VND (13.3 billion USD). At least 20 percent of the government's housing credit package worth 30 trillion VND (1.4 billion USD) had been disbursed.

The property market has attracted a large amount of foreign direct investment (FDI). There are a total of 427 FDI property projects in the country, with total registered capital of 51 billion USD, ranking second after the processing industry.

Foreign direct investment in the real estate market accounts for 21 percent of total FDI in Vietnam. According to Savills Vietnam, the office-for-lease segment grew by 1.6 to 5 percent in most big cities in Asia Pacific, including Hanoi and HCM City, in the first half of the year.

Troy Griffiths, Deputy Managing Director of Savills Vietnam, said Vietnam's property leasing prices were competitive compared to other countries in the region, especially in the hotel, retail and serviced apartment segments.

Marc Townsend, Managing Director of CBRE Vietnam, said that HCM City and Hanoi were still the top target markets for property retailers.

Experts who spoke at the meeting said that high-end projects of a large scale were still the primary focus of developers.

However, only 20 percent of consumers can afford property in this segment, they said. Also, many property investors have to rely on short-term loans with high interest rates, while many small businesses that have weak financial capacity continue to take part in the market.

The country now has 15,316 property businesses. Of that number, 8,603 businesses have chartered capital of less than 20 billion VND (944,000 USD).

At the meeting, many foreign investors expressed concerns about lack of transparency and complicated administrative procedures in the real estate market.

They said a more open investment environment should be created.

To resolve these issues, the Vietnamese Government has issued many policies and incentives to ensure sustainable development of the market.

These include measures to control supply-demand balance; review and evaluation of projects; resolution of non-performing loans; and more loans to customers so they can buy houses.

The Ministry of Construction has also advised the Government to amend real estate business laws and housing laws with content that provides more favourable conditions to foreign businesses and foreigners to invest in real estate as well as rent and lease houses and land in Vietnam.

The symposium, held by the Australia Chamber of Commerce in Vietnam (Auscham), aimed to discuss the latest development in Vietnam's property sector, market insights, advice on attracting local and foreign investors, an upgrade on Law and Tax changes, and networking opportunities with key parties and well-known figures in the real estate industry.

Source: VNA
Tags: Cỏ Nhân Tạo, Lưới Chắn Bóng, Trần Văn Sports

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Today, Vingroup officially opened Vincom Mega Mall Royal City, Asia’s largest underground Retail and Entertainment Complex in Royal City, Hanoi.



Today’s grand opening, welcoming thousands of customers, reaffirms Vingroup’s market leading position in developing and managing the largest high-end shopping centres in Vietnam. Located at 72A Nguyen Trai Street, Thanh Xuan District, Hanoi, and covering an area of 230,000 sqm, Vincom Mega Mall Royal City is Vietnam’s largest Retail and Entertainment Complex and has been developed to satisfy all of the customers’ shopping and entertainment needs to the highest international standards.



Vingroup is recognized for an illustrious track record in development and management of the largest shopping and entertainment complexes across the country. Development of the Royal City Project commenced in 2010, with the site being officially handed over to Vingroup in May 2011, and comes into operation on schedule and after less than 30 months of expeditious construction and completion. Following only 10 months of pre-leasing, the shopping mall enjoyed an occupancy rate of over 95% for the underground component with participation from hundreds of leading global and local brands.



Speaking at the Grand Opening Ceremony, Ms. Le Thi Thu Thuy, Vingroup’s Vice Chairwoman cum CEO said: “We believe that Vincom Mega Mall Royal City, with many novel features and facilities, will be an ideal shopping, entertainment and recreational destination for every Hanoian, as well as domestic and international visitors to the capital. With our experience in managing the largest portfolio of high-end shopping centres in Vietnam, Vingroup is committed to providing the highest level of service and endeavors to meet all of our customers’ needs, ensuring that Vincom Mega Mall Royal City will be a major destination for tourism, culture and entertainment activities and a ‘must-see’ destination in Hanoi.”



Structured in an all-in-one concept, Vincom Mega Mall Royal City offers a full range of tourism, shopping and recreational services, where customers can combine sightseeing, consumption, interaction, social gatherings and, especially, family entertainment. Vincom Mega Mall Royal City is not only the largest shopping centre in the country with over 600 shops, but also a unique entertainment destination with many of Vietnam’s largest recreational facilities, including: the indoor Vinpearl Water Park Royal City, with a total area of​​ 24,000 sqm, which will open all year round and is one of the best in Asia in terms of entertainment value; the indoor Vinpearl Royal City Ice Rink, with a total area of​​ 3,000 sqm, which has a capacity of over 150 people per session and is the first international-standard ice rink in Vietnam; World Games, with numerous entertaining games; KizCiti – "Minimature careers city” where children from 3 to 15 years old are taught life skills through dynamic model careers; a Bowling area; an F&B Street comprising over 200 restaurants; the Platinum Cinema Complex, and much more.



The opening ceremony of Vincom Mega Mall Royal City also commemorates Vingroup’s 20th Anniversary (August 8, 1993 – August 8, 2013), constituting a solid achievement in the Group’s history of establishment and development.Various cultural activities, artistic performances, special promotions and attractive gifts were showcased during the ceremony. Many exciting activities and street performances with a European style will be held between 17:00 and 21:00 on 26 – 28 July 2013, at Royal City’s Square to welcome all visitors to Vincom Mega Mall Royal City on its grand opening, including photograph opportunities with Roman/Greek human statues, outdoor concerts, portrait paintings, street magic, circus clowns, skating club for children.

About Vingroup

Vingroup Joint Stock Company is a leading real estate corporation engaged in the development, leasing and sale of high quality retail, office, residential and mixed-use properties in prime locations in key major cities across Vietnam including Hanoi, Hai Phong, Hung Yen and Ho Chi Minh City. In addition, Vingroup is involved in the development, management and operation of premium tourism and hospitality properties in locations such as Nha Trang, Da Nang, Hoi An, Phu Yen and Da Lat. Vingroup Joint Stock Company was listed on the Ho Chi Minh Stock Exchange on September 19, 2007. Today, Vingroup is among the largest companies listed on Vietnam’s stock market by market capitalisation

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At the meeting, Chairman of HCM City People’s Committee – Mr. Le Hoang Quan requested Department of Finance to focus on compensation assessment records for approximately 3,000 households in the area of project. Mr. Quan also requested the Department of Architectural Planning to work with investor on establishing zoning task of 1/2000 based on the approved plan. At the same time, established a team to guide investor on implementing the 1/2000 plan.

During the meeting, the Department of Architectural Planning has proposed to increase the population size of 30,000 people which was approved from 2007 to 41,000-50,000 people. Adding some functional knowledge and new technology centre.

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Witnessed by Their Excellencies, Prime Minister Lee Hsien Loong of Singapore and Prime Minister Nguyen Tan Dung of Vietnam - Sembcorp-VSIP Water Initiative launched to provide clean water to local communities in Quang Ngai province



Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries (Sembcorp), celebrated the groundbreaking today of its fifth and latest Vietnam Singapore Industrial Park (VSIP) development located in Quang Ngai province, central Vietnam. The ceremony was witnessed by the heads of government, Prime Ministers Lee Hsien Loong of Singapore and Nguyen Tan Dung of Vietnam, signifying the continued importance of the well-established VSIP projects as a symbol of bilateral economic cooperation.


VSIP Quang Ngai will comprise a 600-hectare industrial park located in Son Tinh district, as well as a 520-hectare site zoned for commercial and residential purposes near downtown Quang Ngai city. There is an option to expand the industrial park by a further 626 hectares in the future. To kick-start the project, the developers will focus on a start-up area of 160 hectares for the industrial park and 100 hectares for commercial and residential development.




VSIP Quang Ngai is a development by Vietnam Singapore Industrial Park Joint Venture Co (VSIP JV Co), a 49-51 joint venture between Vietnam’s Becamex IDC Corporation and a Singapore consortium in which Sembcorp Development holds a 92.9% stake.

Quang Ngai province is strategically located in Vietnam’s central coastal region, where the Vietnamese government aims to attract greater investment. This will encourage the region to grow and avoid development in the country being concentrated only in Hanoi and Ho Chi Minh City. Government-supported investment incentives are being offered to manufacturers in VSIP Quang Ngai, which is situated within the Dung Quat Economic Zone in Quang Ngai province. From VSIP Quang Ngai’s central location, manufacturers will enjoy distribution access to the northern and southern economic zones of Vietnam, as well as to external markets such as Laos, northeastern Thailand and Cambodia. VSIP Quang Ngai’s target industries include food and beverage manufacturing, fast-moving consumer goods (FMCG), electronics assembly and other light industries catering to the oil and gas and chemical sectors.

During the groundbreaking ceremony, three manufacturers were awarded investment licences in VSIP Quang Ngai. URC Central Co of the Philippines, known for its Jack & Jill brand of potato chips, will set up a US$35 million plant, while King Riches (Vietnam) Footwear Co of the Kingmaker Footwear group, a Hong Kong stock exchange-listed company, will invest in a US$20 million plant producing branded footwear. Hebei Xindadong Textiles Co of China also committed to invest US$60 million in a textile manufacturing plant. Some 11,000 jobs will be created as a result of the initial investments by these three companies. In addition, the Philippines’ Liwayway Marketing Corporation and Singapore’s OceanMaster Engineering have signed letters of intent to set up production plants for food manufacturing and marine refrigeration systems respectively.

Aside from VSIP Quang Ngai, VSIP has four other projects across the country, in Binh Duong and Bac Ninh provinces, as well as in Hai Phong City. VSIP Quang Ngai brings the total gross area of the VSIP developments to 6,000 hectares, making VSIP the largest integrated township and industrial park development in Vietnam. To date, VSIP has attracted US$6.4 billion in total investment capital from over 490 companies to Vietnam. Companies operating in the VSIP developments employ more than 140,000 workers. In 2013, VSIP was named the ‘Best Industrial Developer in Vietnam’ by Euromoney.

Launch of the Sembcorp-VSIP Water Initiative

During the groundbreaking ceremony, Sembcorp, VSIP JV Co and the People’s Committee of Quang Ngai province also launched the Sembcorp-VSIP Water Initiative for Quang Ngai. In the first phase of this initiative, Sembcorp and VSIP JV Co will provide clean water to serve over 14,000 people across 10 sites in the Binh Son and Son Tinh districts of Quang Ngai province. A joint committee comprising representatives of Sembcorp, VSIP and the People’s Committee of Quang Ngai will be formed to oversee this initiative, and also assess appropriate solutions to deliver clean water to 10 other locations in Binh Son and Son Tinh in the next phase of the initiative.

Sembcorp in Quang Ngai province: Milestone also achieved for power project

Apart from its VSIP project, Sembcorp also made notable progress in its power project in Quang Ngai province – a 1,200-megawatt coal-fired power plant in the Dung Quat Economic Zone. This will be Sembcorp’s second power project in the country. Just two days before the ceremony, Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities, signed a Memorandum of Understanding (MOU) with Vietnam’s Ministry of Industry and Trade (MoIT) for the development of this coal-fired power project under a 25-year build-operate-transfer arrangement. In May 2013, the Vietnamese government awarded approval for the project to be included in Power Master Plan VII, the country’s national power development plan for the period 2011-2020, and appointed Sembcorp Utilities as the project owner and developer. Sembcorp will undertake further studies and carry out subsequent steps for the development of this project in cooperation with MoIT, in accordance with the MOU.

Tang Kin Fei, Sembcorp’s Group President & CEO, said, “2013 marks the fortieth anniversary of the establishment of diplomatic relations between Singapore and Vietnam. Sembcorp is proud to have played, and to continue playing, our part in strengthening these bilateral ties. Our latest VSIP and power projects in Quang Ngai have achieved significant milestones and we believe they will contribute to Vietnam’s economic development, just as our established projects in the country have over the past 17 years.

“Our world-class urban developments provide the economic engine that drive investments into the country, while our utilities facilities supply essential power to support economic growth. At the same time, our water initiative demonstrates that at Sembcorp, we not only provide solutions that support economic development, but we also aim to make a difference by improving the quality of life of the local communities where we operate.”

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Foreign donors have agreed to contribute 857 million euros (US$1.137 billion) for the first stage of the project to build an 8.9-km section of Metro Line No 5 linking Saigon Bridge in Binh Thanh district to Bay Hien intersection in Tan Binh district.



The Ho Chi Minh City Management Authority for Urban Railways (MAUR) said the ADB will finance US$500 million, EIB 150 million euros, and the Spanish Government 200 million euros. The remaining will be financed by the Vietnamese Government's counter capital.

This is the third metro route in the city. The other two are Metro Line No 1 running from Ben Thanh market in District 1 to Suoi Tien Tourist Park in Thu Duc district and Metro Line No 2 which links Thu Thiem New Urban Area in district 2 to An Suong bus station in District 12.



Construction of Metro Line No 5 is scheduled to start in 2015 to link Metro Line No 1 (construction of which began in 2012) and Metro No 2 (construction to start next year).

According to the MAUR, after completion, Metro Routes No.1, 2 and 5 will each carry about 526,000 passengers a day.

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Vingroup Joint Stock Company (“Vingroup” or the “Company”), the largest listed real estate and tourism, hospitality development and management company in Vietnam by market capitalization, and one of the largest listed companies in Vietnam (ticker: VIC), successfully debuted in the international debt capital markets after pricing US$200 million of 4.5-years Reg S / 144A senior notes (the “Notes”) due 2018. The Notes pay a coupon of 11.625%.



The Notes, which are rated B+ by Fitch and B by S&P, were priced post a 6-day global roadshow covering the key financial centers of Hong Kong, Singapore, London, Los Angeles, Boston and New York, allowing for a US$200 million deal to be successfully priced at a yield of 11.875% by Thursday, October 31.

The bookbuilding process was participated in by over 100 fixed income accounts. The final order book was multiple times over-subscribed and was led by quality investors, many of whom are new to Vietnamese corporate credits. By geographical allocation, 60% came from Asia, 25% from the United States and 15% from Europe. By investor type, 66% of the Notes were distributed to fund managers, 25% to private banks and 9% to banks and other investors.

The net proceeds of the issuance will be transferred to Vincom Retail, Vingroup’s retail subsidiary with Warburg Pincus as private equity investor. Vincom Retail owns and operates a portfolio of high-end shopping malls at prime locations in key cities in Vietnam. It will use the net proceeds to fund development projects and for working capital and general corporate purposes.

The transaction represents the first ever benchmark US$-denominated bond offering by a Vietnamese corporate. Prior to the US$ bond offering, Vingroup has successively tapped the international capital markets including issuing US$300 million convertible notes in 2012, completing a US$200 million private equity investment by a consortium led by Warburg Pincus into Vincom Retail in May 2013, and closing a US$150 million syndicated loan in October 2013.

Ms. Le Thi Thu Thuy, Vingroup’s Vice Chairwoman and CEO commented, “We are extremely proud of Vingroup’s landmark corporate milestone of having been able to tap a new investor base. We continue to find ways to strengthen our balance sheet and diversify our funding sources. Moreover, through this issuance, we hope to lay the foundation for other Vietnamese corporates who seek to access the US$ bond markets in the future.”

Credit Suisse acted as sole global coordinator, and together with Deutsche Bank and ING as joint bookrunners for the transaction.

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On 6/11, Marriott International Hotel Group officially opened the first hotel branded JW Marriott in Hanoi. This is an important milestone in the development strategy of the Group in Southeast Asia.



The JW Marriott Hanoi is a 450-room, five+ -star hotel (394 graciously appointed, 48sqm guest rooms and 56 suites) situated on a lake within the Vietnam National Convention Center Complex.

This 75,000 square meter hotel and retail development includes three restaurants, two ballrooms, living room, a meeting and business center covering 3,600sqm, an executive lounge, a glass enclosed rooftop swimming pool with adjacent health club and poolside restaurant/bar, general public areas such as the main entrance lobby, retail areas, parking garage, as well as associated back-of-house areas.



The building’s form takes its inspiration from the mythological imagery of the dragon, which plays a significant role in the rich cultural heritage of the country.

Source: VEN

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VietNamNet Bridge – Foreign real estate service firms once “bossed the show” in the golden age of the real estate market. However, in the economic crisis, things have got quite different.



CBRE Vietnam’s CEO Marc Townsend and his staff might be very happy when the firm’s office moved to the BIDV Tower in the central area of Hanoi. The whole sixth floor of the A-class building was then leased by the real estate service firm, which was the place where CBRE set up a trading floor, introduced real estate projects to clients, organized workshops.

However, half of the floor has been left idle, as CBRE Vietnam decided to cut down the leased area in an effort to cut down the expenses.

CBRE has been known in Vietnam as one of the biggest real estate consultancy firms with a lot of consultancy and marketing contracts signed with the big clients such as the investors of Sky City Towers, Hanoi Time Towers or Pico Mall.

However, the CEO said the number of clients has decreased sharply, explaining that the CBRE’s business has been affected by the decrease in the foreign investment flow.

CBRE has obtained the contracts on acting as the consultant and distributor for Saigon One, a shopping complex in HCM City, or Ciputra Mall in Hanoi. However, as the projects’ implementation has delayed due to the lack of capital.

The same situation has been faced by other foreign real estate consultancy firms. In the past, Vietnamese investors tent to sell apartments through foreign consultancy firms which were believed to have more experiences than domestic ones. Nowadays, as fewer real estate projects have been put under the implementation, foreign firms don’t have many jobs to do.

Chris Brown, CEO of Cushman & Wakefield, also said some services provided by the firm, especially the brokerage and sale, have been seriously affected by the market fall. The divisions were expanded in real estate market boom period in 2007-2008, but have got narrowed in the crisis.

However, CBRE or Cushman & Wakefield prove to be luckier than many others. Knight Frank and Coldwell Banker nearly don’t carry out business activities any more.

The name “Coldwell Banker” has nearly disappeared from the market, as the franchisee of the brand – the Minh Viet Investment JSC – has run out of capital to implement the two housing projects Tricon Towers in Hanoi and Bayview Tower in Ha Long City.

In fact, Coldwell Banker only did the two projects in Vietnam. Therefore, when the two projects stay “immovable” over the last two years, people don’t hear more about it.

Analysts have noted that foreign firms now have to compete fiercely with domestic ones to obtain the right to distribute apartments. Some domestic firms such as Dat Xanh, Cen Group, or G5 in Hanoi have grown rapidly by focusing on selling low cost and medium price houses – the market segment that foreign firms did not care in the past.

However, though having to scale down some services, foreign consultancy firms still can “live well” thanks to their service diversification policy.

Cushman & Wakefield has developed other types of services, including the office leasing brokerage in HCM City, the retailing throughout the country, and the investment consultancy. Meanwhile, Savills has the incomes from the real estate management and investment consultancy services.

K. Chi

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After the long, grinding downturn in Vietnam's property market, some investors say now is the time to jump back in.

Vietnam's listed real-estate companies have bottomed out, said David Roes, CEO of Asean Investment Management, which has about 90 percent of its $10 million under management invested in the country.

After a four-year bear market, "you've still got relative valuations in real estate that are incomparable to any other market," he said. Listed real-estate companies often have 14 to 15 percent dividend yields and trade at 2.5 to 3 times earnings, sometimes with zero debt, he said.

In 2007, the country's property market hit a wall after peaking with a bit of a "flipping frenzy," which was crushed in the following years by double-digit inflation, lending rates above 12 percent and multiple devaluations of Vietnam's local currency, the dong.


Play Video

Why has Vietnam been cushioned from EM outflows?
David Roes, Chief Executive Officer at Asean Investment Management explains why Vietnam is one of the best performers among emerging markets this year.

Credit for developers dried up and the dong devaluation boosted the cost of imported materials and labor, leading to many abandoned projects.

But now Vietnam's property laws are changing and the prices of undeveloped land purchased from farmers will no longer be set by the government, meaning the cost will rise and companies with existing land banks can realize value, he said.

"The downturn has hit rock bottom," agreed Jason Ng, a director at VinaCapital. Ng noted the government is planning to introduce new regulations allowing foreigners to purchase both apartments and landed properties and to permit them to rent out those properties.

He also noted both developers and buyers of social housing will be offered preferential loan rates of around 6 percent.

"We hope that will spark new interest in the property market," Ng said. VinaCapital's VinaLand closed-end fund, listed on the London Stock Exchange's AIM section, has around $466.5 million under management. The fund, which trades in U.S. dollars, peaked at around $1.70 in 2007; it is now trading around $0.44.

But while Ng sees value in the end-buyers, Roes is distinctly "wholesale" on his property picks, avoiding the "retail" finished products, which he still sees as too expensive.

He's avoiding the high end, especially high-end retail developments, but likes urban developments in tier-two and tier-three cities, where there's little competition. He also looks at industrial estates, commercial properties and some mall developments.

Among his top stock picks, Roes likes Apec Investment JSC, noting it's trading at just 2.5 times its 2014 earnings, with a 14 percent dividend yield. The stock has a $5.5 million market capitalization, compared with a net asset value (NAV) in excess of $100 million, he notes.

The company just sold 5 hectares of industrial park land near a new Samsung factory expansion outside Hanoi for a 100 percent markup, with a profit equal to 25 percent of its market capitalization, Roes said.

Among other property plays, Roes also tips Thang Long Investment Group, which trades around 1.5 times its 2015 earnings, with a $3.0 million market cap compared with an over $100 million NAV, and Van Phat Hung, which has a $6.4 million market cap compared with its over $120 million NAV.

—By CNBC.Com's Leslie Shaffer; Follow her on Twitter
@LeslieShaffer1

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Just 19 years old and a year after his 1967 graduation from Courter Tech High School in Clifton – today the site of Cincinnati State Technical and Community College – he enlisted in the Army and served in Vietnam.

Mr. Hicks, 64, died Aug. 17. He had recently retired.

“He had this attitude that if you weren’t going to do it right, then don’t bother to do it at all,” said Lynee Hicks Campos of North Avondale, one of his three surviving children.

“He enjoyed the challenge of being told he couldn’t do something.”

He enlisted in the military because he liked the challenge and loved his country.

“He was proud to be an American, and I heard him express that many times,” Campos said.

“He was very proud to have lived to see (Barack Obama) become president.”

At Courter Tech, he was named an all-state gymnast and specialized in three events: pommel horse, ring and floor exercise.

While in the Army, Mr. Hicks served in the 1st Provisional Rifle Co. 173, rising to the rank of sergeant.

He married in 1979 and went on to the University of Cincinnati’s College of Design, Architecture, Art, and Planning, where he graduated magna cum laude with a bachelor’s degree in urban planning.

Then he went to work at Procter & Gamble before switching careers, entering the real estate industry, where he worked for two companies before starting his own agency, Hicks Properties.

Over the years, Mr. Hicks acquired a portfolio of 27 multifamily residential rental properties and more than 100 rental units.

From custom building his family home in North Avondale to representing his own family members in the purchase of their first homes, Mr. Hicks’ mission, his family says, was to help buyers find homes that would play a role in helping them build stability and memories.

“He was so confident in his ability and his work ethic,” Campos, an attorney with GE Aviation, said of her father.

“We learned that from him.

“We have all become successful.”

In addition to his daughter, Mr. Hicks is survived by his wife, Wanda; sons Marquis of Jacksonville, Fla., and Michael of Clifton; and two grandchildren.

He was preceded in death by a son, Matthew, who died as an infant.

The funeral was at Greater New Hope Missionary Baptist Church in Avondale.

He was buried with full military honors at Spring Grove Cemetery in Spring Grove Village.

Memorials can be made to Disabled American Veterans, 36 E. Seventh St., Cincinnati, OH 45202, 513-542-3201, dav.org. ■For consideration in Lives Remembered, please send information and contact number to livesremembered@enquirer.com

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VietNamNet Bridge – Foreign real estate service firms once “bossed the show” in the golden age of the real estate market. However, in the economic crisis, things have got quite different.



CBRE Vietnam’s CEO Marc Townsend and his staff might be very happy when the firm’s office moved to the BIDV Tower in the central area of Hanoi. The whole sixth floor of the A-class building was then leased by the real estate service firm, which was the place where CBRE set up a trading floor, introduced real estate projects to clients, organized workshops.

However, half of the floor has been left idle, as CBRE Vietnam decided to cut down the leased area in an effort to cut down the expenses.

CBRE has been known in Vietnam as one of the biggest real estate consultancy firms with a lot of consultancy and marketing contracts signed with the big clients such as the investors of Sky City Towers, Hanoi Time Towers or Pico Mall.

However, the CEO said the number of clients has decreased sharply, explaining that the CBRE’s business has been affected by the decrease in the foreign investment flow.

CBRE has obtained the contracts on acting as the consultant and distributor for Saigon One, a shopping complex in HCM City, or Ciputra Mall in Hanoi. However, as the projects’ implementation has delayed due to the lack of capital.

The same situation has been faced by other foreign real estate consultancy firms. In the past, Vietnamese investors tent to sell apartments through foreign consultancy firms which were believed to have more experiences than domestic ones. Nowadays, as fewer real estate projects have been put under the implementation, foreign firms don’t have many jobs to do.

Chris Brown, CEO of Cushman & Wakefield, also said some services provided by the firm, especially the brokerage and sale, have been seriously affected by the market fall. The divisions were expanded in real estate market boom period in 2007-2008, but have got narrowed in the crisis.

However, CBRE or Cushman & Wakefield prove to be luckier than many others. Knight Frank and Coldwell Banker nearly don’t carry out business activities any more.

The name “Coldwell Banker” has nearly disappeared from the market, as the franchisee of the brand – the Minh Viet Investment JSC – has run out of capital to implement the two housing projects Tricon Towers in Hanoi and Bayview Tower in Ha Long City.

In fact, Coldwell Banker only did the two projects in Vietnam. Therefore, when the two projects stay “immovable” over the last two years, people don’t hear more about it.

Analysts have noted that foreign firms now have to compete fiercely with domestic ones to obtain the right to distribute apartments. Some domestic firms such as Dat Xanh, Cen Group, or G5 in Hanoi have grown rapidly by focusing on selling low cost and medium price houses – the market segment that foreign firms did not care in the past.

However, though having to scale down some services, foreign consultancy firms still can “live well” thanks to their service diversification policy.

Cushman & Wakefield has developed other types of services, including the office leasing brokerage in HCM City, the retailing throughout the country, and the investment consultancy. Meanwhile, Savills has the incomes from the real estate management and investment consultancy services.

K. Chi

Read More...

While the domestic property market continues to stagnate, statistics show that foreign direct investment (FDI) into real-estate projects is on the rise.

Japan currently tops the list of 47 countries and territories investing in Viet Nam's real estate.


Many foreign investors register for real estate projects, but left them fallow for years due to failure to mobilise capital from domestic sources

According to statistics from the Ministry of Planning and Investment, Viet Nam attracted a total of US$12.63 billion of FDI in the first eight months of this year, a rise of 19.5 per cent over the same period last year.

Among the 18 sectors that drew foreign investments, real estate ranked second with a total of $588.11 million, making up 4.7 per cent of the country's total FDI. Mananufacturing and processing industries followed.

By August, about 400 FDI property deals were concluded, worth a total of $48.23 billion.

According to Savills Viet Nam, the increasing FDI into property market is due to recovery signs in the economy in the first half of the year, together with Government efforts to support the property market with tax incentives and preferential loans, according to the Dau Tu Chung Khoan newspaper.

Savills said that Japanese investors were showing greater interests in Vietnamese property, expecting that it will become a medium and long–term destination for their money.

Real estate company CBRE Viet Nam forecast that many huge foreign investors would seek business opportunities in the property market by the end of the year.

However, there are some concerns at the massive increase of FDI into the country's property market.

Reports say many foreign investors register for real estate projects, but left them fallow for years due to failure to mobilise capital from domestic sources.

A property expert, Nguyen Mai, said some investors in real estate projects with registered capital of up to billions of dollars only poured parts of the amount into construction, then sold the unfinished shells to rotate capitals.

He urged better management of FDI inflow into the country to ensure its efficiency.

The Government recently issued Resolution 103/NQ-CP, aiming to enhance the efficiency of FDI into the country, especially the use of land for FDI enterprises.

This means that localities are responsible for inspecting and classifying FDI projects that use land inefficiently.

Ministries and authorities have also been asked to complete regulations on land, housing, site clearance and compensation to ensure transparency in land management and encourage both foreign and domestic investors

VNA

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Vietnamese who live abroad have retreated from the country’s real estate market, wary of investing in property in Vietnam after the economic slowdown. In 2013, investments in property from Vietnamese nationals living overseas dropped by half compared with 2011.

Remittances from Vietnamese living abroad have reached $2.5 billion this year, mainly from the United States, South Korea, other Southeast Asian countries and Europe, and The State Bank of Vietnam expects a 10-15 percent increase in total remittances by year’s end.

But although Vietnamese nationals remain cautious regarding the real estate market at home, other foreigners indicate an increased interest in the country’s property.

“The market is starting to thaw,” Trinh BaoQuoc, the chief executive of Son Kim Land, told the World Property Channel.

Real estate developers were badly hit when prices on property dropped two years ago during the global financial crisis. The subsequent increased transparency of the real estate market may attract more potential developers.

“Investors across Asia are favoring a more direct form of investment, where visibility of deals is key,” Marc Townsend, the managing director of the Vietnam office of the property brokerage CBRE, said during the presentation at the Hilton Hanoi Opera.

A study by Professor Graeme Newell for Asia Pacific Real Estate Association revealed that Vietnam has the smallest real estate market in the region with only $21 billion worth investable property. Despite the tiny size, real estate giants are present. Warburg Pincus, a US-based global private equity firm, bought shares in Vietnam’s largest private real estate company Vingroup, accumulating a stake worth US $200 million.

A year ago financial experts were pessimistic about the country’s property market as many real estate projects have stalled due to the slow economic growth. Nonetheless, the current foreign investment activity has the potential to improve the slumping economy.

‘vl_00115- Ly Thuong Kiet – Vu Long – 2011′ by Hanoi’s Panorama & Skyline Gallery is used under a Creative Commons-Attribution license. - See more at: http://www.property-report.com/foreigners-snatching-up-real-estate-in-vietnam-while-vietnamese-living-abroad-remain-wary-31390#sthash.XzKzIqTK.dpuf

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VietNamNet Bridge – The Ministry of Construction’s idea of allowing foreigners to buy houses in Vietnam may not help warm up the frozen real estate market, because foreigners may not intend to buy houses once they are too expensive.









Chris Brown, CEO of Cushman & Wakefield Vietnam, thinks that the land price, which determines the profitability of real estate projects, is the decisive factor to which foreigners would refer when considering whether to buy houses in Vietnam. Meanwhile, the prices in Vietnam are still overly high.

Duong Thuy Dung, a senior executive of CBRE Vietnam, a real estate service provider, said Vietnam should not put a high hope on the demand from foreigners as a solution which can help ease the oversupply easily and quickly.

Since the day the Resolution No. 19/2008 on allowing foreigners to buy houses in Vietnam was implemented in a pilot program, only 89 people out of 80,000 foreigners, not including Viet Kieu (overseas Vietnamese), who live and work in Vietnam, have bought houses in the country.

Also according to Dung, most of them got married with Vietnamese citizens. Meanwhile, only 25 foreign businesses have bought apartments in Vietnam.

“The houses have always been very expensive, while the State has set up too many requirements on foreign buyers,” Dung explained.

She went on to say that since the houses prices are much higher than the house rents, most of the foreign institutions would rather lease than buying apartments.

Chris Brown of Cushman & Wakefield agreed, saying that this is one of the biggest obstacles to hinder foreigners to join the market.

Meanwhile, Tran Nhu Trung from Savills Vietnam, also a real estate service provider, pointed out that the currently applied administrative procedures remain too complicated, which would discourage foreign buyers.

Trung also said that foreigners may be reluctant to buy houses, once they are not allowed to sell the houses within 12 months since the day they get the land use right certificates. They would also not be allowed to lease to the third parties, use the houses as offices or for other purposes.

In the latest move, the Ministry of Construction has proposed to extend the duration foreigners can lease houses or apartments, loosen the leasing conditions, and extend the list of foreign subjects to be eligible for buying houses in Vietnam. Foreign investment funds, commercial banks, branches and representative offices of operational foreign invested enterprises would also be able to buy houses in Vietnam.

Regarding the ownership duration, two options have been suggested. With the first option, foreign individuals can possess houses for 50 years and have one 50-year extension. With the second option, they can own the houses for 70 years with no extension.

It’s still unclear how many houses foreigners can possess. The Ministry of Construction is considering either setting no limitation on the number of houses or allowing every foreign individual to have no more than 2 houses.

The investors from the Asian countries which make investments in Vietnam prove to have the biggest interests in the Vietnamese market, because they have deep knowledge about the market. They include Japan, Taiwan, Singapore and South Korea.

Cushman & Wakefield has also noted the high interest from the firms in the Middle East and Russia, but they mostly are interested in the Hanoi and HCM City markets.

TBNH

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