Singapore’s Keppel posts zero 2023 home sales in Vietnam
Keppel Corporation recorded no sales of home units in Vietnam in fiscal year 2023, according to the Singaporean firm’s financial results for the full year ending December 31, 2023.
Meanwhile, in fiscal year 2022, Keppel’s home sales in Vietnam reached 70 units out of 2,190 sold by Keppel around in the world.

Saigon Center, a project of Keppel in Ho Chi Minh City, southern Vietnam. Photo courtesy of Thanh Nien (Young People) newspaper.
In fiscal year 2023, Keppel’s home sales rose 41.6% year-on-year to 3,100 units, driven by 1,730 units in China and 1,180 in India. Beside Vietnam, the figures for two other Southeast Asian markets, namely Singapore and Indonesia, were 60 and 130, respectively.
Regarding the commercial portfolio, with 401,210 square meters of gross floor area, Vietnam remained the second-biggest market for Keppel, or 27% of the real estate firm’s total figure of 1.49 million square meters. China was the biggest with 536,340 square meters, or 36% of the total.
Similarly, in terms of residential landbank, China was the biggest market with 16,443 units, or 43% of the total; followed by Vietnam with 9,238, or 24%; Indonesia with 7,109, or 18%; India with 5,244, or 14%; and Singapore with 187, or 1%.
Highlighting major real estate activities in 2023, Keppel noted that it acquired two residential projects in Ho Chi Minh City with Keppel Vietnam Fund and Khang Dien Group, and announced the acquisition of a stake in a retail property in Hanoi.
Reviewing its operations in Vietnam, Keppel highlighted its residential landbank in Vietnam with seven projects, all located in Ho Chi Minh City. With a gross floor area of 2.72 million square meters, those projects feature 15,089 units. Of which, 6,527 have been launched, 5,851 sold, and 9,238 available for sale.
Commenting on the performance in Vietnam, Louis Lim, CEO, Real Estate of Keppel, said: “It (Vietnam) will remain one of our key markets in emerging Asia, alongside India and China.”
The current problem in Vietnam is “a lot of delays in terms of the sales permits or construction permits that we can get to launch projects,” the executive added.
Emphasizing the strong underlying demand in Vietnam, Louis Lim stated: “Our partner recently had a project which had about 1,000 units. Within 2-3 days, they sold about 90%.”
Globally, Keppel reported its highest net profit in history of SGD4.1 billion ($3.05 billion) last year, more than quadruple year-on-year, thanks to a SGD3.3 billion disposal gain from a divestment from its offshore and marine (O&M) business. The return on equity (ROE) was 37.9%, higher than the 8.1% posted in fiscal year 2022.
- Read More
Oman Investment Authority to expand investment fund in Vietnam
Prime Minister Pham Minh Chinh has proposed Oman to enlarge the Vietnam-Oman Investment Fund (VOI) to $1 billion to better cater for the Southeast Asian country's investment needs.
Economy - Fri, May 30, 2025 | 11:26 pm GMT+7
Japanese retailer Aeon to build 2-hectare mall in Vietnam’s Mekong Delta
Retail giant Aeon will develop a 2-hectare mall in the Mekong Delta province of Tien Giang, with an estimated investment of VND1.16 trillion ($44.6 million).
Industries - Fri, May 30, 2025 | 4:44 pm GMT+7
76% of Vietnamese survey respondents say trade uncertainty encourages them to explore new opportunities: HSBC
Vietnamese businesses have experienced exponentially higher cost increases than the global average and are expecting additional short-term costs due to trade uncertainty. But many survey respondents (76%) think trade uncertainty has encouraged their business to evolve and explore new opportunities, write HSBC analysts.
Consulting - Fri, May 30, 2025 | 2:41 pm GMT+7
AgriS partners with IFC: Optimizing environmental and social management system, accelerating net zero 2035 goal
TTC AgriS (Thanh Thanh Cong-Bien Hoa JSC or AgriS) and International Finance Corporation (IFC) - a member of the World Bank Group - has signed an MoU to strengthen sustainable development governance in alignment with global standards.
Companies - Fri, May 30, 2025 | 2:30 pm GMT+7
Vietnam's stock market attractively priced: Finnish fund PYN Elite
Vietnam’s stock market is attractively priced, with a price-to-sales (P/S) ratio of 1.3, said Petri Deryng, portfolio manager at Finnish investment fund PYN Elite.
Finance - Fri, May 30, 2025 | 2:09 pm GMT+7
S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman
SK Group, South Korea’s second-largest chaebol, is exploring several LNG-fueled power projects in Vietnam, including three proposed to be included in the country's green growth project portfolio, said chairman Tae-Won Chey.
Energy - Fri, May 30, 2025 | 1:37 pm GMT+7
Vietnam's Hoa Phat Group to become Southeast Asia’s first producer of steel rails for high-speed railways
Hoa Phat Group, a top steelmaker in Vietnam, on Thursday signed an agreement with Germany’s SMS Group under which the latter will provide the former technology and production lines for manufacturing steel rails and shaped steel, with an annual capacity of 700,000 tons.
Companies - Fri, May 30, 2025 | 11:48 am GMT+7
Vietnamese firm lands first $1 mln order on Alibaba after 8-year struggle to export
After five months of operating a virtual storefront on Alibaba’s B2B e-commerce platform, Sukavina Co., Ltd., a Binh Duong province-based manufacturer of metal tables, chairs, and beds, secured its first international order, marking a significant milestone in the company’s eight-year journey to global markets.
Companies - Fri, May 30, 2025 | 9:00 am GMT+7
Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense
Viettel High Tech, the core military and civilian R&D arm of Vietnam’s military-run telecom giant Viettel, has signed a cooperation agreement with John Cockerill Defense, a leading weapon designer and manufacturer in France.
Companies - Thu, May 29, 2025 | 9:14 pm GMT+7
MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event
Vietnam's leading bank MB on Thursday introduced its latest digital technology solutions, notably the Biz MBBank digital financial platform, at the "Smart Digital Ecosystem in the New Era" event organized by the central bank.
Companies - Thu, May 29, 2025 | 8:02 pm GMT+7
Vietnam's auto distributor TMT to launch $3.8 mln charging station firm
Vietnamese auto distributor TMT Motors has announced the establishment of a charging station company with a charter capital of VND100 billion ($3.84 million).
Companies - Thu, May 29, 2025 | 4:45 pm GMT+7
US's Excelerate Energy affirms intention to turn Vietnam into LNG hub for ASEAN
Excelerate Energy wants to make Vietnam a center for LNG distribution to the ASEAN region, president and CEO Steven Kobos told Prime Minister Pham Minh Chinh at a meeting in Hanoi on Thursday.
Energy - Thu, May 29, 2025 | 4:33 pm GMT+7
Bourse shifts to heat up Vietnam's banking stocks
Several Vietnamese banks are planning to move their shares from the Unlisted Public Companies Market (UPCoM) to the Ho Chi Minh Stock Exchange (HoSE) this year, creating new momentum for banking stocks, long dubbed the “king” group.
Finance - Thu, May 29, 2025 | 2:48 pm GMT+7
Dairy giant TH Group proposes 5 projects in southern Vietnam
TH Group, one of Vietnam’s leading dairy producers, has proposed five major projects in the southern province of Binh Phuoc, in the fields of industrial production and urban area, golf course and high-tech agricultural production zone developments.
Industries - Thu, May 29, 2025 | 12:02 pm GMT+7
2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman
The cybersecurity breach that major Vietnamese brokerage VNDirect Securities encountered in 2024 was "an unfortunate incident, but also a lucky chance", chairwoman Pham Minh Huong said on Wednesday.
Finance - Thu, May 29, 2025 | 9:48 am GMT+7
Vietnam prioritizes smart, green seaport projects: Deputy PM
Vietnam encourages smart and green seaport investments, as technical barriers related to CO2 emissions and CO2 taxes begin to be tightened up globally.
Infrastructure - Wed, May 28, 2025 | 10:07 pm GMT+7