Vietnam a rising star in Asia-Pacific real estate: Savills
Despite facing a host of difficulties, Vietnam and its real estate market still saw growing interest from foreign investors in the fourth quarter of 2023, according to property consultancy firm Savills’ Asia-Pacific Investment Quarterly (APIQ) Q4/2023 report.
Savills cited data released by the Ministry of Planning and Investment as showing that as of December 20, total registered foreign direct investment (FDI) in Vietnam stood at nearly $36.61 billion, an increase of 32.1% over the same period of 2022.
In particular, registered capital reached nearly $20.19 billion, an increase of 62.2% year-on-year. The number of new projects totaled 3,188, an increase of 56.6%.

The skyline of Ho Chi Minh City, southern Vietnam. Photo by The Investor/Pham Nguyen.
In addition to newly-registered capital, 2023 also recorded 1,262 registered projects adjusting their investment capital, an increase of 14%, with total additional capital of $7.88 billion.
Fitch Ratings in December upgraded Vietnam’s long-term national credit rating to “BB+” from “BB”, with a “Stable” outlook.
Vietnam’s GDP growth is expected to reach 6-6.5% this year, thanks to stable FDI flows and the government’s efforts to overcome the difficulties facing the real estate industry, increase public investment, and introduce timely economic policies to stimulate growth.
Notably, the real estate market recorded a large amount of investment in Q4/2023, according to Savills. South Korea’s largest beverage manufacturer HiteJinro invested in a new factory on more than 8.2 hectares with capital of over $100 million in the northern province of Thai Binh.
In addition, Deli Group from China poured $270 million into about 21.2 hectares in the expanded Dai An Industrial Park in Hai Duong province, also in the north.
South Korea’s Hyosung Group, meanwhile, is to build a $720 million carbon fiber and materials factory at the Phu My II Industrial Park in the southern province of Ba Ria-Vung Tau.
In the retail segment, the market also saw vibrant activities from foreign investors. In September, South Korea's Lotte officially opened Lotte Mall West Lake Hanoi with a gross floor area (GFA) of more than 354,000 square meters.
At the same time, THISO, a member of conglomerate Thaco Group, opened a third Emart hypermarket in Ho Chi Minh City and plans to invest in the northern region after purchasing a 2.4-hectare land plot in the western area of West Lake in Hanoi.
Regarding the office segment, by 2026, Ho Chi Minh City is expected to welcome 300,000 square meters of new Grade A office space, such as The Nexus and VPBank Saigon Tower projects. Furthermore, more than 80% of the city’s future Grade A and Grade B supply will meet green standards.
In Hanoi, between now and 2026, 15 new projects will provide more than 389,770 square meters of office space. Grade A is expected to account for 86% of this future supply. Projects include Grand Terra, Taisei Square Hanoi, Tien Bo Plaza, 27-29 Ly Thai To, and others in the Starlake urban area. Green office space will account for 18% of future office floor space in the capital.
In the apartment segment, many large developers launched new products in the last months of 2023, including The Privia project in Ho Chi Minh City and Canopy Residences and Lumière Evergreen in Hanoi. The next phases of Nam Long Group’s Akari City project and Vinhomes' Glory Heights will also launch new products.
The Savills experts said the Vietnamese real estate market has recently seen the approval of important legal amendments, including the amended Law on Real Estate Business, the amended Law on Housing and the amended Land Law.
The adoption of these laws can be seen as a positive sign for the investment market next year, boosting investor confidence, they said, noting that it is still necessary to wait for legal documents to be able to observe clearer changes.
For M&A activities, some notable transactions in Vietnam in the fourth quarter of 2023 were TTC Hospitality JSC's purchase of the Imperial Hotel project in the central province of Thua Thien-Hue; Singapore’s CapitaLand’s acquisition of 56,208 square meters of land at the Vinhomes Smart City compound in Hanoi to develop a housing project; and Singapore-based Sycamore Company Limited’s $240 million deal to buy 18.9 hectares of land in the southern province of Binh Duong for a housing project.
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