Vietnam Real Estate Market

In 2019, foreign investors continue to gain the upper hand in prominent M&A events in Vietnam’s real estate market. Retail: optimistic movements when the supply (in Hanoi) and the average absorption rate increase. Office: new supply is still coming from Grade B offices. Rents have increased steadily due to meeting customer requirements, with occupancy rates of over 90%. Industrial park: Constant supply. Occupancy rate, rent is constantly improving. Apartments for rent: Hanoi market in the fourth quarter with additional Grade A apartments, HCMC market. HCM did not record additional supply, prices and vacancy rates were maintained stable. Hotel: supply decreased in both areas, prices and occupancy rates increased sharply due to the increase in tourists. Apartments for sale: The supply has increased in both Hanoi and Ho Chi Minh City. HCM, sales increased due to the market demand is still very high. Villa, adjacent: Hanoi continues to record growth in both new supply as well as the number of units sold in the city. HCM City is in short supply again due to slow business licensing …

Abbreviations

Executive summary

  1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

  1. Vietnam’s Real Estate Market

2.1 Definition and characteristics

2.2 Periods of volatility in Vietnam’s real estate market

2.3 Real estate market trends

2.3.1 Real estate for rent

2.3.2 Real estate for sale

2.4 Planning

2.5 Driving forces

  1. Enterprise analysis

 

Vingroup
No-Va Real Estate Investment Corporation
FLC Group
Khang Dien Housing Investment & Trading JSC
Nam Long Investment JSC
Dat Xanh Real Estate Service & Construction JSC
Kinh Bac City Development Share Holding Corporation
Quoc Cuong Gia Lai Joint Stock Company
Phat Dat Real Estate Development JSC
Binh Duong Construction and Development JSC

List of Figures

Figure 1: GDP growth by quarter, 2016 – 2019

Figure 2: Foreign direct investment, 2013 – 2019

Figure 3: Average interest rate, 2013 – 2019

Figure 4: Consumer Confidence Index, 2016 – Q3/2019

Figure 5: Number of enterprises in Vietnam real estate business, 2013-2018

Figure 6: Labours in real estate industry, 2013-2018

Figure 7: Net sales of real estate , 2013-2018

Figure 8: Profit before tax of real estate industry, 2013-2018

Figure 9: Total supply by sector, 2019

Figure 10: Retail supply by area , 2019

Figure 11: Vacancy rate and rental, Q4/2019

Figure 12: Supply of shopping center for rent, 2013- 2019

Figure 13: Shopping center rents and vacancy rates, 2014- 2019

Figure 14: Total retail supply, 2019

Figure 15: Retail supply by area, 2019

Figure 16: Asking rent and vacancy rate by area, Q4/2019

Figure 17: Total supply of shopping centre, 2013-2019

Figure 18: Shopping centre rents and vacancy rates, 2013-2019

Figure 19: Retail space for lease by purpose, 2015

Figure 20: Retail space for lease by purpose, 2018

Figure 21: Total supply by grade and area, 2019

Figure 22: Office rents, Q1/2016- Q4/2019

Figure 23: Average rent price by area, Q4/2019

Figure 24: Office for lease by business line, 2019

Figure 25: Cumulative office supply and vacancy, Q1/2017-Q4/2019

Figure 26: Supply and vacancy by grade, 2019

Figure 27: Office rents, Q1/2016-Q4/2019

Figure 28: Office for lease by business line, 2019

Figure 29: Co-working space for lease by business type, 2018

Figure 30: Total Supply by area, Q4/2019

Figure 31: Rents by area, Q4/2019

Figure 32: Northern Industrial park’s supply and vacancy, 6/2019

Figure 33: Northern Industrial park’s average rents, Q2/2019

Figure 34: Supply and vacancy , Q4/2019

Figure 35: Rents by area, Q4/2019

Figure 36: Southern cumulative supply and vacancy, Q4/2019

Figure 37: Factory rents by area, 2013 – 2019

Figure 38: Industrial land rents by area, 2013 – 2019

Figure 39: Supply of serviced apartment, 2019

Figure 40: Asking rent by grade, Q1/2017-Q4/2019

Figure 41: Apartment rents and occupancy rate, Q1/2017-Q4/2019

Figure 42: Cumulative supply of serviced apartment by grade and vacancy rate, 2019

Figure 43: Apartment rentals by grade, 2019

Figure 44: Hotel supply in Hanoi, Q1/2017 – Q4/2019

Figure 45: Hotel room prices and occupancy rates, Q1/2017-Q4/2019

Figure 46: Hotel supply in HCMC, Q1/2017-Q4/2019

Figure 47: Hotel room average price and occupancy rate, Q1/2017-Q4/2019

Figure 48: Supply of condominium by segment, Q4/2019

Figure 49: Condominium selling prices and absorption rates by segment, Q4/2019

Figure 50: New launch supply by segment, Q4/2019

Figure 51: Condominium selling prices and absorption rates by grade,Q4/2019

Figure 52: Villa/townhouse supply, Q1/2017-Q4/2019

Figure 53: Villa and townhouse secondary price movements,Q1/2017-Q4/2019

Figure 54: Cumulative supply of villa and townhouse, 2017 – 2019

Figure 55: Logistics performance index in some countries, 2018

Figure 56: Average invest capital by mode of transport,2018

Figure 57: LPI  rank of Vietnam, 2010-2018

Figure 58: Urbanization, 2013 – 2019

Figure 59: Average income and spending per month, 20010 – 2019

Figure 60: Real estate’s outstanding loans, 2013 – 2019e

Figure 61: Structure of real estate’s outstanding loans, 2018

Figure 62: Population by class (income), 2013 – 2020f

Figure 63: Number of international and domestic tourists in Vietnam, 2013 – 2019e

Figure 64: Real estate industry’s revenue, 2010-2022f

Figure 65: Net revenue growth, 2017-2018

Figure 66: Gross profit growth, 2018

Figure 67: Liquidity ratios, 2018

Figure 68: Receivable turnover, 2018

Figure 69: Solvency ratios, 2018

Figure 70: Asset turnover, 2018

Figure 71: Fixed asset turnover, 2018

Figure 72: G&A expenses to net revenue, 2017-2018

Figure 73: Interest Expenses to net revenue, 2016 – 2017

Figure 74: Selling expenses to net revenue, 2017-2018

Figure 75: Rate of return, 2018

Figure 78: Supermarket distribution in Vietnam’s 3 regions, 2017

Figure 79: Retail market share in Vietnam, 2016

 

List of Tables

Table 1: Increase or decrease in CPI of goods and services, 2019

Table 2: Upcoming key project scheduled to launch in 2020

Table 3: Upcoming key project scheduled to launch in 2020

Table 4: Key project in 2019

Table 5: Key project scheduled to launch in 2020

Table 6: Large office transactions (>1000m2) in Hanoi, 2018

Table 7: Key projects in 2019

Table 8: Large office leasing transactions in HCMC, 2018

Table 9: Key projects in the period of 2019-2022

Table 10: Key projects in HCMC in the period of 2019 – 2023

Table 11:Upcoming key serviced apartment projects in Hanoi

Table 12:Key projects scheduled to launch in coming years

Table 13:Key projects in Q4/2019

Table 14: Key projects scheduled to launch in the coming years

Table 15: Key projects in coming years

Table 16: Vietnam’s LPI, 2007- 2018

Table 17: Big shopping malls of AEON in Vietnam

Table 18: TOP REAL ESTATE ENTERPRISES BY REVENUE 2018