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The thienmaonline.vn – Vietnam’s property market has seen a significant investment of Japanese firms in the past few years, with many projects carried out under partnerships between the two countries’ enterprises.
The projects include the development of a smart city along the Nhat Tan – Noi Bai route in Hanoi. The project was signed between Vietnam’s BRG Group Joint Stock Company, Japan’s Sumitomo Corporation Asia and Oceania Group and the People’s Committee of Hanoi.
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With total investment of nearly US$4.2 billion, this 272ha project is considered Japan’s largest foreign investment.
Previously, another large Japanese investor, Mitsubishi Corporation, had co-operated with Vietnamese property developer Bitexco, to develop 240 low-rise housing units and two high-rise condominiums among a total of more than 1,000 low-rise and 17 high-rise condominiums at Hanoi’s The Manor Central Park project. Bitexco and Mitsubishi established a joint venture company, of which Bitexco holds a 55 percent stake and Mitsubishi holds the remaining 45 percent.
Recently, Nidec Group, one of the world’s leading hi-tech corporations and the second largest Japanese corporation on the Tokyo stock exchange (2017), joined forces with escalator firm Alpec to conquer the Vietnamese elevator market.
With many years of experience in the field of high technology as well as research and development of lifts, Nidec will send foreign experts to support Alpec in quality management, labour safety, as well as the research and development of elevator equipment. The cooperation between the two sides promises to launch modern and environmentally-friendly elevator products, in accordance with the aesthetics and economic conditions of the Vietnamese people.
There were also many projects having Japanese investment in Ho Chi Minh City, such as Tokyu investing in Hung Thinh Corporation and Becamex’s projects and Hankyu and Nishi Nippon Railways tying up with Nam Long, Misubishi Corporation with Phuc Khang Corporation, and ACA with Son Kim Land.
Le Hoang Chau, chairman of the Ho Chi Minh City Real-estate Association, there is still enormous opportunity for co-operation between Ho Chi Minh City and Japanese property developers and construction companies since the city now has some 1,200 projects, including infrastructure upgrades and beautifying works.
Besides, from 2018 the city is set to implement the National Assembly’s resolution No54 on special mechanisms and policies for it, which would give it almost complete autonomy in deciding and awarding projects.
The city has already planned 21 programs including removing houses along canals and giving itself a facelift.
Le Tran Kien, deputy director of the city Department of Construction, said by 2020 the city aims to relocate 20,000 people living along cannels and in old apartments.
Some 21,850 houses are located along canals and need to be moved, mostly in the city’s districts 8, 4 and Binh Thanh, he said.
The city is considering ways to attract more foreign investment in public-private partnership projects (PPP), he said, adding that six PPP projects are now underway to upgrade the city.
Ho Chi Minh City is now soliciting Japanese investment in a project to upgrade the Cau Dua Canal in District 4.
It is also open to Japanese investors taking part in projects to replace old apartment buildings starting this year. It has first sought investors for 13 buildings which are dangerously dilapidated. Four others are also set to be upgraded. PPP investment is also sought for some new buildings in District 10.
Keiji Kimura, chairman of J-CODE, said Vietnam is set for rapid modernization like Japan achieved 50 years ago so that Japanese companies would like to share their experience with Ho Chi Minh City partners in handling problems like traffic jams and pollution.
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