BY LOCALS, FOR LOCALS May 2017

“IN REAL ESTATE, YOU MAKE 10% OF YOUR MONEY

BECAUSE YOU’RE A GENIUS AND 90% BECAUSE YOU CATCH A GREAT WAVE”.

- JEFF GREENE -

#iAMHCMC EDITORIAL

2 | iamhcmc.com/gazette

No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission in writing from the publisher.

HAVE FEEDBACK? CONTACT ME AT IAMHCMC@YAHOO.COM

EDITOR’S NOTE

As I visited the major real estate consulting firms, I learned the facts accompanying HCMC’s quickly changing landscape. This city is capitalising on its many assets – a young population, increasing urbanisation and its rising status as a major manufacturing hub are some of the broad strokes – and that has translated to a rising demand in real estate across all sectors. Hospitals, office buildings, schools, apartments and villas are all in high demand. Foreign and local real estate developers are more than happy to deliver quality products to meet the needs.

Just look at our stories covering the development of District 2’s Thu Thiem, the success of Vingroup and the soaring levels of investment in industrial zones. Ho Chi Minh City developers are seizing the moment to make the city richer and more accessible for a growing population.

This isn’t, of course, the whole story.

Alongside the rapid expansion are the millions of HCMC residents who live in the shadows of high-rises, who eke out livings outside of office buildings and department stores. As equally as Ho Chi Minh City belongs to the rising middle and upper classes, it belongs to the xe om drivers, street food vendors, wet market merchants and factory workers who work hard to buy food, pay rent and support their families.

I was happy to meet and speak with real estate professionals who are cognisant of and working towards mitigating the hardships some citizens have experienced as HCMC has increased its presence in the global marketplace. While luxury apartments look beautiful against the skyline, low-income housing is in higher demand; some developers are working diligently to provide these options. And these are issues that we’ve covered in the following pages.

For me, the big takeaway from this edition is one of high potential. The next few years will be important to determine how and where real estate developments leads. I, for one, am excited to see the results.

Best,

TABLE OF CONTENTS

FEATURES

3. HCMC in Context

4. Real Estate by the Numbers

6. Key Districts in Ho Chi Minh City

8. Why You Should Keep an Eye

on District 9

9. Big Plans for D2’s Thu Thiem

12. Vingroup Reshapes Vietnam

14. The Heavy Hitters in

HCMC Construction

15. What to Know When You Rent

16. Foreign Property Ownership:

What You Need to Know

20. Your Quick Guide to

Office Leasing in HCMC

22. Co-Working Your Way

Towards Success

24. Bring on the Green:

LEED Construction in HCMC

25. Tearing Down the House

27. Controlling the Flood:

Affordable Housing in HCMC

28. Industrial Zones in HCMC:

Land of Opportunity

30. Building the Boom: FDI in Construction

32. HCMC’s Hospitality Industry Ramps Up

34. FUV’s Unconventional Academic Leader

ADVERTORIALS

17. Santa Fe Relocation Services

18. Cogniplus Interiors

19. Move Your Office Like a Pro:

Crown Relocations

33. An Exciting Summer Ahead

at AIS Summer School

36. Passion Turned into Success

37. Victoria Healthcare

38. EVA Air: Fly to Canada in Style

MEET THE EXPERT

26. Is Sidewalk Culture at Risk?

EDITORIAL & NEWS

2. Editor’s Note

#iAMHCMCBy Locals, For Locals

Keely Burkey

#iAMHCMCby Alex Crane & Keely Burkey REAL ESTATE FEATURE

Q1/2016

OFFICE(GRADE A-CBD)

46.10

56.4256.22

60.54 60.54

60.89

47.50

48.27 48.2748.19

Q2/2016 Q3/2016 Q4/2016 Q1/2017

(US$/m2/month)

AVERAGE RENT OF OFFICE (GRADE A-CBD) AND RETAILFROM 2016 TO Q1/2017

3

Fact One: Despite Fluctuations, HCMC Has a Stable Footing

Jakarta, Manila and Bangkok are cities

that have a much longer history of serious

business development. However, HCMC is

showing promise. “We have low vacancy in

the office sector, pushing rents higher than our

neighbours, and strong investment into the

industrial markets,” Crane says.

Fact Two: The Main Driver Is Labour and Manufacturing

Manufacturing is attractive for HCMC’s real

estate market: companies will invest in an

industrial parks, but will also buy office space

in the centre of the city as an operations hub.

Crane points first and foremost to the city’s

strategic shipping location for this draw, but

also acknowledges an added bonus for our city:

“HCMC’s demographics are quite unique [in

Vietnam], offering a well-educated workforce

for corporates.”

Fact Three: Rents Are High, but This Will Change

As basic supply and demand dictates, landlords

can charge higher rents when tenants have few

options. However, in 2017 we’ll see an increase

in available office space, and this will likely

skew rent prices. Crane mentions another thing

to keep in mind:

“I think what is becoming more relevant to pricing now rather than supply is the occupier’s expectation

and evaluation of quality.”

As more high-quality buildings start coming

up, older buildings will pale in comparison.

Tenants will begin to expect more amenities

for the money they’re paying, which will create

real estate competition in the coming years.

HCMC in Context

Nothing exists in a vacuum, including real estate. One of the best ways to understand the sector? Take a look at some neighbouring cities. Cushman & Wakefield Vietnam’s General Manager Alex Crane helps us navigate through the stats and figures.

Q1/2016 Q2/2016 Q3/2016 Q4/2016

4

8

12

16

20

24

28

32

4

8

12

16

20

24

28

32

JakartaBangkokManila

US$/m2/monthVacancy %

4.99

24.25

25.40

31.0030.14 29.71

29.92

19.48

2.35

5.07

22.54

25.62

19.59

1.55

4.81

22.87

26.37

19.70

22.30

26.80

19.91

2.45

5.96

2.26

OFFICE (GRADE A-CBD): VACANCY & AVG. RENT

11 BUILDINGS

63 BUILDINGS

A

B

reaching a 5-year high in 2016.

In 2016, GDP grew 6.2 percent

4 PERCENT

REAL ESTATEEXPANDED

new businesses were created.

OVER3,100

newly registered Foreign Direct Investment (FDI) capital

US$1.5 BILLION

will be located outside the CBD*71,122 m2

will be within the CBD115,570 m2

total office stock, which is a 3 percent increase from last year

1,620,000 m2

average occupancy rate with a 3 percent increase in rent from 2015

97 PERCENT

registered and supplementary FDI, with 177 supplementary projects worth

US$1.44 BILLION

US$629.2 MILLION

50 PERCENT

374,000

of the Vietnamese populationwill live in cities by 2040.

Approximately

housing units must be produced yearly to meet the demand.

account for 212,651 m2 of leasable space.

account for 896,624 m2 of leasable space.

In 2017, an expected 62,300 m2 leasing space will be available.

In 2017, an expected 124,392 m2 leasing space will be available.

* Central Business District

115

JAPAN TAIWAN CHINA SINGAPORE SOUTH KOREA

CURRENT TOP FOREIGN INVESTORS, US$ MILLION, JANUARY, FEBRUARY AND MARCH, 2017

452 644 824911

3,748

SOURCES ILLUSTRATORS CBRE Vietnam Market Insight Presentation

World Bank Vietnam

will be created, with 512 adjusted projects, and a total investment capital of

650 NEW PROJECTS

US$13.7 BILLION

providing

in HCMC. These are mostly located in: District 1, District 3, District 7

37 SERVICED APARTMENTS

3,335 UNITS

There are

of the country’s inward FDI will be put towards the development of industrial parks and

economic zones.

83 PERCENT

The majority of

was made in

SUBURBANDISTRICTS,

not central districts.

NEW SPACE

Around

made up of 8 new industrial parks will be built in the immediate future. This will increase the current stock by

2,800 HECTARES

60 PERCENT

Colliers Report Q4 2016

Trang Pham | Tung Dinh

INDUSTRIAL SUPPLY BY DISTRICT

REAL ESTATE B Y T H E N U M B E R S

5%

OTHERS

D10

VILLA AND TOWNHOUSEPRIMARY STOCK BY DISTRICT

4%

25%

18%

4%

5%

4%

6%

37%

BINH CHANH

NHA BE

D7

D9

D2

D12

THUDUC

NSBINH CHANH

D9

CU CHI31%

NHA BE20%

OTHERS19%

19%

11%

Alex Crane, “Up and Coming Vietnam” - Bat Dong San

Trying to make sense

of Ho Chi Minh City’s urban sprawl? We’re here to help.

CBRE Vietnam has compiled the most important facts about some of

our city’s many districts.

6 | iamhcmc.com/gazette

District 1: District 1 is the hub of top hotels

(Intercontinental, Times Square), landmark

office buildings (Bitexco, Kumho), luxurious

apartments (Vinhomes Golden River, Avalon)

and top-tier retail brands (Takashimaya, Gucci,

Chanel).

Vibrant lifestyle can be felt with the bustling

business activities throughout the day and

partying at night in both local and Western

styles.

With a limited land bank, transaction prices in

all kinds of real estate properties are notably

higher than in other districts – apartments can

go for US$7,500 per square metre and prime

retail locations can be as high as US$300 a

month per square metre.

District 2: Considered to be the future

Central Business District of HCMC, District

2 has witnessed impressive changes in the past

few years, including the rapid forming of the

200-hectare township of Sala Dai Quang Minh

and the mushrooming mix-use hub around

Metro Line No.1’s stations, with some of the

biggest residential and retail projects such as

Masteri Thao Dien and Vincom Megamall.

District 2 has some of the highest rental

yields in apartment projects, especially

those near Thao Dien. District 2 has a very

positive outlook for pricing appreciation –

properties within 10 minutes of the metro line

stations are forecast to increase by 10 to 20

percent next year.

District 3: Right on the fringe of

the busy CBD, District 3 conveys a

sense of tranquillity with lots of

old-style French houses, and some

Grade B and C office buildings and

3-star hotels.

Rental fees for apartments and commercial

places are a bit higher than in other districts

around the centre due to easy connectivity

with the current CBD, but the district is

expected to stay relatively stagnant with a

lack of real estate projects coming online in

the near future.

District 4: Small District 4 is the most

densely populated district with an abundance

of delicious street foods. Low-quality houses

and continuous traffic jams make the location

less desirable for buyers and investors.

Recently the

district’s appearance has improved thanks

to high-rise condominium projects emerging

along the Ben Nghe river canal.

District 5: A strong Chinese culture can

be felt here with delicious, cheap restaurants

and many street-front shophouses along busy

retail streets such as Nguyen Trai and Tran

Hung Dao that keep drawing interest from

consumers. However, limited available land is

a strong drawback for developers. There are

7

District 7: Mostly known for the Phu

My Hung township, District 7, which has

wide streets with well-built

shophouses, apartments

and commercial

bui ld ings , has

attracted mostly

wealthy locals and

foreigners, especially

Koreans and Japanese.

In December 2016, District 7 welcomed the

Mapletree Business Centre, the first Grade A

office building ever to open in a decentralised

areas of Ho Chi Minh City. Considered a well-

established area with high levels of security and

services, District 7’s selling prices have been

higher but stabler compared to other districts.

some small-to-mid-scale projects

under construction, but the district

does not have a strong pipeline for

future projects.

District 9: With a large land bank

and improving infrastructure, District 9 has

become the new hot spot for townhouse/

land plots with appreciation at the top of the

market.

In 2016, on average, villas/townhouses

increased more than 10 percent year-on-year

and land plot prices were up as high as 15

percent to 25 percent. Traditionally dominated

by local developers (Khang Dien

House, Nam Long, M.I.K), District

9 now welcomes more foreign players,

extending product lines for buyers.

Nha Be District: Residential

townships with large green areas and sufficient

facilities have become attraction points for

buyers, many of them with kids. Notable

projects in this rural district include Dragon

Hill Residence, Nine South Estate and Phu

Hoang Anh. Bigger townships are under

planning.

There’s not much focus on business office

buildings or hotels, so Nha Be District is ideal

for living or simply for a second home for a

weekend retreat. Affordable prices and rental

fees might offset the traffic jams that buyers/

renters would have to embrace to travel to the

CBD, though usually they’re not too bad.

Binh Thanh District: With easy

access to District 1 and District 2, Binh Thanh

has become a good selection for many high-end

residential or mixed-use projects even before

the economy crisis in 2008. Villas along Saigon

River, such as Saigon Pearl and Vinhomes

Central Park The Villa, are among the most

expensive products across the city, selling at

US$7,000-US$9,000 per square metre. These

projects are still good choices for mid-to-high-

class locals and expat renters, with rental fees

comparable to those in District 2 along the

Metro Line, if not higher.

Lower-end projects are also being built to

satisfy different classes’ needs. Traffic jams

and flooding might be the main concerns for

residents in the area.

Phu Nhuan District: This small

district sits between Tan Son Nhat International

Airport and District 1, and thus is home to

plenty of hotels, shophouses and commercial

buildings. Due to its proximity to the

international airport (until the new one opens),

it attracts a lot of industrial warehouses with

foreign staff renting apartments nearby.

Traffic jams and crowded streets can be

depressing, but friendly neighbours and

delicious food do compensate.

Binh Tan District: Recent westwards

movement has made Binh Tan District more

desirable. Along with District 9, Binh Tan will

be one of the affordable housing hubs of the

city in coming years, thanks to infrastructure

developments and rapidly improving facilities.

The district also abuts many industrial parks

further to the west, so its houses can attract

workers.

Binh Tan District no doubt has an excellent

outlook in terms of real estate developments

and urbanisation.

#iAMHCMC REAL ESTATE FEATURE by Keely Burkey

8 | iamhcmc.com/gazette

Why You Should Keep an Eye on District 9

You’ve heard it here first: District 9 is gearing up to be the new Brooklyn of Ho Chi Minh City. Just… probably not anytime soon.

If you look at a map of Ho Chi Minh City,

you’ll notice something striking: the districts

in the centre of the map, like Districts 1, 3 and

4, are smaller than the outlying districts, like

Districts 9, 12 and Binh Tan.

This development is normal, and follows

established historical patterns seen in

other cities, like Paris and London. When

transportation was limited, districts needed to

be smaller. Now that we have motorbikes, cars

and a metro on the way, larger spaces can be

carved onto the map.

And it’s these larger spaces that are catching the eye of developers and

real estate consultants not only across the country, but also across the world.

Expansion Plans

Troy Griffiths, the Deputy Managing Director

for Savills Vietnam, explained the development

strategy in detail. “It’s the pattern of the city’s

development,” he said.

“There are nodes with density that have grown

and then become filled and occupied so that

developers are now having to look for cheaper

land. And this pushes them further and further

away from those established nodes.”

For developers, much attention falls on one particular sector:

District 9, a 114-km² block of land which lies on top of District 2.

For developers there are many draws: the land is cheap, the parcels are

large and as of now, not much of it has been seriously developed.

District 9 in particular has been on Griffiths’

eye for some time. Although land development

stopped in this space during the global financial

crisis of 2007 and 2008, recently he’s seen a

major upswing in market interest. “To be

honest,” he admitted, “I think that District 9

is starting to run out of these large available

parcels of land.” And who’s taking advantage

of it? “Everyone,” Griffith asserted. “You’ve

got the local developers and then you’ve got

your internationals, your Keppels and your

CapitaLands.”

Land Grab

The parcels of land might be sold with ease, but

that doesn’t mean that District 9 will be the new

District 1 in a year’s time. The Vinh Tran from

the Ministry of Construction recently reported

that although the government has a large stock

1. Condos

Sun Tower | Developer: N.H.O Khang Viet

Year of Completion: 2018

Units: 379 | Price: US$650/m2

Him Lam Phu An | Developer: Him Lam

Land | Year of Completion: 2017

Units: 1,092 | Price: US$900/m2

2. Villas and Townhouses

Lucasta | Developer: Khang Dien

Year of Completion: 2019

Units: 140 Price: US$800/m2

District 9’s Top New Projects

of land in District 9, that is the way it will stay

for the foreseeable future.

Rather than developing the stock, the city municipal department, along with other companies

who have invested in District 9’s land plots, prefers to bide their time for the moment, focusing on other projects

closer into the city.

One big reason for this seems to be

transportational issues. The construction of the

metro is a big topic in Ho Chi Minh City at the

moment, and even now, years before the metro

will be finished, it’s affecting real estate prices.

As VietnamNet reported, 37 percent of

apartment units for sale are along the Metro

Line No.1, which connects Ben Thanh Market

to Suoi Tien Park in District 9.

When you add the metro to the recently

completed Ho Chi Minh City-Long Thanh-Dau

Giay highway system, a 55-kilometre-long road

that connects District 9 to District 2 and Dong

Nai, it’s clear that developers see big plans for

this district.

Google Earth

#iAMHCMCby CBRE Vietnam REAL ESTATE FEATURE

9

Thu Thiem, right over the Saigon River from

District 1, is a huge land bank of 657 ha. This

area is set to become a new business and financial

centre for HCMC. These plans aren’t new: the

master plan for Thu Thiem was first designed by

US architecture firm Sasaki Associates in 2003.

Soon, these plans will be coming to fruition.

According to the master plan approved by the

HCMC People’s Committee in 2005, Thu Thiem

will have a resident population of 150,000 and a

daily working population of 220,000 when the

developments are completed. One of the major

issues is making the land easily accessible to

workers and residents in other parts of the city.

Links will include a tunnel (now completed),

four road bridges (one already completed), a

pedestrian bridge, a metro link and HCMC’s

existing waterway network.

Creating the Core Area

One of the main concerns during this huge project

is making the city plans as organised as possible.

Hence, the 657-hectare territory of Thu Thiem

is divided into eight plots. The “Core Area”

is divided into two neighbourhoods known as

#1 and #2 (a, b, c). The Northern residential

area consists of neighbourhoods #3 and #4.

The residential areas along the Mai Chi

Tho Boulevard are known as #5 and #6.

Neighbourhood #7 includes the Eastern

Residential development, Urban Resort Hotel

and Marina. Neighbourhood #8 encompasses

the entire Southern Delta area.

Similar to Pudong’s location in Shanghai, Thu Thiem occupies a large peninsula formed by

a meander in the Saigon River. Pudong needed 25 years to

become a thriving commercial and financial centre of Shanghai.

Big Plans for D2’s Thu Thiem

For Thu Thiem, 20 years after the local

authority decided to make it a new urban

area, it’s now gradually taking shape with

infrastructure, residential, commercial and

exhibition projects.

Investing in the Future

In Q1/2017, the total registered investment in Thu Thiem reached over US$6.6 billion from more

than 16 developers.

Here are some of the other big players. Keppel

Land invested in Quoc Loc Phat Co. to invest in

the Song Viet project in plot #1. Vingroup, will

invest in the Entertainment and Sport Centre

in plot #2c. Other projects under planning are

the GS E&C project in plot #3, Thu Thiem

EcoSmart City by Lotte, Mitsubishi and Toshiba

in plot #2a, and the Marina Complex by SULT

Marina Development Pte. Ltd. in plot #7. But

planning is easy. How is the construction going?

Projects under construction are located in the

centre of the peninsula in plot #5 and #6. Local

Just across the river from District 1’s Central Business District, right now District 2’s Thu Thiem Ward is largely grass, swamps and plains. But in a few years? Get ready.

developer Dai Quang Minh is the most active

developer in this area. It developed plot #5 and

#6 with a total area of nearly 40 ha, which

includes 5,600 condominium units, 513 villas

and other commercial components. The first

condominium block, Sarimi with 414 units, was

handed over to buyers in Q3/2016, while the

subsequent phases are under construction. The

average asking prices range from a whopping

US$2,000 to US$2,800 psm.

Attracting Attention

Another notable project is Empire City in

plot 2b, developed by a joint venture of Tien

Phuoc, Tran Thai, Gaw Capital and Keppel

Land, which will have 3,000 condominium

units along with office and retail space and a

86-storey landmark building.

In Q4/2016, Linden Residences in Empire City

held a soft launch event which attracted a lot of

attention from foreign buyers, with 459 out of

504 units sold. At the event the average asking

price ranged from US$2,500 to US$2,800

psm, but in Q1/2017, the average asking price

reached US$3,100 psm.

Thu Thiem holds a lot of potential but there

is still much to be done to ensure its success.

To make this vision of the Pudong of Saigon come true, some radical

policy changes are believed to be needed first.

Want to know more? Take a look at the projected

plans on the next pages.

MAJOR DEVELOPERS IN THU THIEM Scale, ha

0 20 40 60 80 100 120

Dai Quang Minh

Vingroup

JV Hong Kong Land-CII

GS E&C

JV Quoc Loc Phat-Keppel Land

JV Lotte Assets-Mitsubishi-Toshiba

JV Tien Phuoc-Keppel LandTran Thai-Gaw Capital Partner

Source: CBRE Vietnam, Q1/2017

#iAMHCMC REAL ESTATE FEATURE by CBRE Vietnam

10 | iamhcmc.com/gazette

Section 1-3 and 3-5: Trung Thuy Group got the approval to study development and design plans for a 1.16-ha site. Section 1-15 and 3-3, 3-7, 3-11: GS E&C got approval to carry out an investment plan for a 4-ha site. Section 3-1, 3-2, 3-6, 3-15, 3-16, 4-7 and 4-8: CII and Hong Kong Land will develop mixed-use projects; Quoc Loc Phat Co. got approval to invest in a 4.8-ha mixed-use development.

Plot 1 + 3 + 4 Major Approved Projects of Thu Thiem

Plot 2a: Thu Thiem EcoSmart CityMixed-use | Status: In-principal approval in 2014 Developer: Lotte, Mitsubishi, Toshiba Area: 16.7 ha | GFA: 730,000 m2 Total investment cost: US$2.2 billion

Plot 2b: Empire City Project

Plot 5 + 6

Mixed-use including a 86-storey landmark building Status: Started in late 2015 | Soft launch of Empire City Linden Residences in Dec 2016 Developer: Keppel Land – Tien Phuoc – Tran Thai – Gaw Capital | Area: 14.5 ha | GFA: 730,000 m2 Total investment cost: US$1.2 billion

Plot 7Marina Complex (Parcel 7-2) | Status: SULT Marina Development Pte Ltd. | (Singapore) and Sai Gon Yacht Corp have registered for development but no activity yet | Total area: 5.4 ha | Gross floor area (GFA): 5,000 m2 | Floor area ratio (FAR): 0.14 Height: 6 stories | Commercial ratio: 100%

1

8

3 4

5

7

2a

2b2c

6

Plot 2c Plot 8 Entertainment and sport centre:stadium, sport parkStatus: In-principal approval Developer: VinGroupArea: 31.49 ha Total investment cost: US$294 million

Eco-forest parkStatus: In-principal approval Developer: Dai Quang Minh | Parcel Area: 17.9 ha Gross floor area (GFA): 60,000 m2 | Floor area ratio (FAR): 0.34 | Height: 4 storiesCommercial ratio: 100%

Mixed-useStatus: First residential component handover in 2016Subsequent phases in progressDeveloper: Dai Quang Minh Area: ~100 ha | GFA: 730,000 m2 Total investment cost: US$2.2 billion

#iAMHCMC REAL ESTATE FEATURE

11

Thu Thiem 1Bridge opened

Thu Thiem Tunnelopened

Relocation of existingresidents officially begins

Planning forThu Thiem begins

1/2000 master plan by architecture firm Sasaki Associates unveiled

Work on Thu Thiem 2 Bridge begins

Launch of the first residential project in Thu Thiem by Dai Quang Minh

First residential project handover by Dai Quang Minh 7/2016

20081996 20112002 2012 2/2015 7/2015 2016

THU THIEM’S DEVELOPMENT TIMELINE

INFRASTRUCTURE

THU THIEM 1 BRIDGELinking Thu Thiem with Binh Thanh DistrictInvestor: Thu Thiem AuthorityOpened in 2008

THU THIEM 2 BRIDGELinking Thu Thiem with District 1 (at one end of Ton Duc Thang Str.)Investor: Dai Quang MinhUnder-construction, set to open in 2018

PEDESTRIAN BRIDGELinking Thu Thiem with District 1 (at Me Linh Square)Investor: Dai Quang MinhUnder Design and Concept Contest

THU THIEM TUNNEL Linking Thu Thiem with District 1Investor: Thu Thiem AuthorityOpened in 2011

Road R4

THU THIEM 3 BRIDGELinking Thu Thiem with District 4Under-planning

THU THIEM 4 BRIDGELinking Thu Thiem with District 7Under-planning

FOUR MAJOR ROADSTotal length: 11.9kmInvestor: Dai Quang Minh and Vietnam Infrastructure Development and Finance Investment JSC. (VIDIFI) Construction started in 2014, to be completed in 2017

EAST-WEST HIGHWAYConnects Thu Thiem to residential and commercial districts to the east

Source: http://www.thuthiem.hochiminhcity.gov.vn

#iAMHCMC REAL ESTATE FEATURE by Jesús López-Gomez

Even if you haven’t heard of Vingroup, you’ve definitely seen its developments. Many believe Vingroup is the face of

Vietnam’s real estate future, and it has big plans.

Today, Vuong is one of the wealthiest individuals in the nation,

and the company he started is one of the largest in Vietnam.

The story’s “prodigal son” theme – a journey

abroad followed by homecoming and success

– is nuanced by the fact that Vingroup’s profile

has extended to the world stage.

In 2013, the company became the first to

attract international investment from US private

equity firm Warburg Pincus. The company has

invested US$300 million in Vingroup so far.

Another US$1 billion has been invested in

Vingroup in the same time period.

International Attention

Aside from funding from outsiders, the company

has also attracted international attention for its

unparalleled developments.

A look at Vingroup’s revenues alone doesn’t

do justice to how large the company is. You

need context.

If Vingroup’s stocks were traded on a US securities

exchange, its 75 percent year-on-year growth would win it a place on

Fortune’s list of the top 100 fastest growing companies.

In 2016, the company reported almost doubling

its revenue from the year prior after posting

nearly the same banner year in 2015. It also

made a splash on the world stage in December

with its Vinhomes Central Park, which was

decorated with regional and global awards.

An obvious question arises: How?

Walking with Giants

It becomes an easier question

to answer once you look at the

broad range of sectors that Vingroup’s

assets cover. The group’s holds nearly 1,000

stores, 1 million square metres of retail space,

and a group of over 100 other properties across

the country that serve as hospitals, resorts

and entertainment destinations. Almost any

imaginable need could be served by a Vingroup

asset. “I think their strategy is just world

domination,” Deputy Managing Director of

Savills Vietnam Troy Griffiths said with a laugh.

“They’re just a very interesting animal.”

Vingroup’s meteoric rise is due to the company’s

executives, experts say. “It’s attributed to the

great leadership of the chairman,” Viet Capital

Securities researchers said in an interview citing

the company’s origin story.

Vingroup founder Pham Nhat Vuong started

the food-processing company Technocom in

Ukraine. By the time food giant Nestlé acquired

it in 2009 for US$150 million, Vuong had

broken ground on his first major projects in

Vietnam, Vinpearl Resort in Nha Trang and

Vincom City Towers, which opened in 2003

and 2004, respectively. Vingroup would be

formed in 2007.

Vingroup Reshapes Vietnam

by Thinh Dinh

#iAMHCMC REAL ESTATE FEATURE

13

Landmark81, a 461-metre-tall building that

will open later this year inside Vingroup’s

Vinhomes Central Park, was voted the best high-

rise building in the world at the International

Property Awards in London in December.

The 81-storey tower will be 152 metres taller

than the Shard of London as well as the tallest

building in Vietnam and the 11th tallest

in the world when it is completed. Located in

Binh Thanh District, the development took a

prize for the best urban complex in the region.

The development is just a fraction of the

company’s expansive portfolio.

After reporting a blockbuster financial year

– Vingroup posted a whopping 72 percent

increase in revenue, VND 58.5 trillion

(US$2.6 billion), over last year – the company

shows no signs of slowing down.

The group is working on an ambitious

waterfront development known as Vinhomes

Golden River. About 25 acres located southeast

of the zoo and botanical gardens will be used

for an enormous development made up of

13 apartment buildings. The plans call for 63

villas to be built around them.

The mixed-use development aims to open with

a plethora of amenities. The development’s

website boasts not only the standard perks of

living in a mixed-use development – a restaurant,

a supermarket – but also advertises plans for

parks, a museum and an international school.

The website calls the site “a city within a city”.

A report updating investors on the project in

February noted that 73 percent of the more than

2,500 units currently available in the project

have been claimed already.

Just as the Vinhomes Golden River project is a “city within a city”,

Vingroup’s businesses have grown to be a world unto themselves by the sheer breadth of sectors

in which they operate.

The group’s portfolio includes hospitals,

schools, groceries and many other businesses.

Vuong remains the board chairman and

majority shareholder in Vingroup with a 28.5

percent stake in the company, according to

a 2015 company report. The majority of the

company, 84 percent, remains with Vietnamese

shareholders. Foreign investors hold the

remaining 16 percent.

Planning for Vietnam’s Future

As the company’s revenue and profiles have

grown, so too has the company’s mission

matured. Vingroup’s network of Vinmec

hospitals and Vinschool educational centres

committed 100 percent of their profits to

charities in 2016. The company added that it

would invest VND 4 trillion (US$176 million)

in Vietnam’s healthcare and education.

Allocating financial resources to nonprofits

matches peer institutions like the United States’

Mayo Clinic and Johns Hopkins Hospital.

Vietnamese law describes such companies as

“social enterprises”. Vingroup’s move into the

health sector has led to the expansion of medical

services to previously underserved communities.

For example, the Vinmec hospital in Phu Quoc

was the area’s first international-standard

hospital, a move described by Griffiths as

“altruistic”. The company has a stated mission

of combating chronic food shortages through the

Vinmec centres. Vingroup also supports youth

development programmes and programmes to

support orphans and senior citizens.

Outside of Ho Chi Minh City, Vingroup is

completing a 175,300-square-metre mixed-use

project in Hanoi, Vinhomes Gardenia. About

three-quarters of the units there have been

sold in advance. Separately, the company’s

more than 7,000 villas and condos scattered

throughout the country are 81 percent occupied.

Looking forward, Vingroup’s shopping centres

and Vinpearl resorts will be a major focus

through 2020, according to the company’s

2015 annual report. The company’s five-year

strategy statement calls for further expansion

of these two brands.

The report provides an insight into Vingroup’s corporate philosophy. Its mission: creating “a better life

for the Vietnamese people”.

Alongside income growth, the company states an

interest in greater transparency and management

excellence by modelling its executive activities

after professional services consultants Ernst &

Young and PwC. The 2015 report describes 2016

as “a year of Quality and Efficiency” as the group

undertook changes to its corporate governance

and human resources development.

#iAMHCMC REAL ESTATE FEATURE by Kristian Goodchild

14 | iamhcmc.com/gazette

Dat Xanh remains committed to affordable

housing as the central point of its corporate

identity and will offer around 1,000 cheap

apartments in HCMC in 2017.

Vingroup

As we explain in greater detail in the previous

story, Vingroup is the largest private-sector real

estate operator – period – in Vietnam. While

most of the group’s current developments

appear to be aimed at middle-high earners,

the group is also planning between 200,000

and 300,000 apartments under its Vincity

banner, with low prices (around US$30,000)

aimed squarely at middle-income buyers.

The company has invested over US$1 billion

in HCMC developments in the last year, with

many flagship projects nearing completion.

Nam Long Group

Nam Long’s flagship projects, ‘Ehome’, are

possibly Saigon’s best examples of affordable

housing done well. Since the first trial

development in D7, Ehome offerings have

won plaudits for their aesthetic quality as well

as affordability and market-savvy awareness.

Group leader Nguyen Xang Quang said his

focus on budget construction was to serve the

real demand sector in the city:

“When the market was booming during 2006-2007, we […] decided

to focus on the segment with the bigger demand.”

The cranes are swinging over construction sites, but who’s paying for it all?

With massive foreign investment and dizzying

density, Saigon is developing at a furious pace.

Everywhere you look the city is changing,

with sleek malls and infrastructure investment

transforming the city.

Central to the city’s evolution is the residential

sector. At every level of the market new

developments are increasingly modern,

comfortable and safe. Budget developments are

on par with Western equivalents and the luxury

options are as good as you could find anywhere

in the world. Here are the top five companies

making huge waves in HCMC:

Novaland

High-end developments and Singapore-style

condo compounds are Novaland’s speciality.

New developments are popping up all over

the city, despite what some call a dire lack of

demand for luxury at such high volume.

Born from Nova Group, a provider of veterinary,

animal health and villa rental services, the

corporation rebranded as Novaland in 2007

and has since enjoyed considerable growth

within the residential construction sector.

Despite market worries about the niche nature

of its business strategy, the company sold 8,000

units in 2016. More than 3,800 were sold in

the first six months, and these accounted for

29 percent of units sold in the city, according

to Savills Vietnam.

Khang Dien House Trading and Investment

The group’s sprawling developments in Khu

Pho will eventually form a huge residential

bridge between District 2 and 7.

Formed of a mix of affordable and high-end

luxury condos, the developments will dominate

the hitherto sleepy District 9 for years to come.

Dat Xanh Real Estate

With interests in infrastructure and low-end

developments, Dat Xanh has also branched out

into mid to high-end apartments in recent years.

Developments such as the Sunview Apartments

in Thu Duc showcase the group’s commitment

to technical quality and modern design.

The Heavy Hitters in HCMC Construction

#iAMHCMCby CBRE Vietnam REAL ESTATE FEATURE

15

As people stream into HCMC, being a landlord

makes sense. Some 830 serviced apartments

are scheduled to come online this year, along

with 49,000 condominium units. Not less than

fifty percent of CBRE Vietnam’s residential

closed deals are buy-to-let, where foreign or

local investors buy a property to rent it out.

If you’re thinking about renting out an

apartment, you’ll be renting to either local

people or expatriates. How do they differ?

Differing Demographics

In the expat market, location is everything.

“Based on my experience, Westerners, both

single and with families, tend to prefer District

2, while District 7 sees a lot of action from

workers from Asian countries,” commented

Linh Do, Leasing Manager at CBRE Vietnam.

“If an expat chooses to live in District 1,

whether Western or Asian, more often than

not they’ll require a shorter leasing term (less

than six months).”

“Foreign tenants will look more closely at

the interior design, amenities close by and

the overall building. For local tenants, it’s all

about the price and unit capacity (the number

What to Know When You Rent

of rooms, not so much the total unit area),”

added Linh.

Where and How to Advertise

How do you get good tenants? Typically, anyone

looking for an apartment will search online or

ask friends about housing opportunities. Going

through a leasing agent is a distant second

choice due to the added costs involved.

The two most popular choices for apartment

leasing advertisements are Muabannhadat.vn

and Batdongsan.com.vn. However, if you’re

new to the game, going through an agency can

speed up the process and avoid complications

with tenants.

One of the most important decisions will be

determining a reasonable rent. In HCMC, the

market rent for a mid-end apartment is US$8

to US$11 per square metre, while high-end

apartments are generally US$12 to US$14 per

square metre. Rent will also depend on the

location, lease term (people generally offer lower

rents for longer lease terms) and the condition

of furnishing.

Look at the rents of comparable units nearby.

What does it take to successfully rent out an apartment in an increasingly competitive marketplace? Yes, location is important.

1. Do your research. Location is your top consideration. Think about the future: projects along the

Metro line should have good capital gain and leasing potential in the medium and long term. Good

local amenities such as schools, hospitals, supermarkets and green environments are another advantage.

Check the track record of the developer, amenities and facilities of the building, including parking

capacity, floor layout (number of units per floor, number of lifts, fire escapes) and the reputation of

the management company.

2. The apartment may need to be redesigned or upgraded to suit tenants. Loose furniture, kitchenware

and utensils, air-conditioners, a television and the internet should be provided. Some service companies

provide leasing consultancies such as rental rates, interior design, a 24/7 hotline to support tenants,

maid service or insect repellent if requested, and they manage tenants by collecting rental fees or help

to find new tenants. They can also help the owner avoid legal complications with tenants.

CBRE Vietnam’s Top Two Apartment Leasing Tips

#iAMHCMC REAL ESTATE FEATURE by CBRE Vietnam

Current Laws (Effective 1 July 2015)

EligibilityYES for all foreigners who are granted

a visa to the country and not entitled to

privileges and diplomatic immunity.

ProductApartments and landed property (villas and

townhouses)

Volume

The total number of dwelling units owned

by foreigners must not exceed:

30 percent of the total units in one

condominium building;

10 percent of the total landed property

units in one residential compound;

250 landed property units in one

particular administrative ward or its

equivalent.

PurposeThe properties owned by foreigners can

be sub-leased, traded, inherited and

collateralised.

Tenure50-year leasehold with renewal possibility;

Foreign individuals married to Vietnamese

citizens are entitled to freehold tenure.

16 | iamhcmc.com/gazette

Three months before the expiration of the

tenure for house ownership, if the owner

wishes to have the tenure extended, he/she

must file an application for extension which

specifies the extension length and includes

a certified true copy of the certificate of the

house, then send it to the People’s Committee

of the province in which the house is located.

Within 30 days from the receipt of the

owner’s application, the People’s Committee

of the province shall consider and issue a

written permission for one extension of the

ownership tenure at the request of the owner.

Such extension must not exceed 50 years

from the original expiration date written on

the certificate.

According to the written permission given

by the People’s Committee of the province,

the certificate-issuing body will write the

extension on the certificate, and send a

copy of the certificate to the Department

of Construction of the same province for

monitoring.

Looking Forward

Vietnam’s property market may not be as

transparent as its more developed counterparts, but

it does present great opportunities. Some projects

that have seen huge interest from foreigners include

The Nassim in the Thao Dien area or Empire City

in the Thu Thiem Ward of District 2.

Going forward, as the market further develops and quality standards further improve,

we believe there will be a growing presence of foreigners investing in Vietnamese properties after some time studying the market.

These buyers are more likely to look at projects

from well-known developers with good track

records, and/or those in good locations with

capital growth and leasing potential, even

though selling prices of these projects can be a

lot higher than average.

Vietnam’s economy has been thriving in recent

years. FDI into the country has been on an

upward trend, and its real estate market has

been booming since 2014 along with a great deal

of infrastructure investments. It is evident that

there is an increase in the number of foreigners

looking to invest in Vietnamese properties.

Since July 2015 buying a house in Vietnam as a foreigner

has been made a lot easier.

What Are the Rules on Foreign Property Ownership in Vietnam?

Taking effect from July 2015, the revised Law

on Housing has brought about many positive

changes in terms of foreign property ownership.

This opened a new chapter for Vietnam’s

residential sector, where local and foreign

developers alike are working aggressively to

tap into this new pool of buyers.

The biggest change with this new policy is that

now all foreign individuals who are granted

entry into Vietnam and all foreign investment

funds, banks, Vietnamese branches and

representative offices of overseas companies

are able to buy properties here.

In addition, they are allowed to buy not only

apartments but also landed property (villas and

townhouses), and their home ownership rights

have been significantly relaxed. The previous

law only allowed foreign home ownership to be

strictly for owner-occupied purposes, while the

revised law has allowed these properties to be

sub-leased, traded, inherited and collateralised.

The catch is that the total number of units

owned by foreigners must not exceed 30 percent

of the total units in one condominium complex,

or 250 landed property units in one particular

administrative ward or its equivalent.

From Whom Can It Be Purchased?

On the primary market: from developers of

residential projects. On the secondary market:

only from foreign individual/entity owners

(not from local owners) with the remaining

ownership tenure (renewal possibility available

upon expiry).

Sub-Leasing the House

Foreigners are allowed to sub-lease their houses,

but they must report this activity to the district-

level housing authority. Rental income is

taxable, with the tax rate varying in accordance

with the rental income.

Renewal of Ownership

For a foreign individual who owns a house

in Vietnam, the procedure for extending the

ownership tenure is as follows:

Foreign Property Ownership: What You Need to Know

Vietnam’s guidelines on foreign land ownership have changed dramatically. Here’s where foreign ownership stands today.

#iAMHCMC REAL ESTATE ADVERTORIAL

17

If you’re thinking of moving to another country, the to-do list seems never ending. For Santa Fe Relocation Services, however, this list is an opportunity, not a challenge.

Santa Fe Relocation Services

up a home, they don’t just drop off the

boxes and leave when the van is empty. As

Christine Byrne, the Head of Admissions at

ISHCMC and long-time customer of Santa

Fe Relocation Services, recalled, “They did

everything for me. I was literally sitting in

the corner – I didn’t have anything to do!

They even set up my electronics and hung the

pictures on the walls.” This story isn’t singular:

Santa Fe’s many in-house supervisors and vast

moving crew are experienced and qualified to

give every new resident peace of mind.

When friends came over that night to celebrate

the move, Byrne remembers looking around

her new home. “Everything was done by six

o’clock. I had never seen anything like it!”

Trusted Advisors

As everybody knows, moving is much more

than trading spaces. Moving is all about feeling

comfortable in a new environment. So Santa Fe

is always available for any question. This help

might be as small as pointing out a store that

sells Vegemite to as big as helping with the home

search or work permits.

But most important for Stephanie Ralainarivo? Making sure each family and individual feels happy, safe and healthy in their new home country.

“A family who had just moved had young

children and had only been in Vietnam for

a month. One night they called one of our

consultants at 11 p.m. saying that their child

was sick and they weren’t sure how to call

the hospital. So the consultant drove to the

house, calmed them down, and realised that

they had been dialling the numbers incorrectly.

Everything turned out fine. That’s the sort

of commitment we have to our customers.”

With offices in 47 countries and counting,

Santa Fe Relocation Services has made moving

into an art.

Moving is stressful. A national move, let alone

an international move, can be one of the most

taxing times in a person’s life. Just ask Stephanie

Ralainarivo, the General Director for Santa Fe

Relocation Services Vietnam.

Stephanie has made relocation her business, and she’s gotten good

at understanding what makes the process such a pain.

For starters? Schooling. When families move,

this is always the most important, and often

the hardest problem to solve. “Depending on

what academic environment a family is coming

from, it is not always easy to find a matching

curriculum,” she told us.

And then there are the matter-of-fact problems.

How about the tax laws that are vastly different

from the ones you grew reluctantly to know,

or the changes in weather and climate? Or

even just the fact that your kitchen appliances

won’t work in the outlets found on another

continent? What kind of houses will I find?

These are factors that people often don’t

consider amongst the myriad stresses that

accompany relocation.

Lending a Helping Hand

With a world that’s becoming increasingly

globalised, moving to another country is

becoming more and more normal and, in some

industries, almost expected.

Santa Fe Relocation Services has one singular

mission: to handle, minimise and eliminate

the stress of relocating. In fact, their mission

statement is, “We make it easy”. Stephanie told

us the biggest stress isn’t the adjustment to a

new culture or even a new language barrier

– it’s the emotional ties that are pulled when

a family leaves a comfortable home. “It’s the

emotional part [of moving] that makes it more

intense than just the physical part by itself,”

she acknowledged.

“A family knows they have to move, but they worry about everything. There are so many unknowns.

So we just take care of it. We handle the details that cause the most stress.

That makes a big difference.”

Moving countries without the hassle of

organising paperwork and with a team of

professionals to mitigate the emotional pitfalls?

Sounds almost too good to be true. But that’s

where Santa Fe’s experience come into play.

First of all, there’s the actual moving. Don’t

worry about the usual city-wide search for

cardboard boxes: a team of Santa Fe movers

will come and help pack, ship and track all of

a family’s valuables. Plus, a team will be at the

dock to help and, ultimately, to unload each

box in a resident’s new home.

Santa Fe works with their fleet of in-house

supervisors and crew to add to your peace

of mind. And when the Santa Fe team sets

8th Fl., 5 Nguyen Gia Thieu, D3

+84 8 3933 0065

santaferelo.com

vietnam@santaferelo.com

Stephanie

Ralainarivo

#iAMHCMC REAL ESTATE ADVERTORIAL

18 | iamhcmc.com/gazette

The Sheraton Nha Trang Hotel & Spa. The Armani Exchange in Saigon Center. The Puma Development Center. What do all of these beautiful spaces have in common? They were designed and constructed by Cogniplus Interiors.

There’s nothing quite like the feeling of walking

into a beautiful, well-designed space. When the

colours, furniture and energy of a space align

cohesively, you can’t help but feel comfortable.

This harmony doesn’t come naturally: it’s

carefully constructed with the help of talented,

experienced construction visionaries such as the

team at Cogniplus.

Collaboration Is Key

Joseph Tham, the General Director and

co-owner of Cogniplus Interiors, knows

the peace that comes from a well-designed

space, and the discomfort that an ill-designed

space can bring as well. With 20 years of interior

creation experience in Malaysia and 15 years’

experience in Ho Chi Minh City, there’s little

he hasn’t seen in his line of work.

When a company opens an office, a retailer opens a shop or a

hospitality company opens a hotel, what actually goes into its creation? The first thing to understand is just

how many moving parts are needed to manage a project

from start to finish.

It starts with the construction. For a shop, this

might mean building inset shelves into the walls

or installing changing rooms in the back of the

store. For an office, it could mean anything from

putting up window blinds to installing sinks

and toilets in the bathroom. These changes,

called a “fit-out” in the construction business,

aim to make the space practical and useable

for the client.

Although Joseph is a designer by trade, he

recognised the importance of being able to

provide complete fit-out projects for companies.

That’s why he worked hard to grow Cogniplus

Interiors from four employees to 75 over its 15

years of business.

Today, in addition to interior design and fit-out

construction, Cogniplus can handle mechanical

and engineering projects and even make custom

furniture.

Controlling the Moving Parts

For Joseph, having the ability to do a

complete fit-out is one thing. But actually

having the personnel and staff to do the projects

is quite another. He is emphatic about one thing

in particular:

“The most important part of completing a project successfully

is the project management. If the project managers are not

organised and experienced, things can get very messy very quickly.”

Joseph is adamant that a good working

atmosphere is essential to running a good

company. By establishing a cosy and friendly

way of working with one another, the Cogniplus

team has been able to maximise the potential of

all of their creations. Joseph told us, “If people

feel comfortable at work, and not pressured,

all of their work will naturally be better. It’s

as simple as that.” It’s a well-known fact that

happiness naturally leads to productivity and

innovation, so this makes perfect sense. And

it’s been working well for Cogniplus since the

company was founded.

Lasting Partnerships

As a unified company, Cogniplus Interiors can

keep an eye on all the moving parts at once. Its

goal? To create partnerships.

This is why Joseph has created what he calls

the After Sales Service: professionals from

Cogniplus Interiors visit each project twice a

year after they’ve finished. If needed, they will

perform maintenance on any problem the office,

hotel or store might have.

Why does Cogniplus care so much about keeping

its clients happy? The reason is simple. “Real estate changes

so quickly here,”

Joseph notes. “In two or three years they will

move to a new space, and they’ll know who to

turn to when they do!”

Cogniplus Interiors

239 Dien Bien Phu, D3 | +84 8 3827 9688 | info@cogniplusvn.com | cogniplusvn.com

#iAMHCMC REAL ESTATE ADVERTORIAL

At Crown Relocations, professional, reliable

and consistent moving has been boiled down

to a science, from the initial consultation to the

specialised secure moving crates used for transport.

“We make sure they look at certain things,”

Rossall tells us. “What’s the access to the new

building like? What notices should you give to

security? How many good lifts are available?”

These are things that seem minor, but can

actually cause huge problems if they’re not

attended to. And that’s just the start.

Be sure to keep the following tips in mind if

you’re thinking about moving – or better yet,

give Crown Relocations a call.

1. Plan early! The time will go quickly. “As soon as you’ve got your premises and you know

where you’re going, look at it as early as possible,” Rossall advises. Just how early? If your

company is planning to move in a year, start talking to a moving company six months before.

2. Tidy up! How much an office relocation will ultimately cost depends on how much you

decide to bring with you. Volume equals money, so the more paper and accumulated waste

you can get rid of, the better. “There’s no point turning up to a bright, shiny, clean new

office with a bunch of old things that are going to go into the corner, take up space and

gather more dust,” Rossall says.

3. Clean securely! When an office moves locations, decades-old papers suddenly become

unearthed. You don’t need them anymore, but do your competitors? Simply throwing them

away in the bin will leave you and your company vulnerable. That’s why Crown Worldwide

provides secured destruction bins. Bonus tip: you can also rent these bins on a regular basis.

4. Sell the space! If your employees aren’t on board with the move they could quit, and that

could mean big trouble for you and your company. So make sure you let each and every

employee know the benefits of the new space – even if it means an extra 10 minutes a day

on the motorbike.

5. Store what you can! Most businesses have marketing materials – where do you keep yours?

If it’s in the break room cupboards, you might want to rethink that scenario. You could be

using that space better if you sign up for one of Crown Relocations’ secured storage units.

And if you’re moving, what a perfect opportunity.

This year is looking to be a big one for office

space. According to Cushman & Wakefield’s

“Office Snapshot Q4 2016”, 200,000 m2 of new

supply will be built, and over half of it will be

in the Central Business District. This will add

to the 10 Grade A buildings and 49 Grade B

buildings already in operation.

HCMC is beckoning to new and existing

businesses, and, judging by the success of leasing

agencies, businesses are responding in kind.

However, don’t whip out the bubble wrap just

yet. Moving offices might seem like a simple task,

but think again. Just ask Jamie Rossall, Crown

Relocations’ Country Manager for Vietnam.

His experience with Crown Relocations, the

largest privately owned moving company on

the planet, has allowed him to get the inside

scoop on all things moveable.

Prevent a Messy Situation

When a company starts thinking about

relocation, what happens next? As Rossall points

out, the chain of command isn’t always clear.

Considering the tremendous costs, time and

energy associated with moving to a new

office, this is not a decision to take lightly.

Making a mistake could have major financial

repercussions and affect your business. For the

sake of all involved, it’s often better to let an

expert handle the situation.

But what happens if you don’t? You’ve got

the CEO, the finance department and the IT

department just for starters. Everyone will want

their own department to benefit in the new

office space, and all those opinions will likely

lead to confusion. “You’re left with a bunch of

people who have no experience with moving,”

Rossall notes. “A lot of the time it’s the

finance people and procurement people who

have the ultimate say in what you’re doing.

And they’re not necessarily looking at it from

a holistic approach.”

Moving your company to a new office can be tough, but does it have to be? Crown Relocations’ Jamie Rossall shares the tips of his trade.

Unit 2404, 24th Floor, 561A Dien Bien Phu, Binh Thanh District

+84 8 3840 4237 | hochiminhcity@crownrelo.com

crownrelo.com/en-us/country/vietnam

Changing Spaces: Top Five Tips from Crown Relocations’ Jamie Rossall

Move Your Office Like a Pro: Crown Relocations

19

#iAMHCMC REAL ESTATE FEATURE by Keely Burkey

20 | iamhcmc.com/gazette

Your Quick Guide to Office Leasing in HCMC

Market Overview

Knowledge is power. If you’re thinking about

leasing an office in Vietnam, understanding

the economic climate is vital. Here’s a brief

overview of things that will affect your foray

into office spaces.

Vietnam Is a Frontier Market with Potential

Ho Chi Minh City has seen a lot of growth

in the past few years, but it’s important to

remember that Vietnam is still a frontier market.

Compared to cities like Bangkok or Jakarta,

we’re still in the early stages of development.

Ho Chi Minh City’s relatively low amount

of office space and high occupancy rate has

two main effects on the city’s office real estate

market. First, we’re living in a leasing agent’s

world. With low supply and high demand, the

team at Colliers International has seen rents

raised up to 30 percent in the last six months.

Office space in a Grade A building will generally

cost you US$45 or US$50 per square metre.

This is an incredible turnaround, seeing as the

Colliers team reported trouble achieving high

office occupancy in Bitexco when space was

leased in 2011.

The good news? Rent prices will likely stabilise

and decline as more office space becomes

available, and several new projects are due to

come online in 2017. The bad news? As Vietnam

increases its office space, it’s also becoming

more attractive to overseas businesses; don’t

expect the demand to waver anytime soon.

However, if you’re looking to move your

company to a new space in HCMC, here are

some things to keep in mind.

Phase 1: Planning Is Everything

This can’t be stressed enough. The success of

your move depends entirely on your planning,

organisation and strategy. Here are some

guidelines.

What Is Your Business’ Future?

Moving offices demands a bit of soul searching

about where you see your company in 5 or 10

years. David Jackson, the General Director of

Colliers International Vietnam, told us that a

potential office site depends entirely on what

your company requires: “If you’re a financial

institution that needs to be the best in class,

then maybe you need to be located in Deutsches

Haus, because you understand the quality of

what is being delivered and you pay a premium

for that. If you’re a telephone sales operator,

you don’t need to be located there.”

What Do Your Employees Want?

Changing offices means changing a lot of lives,

and sometimes it isn’t for the better. The last

thing you want is to lose valued employees who

don’t want to battle District 1 traffic if they’re

used to a converted villa in District 2.

Colliers International’s advice? Take a survey.

Ask all employees what they want and need in

a new office space. The benefits will be twofold:

your employees will feel included and invested

in the move, and you’ll get valuable information

when searching for potential spaces.

Involve Your Employees... But to an Extent

Employee input is valuable, but there’s always

the threat of a “too many cooks in the kitchen”

Leasing an office is at times utterly exciting and utterly terrifying. But don’t worry, Colliers International lets us know what it takes to get through the process with ease.

#iAMHCMC REAL ESTATE FEATURE

Colliers International’s 10 Mistakes Commonly Made by Tenants

21

Design the Office of Your DreamsIn Vietnam, appearances matter. Plus, besides

the deposit, the fit-out will be the most expensive

part of leasing an office – so don’t take it lightly!

Hire a professional designer and contractor who

knows what he or she is doing, and has plenty of

experience. This is also a great chance to make

use of those employee surveys you handed out

in Phase 1.

Remember that not everything has to do with

money; factor in the intangible costs and

benefits of the space as well.

Your office should reflect your company’s

culture, aesthetic and goals, not to mention

affect employee morale.

scenario. Many opinions from different

departments can easily lead to chaos, so here’s

another tip from Colliers International: appoint

a project manager. Make a senior employee the

go-to person in charge of communicating with

the leasing agents, consultants and contractors.

And after the move, be sure to give that

employee a bottle of wine for their efforts!

Learn the Market. Know the Market. Be the Market.

The real estate market is constantly evolving,

and this is doubly true for a quickly growing

city like HCMC. An informed decision will

mean scouring quarterly reports put out by

real estate research companies, websites and

investment journals as thoroughly as possible.

This can be difficult if you can’t speak or read

Vietnamese so here’s another option: pair up

with a consulting company and let it do the

dirty work for you.

Phase 2: Fitting in the Fit Out

Now you know what you want. What next?

Finding the office of your dreams and making

it yours. But what does this entail? Whatever

you choose, get comfortable: a typical leasing

period in Ho Chi Minh City can last from six

months to two years, depending on the size of

your company.

Take a Good, Hard Look at the Contract

It’s best you know up front that as a tenant,

you’re not going to have home court advantage.

David Jackson notes, “Because there’s limited

buildings of quality here, a lot of the contracts

are much in favour of the landlord in terms of

the constraints and options.” This is why it’s

so important to know what you need inside

and out.

While most leasing contracts are largely the

same (“They’re the same because I wrote most

of them,” Jackson jokes), there’s one area in

which a Vietnamese lease differs from a typical

lease in a Western country: the length of time is

generally shorter. In London, leases can range

from 5 to 15 years, while in HCMC you’re more

likely to find two to three-year leases.

The reason? The exchange rate. While real estate

discussions typically use US dollar amounts,

the Government’s Decree 99 states that all real

estate contracts must use Vietnamese dong.

Shorter leasing periods let landlords and tenants

renegotiate when the exchange rate changes.

1. Failing to leave enough time at the end of the lease to fulfill reinstatement obligations.

2. Acting too slowly once a decision is made and consequently missing out on opportunities.

3. Failing to appoint a project leader as the internal single point of contact.

4. Making inaccurate estimations of the company’s space requirements.

5. Agreeing to terms before obtaining a space-planning perspective.

6. Beginning the negotiation of a renewal or new lease too late.

7. Lacking clearly defined business or real estate objectives.

8. Focusing exclusively on financial costs.

9. Failing to allow for expansion space.

10. Lacking the knowledge of future

opportunities. Often, the best

deals are secured well in advance

of space becoming available

#iAMHCMC REAL ESTATE FEATURE by CBRE Vietnam & Arik Jahn

22 | iamhcmc.com/gazette

Co-Working Your Way Towards Success

First things first: what is a co-working space?

A co-working space is a work environment that several occupiers, often from different

industries, share.

The point is that rather than renting an office,

you pay for a membership that allows you and

your fellow co-workers to use the working

space and the on-site facilities such as coffee

machines (that’s an important one), Wi-Fi,

printers, meeting rooms, etc.

Who uses it? This real-estate model caters to

freelancers and start-ups as they are full of

ideas and motivation but short of money, and

in need of flexible office solutions as well as a

networking-friendly environment.

Co-working spaces provide them with just that.

Since memberships are typically monthly, leasing costs

are considerably lower and their networking options sit right

at their table.

In Ho Chi Minh City, choosing a co-working

space over a traditional office can save up to

25 percent of leasing costs, and that doesn’t

even include the extra money needed to equip

the office.

A Belated Boom

However, while Tokyo alone is home to more

than 100 co-working operators, Ho Chi Minh

City only recently reached the modest threshold

of 10, covering less than one percent of the city’s

overall office space. The reason is easy to guess:

Japan experienced a “start-up boom” earlier

and on a larger scale than Vietnam.

Between 2010 and 2012, the number of

co-working spaces in Japan, tailored to the

new business model, skyrocketed by more

than 1,400 percent! Meanwhile, the very first

co-working provider in Ho Chi Minh City, Start

Saigon, began its business in 2012.

The numbers seem to indicate a similar, yet

more moderate trend in Vietnam. According

to data from the General Statistics Office, the

amount of newly registered companies has

been growing at an average 21 percent per year

across the country since 2015.

The start-up model has taken hold in Vietnam, even though

at a comparatively slow speed.

Ho Chi Minh City is in the vanguard of this

movement, followed by Hanoi and Danang.

Let’s embrace the future by taking stock of the

present: here’s all you need to know about five

major co-working spaces in Ho Chi Minh City.

DreamPlex 1: Level 9 - 10 - 11, 21 Nguyen

Trung Ngan, D1

DreamPlex 2: Level 10 - 11 - 12, 195 Dien

Bien Phu, Binh Thanh D

Auditorium: Ground Floor, 195 Dien Bien

Phu, Binh Thanh D | info@dreamplex.co

dreamplex.co | +84 8 7306 6880

Business hours: Mon-Sat 9 a.m. to 6 p.m.

Price: VND 150,000/day;

From VND 2,000,000/m

What’s the place like? DreamPlex has two huge

complexes in District 1 and Binh Thanh District

with DreamPlex 1 catering to small or medium

start-ups, while DreamPlex 2 provides bigger

space for bigger companies.

Who does it cater to? All kinds of individuals,

start-ups and small businesses are welcome.

What about private offices? Small studios for

two to four people come at VND 17,000,000

to 20,000,000.

Business services? DreamPlex provides contact

to law and accounting firms, audit and HR

companies, investment mentoring and coaching.

Networking events/workshops/coaching? There

are weekly events and workshops to connect

investors and start-ups.

Any special amenities? DreamPlex 2 also houses

a 225-m2 auditorium for up to 210 guests.

What else to mention? Barack Obama spoke

with entrepreneurs at DreamPlex when he

visited Saigon in May 2016.

THE WORLD’S MOST

COMPREHENSIVE GATEWAY

TO VIBRANT VIETNAM BY LOCALS, FOR LOCALS

we're looking for a

Say, you have a cracking business idea, perhaps even small team, but you don’t have the money to rent an office. What do you do? You become a co-worker. DREAMPLEX

#iAMHCMC REAL ESTATE FEATURE

23

101 Cu Lao, Phu Nhuan D | +84 9 6510 0244

info@saigoncoworking.com

saigoncoworking.com

Business hours: Mon-Fri 9 a.m. to 9 p.m.

Price: No daily pass; From VND 2,000,000/m

What’s the place like? Housed in a multi-storey

building in a calm neighbourhood, this is a

dynamic and large co-working space.

Who does it cater to? Saigon Coworking attracts

co-workers from all business and creative fields.

What about private offices? Saigon Coworking

offers private offices for up to 15 people,

starting at a monthly fee of VND 11,000,000.

Business services? It provides co-workers with

legal, financial and IT consulting, as well as

a range of other services including help with

driving licence or work permit.

Networking events/workshops/coaching? No.

Any special amenities? How about a lush

rooftop garden?

What else to mention? Saigon Coworking can

organise a personal secretary for you.

18bis/14 Nguyen Thi Minh Khai, D1

+84 8 6682 8580 | start-saigon.com

hello@start-coworking.space

Business hours: Mon-Fri 9 a.m. to 6 p.m.

Price: VND 120,000/day;

From VND 1,800,000/m

What’s the place like? Start Saigon sets a casual

environment spread over two houses. It was the

first co-working space in Vietnam.

Who does it cater to? The focus lies on IT

start-ups and design professionals.

What about private offices? Private offices come

at VND 25,000,000/month.

Business services? Start Saigon actively helps

start-ups with product development, web design

and team building. Renowned partners provide

legal advice and business licences.

Networking events/workshops/coaching? It

organises daily community lunches, barbecue

and pool parties, tech meet-ups, workshops, etc.

Any special amenities? Start Saigon boasts an

outdoor swimming pool and a rooftop lounge.

What else to mention? For those who want to

make their workspace their home, the private

bedroom package is VND 11,000,000/month.

15 Nguyen U Di, D2 | +84 8 3744 2589

info@factoryartscentre.com

factoryartscentre.com/go-work | Business

hours: Mon-Sat 9 a.m. to 7 p.m.

Price: VND 100,000/day; VND 1,900,000/m

What’s the place like? Go Work is a smaller

co-working space that is part of The Factory

Contemporary Arts Centre.

Who does it cater to? All kinds of individuals,

start-ups and small businesses are welcome.

What about private offices? To come.

Business services? No.

Networking events/workshops/coaching? It

organises networking events and workshops.

Any special amenities? Go to the outdoor terrace

or the exhibition hall for a creative break.

What else to mention? Membership comes with

a discount at the on-site restaurant, bar and cafe

with an organic and healthy menu; members

have free entrance to all exhibition openings

at The Factory.

44/10 Nguyen Van Dau, Binh Thanh D

+84 9 4971 6313

hello@fablabsaigon.org | fablabsaigon.org

Business hours: Mon-Sat 9 a.m. to 6 p.m.

Price: No daily pass; VND 1,300,000/m

What’s the place like? Fablab is a makerspace,

a coffee shop and a co-working space all in

one, housed in a typical Vietnamese townhouse.

Who does it cater to? Fablab is tailored to

creatives and designers.

What about private offices? You can rent a

private office for 8-10 people, starting from

VND 8,000,000/month.

Business services? No.

Networking events/workshops/coaching?

Fablab runs regular workshops of original

content and engages members in community

projects.

Any special amenities? Fablab also has a

makerspace and an on-site shower.

What else to mention? Membership comes with

one free drink per day and a 10% discount on

food and beverages.

Limited Places. Register today!

(08) 2222 7788 / 99

www.issp.edu.vn/camp

92 Nguyễn Hữu Cảnh, Ward 22, Bình Thạnh Dist., Ho Chi Minh City

Summer CampJune 19th - July 14thFor children 18 months to 11 years old

Summer Camp

For children 18 months to 11 years old

June 19th - July 14th

SAIGON COWORKING

START SAIGON

GO WORKFABLAB

#iAMHCMC REAL ESTATE FEATURE by Jesús López-Gomez

24 | iamhcmc.com/gazette

Bring On the Green: LEED Construction in HCMC

Go out on any warm day and you’re likely to

hear the collective “whoosh” of the city’s many

air conditioner units perched outside residences.

A centralised air conditioning system would

be more cost effective and friendly to the

environment, but the reason you don’t see

these and other sustainable practices adopted

more widely in construction is partly just

short-sightedness. LEED expert and Colliers

International Vietnam General Director

David Jackson explained that the benefits of

green building are buyer- and tenant-centric.

(LEED stands for Leadership in Energy and

Environmental Design, a US rating system for

the environmental performance of a building.)

“The issue with residential is that a lot of people won’t invest because

the benefits [of having more efficient equipment or construction materials] stay with the owner rather than the

builder,” he said.

Never mind that the cost between building

a sustainable structure and a conventional

building is “minimal”, he added.

LEED vs. LOTUS

Interest in LEED certification has grown to a

point where a separate, more locally oriented

set of standards has been developed, LOTUS.

Those standards have been slow to take hold.

Vietnam’s Green Building Council reported in

December that just 12 projects had sought and

acquired LOTUS certification.

In 2013, the council reported that 41 buildings

had received some kind of sustainability

certification, either from LEED, LOTUS or a

comparable metric. The majority, 42 percent,

were factories. The residential sector had the

smallest share of certified buildings, 3 percent.

“Green building adoption has been limited in

Vietnam,” the council wrote in its 2013 report.

The report said that “factories have led the

way thus far”, like the LEED-certified Colgate-

Palmolive Plant in Cu Chi, the first one to obtain

the certification in the country in the summer of

2016. The Binh Duong province plant, which

opened in 1996, worked with international

engineering firm Royal HaskoningDHV to

remake the 18,600-square-metre facility.

The plant employs around 1,200 people and

makes 250 million products annually. “Slowly,

Asia’s Factories Begin to Turn Green,” read a

New York Times headline in 2014 describing

a Vietnam Intel plant with a water-reclamation

system and one of the country’s largest solar

panel clusters. The developments resulted in

questions from local authorities: they were

reportedly seeking direction on what kind of

standards the Vietnamese government could

impose on its country’s manufacturers.

“Until you get to a very mature city level …

with tax incentives, development incentives …

it’s going to be hard to push for [sustainable

development],” Deputy Managing Director

of Savills Vietnam Troy Griffiths said. Some

incentives do, however, exist right now. Jackson

described a HCMC building code that allows

builders to add an extra floor to their edifice if

sustainability standards are met.

A Green-Tinged Future?

Looking forward, Jackson said firms are going

to need to figure out how to help developers

frame their sustainability interests in terms of

market value for buyers. In other words, “what

people look at here in terms of development is

which one is going to sell my property more,” he

said. “And I think people will focus on LEED”

because of its international recognition, he said.

Jackson said developers need to involve a green

building consultant early in a project.

“By bringing on a green consultant at an early stage of a project … they will guide you in terms of

cost savings,” he said.

Vietnam has also eased this process by making

sustainable appliances more widely available.

“When you’re looking at green products, five,

six years ago, it was very difficult to find low-

flush toilets,” Jackson said. “You can get that

here now.”

Vietnam has an edge in the green building

space because of its wealth of architects and

international architecture firms. With the

decreasing costs and greater sensitivity to

environmental issues, Jackson said there’s

reason to be optimistic about the adoption of

sustainable building practices.

“I think with technology [becoming less

expensive] and more experience in the market,

all building is going that way.”

Vietnam isn’t known for green energy initiatives, but some developers are looking to change that. We find out what a greener and cleaner future might look like in HCMC.

FactoryOfficeHospitality

*Measures green buildings that are certified and/or registered with LEED, LOTUS, EarthCheck, BCA GreenMark or following GreenStar.

Source: “Is There a Future for Green Buildings in Vietnam?” by Solidiance

SupermarketSchoolResidential

SECTORS DOINGGREEN IN VIETNAM*

42%

22%19%

8%

6%

3%

#iAMHCMCby Keely Burkey & Vinh Tran REAL ESTATE FEATURE

25

Tearing Down the HouseFor architect The Vinh Tran, From the HCMC Department of Construction, the key to HCMC’s future development isn’t building new buildings – it’s tearing down old ones.

This might shock you, or it might not: hundreds

of buildings in Ho Chi Minh City are deemed

worthy for demolition.

Many of the buildings in question are old

residential buildings – condos or apartment

complexes built before 1975. As architect The

Vinh Tran explains through an interpreter over

a cup of tra da, although there are 474 of these

old condos in and around Ho Chi Minh City,

most are concentrated in Districts 1, 3, 5 and 10.

In total, there are around 50,000 apartment units

that need to go.

This might come as strange news for anyone

who follows real estate in the city. After all,

land prices are rising, and this is especially true

for land in Districts 1 and 3. Some developers,

Tran reports, have been waiting for land to

become available for over 20 years. And it’s not

just the developers – the government is equally

prepared to develop new projects over old and

unsafe projects. The holdouts? The tenants of

the buildings themselves.

Location, Location, Location

According to real estate regulations in Vietnam,

any building constructed before 1975 is

considered liable for destruction or renovation.

The problems come into play when tenants,

who own apartments or have binding leasing

agreements, refuse to give up their home to

make way for new building construction.

Legally, Tran explains, the government has no

right to forcibly remove a resident from their

proper home, even when the house is hazardous

and potentially dangerous.

When you factor in the monetary incentive that members of the Ministry of Construction are offering tenants,

you have to ask: why stay?

Because they live in prime locations, Tran

says. Development plans in the city are

widely known, and the tenants who live in

these rapidly degrading buildings know the

worth of the properties they live in. Many

tenants consider the compensation offered by

government officials to be inadequate when

judged against the property’s worth as well as

other factors.

After all, many tenants living in the degrading

houses work in the centre of the city in a

variety of lower paying jobs. Occupational

options seem bleak when forced with the idea

of relocation to affordable housing units on the

outskirts of the city. However, as the years pass

and the buildings degrade, these citizens are

playing a dangerous game of chicken.

Building on the Edge

The Vinh Tran is adamant about this issue and

considers it a keystone preventing the city from

efficient development strategies.

Rather than develop from the centre of the city and then

slowly progress outwards, as many cities naturally develop around the world, Ho Chi Minh City is on a

different path.

Real estate companies, waiting years for land

to become available in the city centre, have

grown impatient. Now Novaland and other

development companies have opted instead to

invest money in land around the outer rim of

the city. Tran considers this a less-than-optimal

solution, as it results in uneven and ultimately

uncontrollable real estate development.

Traffic congestion and even pollution would be

less, he maintains, if development was allowed

to go forward on old condo complexes.

Slow Progress

Despite the lengthy compensation negotiations,

old buildings are gradually being torn down –

just not at the rate that the city has targeted.

Recently, Tran reports, government officials

have thought of a new incentive which has

been attracting more old apartment tenants: a

guaranteed spot in the new apartment building,

and sometimes a job within the building as well.

However, it seems as though for the moment

The Vinh Tran will have to be content with

the slow crawl towards uniform modernisation

in the centre of the city. Without adequate

resources to make existing tenants happy these

crumbling houses will serve as a visual reminder

of the progress yet to be made.

#iAMHCMC MEET THE EXPERT Interview by Keely Burkey

26 | iamhcmc.com/gazette

We’re seeing an anti-immigrant sentiment sweeping the globe,

and people have not come up with good ways to deal with the fact

that millions of people are already here.

What about motorbikes, and how the sidewalks

are used as parking lots?

They take up a lot more space than vendors.

In my book, we meticulously measured the use

of sidewalk space and found that vendors take

less space but employ a lot more people.

And I think it’s really serious how, as incomes

have grown, there are so many more cars.

The city really wasn’t built for that many cars.

There really needs to be serious control of cars,

because that’s going to lead to gridlock.

Are there any other cities that are incorporating

vendors in different or innovative ways, so

residents get the best of both worlds?

What I brought to [the HCMC city planning

department] was the example of Boston’s

Freedom Trail. It’s like a red painted line that

goes around the city, so tourists can follow the

line as they walk around.

What’s neat is that it goes from historic things

as well as shopping as well as different ethnic

towns like little Italy and Chinatown.

The city planning department was intrigued by

that. They invited me to make a mock proposal

for HCMC, and it was approved by the People’s

Committee to be a pilot project.

The whole approach was that you don’t need to radically change things and sanitise the city. People want to

see the regular living life of Ho Chi Minh City.

When you go to Ho Chi Minh City, what are

some of your favourite street foods?

So many things! I love nuoc mia, and all the

drinks. I get xoi, the sticky rice, and banh mi.

And lots of the snacks, like the crackers and

cookies that they grill on the sidewalk.

Sidewalk clearing initiatives are nothing new in Ho Chi Minh City, but the latest attempts have been making national news. University of Southern California (USC) Professor Annette Miae Kim provides some insight on what could be lost if the sidewalks are cleared.

How did you become interested in Ho Chi Minh

City’s sidewalks?

I have a personal family background – my

father was born in North Korea, so I was

interested in these Asian communist countries

that were starting to make reforms, and I

came to Vietnam with my advisor as a

grad student and just really liked it there.

While I was living in Saigon in 2000,

researching [my book, Learning to Be

Capitalists], I would walk on the sidewalks.

I loved living in the city but could never

quite put my finger on what exactly was so

wonderful about living in Ho Chi Minh City.

What did you find out when you began

researching sidewalks for your second book,

“Sidewalk City”?

Basically, one of the biggest things I found out

is that sidewalks are a very democratic space.

People from different classes were coexisting

and hanging out with each other and helping

out each other. There’s an incredible amount of

sharing of the sidewalk space. There’s a social

system that allows people to take turns.

How do you think the sidewalks in Ho Chi

Minh City differ from sidewalks in other cities?

After organising an international conference

about global street-vending where I could

compare it to other places, it became clear to

me that Vietnam is very different. Usually the

store owners are the ones most vehemently

against street vendors because they think it’s

unfair competition and/or they’re degrading

the physical environment and they’re going to

lose their real estate value.

But in Ho Chi Minh City while these arguments

are also made, there are also many accounts

in which the store owners were helping [street

vendors] out. They were hiding them during

police raids, they were giving them free water,

free electricity, they would store their goods

overnight for a small fee.

I realised that there’s a high degree of legitimacy in Vietnamese culture,

especially in the South, and that there’s a lot of accommodation

made for vendors.

Do you think the sidewalk clearing campaign

we’re seeing today is different from any past

attempts?

I think what was really remarkable was

how [District 1 Deputy Chief Doan Ngoc

Hai] was towing government cars and

demolishing government office buildings.

I hadn’t seen that before, and I think

that’s why it’s gotten a lot of attention.

It’s a “no one’s above the law” kind of act, and

I haven’t seen that before.

Are you aware of any options or alternatives

that might be available to street vendors if this

initiative takes away their place to work?

I haven’t heard of any government suggestions

what the alternative would be. With a lot of

migrant populations and immigrants – not just

in Vietnam, but globally – I think, a lot of times

the city’s approach is “just don’t be here”, and

not really thinking of alternatives.

Is Sidewalk Culture at Risk?

by Travis Hawk

#iAMHCMCby Keely Burkey & Nguyen Van Duc REAL ESTATE FEATURE

27

Controlling the Flood: Affordable Housing in HCMC

One of the keywords in Vietnam’s real estate today is urbanisation.Today, 34.1 percent of the country’s population live in cities, and this number is rapidly growing. The biggest question remains: where will everyone live?

With an increasing Foreign Direct Investment

(FDI) presence, a rising middle class and an

influx of expatriates from wealthier countries,

there’s no simple answer to this question.

Nguyen Van Duc, the founder and owner of Dat

Lanh Real Estate Company Ltd., a real estate

developing company that focuses exclusively

on affordable housing in Ho Chi Minh City,

knows this only too well.

With the help of his son, Nguyen Hung Tam,

who acted as interpreter, Duc explained why he

has devoted his life to affordable housing. He

pointed out an obvious advantage to affordable

housing development: “The land available is on

the outskirts of the city, so it’s cheaper.”

So far he’s built dozens of housing projects for low-income workers,

mostly in District 12, and this demand will not let up any time soon.

Adding Up the Numbers

Thousands of Vietnamese have been pouring

into the city limits, attracted by the prospect

of employment and educational opportunities.

While this increase is clearly good news

for manufacturing factories and schools, it

has caused strain on the city’s housing and

infrastructure developments.

One problem? FDI has been funneling into

Ho Chi Minh City’s high-end real estate

projects, but has so far turned a blind eye

towards affordable housing. I ask if any foreign

companies make affordable housing, and he

answers, “From my knowledge, there’s only

been one foreign company that is investing in

affordable housing. And I don’t know the name.

It’s not a big presence.”

For local investors it’s also notoriously difficult

to gather the money to complete these projects

through bank loans. Dat Lanh Real Estate

Company Ltd. has found another way to

complete Duc’s projects: crowdsourcing from

potential tenants.

Many low-income workers and families will

learn of a real estate project and will invest

money to ensure a place to live when the

project is finished. I ask how many projects

have required help from tenants, and Duc’s

response is immediate: “Most of them.”

Rising Demand and a Shifting Future

The rising demand for affordable housing has

come at a time when the real estate market is

least prepared. In the past several years, the

middle income and luxury apartment market

has soared, spearheaded by large companies

like Vingroup and Novaland. But these middle-

to high-income apartments are only viable for

20 percent of Vietnam’s population.

The result has been thousands of apartments coming online at

an asking price of VND 1 billion (around US$44,000). Keep in mind

that the General Statistics Office listed Vietnam’s median yearly income in 2016 as just VND 50

million (US$2,200).

The real estate market has already seen a

small shift in development. Last December,

for example, Vingroup’s residential sector,

Vinhomes, announced plans to develop condos

with a VND 700 million price tag in the outer

districts of Hanoi, HCMC and other larger

Vietnamese cities. While this goes in the right

direction, more substantial plans are required

to address the needs of the millions of students

and workers who want affordable living space.

For Duc, the question of an adequate supply

of housing depends on several factors. He’s

adamant, for example, about the need to revise

the necessary amount of square metres per

apartment. In HCMC, every apartment needs

a minimum of 45 m2; Duc would like this to

be changed to 30 m2 or even 20 m2, like the

building limits in Binh Duong.

Duc expressed his desire to find a like-minded

foreign partner who could help fund projects

in Districts 12 and 9, though many foreign

companies are likely put off by the low return

on investment (around 10 to 20 percent).

“It’s true,” he said, “the profit is not very high.

But the benefit is, we always run out of the

product.”

by Thinh Dinh

#iAMHCMC REAL ESTATE FEATURE by Maxfield Brown, Dezan Shira & Associates

28 | iamhcmc.com/gazette

Industrial Zones and HCMC’s Real Estate Market

Besides providing good conditions for

investment, industrial zones, and the parks

within them, often provide opportunities for

real estate professionals.

After all, building an industrial park also means

building roads, utilities networks and other

infrastructures.

Plus there’s the fact that by supporting

investment from small and large investors alike,

industrial zones play a significant role in driving

demand for residential housing.

With unemployment in HCMC hovering

around 2 percent and managerial skills in

high demand, new projects in industrial zones

are often dependent on workers from other

Vietnamese provinces and on managerial staff

from abroad. Everyone needs a place to live,

and now developers are working to build these

affordable housing blocks.

At present, while industrial parks in districts such as Tan Phu,

District 2 and District 9 are all at full capacity,

other areas such as Cu Chi still provide significant

potential for future investment.

Keeping Costs Under Control: A Constant Struggle

If you’re a real estate investor and you want

to tap into these opportunities, you should

remember: always consider the supply of

leasable land in conjunction with the cost of

basic materials, wages and the going sale price

for real estate within specific districts.

While certain areas within HCMC may be at

a relatively low capacity, Vietnam remains

Ho Chi Minh City has long stood as a hub for

economic activity and a primary attractor of

Foreign Direct Investment (FDI) in Vietnam,

and guess what? This hasn’t changed. Here

are the big numbers: in the first quarter of

2017, FDI investments in the city were up 51

percent over the year prior, amounting to nearly

US$600 million total.

There are many reasons for HCMC’s success:

an array of logistics links, demographic trends

and trade agreements with other countries are

all coming together to attract investment. On

top of this, and perhaps most importantly, are

HCMC’s industrial zones.

Right now the city has 19 industrial parks with

another eight on the way.

For domestic or international investors setting up in HCMC,

industrial parks offer a wide variety

of advantages: personal and corporate income tax incentives;

improved infrastructure; streamlined compliance requirements; and a range of prefabricated or tailor-made facilities are just

some benefits.

Although most industrial zone tenants are

domestic companies, today these areas are also

highly sought after by multinational enterprises

seeking large-scale bases for manufacturing

within Vietnam.

Some of the heavy hitters?

For one, there’s Samsung, which set up a US$2

billion components facility in the Saigon High-

tech Park in 2016. And then there’s Intel, which

established a production facility in 2009 at the

same location with a current value topping

US$1 billion.

Industrial Zones in HCMC: Land of Opportunity

HCMC BINH DUONG LONG AN DONG NAI BA RIA - VUNG TAU

50

100

150

200

250

300

Max Rent

US$/m2/term

Source: Savills Research & ConsultancyRENT RANGES

Min Rent

Industrial zones (IZs) aren’t as flashy as the high-rise office buildings in District 1, but manufacturing has become the backbone of Vietnam’s economy. Maxfield Brown, the lead ASEAN editor for Dezan Shira’s Asia Briefing Ltd., takes a look at the future of IZs in HCMC.

#iAMHCMC REAL ESTATE FEATURE

29

one of the most sought-after destinations for

investment in the country.

As such, leasable land as a whole is in low

supply compared to other provinces such as

Dong Nai and Binh Duong.

Because of this, the minimum leasing rate within HCMC, even within low capacity areas, is near the maximum rate found

in other provinces.

While this certainly allows for increased

profit for the landlord, the intense demand

for materials and personnel has led to higher

wages and price inflation for building materials

in recent years. These are constantly shifting and

should be monitored closely if you’re looking

to construct a new factory or housing complex

within the city lines.

Districts to Watch

With several new industrial projects in the

planning stages in HCMC, we’re expecting to

see industrial zones play an even bigger part in

the city’s future soon enough. Keep an eye on

Binh Chanh, Cu Chi and Nha Be districts, which

all have projects in various states of planning.

With high occupancy rates and the third-

highest average rental prices across all districts

in HCMC, Binh Chanh in particular is well

positioned for real estate investment. With

over 1000 ha of leasable land expected to come

online in the years to come, the potential for

this district cannot be understated. Within Binh

Chanh, Le Minh Xuan Industrial Park and Vinh

Loc I Industrial Park are expected to provide

580 and 466 ha of new land respectively,

accounting for the vast majority of new space

coming online in the district.

For everyone involved, the ongoing development of new industrial park

projects will present significant

immediate-term contracting opportunities.

Further downstream, once the listed projects are

completed and new workers flood to these areas,

we’ll see added pressure on both commercial

and residential real estate markets around these

areas. However, no matter the location and

focus area where real estate investors choose

to stake their claim, the impact of industrial

zones cannot be discounted. Get ready to see

these projects continue to grow HCMC in the

years to come.

D9 D7 D2D12 CUCHI

BINHCHANH

NHABE

TANPHU

THUDUC

50

100

150

200

250

300

10

20

30

40

50

60

70

80

90

100

Source: Colliers International Research

Average Asking Rent Occupancy Rate

US$/m2/term %

INDUSTRIAL MARKET PERFORMANCE BY DISTRICT

#iAMHCMC REAL ESTATE FEATURE by Alice Laurent, Solidiance Asia Pacific

30 | iamhcmc.com/gazette

of this thanks to the factors boosting the

construction sector. Ho Chi Minh City is seen

as a good match between the city and FDI

expectations: we have a business mindset,

skilled and relatively cheap labour costs, an

international port, plenty of industrial zones

and a relatively flexible FDI legal framework.

South Korea, Japan, Singapore and Taiwan are

the top foreign investors in the HCMC area.

We’re seeing them invest more and more in

industry and the reason is clear: the biggest

export manufacturing companies in Northeast

Asia are transferring their production facilities

to developing countries like Vietnam as China

increases their production costs.

In HCMC, the high-end residential segment is still attractive, accounting

for more than 40 percent of the total FDI in real estate.

Let’s look at one case.

CapitaLand, a Singapore-based company, is a

major foreign investor in Ho Chi Minh City

at the moment. They plan to build another

“Vista Verde” condominium in District 2

with 200 units. Meanwhile, another major

actor, Mitsubishi Group (Japan), signed a

contract with Bitexco to set up a housing

development joint venture with an initial

capital of about US$290 million.

Foreign architecture and design companies

are also doing their part to boost this

sector: French consultancy and architecture

company Archetype Group, design company

Ong&Ong (Singapore), Kumho E&C (South

You’ll notice it when you walk down the streets

of Ho Chi Minh City: every square metre is

getting optimised. Cranes lifting and trucks

bringing material to construction sites are now

a regular part of the scenery. Clearly, construction

has been picking up again following the

2011-2012 property market bubble collapse.

Contributing 25.3 percent of total Foreign Direct Investment (FDI)

capital in Vietnam, construction in Ho Chi Minh City is one of Vietnam’s

business success stories.

Moreover, recent and upcoming free trade

agreements are easing the FDI stream flowing

to Vietnam and, consequently, speeding

construction investment in Ho Chi Minh City.

Here’s what you should know.

Making Sense of the Market

According to market estimates, construction in

Vietnam (residential, commercial and industrial)

was worth about US$51 billion in 2016 and is

expected to reach more than US$78 billion by

2020. Wondering why? Glad you asked.

A strong demographic pressure.

HCMC officially houses 8 million people but

estimates lean more towards 10 million. By

2025, we may be looking at 13.2 million.

An increasing urbanisation rate.

From 18 percent in 1980, the rate reached

35.7 percent in 2015. Need I say more?

An urban development governmental

action plan for 2011-2020.

There will be one hundred million square

metres of residential construction every year;

a US$50 million fund shared between public

and private investors will be used to support

the urban expansion of HCMC and Hanoi.

Who’s Getting Involved?

In 2016, the total national FDI inflow was

US$15.8 billion. HCMC took a large share

Building the Boom: FDI in Construction

Foreign Direct Investment (FDI) has been pouring into the construction and real estate markets for years. Alice Laurent from Solidiance tells us which countries are betting a lot of chips on Vietnam’s real estate game.

2008 20132009 2010 2011 2012 2014

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Source: General Statistics Office of Vietnam

Foreign Invested SectorTotal Output

VND billionVND billion

VALUE OF CONSTRUCTION SECTOR(at constant 2010 prices)

0,0

0

#iAMHCMC REAL ESTATE FEATURE

PaediatricsGynaecologyOsteopathyAcupunctureChild Birthing Classes - Breastfeeding SupportENT

General and tropical medicineCardiologyPsychologyPsychiatryPsychomotor therapySpeech therapy

OUR SPECIALTIES

CENTRE MÉDICAL INTERNATIONALYOUR MULTIDISCIPLINARY CLINICIN THE HEART OF HO CHI MINH CITY

1 Han Thuyen, District 1Ho Chi Minh City

08 38 27 23 67info@cmi-vietnam.comwww.cmi-vietnam.com

31

Korea) and developer Mitsubishi Group

(Japan) are all good case studies

Commercial and Industrial Buildings: The Promised Land

In particular, companies like CapitaLand,

Mapletree (Singapore) and Kumho (South

Korea) have been showing a strong interest

in the segment. Here are some big numbers:

CapitaLand will establish a US$500 million

fund by next year to invest in commercial

property. They’re turning their eyes towards

the Thu Thiem New Urban Area, a 657-hectare

site east of the Saigon River, which is marked

to be the new central financial district.

And don’t forget that last year Takashimaya

opened its first department store in Vietnam,

in HCMC’s Saigon Centre, a mixed-use

development by Keppel Land from Singapore.

In 2016, industrial investments accounted for 17 percent of HCMC’s total construction, but this is expected

to increase in the coming years as the city aims to become one of the manufacturing hubs in the region.

Ho Chi Minh City currently counts 17

industrial zones with a total area of 4,063

hectares, of which there are two high-tech

zones. It is expected that seven new industrial

zones will be established with a total area

of 2,089 hectares. Samsung’s new US$1.4

billion facility in Saigon High Tech Park is

just one proof of this continued interest.

Next FDI Challenge? Taking Bottlenecks out of the Highway System, Improving Infrastructure

“Ho Chi Minh City will need about US$7.6

billion by 2020 to develop infrastructure,” said

the HCMC Popular Committee Vice-President

Le Van Khoa during a real estate conference in

the city last November.

Fully developed communications systems,

transportation networks, energy, water supply

and sewerage systems, and financial service

facilities will all act as leverage for future FDI

projects. Moreover, lowering transportation

and communication costs will further improve

investment effectiveness. Thus, development

of infrastructure is essential to attracting FDI.

The government has approved the construction

of a US$16 billion Long Thanh International

Airport near Ho Chi Minh City able to handle

100 million passengers by 2025 – five times

the capacity at existing Tan Son Nhat airport.

In addition to this, the HCMC committee

published a list of infrastructure projects for

which foreign investors are allowed to bid

(they’re mainly transportation). We’re hoping

this will translate to harmonised development

in the future.

Having said that, both local and foreign

investors will have to get their hands dirty to

solve current challenges to quality of life and

increasing productivity: congestion, green

space and air pollution are the big three.

Let’s see what the future holds.

STATEOWNED

CIVIL TECHNICALBUILDINGPRIVATE FOREIGN

INVESTEDRESIDENTIAL

HOUSENON-RESIDENTIAL

HOUSESPECIALISEDBUILDINGS

Source: The General Statistics Office and RongViet Research.Data taken from “Vietnamese Construction Sector in 2017:Slowdown with Great Promises” by Nguyen Ba Phuoc Taiin Bat Dong San magazine. All numbers converted from VND.

9M2015 (USD Billion)

9M2016 (USD Billion)

YOY Growth(Percent)

GROSS OUTPUT OF THECONSTRUCTION INDUSTRY

0.9

16.0

14.5

20.912.3

9.0-8.7

#iAMHCMC REAL ESTATE FEATURE by Rudolf Hever, Savills Hotels Asia Pacific

32 | iamhcmc.com/gazette

Which nicely brings us to the subject of M&A

activity. Thus far, activity remains limited. There

are far more buyers with capital at the ready

than hospitality assets available, although there

have been some notable deals, mostly recently

the sale of Intercontinental Asiana Saigon, as

well as the Duxton HCMC and others.

It remains very much a seller’s market.

We expect to see a lot more M&A (Mergers and

Acquisitions) activity over the next two years

as newly developed properties come online and

some owners may be forced to dispose as the

initial operating results fail to meet the service

requirements of their investment capital.

Coastal Condotels

So, what keeps us up at night? It would most

likely be the coming avalanche of condotels

mainly in the coastal locations, such as The

Kenton Node in District 7. The fervour at which

developers are taking to condotels is somewhat

concerning.

There seems no let-up in sight. We see more and more projects

announced, seemingly trying to outdo each other in terms of scale and outlandish guaranteed returns.

Developers are quick to label projects as a

condotel as soon as they are located in a tourism

destination, but what worries us is the ‘tel’ part.

In most cases we see very little regard for the

hotel aspects and the management implications

these entail in order to have any chance of

meeting the promised returns.

Still, when we look forward to 2017, there is

plenty of optimism in the hospitality market.

The rapid pace of development we’re seeing is

likely to continue, and maybe even accelerate

as domestic and international arrivals continue

to grow rapidly.

HCMC has always had trouble catering to tourists. As city officials make strides to improve the city’s accessibility, has it been paying off in the hospitality industry?

Rudolf Hever, Director of Savills Hotels Asia Pacific, weighs in.

The past year didn’t disappoint hospitality

market stakeholders in HCMC and across

the country. Confidence remained high,

underpinned by a very strong growth of

international arrivals. This led to elevated levels

of activity across the planning, development,

construction and pre-opening pipelines.

This year, not only did we see strong

development activity in the main cities and

destinations of Vietnam, we also saw secondary

and tertiary locations gearing up for more

development: Ho Tram, Sapa, Quy Nhon, Cat

Ba and Dong Hoi to just name a few.

Rising Numbers

After stagnating growth in 2014 and 2015,

international arrivals surprised even the most

hardcore optimists. In 2016, international arrivals

rose to 10 million, up 26 percent compared to the

previous year. Growth was driven by several key

markets including China (up 51 percent), South

Korea (39 percent) and Russia (28 percent).

Thailand, the UK, US, Taiwan and Malaysia

were also up by double digits.

However, we are still heavily reliant on only

four key source markets: China accounts for

27 percent of all international arrivals, followed

by South Korea (15 percent), Japan (7 percent)

and the US (6 percent).

And, if you’re interested in HCMC: international

tourist arrivals to Ho Chi Minh City increased

steadily from 3 million to 5.2 million with

an average growth rate of 10 percent during

2010-2016.

In Q1/2017, the city welcomed approximately 1.6 million

international tourists, up 15 percent compared to the same period last year and accounting for

49 percent of all international arrivals to Vietnam.

Rising Projects

Although the numbers are impressive, the

performance of hotels and resorts across the

different submarkets has not improved at the

same pace. However, the last few years have

seen robust real estate development activity and

we are beginning to see the implications in terms

of new supply.

Competition is intensifying across the board and

we expect to see more of it in the future. For local

and international guests, an increasing choice

of accommodation options across the budget

spectrum is a boon – especially with heavily

discounted rates during the startup period!

In HCMC, we expect the openings of

approximately 1,000 keys in the upscale to

luxury segment during 2017-18 (increasing at

a compound annual growth rate of five percent).

However, the future supply in HCMC is fairly

stable compared to coastal destinations in

Vietnam, particularly in Nha Trang and Cam

Ranh as well as Phu Quoc with a large wave

of new supply over the next two to three years.

These markets are developing at an impressive

double digit growth rate, and will no doubt

overcome their case of ‘indigestion’, just as

Danang did a few years earlier, although owners

may need to sober up their expectations.

HCMC’s Hospitality Industry Ramps Up

#iAMHCMC EDUCATION ADVERTORIAL

33

capable Vietnamese Support Teachers who

help the teaching staff provide a caring and

stimulating environment.

Multicultural Learning by Experienced Educators

One of the great advantages of the AIS Summer

School is that children come from many

nationalities. This reflects AIS itself where over

40 nationalities attend the school. It always

brings joy to the staff to see the way children

from different countries build friendships with

each other.

Many children love the AIS Summer School so

much, they enrol to the school. If your child will be attending AIS, this program is a great way to get

to know this fully accredited international school.

This year Christina Zinetti, one of the AIS staff,

will be the overall coordinator. Christina is a

very experienced teacher and has coordinated

other summer programmes in Europe. Ian

Osberg will again be overseeing the Thao

Dien campus and will ensure that the campus

is well-organised.

The programme is great value for families

offering several types of discounts for students,

as well as free buses in some areas.

AIS has always had a reputation, not just

for being an outstanding school, but also

for holding excellent summer schools. You

and your children should take advantage and

make this summer the best one yet! It looks

like this year will be no exception, so it’s time

to enrol the kids.

Visit www.aisvietnam.com for further details.

Summer holidays are just around the corner. What are the best activities that stave off boredom and make the summer fun and productive? Australian International School has the answer.

For the last nine years, the Australian

International School (AIS) has been answering

the cry of parents with its English language-

based Summer Programme.

Now in its 10th year, the AIS Summer School has helped literally thousands of

children improve their English language skills whilst also meeting new friends from around the world

and learning other soft skills.

This year, the Australian International School’s

Summer Programme will be spread over all

three of their well-equipped campuses in

District 2’s Thao Dien and Thu Thiem wards.

Starting on 20 June and ending 21 July, kids

will learn and play from 8:00 a.m. to 2:45

p.m. every weekday.

Days Filled with Fun

The programme at the Thu Thiem campus will

cater to children who are not native English

speakers and want to improve their English.

With its wonderful state-of-the-art facilities and highly qualified staff,

the programme will focus on the development of children’s English

skills through weekly themes.

History shows that those children who

complete the programme become more

confident with speaking, listening, reading

and writing skills, no matter at what level they

start. The classes begin at kindergarten through

to Year 11.

The Thao Dien campus will have classes for

kindergarten to Year 6 students. These classes

will not only be challenging but great fun as

well, with weekly excursions supplementing

the classroom activities. The students will also

have lessons focusing on Technology, Art/Craft/

Cooking and Drama/Music so they learn to

apply their English in different situations.

AIS will also offer a play-based, engaging

programme for kindergarten children at its

outstandingly resourced Xi campus.

Such is the popularity of the AIS Summer

School that many of the teaching staff return

year after year to support the children in their

learning. All the teaching staff have university

degrees from Western institutions as well as

extensive ESL training. They are a great bunch

who know how to challenge and engage

children so learning becomes fun. Every class

will also have one or two experienced and very

An Exciting Summer Ahead at AIS Summer School

Enquiries: AIS.Admin@aisvietnam.com

Thu Thiem Campus: 264 Mai Chi Tho, D2 | +84 8 3742 4040

Thao Dien Campus: 36 Thao Dien Road, D2 | +84 8 3744 6960

Xi Campus: 190 Nguyen Van Huong, D2 | +84 8 3519 2727

#iAMHCMC EDUCATION FEATURE by Frank B. Edwards

34 | iamhcmc.com/gazette

FUV’s Unconventional Academic Leader

believes to be post-war Vietnam’s first privately-

owned company – a consultancy for European,

Australian and American businesses exploring

Vietnam’s economic landscape. After six years

of talking business and finance informally,

she headed to America in 1993 on a Fulbright

Scholarship that gave her an MBA and entry

to the world of banking.

For 10 years she was based in Singapore,

negotiating infrastructure financing for dams,

power plants, sewage systems and roads

throughout Southeast Asia, China and India.

When she returned to Vietnam in 2005, it was

as general manager of ANZ’s Vietnam bank –

the first time a Vietnamese had run a foreign

bank here.

After leaving the banking sector, Ms Thuy was

elected FUV’s president after the institution

had finally received its licence from the

government in 2015.

Strengthening Vietnam’s Future

While Ms Thuy’s business connections serve

her fundraising efforts well, her academic

vision seems anchored in the time when she

stubbornly chose to study what was in her

heart rather than what was being prescribed

for her. She dreams of creating a community

where students learn as much from one another

as from their professors and books.

FUV’s first undergraduate class of 100 students

won’t arrive until 2018 but Ms Thuy already

has a vision of it as a strong, independent

university.

“Independent in designing a curriculum, in

setting admission standards, in recruiting

faculty, in our governing system,” she explains

passionately. “We believe that we can build

and train the graduate to become not only a

global citizen but a true Vietnamese, one who

understands the country, the opportunities and

the challenges.”

After a career in international finance, Dam Bich Thuy leads Fulbright University Vietnam, the country’s first non-profit, liberal-arts university.

By her own admission, the founding president of

Vietnam’s newest university is not an academic.

She did not attend a regular school until she

was 11 years old. She has no doctorate and

has never taught a university course.

In fact, her university’s main campus is

actually an empty field in District 9’s Saigon

Hi-Tech Park.

But that does not mean that Dam Bich Thuy

lacks the qualifications to launch Fulbright

University Vietnam (FUV). Her supporters

include former US President Barack Obama

and former Secretary of State John Kerry who

dropped by last year to officially launch the

university.

Several weeks ago, the president of Harvard

University visited Ms Thuy at the Fulbright

Economics Teaching Program (FETP),

the Harvard-funded public policy school

(established 1994) that was recently transferred

to FUV, complete with faculty and 120

graduate students.

A Passion for Learning

Ms Thuy (she blushes when called President

Thuy) claims to be the black sheep of her

family. Her parents were scientists who hoped

she would follow in their academic footsteps.

Instead she studied English at the University of

Hanoi in the early 1980s, a time when Russian

and French were vastly more popular languages.

In the anti-American, post-war era, English

resources were particularly scarce and Ms Thuy

laughs as she describes the English textbooks

that were written by Russians.

“Just imagine how the Russians used English in a sentence,” she says.

Being born in 1961 Hanoi, Ms Thuy had to

deal with adversity early. At age three she was

sent to live in rural evacuation centres with only

weekly visits from her parents for the next eight

years. She did her lessons at night by oil lamp.

At age 11, she watched the intense Christmas

air attacks on Hanoi from the relative safety

of the countryside and innocently assumed the

bombs were fireworks.

She says those experiences made her an optimist.

“It was a difficult time,” she says, but adds

that those years taught her how to survive.

“[We learned] that tomorrow will be better

than today because you must live with hope

during war.”

At university, her real language education took place under bed covers, secretly listening to Voice of America broadcasts, an illegal

act. “I would listen and repeat,” she explains.

Her persistence paid off several years later when

Vietnam opened its doors to English-speaking

foreigners.

After a short stint in the government patent

office, Ms Thuy joined friends to start what she

#iAMHCMC HEALTH ADVERTORIAL

36 | iamhcmc.com/gazette

Passion Turned into SuccessThis has been not only a great source of pride for

me personally, but also a significant motivator

as I could see that my passion and dedication in

the field had gained international recognition.

In collaborative ProArch/All-on-Four research

with Professor Michel Dard from New York

University, I am close to publishing a scientific

essay about my studies on the All-on-Four

implant process.

Out in the World

Already enjoying a happy life with a lasting

and fruitful career, I have also been the

recipient of numerous, exciting awards from

the international dental community.

In 2011, I came first in a research-based

tissue engineering competition held the by

the International Association of Dental

Research (IADR) in Singapore. That was

quite a productive year, as I also attended

and presented an analysis based on clinical

implant cases at Hamburg, Germany’s

ICOI Conference.

Over the years, I’m proud to say that I have been a renegade

of dentistry in Vietnam, and have not been shy in sharing

my knowledge with others.

Life and Goals

When I was a boy, my grandmother had removable

dentures. As I grew up, I always noticed how she

struggled with eating and had to cover her mouth

when she laughed. These lasting impressions

sparked my interest in dentistry, which led me

down the path of stem cell tissue research.

I had an idea, that maybe, just maybe, I could figure out how to grow teeth back. And although

scientists have not reached this milestone yet, much research is

currently underway.

Meanwhile, when I first discovered the existence

of implants, I strove to learn everything I could

about them, and it became the primary focus of

my work. I am passionate about dental implants

and I really hope to use this method throughout

Vietnam and, further, across the globe.

A confident smile can change a person’s life,

and I’ve been lucky enough to have seen this

procedure instantly bring joy to clients across

the world. This pushes me to dedicate more time

to my craft. In my opinion, dental implants truly

are an artform of their own that can rejuvenate

anyone’s smile.

An International Education

Dedicated to innovation and dentistry, I have

worked to stay one step ahead by embracing

the industry’s most modern techniques.

My education in the field has been a unique journey

that has taken me around the world while treating thousands of people,

as well as providing me with a warm sense of accomplishment

which serves as continual inspiration to continue my work.

My passion for education has always been

tremendous. I received my D.D.S (Doctor of

Dental Surgery), and graduated at the top of

my class at the Ho Chi Minh City University

of Medicine and Pharmaceuticals. Soon after,

a desire for further specialised training brought

me to France where I received a PhD for dental

implants and restoration. When I finished this

course, I was delighted to add a Diploma of

International Congress of Oral Implantology

(ICOI) to my wall, as well as a DU, or Diplôme

Universitaire, in Prosthodontics.

In 2015, I was made a fellow by nomination of

the International Team for Implantology (ITI).

Elite Dental Vietnam offers a comprehensive range of services for locals and expats. In April 2017, Elite opened a second facility in District 3, home to one of Vietnam’s most advanced digital dentistry departments. Here its principal dentist, PhD Dr. Tan Hung Lam, fluent in French and English, shares his personal journey.

57 Tran Quoc Thao, D3 (Orthodontic and Aesthetic Dentistry

Center) | 51A Tu Xuong Street, D3 (Implant and Digital

Dentistry Center) | +84 8 3933 3737 | info@elitedental.com.vn

inquiry@elitedental.com.vn | elitedental.com.vn

#iAMHCMC HEALTH ADVERTORIAL

37

Victoria Healthcare strives to educate their patients on how to live

well and be healthy. “This might not be good in a

short-term business sense,” Dr. Cobb joked, “but

if you’re healthy, you’ll stick around longer.”

Continuing Education

To make sure all doctors and nurses stay

current on medical research and technology,

Dr. Tuong and Dr. Cobb have implemented

weekly clinical updates. For doctors, there is

the Continuing Medical Education (CME)

which is conducted in English. Each physician

must deeply research a topic in their specialty

and present it to the rest of the medical staff.

The question-and-answer sessions are robust

and highly interactive. Technology is also

harnessed to facilitate lively clinical discussions

amongst doctors across all four care sites.

This zest for learning is infectious, and the

founders proudly report that every member of

their staff enthusiastically wants to be part of

the team as well as be the best that they can be.

Continued Engagement

It’s clear that Dr. Cobb and Dr. Tuong have

found a recipe for success. Since opening their

first clinic in 2005 on Dien Bien Phu, three more

have sprung up. However, Dr. Tuong doesn’t

want to grow too quickly. “We open clinics

very strategically,” he says. “We really want

to make sure we’re providing exactly what the

customers want and need in exactly the right

place. After a few years, if the clinic does well,

we open another one, always incorporating

lessons learned.”

Victoria Healthcare just celebrated the grand

opening of its newest clinic. This nine-storey

palace of health on Dinh Tien Hoang in District 1

is a sight to behold. Features include two

very child- and family-friendly floors devoted

entirely to pediatrics, a 128-slice CT Scanner

and an outpatient minor surgical ward.

I asked what they could expand in the future.

Dr. Tuong smiled. “Maybe a hospital in two or

three years.” That would be the oak forest.

It’s often said that a great oak grows from

a small acorn. Victoria Healthcare is surely

proof of this.

For Dr. Mason Cobb, one of Victoria’s

founders, the oak is everywhere he looks.

“I started in Vietnam with Dr. Tuong 20 years

ago. Our project was revolutionary for the time

and Saigon was just opening its eager eyes to a

bigger world. Now when I look out the window

I see all the high-rises, I know this is a world-class

city. I know how far from home I really am,”

he reminisced. For Dr. Cobb, home was a small

farm in rural Michigan.

Victoria Healthcare’s co-founder is Dr. Nguyen

Vinh Tuong. Raised in Saigon, he came from a

family of doctors and nurses; it made sense for

him to carry on this tradition. He remembered

his early days of selling medicine directly to

doctors, before pharmacies were established

and regulated. Once he began studying at the

Ho Chi Minh City Medicine and Pharmacy

University, he could tell his professor the price

per dose of everything on the market. “They

were stunned. They didn’t know how I knew

that!” he laughed.

Their current partnership was born a few years

later. Dr. Cobb had gone back to pediatric

surgery in Washington, while Dr. Tuong

continued to pursue his interests in

gastroenterology at the National University

Hospital in Singapore and the Mayo Clinic in

Arizona. While in the US, Dr. Tuong visited his

friend in the Pacific Northwest and together they

were excited to open another clinic in Vietnam

together – this time on their own terms.

A Working Philosophy

For Dr. Cobb, high-quality healthcare is a

layered concept. The first layer? Safety. “We

want to make sure, of course, that nobody gets

hurt or sicker while receiving care,” he said,

listing the international levels of sterility and

cleanliness that are practised at all clinics, the

newest one having just opened in late April

of this year.

The second layer is “doing the best thing for

the patient, even if it’s not the best business

decision: ‘Patients first’ – even before business”.

Rather than run tests that cost a lot but prove

little, Dr. Cobb and Dr. Tuong have worked to

help people medically, not hurt them financially.

This mission is embedded in every Victoria

doctor as a basic ethical responsibility.

The last layer, while the most important, is also

characteristically unconventional: “Respect. We

respect the patient.” Rather than wait for an

illness to bring a patient to their doors, Victoria

For 11 years, Victoria Healthcare has been leading Ho Chi Minh’s medical community by example. The secrets to its success? Engagement, exploration, empathy and education.

victoriavn.com | info@victoriavn.com | + 84 8 3910 4545

Clinic 1: 79 Dien Bien Phu, D1

Clinic 2: 135A Nguyen Van Troi, Phu Nhuan D

Clinic 3: Broadway D, 152 Nguyen Luong Bang, D7

Clinic 4: 20-20Bis -22 Dinh Tien Hoang, D1

#iAMHCMC TRAVEL ADVERTORIAL

38 | iamhcmc.com/gazette

Canada is ranked third among the top travel destinations for Vietnamese. How to go from Ho Chi Minh City to Vancouver or Toronto? EVA Air has the answer.

Vietnamese Canadians form one of the largest

non-European ethnic groups in Canada – an

impressive 220,000 have made this northern

country their home, and that number is

growing. Many of them were among the famous

“boat people” from South Vietnam who fled

the country after the fall of Saigon in 1975.

Sixty thousand Vietnamese resettled in Canada

by the late ‘70s.

As for so many other immigrants, Canadian

Vietnamese are drawn to the country’s urban

centres – most notably Vancouver, home to

Vietnam’s Consulate General, and Toronto,

which has the highest concentration of

Vietnamese in all of Canada.

And where there’s family, Vietnamese want to visit.

All the more if relatives have moved to North America, a region many

Vietnamese still consider to be the land of milk and honey.

Starting 16 June 2017, the Taiwanese airline EVA

Air is catering to this need, adding two extra

flights per week to its Toronto-Ho Chi Minh City

route; additionally, the airline will increase flights

between Vancouver and Ho Chi Minh City to

once a day. But why fly with EVA Air?

Five-Star Service at Reasonable Prices

Well, how about this: EVA Air is a 5-star airline.

All right, 5-star is a widely overused term, but

Skytrax, the definitive international benchmark

for airline quality standards, does not use this

label lightly. These flying experts know what

makes an air trip great, and they awarded only

nine airlines in the world with the top rating.

Service? On-board technology? Entertainment options?

Comfort? Safety? All top-of-the-range.

EVA Air’s high-end fleet includes Boeing 777-

300ERs, perfect for spoiling you with the best

Wi-Fi quality during a cross-Pacific flight.

Thanks to a short layover time of only two

to two-and-a-half hours at Taiwan Taoyuan

International Airport in Taipei, EVA Air

minimises the overall flight from Ho Chi Minh

City to Vancouver to a convenient 17.5 hours.

A trip to Toronto takes a little more: 20 hours.

EVA Air: Fly to Canada in Style

Feel at Home

Say, a Vietnamese mother and father are visiting

their children who study in Toronto. What do

they need most to feel at ease during their flight?

Vietnamese flight attendants to navigate them

through their journey.

EVA Air has a large number of Vietnamese crew members for an international airline.

You can be sure to have at least one of them on all long-haul trips

to North America. Especially elderly people

appreciate that, as they do not always speak English.

EVA Air has set up a three-month ground

training for all its crew staff, making sure

its service maintains the highest safety and

behavioural standards. The cabin crew know

how to make you feel like at home when you

fly with EVA Air. The staff will gladly assist

with any issue you might possibly have. As

most of the passengers between Vietnam and

North America are Vietnamese, this is key to a

convenient flight experience.

With the Vietnamese community growing in

Canada, EVA Air smartly caters to an increasing

need of comfortable and fast, yet affordable

flights to the country’s key destinations –

features that also attract Western expatriates

who wish to visit their home country and,

certainly not least, tourists.

Canada, the Asian Dream

Southeast Asians love Canada for many things

their home countries don’t have: polar bears, for

instance. It is truly cosmopolitan, space is vast,

traffic is safe, healthcare is a public good, and

it is cold – freezing cold – hence there’s snow!

The unequalled natural delights of a country

which is home to a population that counts less

than half of Vietnam’s, while its territory is the

second-largest of the world, makes for a travel

destination that is a change to ever-so-dense

Ho Chi Minh City.

The Rocky Mountains. The Niagara Falls.

Do we have to say more?

Unit 401-404, Saigon Riverside Office Center, 2A-4A Ton Duc Thang, D1 | Reservation Hotline: +84 8 3822 4488 | evaair.com

You are a talented Vietnamese english writer/

journalist and natural storyteller. You will conduct

regular research and interviews to enrich our content for

CityPassGuide.com and #iAMHCMC. You will mostly write in

English and conduct the necessary translations to ensure we have the best and

most updated content available. You’ll work under the supervision of our Content

Managers and in correlation with our marketing team to craft quality, SEO-

f r i e n d l y content. For e x t e r n a l

clients, you will c o n d u c t interviews and r e s e a r c h to understand our clients’ offerings and standards t o

assess content opportunities, make recommendations, develop and execute concepts

that meet our clients’ goals and deliver copy in line with each brand identity. Included r e s p o n s i b i l i t i e s are (but not limited to):

Develop original, high-quality articles that combine qualitative insights with quantitative

data. Follow C i t y P a s s G u i d e . c o m’s editorial calendar and generate relevant

c o n t e n t . Edit existing content for c r e d i b i l i t y ,

relevancy and accuracy. Adhere to our content production department’s style guide, processes, procedures & guidelines. Expand our existing content by adding new information a n d

transforming it into the ultimate source for the given subject. Apply SEO knowledge and appropriate keyword research to enrich CityPassGuide.com’s

content to meet the latest on-page recommendations. Collaborate with internal teams to develop multimedia elements (pictures, charts, videos, infographics and more) to

enrich your content. Review national daily news and select / translate appropriate articles for our news feed.Create meaningful content for third party clients when needed. Other duties assigned by

management. About You: You are someone who loves travel and Vietnam. You are curious about the way the internet is changing people’s lives, the travel industry and the way we connect with companies

through our devices. You develop original perspectives with wit and clarity, arming yourself with statistics and technical data to build a strong argument. You also have a knack for simplifying complex ideas into accessible terms, and can articulate your opinions with ease to a senior-level audience. Requirements: Eager to learn more about

digital marketing strategies. Bachelor/Master degree in multimedia and/or journalism prefered. Three+ y e a r s experience as an author and journalist in English.Experience in the tourism sector and/or news-

r e l a t e d f i e l d s . Natural storytelling skills that inject emotion into any topic, however complex. 26 - 35 years o l d .Excellent E n g l i s h skills, both written and spoken. Positive and energetic; you have excellent social skills. Good knowledge of

H C M C a n d Vietnam: you must love this city and country. Ability to brainstorm, research, produce and promote high-quality c o n t e n t r a p i d l y . G o o d understanding of digital distribution is a plus. COMPANY PROFILE Innovo JSC is the mother company of

Citypassguide.com and #iAMHCMC brands and a small integrated digital marketing and media agency that helps some small to medium organisations grow their business via a m p l i f y i n g their online and offline presence. We specialise in the travel and F&B industry sectors and we work with many of

Vietnam’s leading brands choosing Innovo JSC as their marketing partner. Innovo JSC’s hedgehog concept is to be the most credible local content provider, and to ensure a targeted reach through our premium channels for a high return. Our team is a bunch (20) of mu l t i c u l t u r a l , t a l e n t e d professionals with over 60 years of combined experience led by a management team with hands-on experience. Innovo JSC delivers stand-out marketing strategies and campaigns that achieve their objectives and maximise return on investment. www.innovo.vn City Pass Guide is Vietnam’s leading guidebook publisher, we understand the market needs better than anyone else at a key moment in the t ransformat ion of Vietnam’s travel industry.Our experience allows us to develop complete solutions for key players looking to effectively reach their target demographics. With our competitive pricing and the strong performance of our packages, there are no comparable competitors in the marketplace. We are already Vietnam’s leading information provider for travellers and residents based in Vietnam. Our travel guides are available in print and online format. The HCMC Resident guidebook and the launched series of City Pass destination maps for Hanoi and Saigon lead the market as well. Our well-established #iAMHCMC Gazette is widely recognised for the quality of its concept, content and design. Our effective email marketing campaigns and large database is currently leading the market to reach middle-class to high-end English speaking Vietnamese and expatriates in HCMC. All this to be an essential resource of credible information for residents, expats and travellers from all over the world. www.citypassguide.com MISSION STATEMENT Citypassguide.com strives to be Vietnam’s most credible information provider for premium travellers and #iAMHCMC does the same for Saigon’s residents. We take the best elements from East and West and we develop sincere, transparent and sustainable relationships. Valuing teamwork, attention to detail, honesty, courtesy, creativity and innovation, Citypassguide.com and #iAMHCMC aims to be inspiring Vietnamese brands with worldwide recognition for the quality of its integrated marketing products and services. CORE VALUES Credible: our information is comprehensive, practical, valid, timely and as objective as possible.Customer focus: we aim to serve them well and to continuously add value to their businesses.Innovation: our goal is to constantly reinvent ourselves and the way we work.Leadership: our cutting-edge creative solutions combine quality, design and flair.Qualitative: our mission is to deliver effective solutions that are tested and proven.Passion: we want to develop insightful and fun content for our audiences.Transparent: our communication is open, honest, courteous and transparent.interviews to enrich our content for CityPassGuide. com and #iAMHCMC. You will mostly write in English and conduct the necessary translations to ensure we have the best and most updated content available. You’ll work under the supervision of our Content Managers and in correlation with our marketing team to craft quality, SEO-friendly content. For external clients, you will conduct interviews and research to understand our clients’ offerings and standards to assess content opportunities, make recommendations, develop and execute concepts that meet our clients’ goals and deliver copy in line with each brand identity. Included responsibilities are (but not limited to): Develop original, high-quality articles that combine qualitative insights

with quantitative data. Follow CityPassGuide.com’s editorial calendar and generate relevant content.Edit existing content for credibility, relevancy and accuracy. Adhere to our content production department’s style guide, processes, procedures & guidelines. Expand our existing content by adding new information and transforming it into the ultimate source for the given subject. Apply SEO knowledge and appropriate keyword research to enrich CityPassGuide.com’s content to meet the latest on- p a g e recommendations. Collaborate with internal teams to develop multimedia elements (pictures, charts, videos, infographics and more) to enrich your content. Review national daily news and select / translate appropriate articles for our

eaningful content for third party clients when needed. Other duties assigned by management. About You: You are someone who loves travel and Vietnam. You are curious about the way the internet is changing people’s lives, the travel industry and the th companies through our devices. You develop original perspectives with wit and clarity, arming yourself with statistics and technical data to build a strong argument. You also have a knack for simplifying complex ideas into accessible terms, and opinions with ease to a senior-level audience. Requirements: Eager to learn more about digital marketing strategies. Bachelor/Master degree in multimedia and/or journalism prefered.Three+ years experience as an author and journalist in English.urism sector and/or news-related fields. Natural storytelling skills that inject emotion into any topic, however complex. 26-35 years old. Excellent English skills, both written and spoken. Positive a n d

ou have excellent social skills. Good knowledge of HCMC and Vietnam: you must love this city and country. Ability to brainstorm, research, produce and promote high-quality content rapidly. Good igital distribution is a plus. COMPANY PROFILE Innovo JSC is the mother company of Citypassguide.com and #iAMHCMC brands and a small integrated digital marketing and media agency that helps some small to medium organisat ions via amplifying their online and offline presence. We specialise in the travel and F&B industry sectors and we work with many of Vietnam’s leading brands choosing Innovo JSC as their marketing partner. Innovo JSC’s hedgehog concept is to be

ocal content provider, and to ensure a targeted reach through our premium channels for a high return. Our team is a bunch (20) of multicultural, talented professionals with over 60 years of combined experience led by a management team erience. Innovo JSC delivers stand-out marketing strategies and campaigns that achieve their objectives and maximise return on investment. City Pass Guide is Vietnam’s leading guidebook publisher, he market needs better than anyone else at a key moment in the transformation of Vietnam’s travel industry. Our experience allows us to develop complete solutions for key players looking to effectively reach demographics. With our competitive pricing and the strong performance of our packages, there are no comparable competitors in the marketplace. We are already Vietnam’s leading information provider for travellers

nts based in Vietnam. Our travel guides are available in print and online format. The HCMC Resident guidebook and the launched series of City Pass destination maps for Hanoi and Saigon lead the marshed #iAMHCMC Gazette is widely recognised for the quality of its concept, content and design. Our effective email marketing campaigns and large database is currently leading the market to reach middle-class to higaking Vietnamese and expatriates in HCMC. All this to be an essential resource of credible information for residents, expats and travellers from all over the world. www.citypassguide.

ION STATEMENT Citypassguide.com strives to be Vietnam’s most credible information provider for premium travellers and #iAMHCMC does the same for Saigon’s residents. We take the best rom East and West and we develop sincere, transparent and sustainable relationships. Valuing teamwork, attention to detail, honesty, courtesy, creativity and n, Citypassguide.com and #iAMHCMC aims to be inspiring Vietnamese brands with worldwide recognition for the quality of its integrated g products and services. CORE VALUES Credible: our information is comprehensive, practical, valid, timely and as objective as . Customer focus: we aim to serve them well and to continuously add value to their businesses. Innovation: our goal is to ntly reinvent ourselves and the way we work. Leadership: our cutting-edge creative solutions combine quality, design and Qualitative: our mission is to deliver effective solutions that are tested and proven. Passion: we want to develop ightful and fun content for our audiences. Transparent: our communication is open, honest, courteous

and transparent. You are a talented Vietnamese english writer/journalist and natural storyteller. You will conduct regular research and interviews to enrich our content for CityPassGuide.com and #iAMHCMC. You will

mostly write in English and conduct the necessary translations to ensure we have the best and most updated content available. You’ll work under the supervision of our Content Managers

and in correlation with our marketing team to craft quality, SEO-friendly content. For external clients, you will conduct interviews and research to understand our clients’ offerings and

standards to assess content opportunities, make recommendations, develop and execute concepts that meet our clients’ goals and deliver copy in line with

each brand identity. Included responsibilities are (but not limited to): Develop original, high-quality articles that

combine qualitative insights with quantitative data. Follow CityPassGuide.com’s editorial

calendar and generate relevant content. Edit existing content for credibility,

relevancy and accuracy. Adhere to our content production department’s

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