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BUSINESS
IN BRIEF 5/5
Ocean Dune
golf members up in arms over proposed tear down
The rezoning of
Ocean Dunes golf course in south-central province Binh Thuan’s Phan Thiet
city as an urban area has stirred controversy, as stakeholders cannot reach a
consensus.
In early March
2014, to stop continuous losses it has sustained for the past 20 years, Rang
Dong Group, the owner of Ocean Dunes, issued a message to its members that
the golf course would close early this month.
The message
included plans to resolve membership fees and benefits.
Accordingly, the
group proposed Ocean Dunes members could transfer their memberships to Golf
Sea Links, part of the
All member services
would be entirely inherited by the course.
In cases the
members having both Ocean Dunes and Golf Sea Links they can combine card
validity or transfer one card to other people without paying transfer fees.
The group is openly
negotiating with Ocean Dunes members to ensure their best interests.
Some members,
however, are not satisfied with Rang Dong’s solution, saying that they are
being disregarded and have not been heard by the group.
Ocean Dunes’ member
Dinh Ngoc Tuan argued that Rang Dong should continue the golf course business
and postpone changing the property into an urban area.
In the middle of
last week, a group of Ocean Dunes members held a meeting where they reached a
consensus on hiring a foreign law firm to protect their interests if the
urban area plan goes forward.
Another member, Le
Quang Liem, wants Rang Dong to pay $25,000 compensation to club members, as
he is not interested in playing golf at Sea Links.
Jeff Puchalski,
another member, said a proposal is being drafted to send to authorities
asking them to uphold the members’ rights.
Chairman of Rang
Dong Nguyen Van Dong, said the group was looking to resolve the issue in a
constructive way. He added that the group greatly regrets closing the course,
but that it has become necessary due to the group’s sustained losses.
In terms of
satisfying Ocean Dunes’ members, Dong said that of nearly 189, nearly half
couldn’t be contacted and another 50 had agreed to shift their memberships to
Sea Links or receive compensation.
Discussing the
transition of Ocean Dunes into an urban area, chairman of Binh Thuan People’s
Committee Le Tien Phuong said, “Ocean Dunes was approved by the government’s
golf course development plan, and therefore changing its function needs
government approval. Once that happens, then more detailed planning can take
place to balance state, society and investor interests.”
The proposal to
change the golf course to an urban area will fall on the provincial Party
committee’s desk this month. If green-lighted, the provincial people’s
committee will pass the proposal forward to the prime minister and higher
authorities for final approval.
Can Tho
resolves to push forward investment projects
Authorities in the
Mekong Delta’s Can Tho city are working to improve the investment environment
by scaling up efforts to accelerate the pace of delayed projects.
One of the longest
and biggest delayed projects in the city is the Can Tho international
university village and Hoang Quan Can Tho urban area developed by Hoang Quan
Can Tho Real Estate JSC.
The project saw its
investment proposal ratified by the city’s People’s Committee in early 2009.
The project
initially envisaged 164 hectares for the urban area, 102 hectares for the
university and a 53 hectare resettlement area.
But since receiving
approval, the developer has yet to do anything related to compensating and
supporting the affected citizens to relocate.
Last year the Can
Tho Department of Planning and Investment worked regularly with state
agencies to review the project’s progress and required the developer to
commit to a pace and implementation timeline as well as pay deposits (equal
to 5 per cent of the cost for compensation and resettlement), as regulated by
law.
According to Bui
Ngoc Vy, deputy head of the department, the project developer has now
proposed to change the urban area plan to housing blocks for low-income
people. The plans for the university have stayed the same.
“The city’s
Department of Planning and Investment is working with the project developer,
asking them to prove financial capability and again commit to a timetable
that can be reviewed and potentially approved by authorities,” said Vy.
Another project,
the $538 million Can Tho oil refinery, has an annual production capacity of
two million tonnes of much needed refined products. But six years after being
licensed, it has seen no progress and has changed joint venture partners four
times.
In its most recent
move, the project and JV partner proposed downsizing the scale to $350
million.
The Department of
Planning and Investment has similarly asked the developer to prove its
financial capability, pay the 5 per cent deposit against compensation and
resettlement, and make a progress commitment.
A 400 hectare
infrastructure project for Hung Phu 1, Hung Phu 2A and Hung Phu 2B industrial
parks (IPs) has been in the pipeline for nearly a decade and has seen little
progress.
Its delays are
attributed to changes to compensation policies and the IPs’ close proximity
to the city centre, making compensation quite costly.
Reportedly the
investor would have to pay $80-$90 per square metre, which would in turn
drive up leasing costs and make it difficult to lease.
Meanwhile, leasing
rates in neighbouring localities – Hau Giang and Vinh Long, are very
competitive due to their low input costs.
This was the reason
developer Can Tho IP Infrastructure Construction Company Limited pulled out
of the Hung Phu 2B IP.
Chairman of Can
Tho’s People’s Committee Le Hung Dung said that city authorities have
continuously supported investors to work out procedures and regulations but
that “Long delayed projects have a major impact on the lives of people who
live on project sites. Projects that do not move forward with be strongly
sanctioned.”
ODA
projects badly need reciprocal capital
At a recent meeting
between the ministries of transport and finance as well as the State Bank of
Vietnam and Government Office, seven urgent transport projects funded by
official development assistance will see capital injections totalling
VND2-2.5 trillion ($95-$119 million) in 2014’s first round of advancing
reciprocal capital for projects, probably soon after April 30.
These seven
projects include a road linking Noi Bai international airport to Nhat Tan
port in Hanoi, the Danang-Quang Ngai expressway, the Ben Luc-Long Thanh
expressway, Hanoi’s urban railway section from Cat Linh to Ha Dong, Mekong
Delta transport infrastructure development (WB5), upgrading the northern
sub-Mekong region transport network (national highway 217) and the Lo Te-Rach
Soi highway (Delta region).
“This list is
temporary as they will only see capital injections once developers show that
they have finalised disbursement of 70 per cent of this year’s reciprocal
capital before April 30 and have land acquisition plans approved by local
governments,” said deputy head of the Ministry of Planning and Investment
(MPI)’s Infrastructure Department Tran Duc Toan.
Of these above
listed projects, two highways developed by the Vietnam Expressway Corporation
(VEC) are reportedly in position 15 days ahead of the deadline.
“We will disburse
nearly VND900 billion ($42.8 million) in reciprocal capital to the
Danang-Quang Ngai and Ben Luc-Long Thanh expressway projects no later than
mid-April,” said VEC general director Mai Tuan Anh.
According to
sources, additional reciprocal capital demands for the two projects are
somewhere in the area of VND2.3 trillion ($110 million) this year, with
VND1.5 trillion ($71.4 million) needed just by the latter. Construction of
the Ben Luc-Long Thanh expressway is slated to kick off in June.
According to the
Government Office, the National Assembly has approved only VND8 trillion
($381 million) in reciprocal capital for the whole country for implementing
ODA projects this year.
The transport
sector is likely to be the biggest recipient with an expected 35 per cent of
the approved figure.
In a document sent
to the prime minister this March, the MoT proposed an additional allocation
of VND8.2 trillion ($392 million) in reciprocal capital for ODA projects this
year.
This figure did not
include VND2.5 trillion ($121 million) to be sourced from government bonds,
already ratified by the prime minister earlier this year.
“To achieve the
full reciprocal capital demand for this year, ODA projects would have to
disburse VND35 trillion ($1.66 billion) to complete 245km of highways, 12km
of key urban roads, upgrade 167km of highway, complete the construction of
the T2 terminal at Noi Bai airport, and more,” said the head of MoT’s
Planning and Investment Department Nguyen Hoang.
Concerning ODA
transport projects, the role of reciprocal capital is essential as it links
with compensation and land acquisition, decisive factors in construction and
general disbursement.
“Key transport
projects have a huge demand for reciprocal capital this year and a slow
disbursement pace could make their targets unrealisable,” said Toan from the
MPI.
PG Bank
mulls bank-in-bank merger with VietinBank
Industry insiders
are mulling the possibility of an ailing commercial bank merging into a
leading bank under the bank-in-bank model, unprecedented in
Late last week,
Petrolimex Global Joint Stock Commercial Bank (PG Bank) surprised everyone
when it unveiled the documents from its 2014 general shareholder meeting on
its website.
The documents
showed that the Board of Directors wanted shareholders to approve PG Bank’s
restructuring plan to merge with Vietnam Bank for Industry and Trade
(Vietinbank) through a stock swap.
The proposed value
ratio was 0.82 of a share of PG Bank stock for 1 share of Vietinbank stock,
which would allow Vietinbank to hold a 99 per cent stake in the former.
After the merger,
PG Bank would still remain a banking entity under the bank-in-bank model.
But only a few
hours after the documents went up, they were removed and PG Bank chairman Bui
Ngoc Bao told VIR that the merger plans were only a proposal as of this time.
“Following the
prime minister and State Bank of
Bao asserted that
PG Bank wanted to team up with a suitable credit institution and the move
would take place this year if it gets the go-ahead from the central bank
(SBV).
PG Bank is
reportedly facing mounting pressures from its major shareholder Vietnam National
Petroleum Import Export Corporation (Petrolimex) to facilitate withdrawal of
its 40 per cent stake in the bank as the prime minister has required the firm
to reduce its position to at least 20 per cent by 2015.
The bank-in-bank
proposal with VietinBank would dilute Petrolimex’s shares to the point where
it would no longer need to divest.
Discussing the
merger scenario, former SBV governor Cao Si Kiem said the bank-in-bank model
was virtually non-existent in Vietnam and therefore “unfeasible and hardly
manageable”.
On the same topic,
a joint stock commercial bank leader said the idea to merge PG Bank with
VietinBank was a viable option, but retaining PG Bank brand was unnecessary
as this was not a strong brand.
Director of the
Bank for Investment and Development of Vietnam (BIDV)’s training centre Can
Van Luc said the bank-in-bank model has occurred in the
“This model makes
the smaller bank part of the larger and of course the larger bank will have
its methods for integrating the workforce and assets of the smaller entity.
If PG Bank was to merge with Vietinbank, the decision to keep the brand would
be made after reviewing the pros and cons,” he added.
“The government has
demanded state groups and businesses divest entirely from non-core
businesses, and therefore Petrolimex is anxious to exit PG Bank, even if PG
Bank is allowed to merge with VietinBank,” Luc noted.
According to PG
bank figures, by end of the third quarter of 2013, the bank had over 9 per
cent in bad debts while credit contracted 5.6 per cent.
By the end of 2013,
through selling bad debts to state-owned Vietnam Asset Management Company
(VAMC), bad debts fell to nearly 3 per cent but credit only grew 0.6 per
cent.
The bank’s post-tax
profit last year hit only VND38 billion ($1.8 million), down 84 per cent
on-year.
Investors
rush to lower luxury house prices
Many villa projects
in
Numerous leaflets
are being posted on the streets to advertise home selling. If a luxurious
house in urban projects was offered at tens of billions of VND a few years
ago, a 200 square metre luxurious house is sold at only VND1.6 billion. Even
so, many people still said the price is a bit high compared to the next-door
projects.
Song Da Urban and
Industrial Zone Investment and Development JSC has also lowered the prices
for many of its properties. Price for a square metre of land in the Nam An
Khanh urban project has been lowered from VND50 million to VND17-21 million.
However, home buyers have not moved in yet because the infrastructure is
incomplete.
Director of
Commercial Real Estate Services (CBRE) Le Minh Dung said housing prices in
general are dropping. Reports from CBRE said due to the economic difficulties
and redundancy of housing projects, luxurious houses' investors are pushing
down the prices in order to compete with the middle class housing sector.
According to the
Ministry of Construction's statistic, as of late February, the total value of
unoccupied houses in
Despite the harsh
situation, investors still show optimism and hope that transactions will
increase along with economic recovery.
In April alone, the
figure stood at 883 million USD, up 9.9 percent compared to a year ago.
Garments topped the
city’s key exports with a surge of 34.6 percent, followed by glass and glass
products (34.2 percent), and others (23.9 percent).
Meanwhile, the
export of agricultural products and computer components and peripheral
equipment saw drops of 25.3 percent and 23.1 percent respectively.
Quang
Central Quang Nam
province will request ministries and sectors to offer special preferences for
projects with over 500 million USD investment capital and key socio-economic
projects in Chu Lai Open Economic Zone.
This step is in
accordance with a new decision taken on offering preferential policies and
support for new projects in the economic zone.
The province will
also offer tax exemption on land use for special projects, including
university dormitories, housing for workers and public works in the fields of
education, health care, culture, and sport.
Businesses that
have invested in high-tech will enjoy a preferential tax of 10 percent in the
initial 15 years of the project.
Comprising 24
communes and five industrial parks spreading across 3,500 hectares, Chu Lai
has been chosen as one of the five key economic zones to be prioritised in
the 2013-15 period. Developments in the zone have created jobs for about
50,000 workers in the locality.
According to
statistics, the Chu Lai Open Economic Zone has so far attracted more than 90
projects with a total registered investment of nearly 1.7 billion USD,
two-thirds of which have become operational.
Singapore-based
American Chamber of
Commerce in
She made the remark
on the occasion of a roundtable dialogue held in
“Since the Doi Moi
reforms started in 1986,
The AmCham
Singapore Executive Director recommended the Vietnamese Government to
finalize, sign, and ratify the Trans-Pacific Partnership (TPP), noting that
the TPP stands to benefit
The roundtable
dialogue was organized during the April 27-29 working visit to Singapore by
Minister Vinh, who is accompanied by senior officials of other ministries and
government agencies and the provinces of Thanh Hoa, Nghe An and Kien Giang.
At the event, the
American executives inquired into
Minister Vinh
informed the AmCham members of Vietnam’s macro-economic situation in the
first quarter of this year, the country’s orientations to lure more foreign
investments in the time to come as well as its solutions to improve
macro-economy and foreign direct investment climate. He suggested that AmCham
Singapore, together with relevant Vietnamese agencies, connect American
companies in the region to invest in
The American
Chamber of Commerce in
Local IP
rights need protection abroad
Although Vietnam’s
intellectual property right registration abroad has recently seen positive
changes, the number of registration applications handed to the National
Office of Intellectual Property of Vietnam (NOIP) each year remains too
small, reported the Ministry of Industry and Trade's Vietnam Economic News.
Before 2013, each
year only some enterprises were allowed to have intellectual property
registration abroad. However, in 2013 there were 115 international
registration applications, including 12 patent registrations abroad and 103
trademark registrations.
Compared to recent
years, this was a big change in the number of intellectual property
registrations and reflected the growing awareness of Vietnamese people and
enterprises on intellectual property in face of the increasing violation
cases of intellectual property rights.
However, this
number of applications remained too modest if compared to 76,000 applications
of different kinds to establish their rights at the NOIP in 2013 including
more than 400 patent registrations and 24,656 trademark registrations.
Nguyen Van Bay,
Director of the NOIP's Centre for Research and Training, said in many cases,
the data may not reflect core issues of the situation as the above data may
not be complete. There are two ways for the businesses to have their
intellectual property rights registered abroad. They can hand in applications
to each country or to the National Office of Intellectual Property, which
then examines the applications and submit to the World Intellectual Property
Organisation (WIPO).
According to NOIP
Director Ta Quang Minh, the businesses have not paid attention to
intellectual property right registration abroad because they have not or have
not been able to work out export strategies to these markets. Meanwhile, if
they want to build and develop trademarks, the intellectual property right
registration must come along with other activities such as advertising,
introducing products and setting up distribution channels.
The intellectual
property right registration abroad in fact is not an easy job, very costly
and waste of time for the Vietnamese businesses, mostly small- and
medium-sized ones and the scientists’ salaries remain low. For example, to
apply for grant of patents in the
It is necessary to
have intellectual property rights registered but it is more important to
exploit those protected intellectual property rights. For example,
It is said that the
costs for trademark protection if handing applications to the NOIP are only
about 300 USD, including costs handed to state agencies and hiring lawyers.
It will be much cheaper if compared to handing a single application to each
country. By this way, the registration application will be reviewed by the
NOIP before submitting to WIPO, helping reduce many possible risks.
Vietnamese
goods make up 80 pct at
Up to 80 percent of
commodities displayed at
In response to a
campaign called “Vietnamese prioritise using Vietnamese goods”, businesses in
the city have invested in purchasing modern machine, renovating technology
and management in order to reduce costs and improve product quality.
However, many
enterprises have not paid attention to advertising their products to
consumers and protecting commodity brands.
This year, the city
will intensify advertising campaigns to make its products more familiar to
consumers.
Launched in 2009,
the campaign has received warm response from businesses across the nation.
A report released
by the campaign’s steering committee showed that businesses’ participation
has positively influenced the entire society and contributed to national
socio-economic growth.-
Agro-forestry–fishery
exports increase in four months
Seafood was the top
export industry, bringing home 2.2 billion USD, up 31 percent on an annual
basis. The
Coffee, pepper, and
timber products also experienced the same trend.
However, key farm
produce such as rice, rubber and tea suffered a considerable drop in both
volume and value against 2013.
Rubber exports
declined 18 percent by volume to 189,000 tonnes and 38 percent by value to
378 million USD.
Meanwhile, rice
exporters earned 931 million USD from selling over 2 million tonnes, a
respective reduction of 6.9 percent and 4.7 percent year-on-year.
Last year,
Enterprises
make plea for better work environment
The Vietnam Chamber
of Commerce and Industry (VCCI) collected more than 300 recommendations from
the business community and reported them to Prime Minister Nguyen Tan Dung
during his conference with representatives of enterprises nationwide in
Speaking at the
event, VCCI Chairman Vu Tien Loc said that the recommendations mainly relate
to the legal obligations faced by businesses, which must be reformed in order
to ensure business freedom and equal competitiveness.
Enterprises suggest
the Government continue creating favourable conditions for them to operate,
carry out investment activities and gain access to credit loans and advanced
technologies.
The Government has
also been asked to reschedule the planned raising of the minimum wage during
at least two years of 2014-2015 to give them time to prepare their budgets
accordingly.
The business
community also wants administrative procedures to be simplified, especially
in business registration, customs and construction work.
According to the
VCCI leader, there are now more than 500,000 enterprises operating in
Pressure sensor
chips based on MEMS technology was designed successfully by Hi-tech Park
R&D Center and the Centre for Research and Training in Integrated Circuit
design (the National University of Ho Chi Minh City) on April 28.
This technology
contributes to the further advancement in pressure measurements.
Team leader of
research pressure sensor chips of R&D Center Truong Huu Ly said
that pressure sensor chips are suitable for highly precise measurements in
life, industry and health.
In the medicine
industry, pressure sensor chips will be applied to sphygmomanometer. Beside
that, these chips will also be used for water level measurements such as
washing machines, dishwashing machines, sinks.
This chip works as
a machine controls pressure of gas.
In addition,
pressure sensor chips can also be used in irrigational work to prevent
flooding, said Ly.
Vinamilk
grasps market share rather than profits
Vinamilk expects to
post 2014 revenues of almost VND36.3 trillion ($1.7 billion), up 14.9 per
cent from a year earlier, but will accept lower profits to maintain its
market share.
Contrary to
expected revenue growth, the dairy product maker announced it expected a 2014
post-tax profit of almost VND6 trillion ($285 million), down 8.28 per cent on
2013.
Answering a
shareholder at the meeting, Vinamilk chairwoman and CEO Mai Kieu Lien
explained the lower profit target aimed to maintain reasonable prices based
on declining consumer purchasing power.
“When purchasing
power falls, competition becomes fiercer. In such an instance, maintaining
market share instead of eyeing higher profits is the correct thing to do,”
she said. Lien added that if the results were better than expected, Vinamilk
would revise the company’s profit target in the second half of the year.
She claimed the
company’s liquid milk products currently held a 48-49 per cent market share.
Kantar World Panel’s research issued in May 2013 revealed that 94 per cent of
Vietnamese families surveyed used at least one Vinamilk product.
Lien highlighted
2013’s profit performance had surpassed its target by 5 per cent and the
profits accumulated by last year already accounted for 95 per cent of the
target identified for 2016.
Vinamilk estimates
a net profit of VND6.18 trillion for 2015, a little higher than this year but
still lower than its 2013 result of VND6.53 trillion ($311 million).
The company has
earmarked VND2.508 trillion ($119 million) for this year’s investment which
would go to the parent company itself, and its members and associate firms,
including the Miraka company in New Zealand, where Vinamilk holds a 19 per
cent stake, and Driftwood in the US.
Vinamilk is working
on the establishment of a $3 million subsidiary in
This year’s
investment will also be earmarked for the firm’s new Cambodian project.
Vinamilk received a license to build a $23 million dairy plant joint venture
in
Last December,
Vinamilk invested $7 million in the California-based Driftwood Dairy Holding
Corp. to hold a 70 per cent stake. The American firm supplies a range of
dairy lines, as well as other products including bread and salads to schools,
hospitals and restaurants.
If the firm
succeeds in topping $3 billion in revenue by 2017 it would propel Vinamilk
into becoming one of the world’s top 50 milk producers.
Capital
management is sweet for Masan
Major Vietnamese
food producer Masan Group has attributed its rocketing growth to its
allocation of capital raised from international long-term corporate
investors.
In 2013
The meeting
approved the multi-business private group’s plans to issue an additional 4.5
million ordinary shares to clear its liabilities as per existing agreements
with the IFC, pursuant to a convertible loan extended to Masan by the IFC in
2010, and with MRG, an investment vehicle controlled by the UK’s Mount
Kellett Capital, pursuant to a convertible loan extended to Masan by MRG in
2011. The issue is set to begin this year and will run through the first four
months of next year.
The diversified
giant with interests ranging from instant noodles to tungsten mining set up
Masan Consumer Holdings to directly control two operating platforms – Masan
Consumer and Masan Consumer Ventures. The former continues to serve as the
group’s food and non-alcoholic beverage business, while the latter is an
incubation platform for high-growth opportunities.
Korean expat
Seokhee Won, a former top executive with global giant Unilever, was recently
named the new CEO of Masan Consumer and deputy CEO of Masan Group. He is
expected to leverage his 22 years experience in the consumer goods industry
to help the group achieve its $1 billion plus 2014 revenue target.
At the general
meeting, Dominic Price, former CEO of Indochina and
Last year, J.P.
Morgan and its affiliates provided Masan Consumer’s Masan Industrial with a
three-year line of credit of up to $175 million. Of this, $150 million is
guaranteed by the Multilateral Investment Guarantee Agency (MIGA), a World
Bank member. At the time
Recently, on April
25, MIGA executive vice president Keiko Honda arrived in
Sudico
scales up restructuring efforts
After two years in
the process of restructuring, the Song Da Urban and Industrial Zones
Investment Development JSC (Sudico), a major local property developer, saw a
return to profitability last year with more than VND75 billion ($3.5 million)
compared to losses of VND302 billion ($14.3 million) in 2012 and VND70
billion ($3.3 million) in 2011.
This came on the
back of the firm’s comprehensive shake-up measures last year, including
reducing management from nine deputy general directors to only four and total
headcount from more than 950 to around 600.
The firm’s finances
were strengthened after it basically resolved matured bank loans and
rescheduled other debts.
To bolster
operational efficiency the firm dissolved or merged ineffective member units
and focused on core projects.
At its recent
general shareholder meeting, the firm’s management expressed its commitment
to concentrating resources on major property projects with high salability
such as Nam An Khanh and reviewing other projects on that basis to produce
suitable decisions that ensure investment efficiency.
In respect to its
core projects, Nam An Khanh new urban area in
In respect to the
Van La-Van Khe residential area, which was once suspended as it conflicted
with
On the project’s
goals for this year Hung said, “In 2014 the project will strive for approval
of its 1/500 scale plan, further build technical infrastructure, develop key
project items and complete the investment procedures for living block
projects.”
In respect to its
Hoa Hai new urban project in Danang, the company’s deputy general director Do
Van Binh said Sudico planned to sell the project last year to recoup capital
but had not yet found an appropriate buyer due to low offers.
“It is difficult to
find similar projects to invest in at this time, so the management has
decided not to sell it but rather source potential partners for joint
implementation,” Binh said.
Regarding the Tien
Xuan urban project, Sudico’s largest in scope and located in Hanoi’s Quoc Oai
district, this year the company will work with authorities to establish zone
planning, revise the detailed plan to match general planning and select the
best investment options for the parts of the property that have already
successfully seen site clearance.
In respect to the
Sudico-SPM housing development project in
Real estate
market posts nationwide upswing
The Ministry of
Construction has claimed there are signs of recovery throughout the real
estate market.
The Ministry of
Construction has issued figures claiming evidence of a country-wide upturn in
the real estate market
According to
figures from Ministry of Construction (MoC), the real estate market has seen
improvements, with an increase in transactions and a slow-down in falling
prices.
More than 1,500
successful transactions were reported in the first quarter in
According to Nguyen
Tran
Land and villa
sales have also seen modest increases this quarter compared to zero sales
during the same period last year.
“These figures
reveal that
“This shows the
fact that the market is now healthier, for both developers and buyers,” he
claimed.
The same positive
signs have been seen in
In
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Chủ Nhật, 4 tháng 5, 2014
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