Vietnamese state media reported Monday that the municipal government of Ho Chi Minh City will select investors in a tender for 20 large real estate projects starting next month.
The government-owned Dau Tu newspaper reported that the first tender will be for a 5,000 square meter site on Dong Khoi street, the busiest shopping street in the city. Details on the remaining sites will come in the next month, the paper said.
Dau Tu quoted the Urban Planning and Architecture Administration as saying the investors will be allowed to develop office and commercial buildings up to 70 stories high in 20 plots with a total area of nearly 40 hectares. The paper said all of the sites are located in prime areas.
Strong economic growth in Vietnam, coupled with a young and dynamic population and developing real estate laws that protect local and foreign occupiers of landed property, are creating substantial demand across all areas of the real estate market. The Ho Chi Minh plot offerings is one of a growing number of government initiatives in the country to stimulate the real estate sector. Other measures have included regulatory reforms and improved access for foreign investment.