Opportunities abound for Indian real estate firms

Saturday, Sep 13, 2014 12:08

 Sudhir Darode, the MBVA president, shares Indian businesses' capacity which can help develop the Vietnamese real estate industry. — Photo Ha Quang

HA NOI (Biz Hub)  — Opportunities await foreign investors, including Indian real estate developers, in the real estate and construction sectors of Viet Nam.

Doan Duy Khuong, vice chairman of the Viet Nam Chamber of Commerce and Industry (VCCI), made this assessment at a meeting with the representatives of 55 Indian real estate companies in the capital city yesterday. The VCCI and Marathi Bandhkam Vyavsayik Association (MBVA) organised the meeting.

Khuong told the representatives that domestic enterprises were seeking capital to continue projects delayed during the gloomy period of the domestic real estate market.

The Government's strong commitment to help investors speed up the implementation of their projects by further removing barriers in administrative procedures, as well as challenges in land tax and compensation, were expected to create more chances for investors, including those from India, he added.

Sudhir Darode, the MBVA president, cited advanced construction technology, abundant financial capacities and experienced partners as the advantages of Indian enteprises, which could serve as an effective supplement to the Vietnamese real estate industry if the enterprises of the two nations could find a common voice.

Sharing Darode's view, Tran Ngoc Quang, general secretary of the Viet Nam National Real Estate Association, said many domestic real estate companies paid increasing attention to the hunt for foreign partners in past years.

Quang expressed hopes that the meeting would open up a new page for the two business communities to share opportunities and establish links of co-operation.

The Vietnamese property market has attracted a large amount of foreign direct investments (FDI), accounting for 21 per cent of the nation's total FDI. There are a total of 427 foreign-invested property projects in the country with a total registered capital of US$51 billion, ranking second after the processing industry. — VNS

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