Property market attracts US$77.6 million in FDI in January
Foreign investors poured a total of 77.6 million USD into the real estate market in January, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
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Real estate ranked third among 19 sectors with foreign direct investment (FDI) in January, attracting 6.2% of the total registered FDI.
Su Ngoc Khuong, investment director at property services firm Savills Vietnam, said foreign capital would promote the development of the property market in the country.
In 2017, the real estate sector lured US$3.05 billion in FDI, accounting for 8.5% of the country’s total registered foreign investment, ranking third in terms of FDI attraction after the manufacturing and processing industry and power distribution sector.
According to the General Statistics Office, 1,400 new construction firms were founded in January, up by 21%, together with more than 460 new firms in real estate business, up by 47% over the same period last year.
New construction firms had the highest registered capital worth VND20.6 trillion (US$903.5 million), accounting for 21% of the total registered capital of new firms in January. This was followed by real estate business with VND17.5 trillion, accounting for nearly 19%.
Last year, the total registered capital of new firms operating in the real estate sector was VND388 trillion, accounting for 30%. The average capital of new real estate firms last year was also highest, with VND76.7 billion for each firm.