vietnam real estate market - savills · 2011-11-28 · 1 vietnam real estate market presented by...

1

Vietnam Real Estate Market

Presented by Savills Vietnam Co., Ltd. Tokyo, Nov 2011

Disclaimer: This document is prepared by Savills for information only. Whilst reasonable care has been exercised in

preparing this document, it is subject to change and these particulars do not constitute, nor constitute part of any offer

or contract. Interested parties should not rely on these statements as representations of fact, and must satisfy

themselves by inspection or otherwise as to their accuracy.

2

A FTSE – 250 listed company established in the UK in 1855

Unrivalled international experience and expertise

Group profit before tax of £ 47.3 million in 2010, presents an 88%

increase as compared to 2009

Savills World Wide

Attracting a Global Audience

Vietnam Real Estate Market Presentation

3

Savills Vietnam — Our Story

A Proven Track Record…

Established in 1995 as Chesterton Petty

100% foreign-owned business license granted in

1998

Hundreds of satisfied developers, investors, owners

and occupiers


4

Savills Vietnam — Our Awards

Bloomberg Asia Pacific Property Awards

2011

Region-wide awards:

Best Real Estate Agency

Best Real Estate Agency Marketing

Best Property Consultancy Marketing

Nation-wide awards:



Best Property Consultancy Marketing

Best Property Consultancy


Savills Vietnam — Our People

The Savills Team…

Over 750 employees in Vietnam who offer premium

quality property services

Our people are creative and entrepreneurial

Dynamic and distinctive individuals who believe in

quality

Vietnam Real Estate Market Presentation 5

6

Presentation Structure


I. Country & Macroeconomics Overview

II. Market Overview

III. Investment in Vietnam

IV. Investment Opportunities

7 Vietnam Real Estate Market Presentation

Country & Macroeconomics Overview

S a v i l l s

Part I

8

About Vietnam


- - Land area: 331,210 sq km, extending 1,650 km north to south

- - Coastline: 3,444 km

- - Labour force: approx. 47 million (2010 est.)

Source: CIA – The World Factbook

9

Population in Vietnam


-- Population: approx. 90 million (July 2011 est.)

-- With 65% of the population aged 30 or younger, Vietnam is a country of youth.

-- GDP per capita: approx. $1,170 (2010 est.)

- Ho Chi Minh City: approx. $2,800 (2010 est.)

- Hanoi: approx. $1,950 (2010 est.)

Source: IMF , CIA -The World Fact Book, VCCI, Hochiminhcity.gov.vn

10

Economic indicators

GDP growth to be 6% in 2011 was targeted by the Government.

Source: GSO


0

1

2

3

4

5

6

7

8

9

0

10

20

30

40

50

60

70

80

90

9M 2005 9M 2006 9M 2007 9M 2008 9M 2009 9M 2010 9M 2011

% Bill. US$

GDP Nominal Growth rate (Y-o-Y)

11

Economic indicators

- Inflation rate to be 18-19% in 2011

- Inflation rate of 9 months 2011 reached 16.63% against Dec. 2010

Source: General Statistics Office, World Economic Outlook April 2011, ADB forecast


12

Economic indicators

- Viet Nam Gold market performance fluctuated sharply in line with world market

during the quarter

- Private owned gold in Vietnam: approx. 500 tons of gold, approx. US$ 35 billion

- Stock market performance in Q3/2011 continued the downtrend of Q2/2011


300

350

400

450

500

550

1,000

1,200

1,400

1,600

1,800

2,000

Jan

.

Feb

.

Mar.

Ap

r.

May

Jun

.

Jul.

Au

g.

Sep

t.

VnIndex US$/oz

Gold Price (LHS) Vnindex (RHS)

13

Economic indicators

- Inter-bank average rate of VND versus USD were stable during Q3/2011

Source: State Bank of Viet Nam (SBV)


20,500

20,550

20,600

20,650

20,700

20,750 A

pr.

May

Jun

.

Jul.

Au

g.

Sep

t.

VND/ US$

14

Economic indicators

Vietnam inter-bank interest rates

Source: CEIC


15

Economic indicators

- Ceiling interest rate at 14% for capital mobilization was strictly applied.

Source: State Bank of Viet Nam

•Vietnam Real Estate Market Presentation

0

2

4

6

8

10

12

14

16

2008 2009 2010 2011

%

Base interest rate Discount rate Refinancing rate

16

Economic indicators

19.20 21.40

51.39

30.00

37.73

27.65

10.50

28.00

35.00

40.00

23.00

29.00 27.00 12.00

0

10

20

30

40

50

60

2005 2006 2007 2008 2009 2010 Aug. 2011

%

Credit growth rate (LHS) Capital mobilization rate

- Credit growth was 10.5% at the end of August 2011 compared with the end of

2010.

- The tighter monetary policy continued to be implemented.

Source: State Bank of Viet Nam


Capital mobilization growth rate Credit growth (LHS)

17

Economic indicators

- Retail sale of 9 months 2011 reach US$67.5 million.

- Increasing 18% Y-o-Y

Source: GSO


0%

5%

10%

15%

20%

25%

6.0

6.5

7.0

7.5

8.0

8.5

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept.

Mill.US$

Retails sales of goods and services Growth rate (same period)


Market Overview

Q3/2011

S a v i l l s

Part II

19

Overview


•- Despite the low season, Hotel is the best performing sector in HCMC in the last quarter.

•- Hanoi Retail has achieved the highest average occupancy of 93% (+4% QoQ).

•- Market performance of Serviced Apartment and Office for lease sectors in both cities remained stable or slightly decreased.

•- Absorption rates of Residential for sales dropped in HCMC but increased in Hanoi for Apartments. Possible built up demand from Q4 2011 onwards.

20

Ho Chi Minh City Market

S a v i l l s


21

HCMC Office


•Supply

•- 11 new buildings with 60,000 sq m

•- Total supply: 1.2 mil. sq m (+5% q-o-q)

•Market performance

•- Avg. occupancy: 80% (-2% q-o-q)

•- Avg. rent rate:

Grade A: US$50/sq m (-1% q-o-q)

Grade B: US$29/sq m (-2% q-o-q)

Grade C: US$20/sq m (-1% q-o-q)

•Outlook

•- 20,000 sq m to come in next 2 quarters

•- 440,000 sq m to come in 2012- 2013

22

HCMC Office


CBD is the choice of tenants.

Grade B is the main supplier.

Grade A

Grade B

Grade C

10

12

14

16

18

20

Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011

%

-

20

40

60

80

100

Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011

%

Grade A Grade B Grade C

Growing service charge in total rent

Source: Savills Research and Consultancy

23

HCMC Office


FDI vs. Rent of Grades A&B New supply vs. Take-up


0

10

20

30

40

50

60

70

80

90

100

-

50,000

100,000

150,000

200,000

250,000

300,000

2005 2006 2007 2008 2009 2010 3Q

2011

% Sq m

New Supply Take-up Occupancy

0

1

2

3

4

5

6

7

8

9

0

10

20

30

40

50

60

70

80

90

100

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

Q3

/20

11

US$ billion

Registered FDI Grade A Grade B

US$/sq m/mth

24

HCMC Retail

HCMC Market Presentation

•Supply

•- 1 new retail centre with 1,000 sq m

•- Total supply: 620,000 sq m (-1% q-o-q)

•- 8 retail podiums, 7 department stores, 17 shopping centres, 57 supermarkets, 3 wholesale markets


- Avg. occupancy: 86% (+1% q-o-q)

- Avg. rent rate: US$65/sq m (unchanged)

•Outlook

•- 72,000 sq m to come in 2H/2011

•- 740,000 sq m to come in 2012- 2015

25

HCMC Retail


Department stores had the best performance

Only suburban area had an increase in rent

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

CBD Secondary area Suburban area

Occupancy Rent rate

% q-o-q change

-0.5

0.0

0.5

1.0

1.5

2.0

Retail podium Department

store

Shopping

centre

Occupancy Rent rate

% q-o-q change


26

HCMC Hotel

Vietnam Real Estate Market Presentation Q3/2011

•Supply

•- No new hotel

•- Total supply: 10,185 rooms (stable q-o-q)

•- 13 five-star hotels, 14 four-star hotels, 47

three-star hotels


•- Avg. occupancy: 66% (+6% q-o-q)

•- Room rate:

5-star: US$128/room/night (+1% q-o-q)

4-star: US$85/room/night (remained stable)

3-star: US$47/room/night (+1% q-o-q)

•Outlook

•- 3,300 rooms to come in 2012- 2013

27

HCMC Hotel


International visitors vs. Occupancy of 4 and 5-star hotels

0

10

20

30

40

50

60

70

80

90

100

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2005 2006 2007 2008 2009 2010 2011

Total international visitors 5-star occupancy 4-star occupancy

visitors %


28

HCMC Serviced Apartments


Supply

- 2 new projects with 58 units

- Total supply: 3,207 units (+2% q-o-q)

Market performance

- Avg. occupancy: 85% (-1% q-o-q)

- Avg. Prices:

Grade A: US$30/sq m/mth (+7% q-o-q)

Grade B: US$26/sq m/mth (-1% q-o-q)

Grade C: US$16/sq m (stable q-o-q)

Outlook

•- 2,400 units to come in 2012- 2014

•- 470 units entering in 2012

29

HCMC Villas & Townhouses


•Supply

- No new project entered the market

•- Primary supply: 130 villas &

•120 townhouses (-30% q-o-q)

•- Secondary supply: 3,000 dwellings


•- Market absorption rate: 4% (-17% q-o-q)

•- Primary price:

Villa: US$230,000 - US$2,380,00

Townhouse: US$96,000 -

US$345,000

•- Avg. transacted price:

• US$390,000 per unit (-8% q-o-q)

Outlook

- Until 2012: more than 1,700 dwellings

- 2013-2014: more than 3,000 dwellings

30

HCMC Apartments


•Supply

•- 5 new projects with 812 units

•- Primary supply: 14,100 units (-14% q-o-q)

•- Secondary supply: 65,800 units


•- Market absorption rate: 10% (-2 percentage

points q-o-q)

•- Avg. transacted prices:

Grade A: US$1,834/sq m (-17% q-o-q)

Grade B: US$1,769/sq m (-10% q-o-q)

Grade C: US$700/sq m (+3% q-o-q)

•Outlook

•- Next 2 quarters: 3,538 units

•- Next 5 quarters: 20,200 units


•Grade C remains the market driver, accounting for 75% absorbed units

•The market achieved a low absorption rate of approximately 10%.

•Primary transaction volume dropped -27% q-o-q.

HCMC Apartments

-

4,000

8,000

12,000

16,000

20,000

Q4/2010 Q1/2011 Q2/2011 Q3/2011

Available units for sale Sold units

units


-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


units

32

Hanoi Market

S a v i l l s


33

Hanoi Office

Supply

- 115 buildings, 868,000 sq m (+9% QoQ);+21% YoY)

- 16 Grade A, 40 Grade B and 60 Grade C

- Four new Grade B buildings (65,000 sq m) and one new

Grade C building (5,300 sq m)

Market performance

- Occupancy: 86% (+0% QoQ; +0% YoY)

- Rental rate: US$25.5/sq m/mth (+2% QoQ; -3%YoY)

- Grade A: 87% (+1% point QoQ), US$37.8 (+3.4% QoQ)

- Grade B: 85.1% (-7% points QoQ), US$25.6 (-0.7% QoQ)

- Grade C: 88%(+8% points QoQ), US$17.7 (+0% QoQ)

Outlook

- Up to 2014: 84 projects, 1.2 million sq m

- Q4/2011: 5 out of 13 projects with >10,000 sq m

occupying 66% total supply in Q4/ 2011


Nam Do

Complex

Han Viet Tower

34

Hanoi Office Correlation of distance to CBD, price and grade


-

10

20

30

40

50

60

0.00 2.00 4.00 6.00 8.00 10.00


CBD

(km)

US$/ sqm/ mth- The further

from the CBD,

the lower price

- Grade A

concentrated

within 2km

radius of CBD

- Largest

variation of price

Grade A

35

Hanoi Office Grade B increased sharply in office take-up


Average take-up space by quarter (Q4/2009 – Q3/2011): 41,000 sq m

-20,000

-10,000

0

10,000

20,000

30,000

40,000

50,000

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2009 2010 2011


sq m

36

Hanoi Retail

Supply

- 143 projects, 463,000 sq m

- 2 new projects: 12,000 sq m

Performance

- Average occupancy: 93% (+4 % points QoQ)

- Rental rate:

- Shopping centre: US$15 to US$150/ sq m/ mth

- Department store: US$20 to US$100/ sq m/ mth

- Hypermarket: US$15 to US$100/ sq m/ mth

- Retail podium: US$40 to US$200/ sq m/ mth

Outlook

- In next four years: 90 projects, ~1.6 million sq m

- Mainly in Thanh Xuan, Hai Ba Trung, Cau Giay, Tu Liem and Ha Dong districts


Hang Da Galleria

37

Hanoi Retail CBD continues to have high occupancy


0

50

100

150

200

250

0

20

40

60

80

100

CBD Secondary Suburban

% US$/ sq m/ month

Occupancy rate Min rent rate Max rent rate

All retail projects in CBD achieved 100% occupancy

38

Hanoi Hotel

Supply

- 49 hotels, ~7,350 rooms

- 5-star: 11 hotels, ~ 3,600 rooms



Market performance

- Occupancy: 51% (-4 % points QoQ, -5 % points YoY)

- Rental rate: US$83/room/ night (-4% QoQ, -1% YoY)

- 5-star: 50% (-2 % points QoQ), US$110 (-5% QoQ)



Outlook - 27 out of 41 projects provide 6,600 rooms

- Q4/2011: ~250 rooms from 2 hotels

- Mainly in Tu Liem district


Vista Ha Noi Hotel

39

Hanoi Hotel RevPAR: Decreased across all grades q-o-q


20

40

60

80

100

120

140

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2006 2007 2008 2009 2010 2011

5-star 4-star 3-star US$/room

40

Hanoi Serviced Apartments

Supply

- Total stock: 43 buildings, 2,459 units

- Ha Noi Lakeview decreased -14 units due to

being renovated.

- Mainly in Tay Ho and Ba Dinh districts.

Performance

- Average occupancy: 87% (same as Q2/2011)

- Average rent: US$26.7/sq m/ mth ( -1.7% QoQ)

Outlook

- 12 out of 31 future projects: 2,600 units

- Tu Liem district is the largest future supplier


Ha Noi Lake View

41

Hanoi Villas & Townhouses

Supply

- 114 projects, ~38,100 dwellings

- In which, 84 SC projects ,~23,865 dwellings

Market performance

- Inactive market with few transactions

- Large gap in price between SC and CCC

projects

- SC projects:

- Villa:

- US$1,200 to US$12,700/ sq m

- US$147,000 to US$3,030,000/

dwelling

- Townhouse:

- US$1,000 to US$15,000/ sq m

- US$108,000 to US$1,215,000/

dwelling


Park city

Vincom Village

42

Market performance - CCC projects:

- Villa:

- US$730 to US$6,000/ sq m

- US$192,500 to US$1,272,000/

dwelling

- Townhouse:

- US$1,200 to US$2,700/ sq m

- US$93,900 to US$298,000/ dwelling

Outlook

- 55 projects, ~4,800 hectares

- Large supply: Quoc Oai, Me Linh, Hoang Mai

& Long Bien districts

Hanoi Villas & Townhouses


CEO Quoc Oai

Dang Xa NUA

43

Hanoi Apartments

Supply

- Primary: 21 projects, 9,600 units, mainly Grade B

- Secondary: 140 projects, 49,000 units

- New supply: 1 project , launching 200/860 units

Market performance

- Market absorption rate: 32% (+16% points QoQ) overall

- Grade A: 2%(-3% points QoQ), US$2,489 (+0.3% QoQ)

- Grade B: 36% (+25% points QoQ), US$1,753 (-13% QoQ)

- Grade C: 22% (-4% points QoQ), US$1,170 (+4% QoQ)

Outlook

- 102 projects, 46,800 units

- Q4/2011: 12 projects, 7,600 units

- 2012: 34 projects, 20,000 units

- Mainly in Ha Dong, Hai Ba Trung and Cau Giay


Nam Do

Complex

44

Hanoi Apartments Absorption rate is better than previous quarter


0

10

20

30

40

50

60

70

80

90

0

2,000

4,000

6,000

8,000

10,000

12,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2009 2010 2011

% Units

Primary supply Sold out Absorption rate

45

Hanoi Apartments Grade B & C are main sold products of the market

during last year


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011


46

Industrial Zones(IZs) In Vietnam


- Currently, Vietnam has 260 IZs established,

with 171 IZs in operation and 89 IZs in the

process of clearance and compensation or

basic construction.

-Up to early December 2010 Vietnam IZs

have attracted 3,900 foreign invested

projects with total registered capital of nearly

US$54 billion.

- 209 additional IZs expected to be

established by 2020 with a total area of

64,310 ha

47 Vietnam Real Estate Market Presentation Q3/2011

Vietnam and Japan - Cooperation In Supporting Industry Development

- Vietnam is a very important partner of Japan in

supporting industries. In the coming time, more

Japanese companies will come to invest in

Vietnam as well as reallocate their production

facilities from China to Vietnam.

- Japan has invested nearly 1,500 FDI projects with

a total registered value of US$21 billion in

Vietnam, of which nearly US$12 billion has been

disbursed.

- Many Japanese corporations focused on

building assembly facilities in Vietnam to supply

regional and global markets.


COFFEE BREAK


Investment in Vietnam

S a v i l l s

Part III

50

Vietnam- The investment destination

- Jan 2011: ranked fourth most preferred

emerging market for investments by the

Association for Foreign Investors in Real Estate

(AFIRE).

- April 2011: Southeast Asia’s top investment

destination, ahead of Malaysia and India - survey

conducted by the National University of

Singapore for the ASEAN Business Advisory

Council


51

Demand is still there Illustration: HCMC Apartments

•Supply

- Begin its downward trend from the

beginning of 2011

•Sold units

- Increasing from Q2/2009 – Q3/2010

- Going down from Q4/2010 – Q3/2011

- Current sold units equal to Q2/2009

level

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2009 2010 2011

Units Supply Sold units Absorption rate



52

0%

5%

10%

15%

20%

25%

30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2009 2010 2011 2012

Demand index Average demand index 2009 - 2010

- Average demand index 2009 – 2010: 18%

- The market underperformed in 2011

- Possible built up demand from Q4 2011 onward: ~ 4,700 units

Demand is still there


•

Illustration: HCMC Apartments

Location Price Use

Hai Phong $9,450,000 Serviced apartments

District 1, HCMC $38,000,000 Retail and office development

Son Tra District, Da Nang $10,000,000 Hotel, restaurant and vacant land

Tu Liem District, Ha Noi $17,000,000 5 floor retail podium of the two

residential towers.

Dong Da District, Ha Noi $14,300,000 Proposed development: 27 storey

office building with 3 basements

Cau Giay District, Ha Noi $25,200,000

Proposed development: 35 level

mixed use building: apartment with

retail/office podium

Typical Investment Transactions Q3/2011


Cap Rates Around Asia Pacific (Prime)

Cities Office Retail

1Q/2010 1Q/2011 1Q/2010 1H/2011

Beijing 5.96% 5.66% NA NA

Shanghai 6.60% 5.50% 7.00% 6.50%

Hong Kong 3.10% 3.36% 3.76% 3.54%

Taipei 3.30% 2.80% 3.90% 3.10%

Tokyo 4.70% 4.80% 5.30% 5.20%

Seoul 5.90% 5.70% 7.00% 6.50%

Singapore 5.25% 3.88% 5.25% 4.75%

Kuala

Lumpur 10.05% 10.11% 10.89% 11.61%

Hanoi 12.00% 12.00% 10.00% 10.00%

Ho Chi Minh

City 12.00% 12.00% 10.00% 10.00%

Sydney 7.25% 7.00% 6.50% 6.50%


55

Japanese Wave of Investment

- Daiwa House and Kobelco Eco-Solutions Company

constructing the Long Duc Industrial Zone in Long Thanh, Dong

Nai Province

- Japan Asia Vietnam bought CentrePoint Building

- Nikko Cordial invested in PetroVietnam Securities

- SBI bought 20% in FPT Securities

- Unicharm bought 100% in Diana

- Mizuho – Vietcombank

- NTT Docomo from Japan bought 25% stake of Vietnam Mobile

Group

- Kirin Holding bought 57% stake of Interfoods

- Daio Paper bought 48% stake of Saigon Paper


56

Investing in Vietnam - Forms of investment

- Joint Venture: with Vietnam partners

(typically land contribution from local

partner)

- 100% FDI structures

- Co-investment into existing joint ventures

and 100 percent FDI structures

- Business Corporation Contract (BCC)

- Local listed and unlisted real estate

funds/companies

- Overseas listed and unlisted real estate

funds/companies


57

Investing in Vietnam - Challenges

- Immature legal framework

- Securing clear land title

- Regulatory transparency

- Complicated and time-consuming licensing

procedures

- Complications due to involvement of SOEs

- Unrealistic pricing expectations


58

Good time to invest in real estate in

Vietnam?

- Good pricing & availability of distressed assets as

local developers/investors under pressure to

divest their assets due to

Difficulty to secure bank financing

Possibility of license being revoked

Portfolio restructuring

Divesting non-core real estate assets or reducing

stake to raise cash for core businesses

Creating a brand name by building partnerships with

well-known developers and investors

Delivery of returns to investors


59

Good time to invest in real estate in

Vietnam?

- Timing – opportunity to benefit from

completion of clearance & compensation

and/or infrastructure by vendor of many

projects.

- Effective long-term alternative

investment channel compared to other

channels such as stock market, gold

market, etc.

- Potential for growth with Vietnam

being an emerging market


60

Investment Outlook

- 2012 will see an increasing number of investment deals

- Evolving legislative framework

- Accelerated licensing of projects following the elections

- Significant volume of transactions expected to take place in

the next few years

-Expected fall in inflation

-Rapid growth of housing demand due to young population

and replacement of old houses


savills.com.vn

Disclaimer: This document is prepared by Savills for information only. Whilst reasonable care has been exercised in

preparing this document, it is subject to change and these particulars do not constitute, nor constitute part of any offer

or contract. Interested parties should not rely on these statements as representations of fact, and must satisfy

themselves by inspection or otherwise as to their accuracy.

Ha Noi Office

6th Floor, Sentinel Place

41A Ly Thai To, Hanoi

Tel: (04) 3946 1300

Fax: (04) 3946 1302

[email protected]

HCMC Office

18th Floor, Fideco Tower

81 - 85 Ham Nghi Street, District 1, HCMC

Tel: (08) 3823 9205

Fax: (08) 3823 4571

[email protected]

Saigon South Office

2nd Floor, The Laurence S.Ting Building

801 Nguyen Van Linh Parkway

Tan Phu Ward, District 7, HCMC

Tel: (08) 3412 0100

Fax: (08) 3412 0199

mailto:[email protected]

vietnam real estate market - savills · 2011-11-28 · 1 vietnam real estate market presented by...

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