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ECONOMYREAL ESTATE

TPP deal to create momentum for Vietnamese property market

Updated at Saturday, 24 Oct 2015, 12:01
The Hanoitimes - Aside from garments, aquaculture and agriculture, the property-related sectors like industrial parks, warehouses and logistics will enjoy the positive effects of the Trans-Pacific Partnership (TPP) agreement, which was reached by 12 member states on October 5, said experts from CBRE Group, the world’s largest commercial real estate service firm.
According to CBRE experts, most of the investments Vietnam will see in the coming time will be from big importers of Vietnamese products, like the US and Japan. The US will produce more in Vietnam and re-import commodities made in Vietnam. It will eye industrial land in the southern region, where a line-up of existing garment and textile companies are located.
 
Photo for illustration
Photo for illustration
In addition, manufacturers in other countries will consider the switch from non-TPP members like China, Thailand, Cambodia, Indonesia and India into Vietnam to enjoy favourable taxes. The move should result in a growing need for land, warehouses and companies.
Escalating trade activities will lead to higher demand for logistics services such as roads, railways, seaports and airports.
Meanwhile, demand for offices and apartments up to international standards will rise. The new Housing Law, which took effect from July 1, will encourage more foreign buyers to own apartments and houses in Vietnam, instead of leasing.
VNA/Hanoitimes
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