MARKET SNAPSHOTS WEEK 4/2024

The National Assembly passed the amended Land Law

-TheSaigonTimes-

On the morning of January 18, the National Assembly passed the amended Land Law, with 87.63% of deputies present at the ongoing session voting in favor. After screening, the draft consists of 16 chapters and 260 articles.

• Land price list updated annually: Land price list will be implemented on January 1 of the following year, closely following actual market developments and expanding the scope of application;
• Agreement on land use rights to implement housing projects: The amended Land Law stipulates that commercial housing projects can be implemented through agreements on land use rights for residential land; use existing land use rights to implement commercial housing projects on residential land or on other types of land;
• Issuing land red books without paperwork, without violating land laws: Accordingly, households and individuals using land before 18/12/1980 and certified by the commune to have no disputes will be granted a Certificate of land use rights and ownership of assets adjacent to the land;
• Cases of land recovery for socio-economic development specified in Clause 32, Article 79: Cases of land recovery for socio-economic development for national and public interests that are truly necessary to recover land arise but are not within the scope of this law;
• Cases of land allocation that must or may not be through auction or bidding: The Land Law has been amended to comply with the spirit of Resolution 18-NQ/TW;
• Reduce intermediaries in land allocation and land lease in economic zones, high-tech parks, and airports. Focus on reforming administrative procedures, simplifying and making them transparent so that people can conveniently carry out the procedures;

KCN Vietnam adds 45,000 sqm of RBW and RBF in Long An

-Diendandoanhnghiep-

KCN Vietnam held a breakgrouding ceremony of phase 2 of RBW and RBF in Phu An Thanh Industrial Park, An Thanh commune, Ben Luc district, Long An province. Phase 2 of Phu An Thanh Industrial Park project is expected to complete in Q3/2024, additional 45,000 sqm NLA. After phase 2 is completed, the project in Phu An Thanh industrial park of Vietnam Industrial Park owns more than 90,000 sqm of high-quality warehouse on a total land area of 13.4 hectares. With advantage of Long An, connecting Ho Chi Minh City with the Southern provinces, investment attraction and incentive policies, the project received the strength of domestic and foreign investors.

The Korean corporation wants to pour another 2 billion USD into Vietnam this year

-Vietnambiz-

Hyosung Group - Korea's leader in power transformer production - wants to invest 2 billion USD to Vietnam in 2024. Evaluating the investment in Vietnam as one of the most effective investments, Hyosung plans to increase capital to 5.5 billion USD this year. Hyosung Group, founded in 1962, is Korea's leading corporation in manufacturing electrical transformers and has invested 3.5 billion USD in Vietnam, present in major cities such as Hanoi, Ho Chi Minh City, Dong Nai and Ba Ria - Vung Tau with more than 9,000 workers.

Korean aviation parts supplier KP Aero Space invested 20 million USD in Da Nang city

-Theinvestor-

KP Aero Space Vietnam, part of KP Aero Industries of Korea, will invest 20 million USD in Da Nang Hi-Tech Park. The supplier of components for Boeing and Airbus aircraft operated by Korean Air, received in-principle approval just one month after applying and is expected to receive an investment certificate early 2024. Regarding human resources, the company has recruited graduates from the University of Science and Technology (under the University of Danang), evaluating that the locally trained workforce will meet the needs of company. KP Aero Space Vietnam also wants to soon establish cooperation with businesses in Da Nang Hi-Tech Park to establish an aviation components supply chain. According to the GSO of Da Nang City, the city has licensed 104 new foreign-invested projects with a total registered capital of 151.2 million USD by 2023. During the year, the coastal city also had 42 FDI projects increasing capital by 20.2 million USD and 37 foreign investors spent 10.7 million USD buying shares of Vietnamese enterprises.

Thomson Medical Group acquired FV Hospital in Vietnam

-VietnamPlus-

Thomson Medical Group (TMG) has acquired 100% ownership of FV Hospital worth more than 9,000 billion VND (381.4 million USD), officially becoming a member of TMG listed in Singapore, demonstrating Vietnam's potential to develop high-quality medical services, attracting foreign investors. The hospital will receive stronger investment, better meet people's medical examination and treatment needs in the coming time and attract many people and a large number of foreign tourists to Vietnam for medical examination and treatment. This will increase opportunities for connection between domestic organizations and medical facilities with international investors, and contribute to gradually turning Vietnam into a health care tourism destination in the coming years. FV Hospital reflects Vietnam's increasingly important role in the region as well as its ability to attract foreign direct investment and the close trade relationship between the two countries.

Speed up construction of nearly 1,500 billion VND project connecting Long An with Ho Chi Minh City

-VTCNews-

After more than 1 year of construction, National Highway 50 expansion (Ho Chi Minh City) has gradually taken shape, and it is expected that the entire project will be completed by the end of 2025. It has a starting point intersecting with Nguyen Van Linh street, and an ending point adjacent to Long An province with a total length of 6.92 km, 6 lanes wide. Of which, a 4.36 km section is to build a new road parallel to Highway 50 and a 2.56 km section is to expand the existing Highway 50. The project has a total investment of nearly 1,500 billion VND. It has the goal of enhancing the capacity to exploit national highway linking Ho Chi Minh City with Long An province and the Southwestern provinces. At the same time, it contributes to strengthening the connection of the southern gateway area of Ho Chi Minh City with the Ben Luc - Long Thanh expressway and Ring Road 3 of Ho Chi Minh City in the near future.