MARKET SNAPSHOTS WEEK 49/2024
Tay Ho district welcomes a new LEED gold-certified office building.
On November 26, 2024, the Catgo office building officially broke ground, adding 15,936 sqm of commercial floor space to Tay Ho District's office rental market. Developed by Catgo Investment JSC, this is the company’s first office building project. Built on a 3,984 sqm site with a 40% construction density, the 16-story building features two basement levels and involves an investment of approximately VND 880 billion. Designed in a modern style, Catgo incorporates high-quality, eco-friendly materials and advanced technologies in energy efficiency, HVAC, and lighting, ensuring compliance with LEED Gold standards for construction and operation. Strategically located in the heart of Tay Ho Tay Urban Area, one of Hanoi’s fastest-growing office hubs, the project is expected to attract significant interest in the premium office market.
Mega Textile Singapore invests $590 million in Nghe An
The Management Board of the Southeast Nghe An Economic Zone has granted an Investment Registration Certificate to Mega Textile Singapore Private Limited for the MEGA TEXTILE-VIETNAM project. The project spans over 51.18 hectares in the Tho Loc Industrial Park (Phase 1) within VSIP Nghe An 2 Industrial Zone, Dien Tho Commune, Dien Chau District, Nghe An Province. With a total investment of VND 14,775.9 billion (approximately $590 million), the project comprises VND 7,377.9 billion ($295 million) in equity capital, accounting for 50% of the total investment, with the remainder being mobilized capital. The project aims to establish an enterprise specializing in manufacturing and exporting various products and services, including fabrics, straps, dyed yarn, cut semi-finished products, apparel, and elastic bands, as well as providing rental services for factories, warehouses, offices, and auxiliary facilities. Construction is scheduled to begin in Q2 2025, with Phase 1 expected to be operational by Q2/2028, Phase 2 by Q2/2030, and Phase 3 by Q2/2034.
Vietnam's M&A market: attractive and full of potential
In the first nine months of 2024, Vietnam's M&A market recorded a total transaction value of $3.2 billion, a 45.9% increase year-over-year with over 220 deals. The average transaction value was $56.3 million, and the highest reached $982 million. Notably, 88% of the transaction value originated from real estate, essential consumer goods, and industrial sectors. However, the market showed signs of slowing, with only 2,669 capital contributions and share purchases by foreign investors in the first 10 months of 2024, totaling $3.68 billion—down 10.4% in volume and 29% in value compared to the same period. Despite challenges, Vietnam's M&A market is still regarded as safe, attractive, and highly potential. It is expected to recover and thrive in the near future, drawing investors back and reviving dynamic deal-making activities.
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Danang announces 4 residential projects open to foreign ownership.
Danang’s Department of Construction has announced four commercial housing projects eligible for foreign ownership:
These projects highlight Danang’s efforts to attract foreign investors to its real estate market.
Quang Tri will invest in a packaging factory worth nearly VND 2,700 billion.
A&C International Packaging JSC has received approval from the Quang Tri Economic Zone Management Board to invest in the A&C International Packaging Factory project. The factory, located in Quan Ngang Industrial Park, Gio Linh District, will have a total investment of over VND 2,669 billion and produce aluminum cans with an annual capacity of 1 billion units. Spanning over 96,000 sqm, the project will be developed in two phases. Phase 1 requires VND 2,200 billion, including VND 459 billion in equity and over VND 1,800 billion in loans, with a design capacity of 700 million units per year. Phase 2, with an investment of VND 327 billion (VND 74 billion in equity and nearly VND 300 billion in loans), will increase capacity by an additional 300 million units annually. This project is expected to attract investment, create jobs, and boost economic and social development in Quang Tri Province.
A South Korean firm invests $177 million in Danang hi-tech park
On November 28, the Management Board of Danang Hi-Tech and Industrial Parks approved the ICT VINA III manufacturing project by Dentium Co., Ltd. (South Korea). The project, with a registered capital of $177 million (approximately VND 4,458 billion), raises the total FDI in Danang Hi-Tech Park to over $875 million across 13 projects. Dentium has now invested in three projects in the park, with a combined capital of $257 million. The ICT VINA III factory is expected to significantly impact the park’s ecosystem and enhance Danang's investment appeal once operational.