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Vietnamese companies, individuals embrace American dream
Often the “American dream” centers on home ownership. Now, many domestic real estate developers, both enterprises and individuals, are looking abroad to countries like the US to buy houses, but mainly as a way to earn money.
While firms inject money into real estate projects in foreign countries, many individual investors, especially wealthy Vietnamese, plan to own houses overseas.
Thu Duc House Company has contributed 50 percent capital into a joint-venture with two US partners, California Newland Ventures LLC and Nature Coast Horries of Central Florida LLC. They will build houses to sell in states like California and Mississippi.
Besides the US, Laos is also a market targeted by Vietnamese enterprises. Long Thanh Company registered its investment in a Lao real estate project, capitalised at one billion dollars. This is the biggest-ever foreign investment project in Laos. The project includes a golf course, a five-star hotel and villas, shopping mall, hospital and school covering an area of 557 hectares in Vientiane.
So far in 2010, a series of overseas real estate investment projects developed by domestic investors has been announced. The Saigon Investment Group (SGI) kicked off construction of Lao Hung Hotel in July 2010. At the time, Lao Hung was the first hotel in Hua Phan province to meet international standards.
Most recently, in late August 2010, Ha Do Group signed a contract with Vientiane People’s Committee on a project to develop Noong Tha new urban area, capitalized at $250 million. Construction is slated to begin November 2011.
Individuals are also moving ahead with plans to purchase houses in foreign countries. In general, people purchase homes to have accommodations for their children studying overseas, or they buy houses to rent and earn money.
NAC Real Estate Company is well known as a pioneer in promoting plans to sell houses to Vietnamese citizens. In mid-August 2010, the company officially offered 150 apartments at Saigon Village project developed by Bridgecreek Group in the US. The project was completed in the second quarter of 2010.
According to NAC Real Estate, the apartment bloc is located in the center of Little Saigon in Westminster City, California.
In early 2010, Savills Vietnam also announced the sale of 155 apartments at a high grade project at No 375 Kensington High Street in London. According to Savills, apartment buyers will have ownership rights for 999 years.
Since Vietnamese citizens encounter difficulties in purchasing houses in foreign countries because of complicated procedures on remitting money abroad, John Nhat Nguyen, Managing Director of NAC Real Estate, explained that the company’s lawyers will advise clients who plan to purchase houses in the US.
When asked about target groups, he replied that the company aims at families who want to buy homes in the US for their children studying there. Besides, they also plan to sell houses to people who plan to settle or study in the US. Companies that plan to do business in the US and set up representative offices there are also potential clients.
vietnamnet, vneconomy
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