ACB opens Hanoi property exchange, valuation unit

Asia Commercial Bank, Vietnam’s biggest listed company by market value, Thursday opened its first property exchange and valuation unit in Hanoi to tap rising demand, the bank said in an e-mailed statement.

The Hanoi property exchange will bring the number of ACB real estate trading floors to six, including five in the economic hub of Ho Chi Minh City, according to the statement.

“We expect the local property market to brighten later this year as the government has been trying to spur consumer spending,” said Nguyen Thu Oanh, chief executive officer of Asia Real Estate Valuation Co., the unit. “Property valuation is still new in Vietnam and will be a good business in the current economic situation.”

The government has told banks to increase lending to companies and property investors after the economy expanded at the slowest pace since 1999. The State Bank of Vietnam on February 24 cut the ratio that lenders must set aside as reserves to 3 percent from 5 percent.

Bloomberg

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