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According to the HCM City Real Estate Association (Horea), a lot of real estate developers may go insolvent as the market is freezing with no buyers. Experts say real estate firms should focus on the segment of houses and apartments for common people.

High-grade apartment investors running away

Real estate transactions have been at a standstill for the last many months. Successful transactions just accounted for 2% of the total transactions. The money real estate firms made in the last few months is not worth mentioning, while they still had to spend big money to maintain their operation.

Horea said that several of its members are facing bankruptcy due to difficulties in capital.

Dang Hoang Vu, General Director of Thanh Binh Real Estate Company, said that the company now finds it hard to find buyers though it is offering the ‘soft’ price at VND10mil/sq m while the investment rate was VND9-10mil/sq m. To date, the company has suffered losses equal to 20-30% of the value of the assets.

Developing apartments for common people?

Analysts say that in the last few years, very few housing projects were licenced, which caused a wide gap in supply and demand. Real estate developers only focused on developing high-grade apartments to optimise profit. As a result, low income earners did not have opportunities to buy houses. While real estate developers cannot sell their high grade apartments, which prove to be very expensive, most residents in big cities still cannot purchase apartments.

According to Le Hoang Chau, Chairman of Horea, the demand for houses and apartments of common people, newly married couples, newly graduating students and old people in HCM City is very high. The clients need accommodations with the space of 25-40 sq m. The majority of them are living in narrow boarding houses with poor facilities. Therefore, Chau said, building houses for these clients proves to be a good solution.

Nguyen Van Duc, who initiated the building of small space apartments, Deputy Director of Dat Lanh Real Estate Company, said that 60-70% of labourers in HCM City have the demand for accommodation and can pay VND300-500mil for houses and apartments. However, the market of houses for low income earners remains open.

Duc said that this segment of the market is a way out for real estate developers. Dat Lanh plans to kick off a plan to build apartments for common people in two or three months. There will be 3-4 blocks of small space apartments (25,000 sq m/block) with 1,000 apartments in district 12 and Go Vap district in HCM City.

While waiting for the government’s instruction on the model, 1,000 clients have registered to buy small space apartments.

“Real estate developers did not pay appropriate attention to the very important segment of the market,” Duc said.

Dang Vy(vietnamnet)

Secretary General of the Vietnam Banking Association Duong Thu Huong affirmed that banks are raising deposit interest rates because of reasons other than low liquidity.

Interest rate race

What would you say about the successive interest rate increases?

Secretary General of the Vietnam Banking Association Duong Thu Huong, former Deputy Governor of the State Bank of Vietnam

I read banks’ reports for the first six months of the year and I can say that banks’ liquidity is good now. As liquidity is not a problem for banks anymore, I think there are three other reasons that are making deposit interest rates continue to rise.

First, bankers may think that they can lend money in the interbank market. Some banks still lack liquidity a little and they need to borrow capital in the market. I feel that some bankers hope they can lend at 21% in the market.

Second, some bankers thought that the State Bank would raise the basic interest rate in the context of high inflation, and they decided to raise interest rated as a move in advance. However, the State Bank has decided not to raise the basic interest rate.

Third, banks have to raise interest rates because other banks are doing that. In fact, many banks do not want to offer high interest rates to attract capital, but they have to do that to retain clients. You can see that once a bank announces interest rate increases, other banks would follow immediately.

Where’s the money?

Have the successive interest rate increases helped mobilise capital?

I feel that the capital flow to banks has not been as high as expected. Despite the high interest rates, the mobilised capital increased by several percent only in May and June

As such, a big volume of money still has not been attracted to banks. Where is the money, then?

It is now among people. Some people spend money to buy gold and foreign currencies to keep under their pillow. Some businesses, which have idle money, do not make bank deposits, but lend to each other. Some export companies which have foreign currencies from export deals do not sell foreign currencies to banks.

Why is the money still lying outside banks, when the deposit interest rates are at very high levels?

People tend to save up gold and foreign currencies because they try to protect their assets in the context of high inflation, lackluster stock market and gloomy real estate market. However, the government has been trying to tighten forex management, and I think that people will have confidence in VND.

Do you think that it is a wise move to store gold and foreign currencies?

People have the right to use their money in the way they want. However, it is clear that this is a big waste in using the society’s wealth.

Statistics show that Vietnam has imported 43 tonnes of gold and the majority of gold is lying among people, not in circulation, which means the money does not create new value.

Be smart investors

Have you read the articles which warned about the risks in injecting money in gold and securities?

Investors themselves decide where to inject money. However, try to be smart investors.

I think that Vietnamese people are too credulous. They rush to buy or sell something on any information they hear. Those investors who make investments on rumours will lose money.

What would you do now if you had a big sum of money?

I would convert the money into VND and make a bank deposit to enjoy the high interest rate.

(Source: VTC)

The Governor of the State Bank of Vietnam on July 1 sent a dispatch to VIB Bank instructing it to dismiss the director of the VIB Bank HCM City branch as the branch has violated the interest rate management regulation and the governor’s instruction.

According to the HCM City Branch of the State Bank of Vietnam, VIB Bank HCM City branch lent money to the Saigon Shipping Company and asked the client to pay a security on the loan. By requiring security money, the bank is thought to have been attempting to dodge the current regulations in order to lend at an interest rate higher than the ceiling level stipulated by the State Bank of Vietnam at 21%.

The State Bank has asked Chairman and General Director of VIB Bank to dismiss the HCM City Branch director for the law violation. Moreover, the central bank has also asked it to clarify the violations of other officers in this case and apply strict discipline.

VIB Bank has to report to the State Bank about the case prior to July 4, 2008.

VIB Bank yesterday afternoon sent a document to local press agencies, explaining the loan to Saigon Shipping Company.

It said that after checking the loans it made, the bank asked the Saigon Shipping Company to provide more collateral to guarantee the loan. At this time, the shipping company did not have valuable assets suitable to be mortgaged assets. Therefore, the borrower asked VIB Bank to accept the idle money it had on the account at VIB Bank as security money for the loan.

VIB Bank, in its document, emphasised that the bank has always respected the laws and regulations stipulated by the State Bank of Vietnam. It does not collect loaning fees in any form, the bank said.

The bank said that it has reported to the State Bank and it is now awaiting responses and final decisions from competent agencies on the case.

Ho Huu Hanh, Director of the HCM City Branch of the State Bank of Vietnam, said at the press conference yesterday that if the borrowers have to pay additional fees for loans, they can report to the State Bank and the State Bank will investigate. Commercial banks that violate regulations will be heavily punished.

(Source: VTC)

The Vietnam Steel Association (VSA) has officially asked the Ministry of Industry and Trade to allow its members to raise steel prices. “Steel price increases prove to be indispensable as ingot steel prices are skyrocketing,” it says in the document it sent to the ministry.

In fact, some southern steel producers have raised their sale prices already. Pomina, for example, has raised the sale price from VND16.426mil/tonne to VND17.45mil/tonne, while Vinakyoei has raised the price from VND16.55mil/tonne to VND17.5mil/tonne. Other steel producers are offering steel at VND17mil/tonne on average.

The steel prices quoted by northern producers prove to be much lower. VIS, Hoa Phat and Vietnam-Australia are selling steel at VND16.5mil/tonne, while Thai Nguyen Company is selling at VND15.2mil/tonne.

Southern steel producers say that they now have to import ingot steel at high prices. Vietnam-Japan Company, for example, has signed a contract to import ingot steel at $1,180/tonne, while finished steel is selling at $1,000/tonne.

Pham Chi Cuong, VSA Chairman, said that VSA pledged to keep steel prices in place until the end of June 2008, if the ingot steel price did not exceed the $900/tonne threshold. At the time of the commitment, ingot steel was at $810/tonne, while the sale prices offered by northern producers were at VND15.2-15.4mil/tonne, and the prices offered by southern producers were at VND15-15.3mil/tonne. However, as the ingot steel price has been skyrocketing, some steel producers had to raise their sale prices in May 2008.

“Raising steel prices proves to be unavoidable. Steel mills cannot buy ingot steel at $1,300/tonne and then sell finished products at $1,000,” Cuong said.

However, Cuong confirmed that the steel price will not increase sharply, because the purchasing power is low in the rainy season. In the past three months, VSA members sold only 260,000 tonnes of steel a month, a decrease of 60,000 tonnes compared to previous months.

“The sale prices will be decided by the market,” Cuong said.

In fact, steel producers now still make steel with the ingot steel it imported several months before at low prices. Therefore, they don’t make loss even with the current sale price of $1,000/tonne. However, Cuong said that if producers continue selling at low prices, they will not have money for re-investment.

Tran Thuy

Labour and human resource development was the main focus of the Viet Nam Annual Business Report 2007 released yesterday in the capital.

The downward employment trend in the banking and insurance fields was blamed on mismatches between supply and demand for labour in these two sectors

Viet Nam Chamber of Commerce and Industry chairman Vu Tien Loc said that the report analysed businesses according to four competitively factors: employment, finance, technology and market access.

“The report assessed the capabilities of businesses in six sectors highly sensitive to conditions in the labour market,” said Loc, “Textiles and garments, construction, tourism, insurance, banking (including investment funds and securities companies), and food manufacturing.”

The report stated that demands for labour in different sectors were not similar. Labour-intensive sectors like construction and garments would still absorb large amounts of labour employment.

As demand for highly skilled labour in these sectors was relatively lower than that of other sectors, the report predicted that in the coming years, these industries would largely be able to meet their high-skilled labour demand.

Meanwhile, there were signs of stagnating employment growth in food manufacturing and particularly in the overall demand for the construction sector. Despite the fact that many jobs in these sectors continue being created, the numbers raised worries about future labour-supply shortages.

The downward employment trend in the banking and insurance fields was blamed on mismatches between supply and demand for labour in these two sectors, which would result in an increasing demand for skilled labour in the coming years.

The report also cited the increasing prevalence of well-trained personnel as one of the engines for the growth of the tourism sector. Therefore, the report continued, the continuing short supply of skilled tourism workers was the main limiting factor in that sector’s growth, just as it had been in the banking and insurance sectors over the last few years.

Explaining the connection between labour and foreign direct investment (FDI), the report said that human resources remained one of the leading attractors of FDI.

The skill requirements of foreign-invested firms were higher than that of State and domestic non-State owned enterprises.

This resulted in a bottleneck for firms looking for qualified employees, as the labour supply drawn from the State and non-State sector did not match skill requirements of the foreign-invested sector.

The report warned that the benefits of the region’s high FDI inflows were being undercut by chronic shortages of sufficiently skilled labour.

Another disincentive to further foreign investment described by the report was the tendency of labourers who had acquired high-level skills while working at foreign-invested companies to readily leave those companies for better positions at domestic State-owned and non-State owned firms.

With the efforts of the Government to improve the investment climate, Vietnam was ranked in the top 10 countries for FDI attraction.

In the current climate of increasing flows of registered investment capital, the report warned that if the country made no moves to improve the supply of skilled labour nor formulate policies to promote the internal migration of skilled labour, then Vietnam seriously risked losing its position in the eyes of foreign investors.

(Source: Viet Nam News)