HANOI, Vietnam, Dec. 6, 2011 /PRNewswire-Asia/ -- Khaw Aik Heng,
the Project Director for Apave in Vietnam and Southeast Asia,
explains that foreign investors need not worry about the security
of their investment, when funding Vietnamese real estate market.
Rather, what investors need to do is gain a proper understanding of
the market. (Download the full report at http://bit.ly/tGV8DR
)
"The financial system is different. The construction
industry and property development requires money, payment and big
infusion of cash in a very short amount of time. In general, it is
more difficult here in that aspect. For example, cheques are not
commonly used as a payment instrument, so payment is done by
depositing into accounts. So if I make payment to you, I have to go
to the bank and make a withdrawal from my account and deposit the
money into your account. However in Kuala Lumpur, we use a lot of
cheques, which makes small contracts easier to arrange," says
Khaw.
However despite these obstacles, Khaw believes that
the growth in tall buildings in Vietnam should be healthy in the
next decade.
"If you look forward 10 years there will be a need
for tall buildings due to population growth. Of course in the short
term you may face hiccups, like financial crises and bottleneck
issues. People have overbuilt office buildings for example. But if
you look at a 10-year time span, all these buildings will
definitely be occupied because more supermarkets, hospitals,
schools and other buildings are needed. Overall, I believe good
property is still very much in demand. A good developer needs to
come in with a good scheme, a good idea and good plan for a long
term. I believe there are still a lot of opportunities to develop
township, mixed development and stuff like that. Construction and
property are very interesting fields. The risks are high, but it is
work that needs to be done," explains Khaw.
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SOURCE: International Quality & Productivity
Center (IQPC)