Logo of Phnom Penh Post newspaper Phnom Penh Post - Property slump



Property slump

Property slump

A property boom has ended in Ho Chi Minh City with prices down 20 to 30 percent on

last year, according to a state-owned newspaper.

Zoning changes were a major reason, the English-language Vietnam News said. Houses

remained unsold because their locations had been earmarked for other purposes.

Turnover in the housing market was 50 to 70 percent down on last year. Bank lending

for property development had also fallen, and some developers were having trouble

repaying bank loans, the report said.

Ho Chi Minh City has experienced a speculative property boom over the past two years,

with house and land prices rising three to five times because of an increasing number

of foreign businesses flocking into the city. Some investors were overseas Vietnamese.

Some land - all state-owned but available on long lease - was cornered in anticipation

of fresh demand for property when the United States lifts its economic embargo against

Vietnam. This has yet to happen.

Vietnam News said applications for property licenses had dropped by five percent

over the last three months compared with the same period last year.

Oil Out

Vietnam's state oil import-export firm, Petechim, exported 5.545 million tones

of crude oil in the first 11 months of this year, the official Vietnam New Agency

(VNA) reported.

Customers were in Japan, Singapore and Australia, the agency said.

No comparison figure was available for 1992, when Vietnam, which has no refinery

of its own and exports all its output, produced 5.5 million tones.

Petechim's export target for the whole of 1993 is 6.1 million to 6.2 million tones,

VNA said. -Reuters

Trade deficit

Vietnam is heading for a $200 million trade deficit this year after a small surplus

in 1992, according to government figures.

The value of exports would be $3 billion, up 20 percent on last year, but imports

would be 45 percent higher at $3.2 billion, the trade ministry, quoted by the official

Vietnam News Agency, said.

Vietnam had a $20 million surplus last year, its first for years. -Reuters

'Fifth' Post

Vietnam and China have reopened their fifth border post, between Ta Lung in Cao

Bang province on the Vietnamese side and Shui Kou in Guangxi province on the Chinese

side. Unofficially, more than 30 border crossing points are open.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • PM asks India for vaccine help

    Prime Minister Hun Sen is seeking assistance from India for the provision of Covid-19 vaccines as the country has produced its own vaccine which is scheduled to be rolled out to more than 300 million Indians this year. The request was made during his meeting with

  • Cambodia, India agree to start direct flights, tourism exchanges

    Cambodia and India have agreed to start direct flight connections and promote closer tourism exchanges and cooperation in all areas after the Covid-19 saga comes to a close. The agreement was reached during a meeting between Cambodian Minister of Tourism Thong Khon and newly-minted Indian

  • Plastic-to-rice initiative transforms waste into bricks

    Volunteers in Kampong Khlaing commune of Siem Reap province’s Sotr Nikum district have been collecting plastic waste to use as a raw material for the production of bricks and clemence tiles. The volunteers are hoping that, in addition to helping clean up the environment,