A view of Bac Ninh city (Source: VNA) Hanoi (VNA) – The property market in the northern province of Bac Ninh islikely to continue to be in full swing in 2020 thanks to waves of investmentinto industrial real estate.
About 30kmaway from Hanoi and Noi Bai International Airport, Bac Ninh city, the provincial capital, lies on theVietnam – China economic corriodor and in the economic triangle of Hanoi – HaiPhong and Quang Ninh. The city is dubbed by real estate investors and brokersas an emerging “dragon” among provinces to the north of Hanoisince its property market has experienced strong growth over the last fewyears.
In the first10 months of this year, the city has seen the launching of 10 major projects with highlights being Him LamGreen Park, Phuc Ninh Urban Area, Dabaco Van An Urban Area, Vuon Sen UrbanArea, Dabaco Lac Ve Urban Area, Khai Son City Thuan Thanh and Sing Garden atthe Vietnam – Singapore Industrial Park (VSIP) Bac Ninh.
The Vietnam Association of Realtors (VARS) saidin its lates report for the third quarter of 2019 that the province’s real estate market is growingrapidly with a large number of offers since the beginning of this year.
The reportalso emphasised that most of the projects on sale have been launched in theprevious period and there are very few launch of new projects because the province has tightenedcontrol on investment licence granting.
In 2020, thelocal propety market will thrive as it is beneficial from the exciting waves ofindustrial real estate, said Nguyen Van Dinh, VARS Vice President. The supplyshortage will bring more excitement to the market, he added.
Sharing Dinh’sviews, other experts said with Bac Ninh’s prospects in the industral real estate, viewed among thebest among nothern provinces, the local housing market will further expand asthe city’s average prices of land lots have remained relatively low.
The robustinfrastructure development coupled with strong foreign direct investment (FDI) flowsinto the city and booming industrial real estate will continue boost the city’sproperty market.
New investors– mostly from Asian countrieslike Japan, the Republic of Korea, and China – will remain interested inVietnam’s industrial real estate, according to a report recently released bythe global real estate service firm JLL Vietnam.
As manyinternational major manufacturers are relocating from China, more investmentare expected to be bumped into Vietnam, particularly five key industrial provincesin the north. Growing housing demand, which results from a surge in thenumbers of migrant workers andforeigners, will also give another push to Bac Ninh’s property market, not onlyin the residential but also the leasing segment.
The market isbeing given a great chance to thrive further as Bac Ninh is looking to become a centrally-run city in the next two years. As property pricesremain relatively low at present, it is forecast to keep vibrant for many yearsmore and promise to bring great profits to investors.
A total of 135projects have been put into operation at IPs in Bac Ninh province so far thisyear, raising the total number of operational projects in local IPs to 1,070.
Firms in BacNinh’s IPs generated over 1,151 trillion VND (49.45 billion USD) in industrialproduction value, exported 22.6 billion USD worth of products, and contributed11.5 trillion VND to the state budget.
From theoutset of the year, the management boards of the local industrial parks revokedinvestment certificates and investment registration certificates of 237projects with total registered capital of 942.6 million USD.
After twodecades, the industrial parks have become an important part of the localeconomy, promoting the economic structure transform, while improving theprovince’s capacity in production and technology transfer, enhancing productionefficiency and engaging deeper into the global production chain./.
VNA
