U.S. firms seek to invest in Danang real estate

HCMC – More than 40 enterprises from the U.S. sought investment opportunities in the real estate sector in Danang City at an investment forum held in the city on April 2. 

The Danang – U.S. Investment Forum was jointly held by the Danang Investment Promotion Agency (IPA Danang) and the Vietnamese National Association of Real Estate Professionals (VNARP) in the U.S., with an aim to help enterprises sound out investment opportunities and forge partnerships. In addition to 40 U.S. companies, the forum was attended by 25 real estate firms in Danang.

At the forum, a representative of U.S.-based Keller Williams Silicon City, a member of VNARP, asked the Danang City government to allow the company to study and invest in a 500-hectare complex providing education, leisure and healthcare services in Hoa Vang District.

Keller William Silicon City has earlier inked a cooperative agreement with Danang Construction Material and House - Building JSC to develop some components of the project.

Hilda Ramirez, CEO of Keller William Silicon City, said she was impressed by Danang’s rapid growth, especially in the resort sector. She and some overseas Vietnamese businessmen have plans to return to Vietnam in the coming time for investment in Danang.

See more: Benefits of Investors in Setting up a Business in Da Nang

Some U.S. companies are interested in projects that the Danang government is calling for investment in and incentives offered by the Danang Hi-Tech Park (DHTP). Jonathan George Hanhan, senior vice president of CSR Commercial Real Estate Service, said his company is interested in the Silicon Valley project in DHTP.

Huynh Duc Tho, chairman of Danang, said the city is promoting investment in tourism and information technology, which have much room for real estate investment.

IPA Danang and the Danang Department of Construction will do their best to support U.S. firms, Tho said, adding that DHTP is offering the best tax incentives in Vietnam.

In addition to learning more about the investment environment in Danang, overseas Vietnamese businessmen also called on Vietnamese businesses to penetrate the U.S. real estate market.

Evan Phong Huynh, executive director of D1 Gateway for Silicon Valley, called on Vietnamese enterprises to invest in the company’s project to develop a US$100 million complex gathering Asian businesses in the Silicon Valley.

Lieu Nguyen, member of the Northern Virginia Association of Realtors, said Virginia and Washington D.C. are the promising land for Vietnamese real estate developers.

According to Michael Q. Le, general director of Robert Mullins International, the U.S. investment policies have become more favorable for Vietnamese investors. As president of the Thua Thien-Hue Union of Friendship Organizations in the U.S., he pledged to support Vietnamese enterprises to do business in the U.S.

The Danang – U.S. Investment Forum is part of the Vietnam trip that will last until April 6 of a U.S. business delegation. After the forum, the U.S. businesses would visit Quang Nam Province.

At present, there are 52 projects invested by U.S. firms in Danang, with investment capital totaling more than US$518 million, accounting for over 16% of the city’s total foreign direct investment (FDI). U.S. firms mainly invest in real estate, finance, trade, tourism, education and hi-tech sectors.

Source: The SaigonTimes