MARKET SNAPSHOTS WEEK 42/2024
Despite super typhoon Yagi, Q3/2024 GDP still grew by 7.4%.
According to the General Statistics Office, despite the severe impact of Super Typhoon Yagi, Vietnam’s Q3 2024 GDP is estimated to have grown by 7.4% compared to the same period last year. The agriculture, forestry, and fisheries sector increased by 2.58%, contributing 4.08% to the overall added value of the economy. The industry and construction sector grew by 9.11%, contributing 48.88%. Notably, the manufacturing and processing industry was a highlight, with an impressive 11.41% growth—the highest in the past six years. Overall, GDP for the first nine months of 2024 is estimated to have risen by 6.82% year-on-year. Analysts view this as a clear signal of Vietnam's strong economic recovery.
Vincom Mega Mall and Grand World Retail Complex break ground at Vinhomes Global Gate.
On October 8, Vinhomes broke ground on two major facilities: the Vincom Mega Mall shopping center and the Grand World retail complex, part of the Vinhomes Global Gate mega-project. Located in the prime Cat Tuong sub-zone at the intersection of National Highway 5 Extension (Truong Sa Road) and the future Tứ Liên Bridge connecting the city center, Vincom Mega Mall will span 3.1 hectares with 70,000 m² of floor space over four floors, designed with a "Theme Mall" concept. Vinhomes Global Gate, also known as Vinhomes Co Loa, covers 385 hectares with a total investment of approximately 34 trillion VND. The project includes four apartment towers, nine office and commercial buildings, and offers 4,147 townhouses and villas, along with 12,600 high-rise apartments. The low-rise areas will be developed first, with sales expected to begin in 2024 and 2025.
Dong Nai reclaimed land for a $250 million shopping center.
On October 9th, the People's Committee of Bien Hoa City announced the decision to reclaim over 13,600 m² of land in Hiep Hoa Ward for the construction of a shopping center. The Hiep Hoa Ward People's Committee is tasked with informing residents and relevant organizations of this decision and maintaining the land's current state until the authorities make a decision on land allocation for the project. The shopping center project in Hiep Hoa covers nearly 12 hectares, with over 10 hectares for the commercial center and 1.5 hectares for surrounding roads. The project's total investment exceeds 6,000 billion VND. This development is part of the A4 sub-zone construction plan in Hiep Hoa Ward, aimed at boosting the province's economic and social growth through commercial infrastructure expansion.
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CapitaLand Development unveils a new project in eastern Hanoi.
CapitaLand Development launched a new project, The Senique Hanoi, covering about 2.1 hectares with a total investment of VND 10.8 trillion ($600 million SGD). This is part of CapitaLand’s expansion in Vietnam and is being developed in partnership with Japan’s Nomura Real Estate Asia and Mitsubishi Estate Asia. CapitaLand plans to break ground in Q4 this year and complete the project by 2027, offering approximately 2,150 apartments across three 37-floor towers. With low construction density, The Senique Hanoi will be CapitaLand's first premium high-rise gated community in Hanoi's eastern area.
Thai retail giant Central Retail broke ground on a $9 million mall in northern Vietnam.
On October 5, Thailand’s leading retailer Central Retail began construction of a GO! branded shopping mall in Yen Bai City, located in Yen Ninh Ward, Yen Bai Province. Expected to open in Q4 next year, the mall spans 1.3 hectares. The total investment for the project amounts to VND 223 billion ($9 million), with Viet-Nhat Real Estate JSC, a member of Central Retail Vietnam, as the developer. This will be Central Retail’s first project in Yen Bai Province and will offer over 40,000 affordable consumer goods. The mall is expected to be operational by Q4/2025, creating jobs and boosting local income, contributing to the socio-economic development of both the city and the province.
A Swedish company inaugurated a $30 million project in Hai Phong.
On October 10, Sweden's ASSA ABLOY Group held an inauguration ceremony for ASSA ABLOY Vietnam Hardware Structure Co., Ltd. at the DEEP C2B Industrial Zone in Hai Phong, with a total investment of $30 million. The factory will produce two million door closers annually, equivalent to 2,800 tons. Its products will be exported to Europe, the Middle East, Africa, Asia, Oceania, and the U.S. The factory is expected to employ around 280 workers. This is ASSA ABLOY's second investment in Vietnam, following a $25 million plant in Ba Thien II Industrial Zone, Vinh Phuc. With a sustainable investment mindset and a long-term vision for high-tech smart lock manufacturing, the Hai Phong project will help shift the economic structure, generate income for workers, and ensure social welfare.