Boston, MA -- (SBWIRE) -- 05/27/2013 -- The Vietnam Real Estate report examines the commercial office, retail and industrial segments in the context of a market that is close to its nadir and therefore becoming increasingly attractive to both domestic international players.

With a focus on the three principal cities of Da Nang, Ho Chi Minh and Hanoi, the report covers the rental market performance in terms of rates and yields over the past 24 months and examines how best to maximise returns in the commercial real estate market that is beset by high interest rates, oversupply and government efforts to curb lending. While many analysts believe the sectoral downturn to be close to bottoming out, soft market conditions persist and the cycle is likely to be lengthened by the external economic hurdles faced by the export-led economy. Nevertheless, there is growing optimism surrounding the sector with the construction industry, investment outlook and demand picture looking to pickup over the coming quarters. However, the results of our latest in-country interviews conducted in December 2012 indicate that optimism in the market over H112 was premature, and that the road to recovery will be long and winding.

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Key Points

- Latest data has confirmed our beliefs that Vietnam's construction sector is in an upward cyclical phase, with construction real growth in Q412 in double-digit figures. We expect this recovery in Vietnam's construction sector to last well into 2013 as monetary conditions remain conducive for construction. However, Vietnam's construction and infrastructure sectors are far from maximising their growth potential due to poor trade activity, a housing oversupply and difficulties in securing project financing within the infrastructure sector.
- Vietnam's economy remains on track for a robust recovery in 2013, and we view consensus estimates on growth as being overly pessimistic. The latest credit downgrade by rating agency Moody's Investors Service has failed to surprise the bond markets, and we believe that this is because concerns over the build up of bad debt in the banking sector have long been priced by investors. Furthermore, latest economic indicators also support our view that economic conditions in Vietnam are improving, and we are maintaining our view that real GDP growth will come in strong at 7.0% in 2013.

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