REAL ESTATE SITUATION IN VIETNAM

I. Marketing realizing process

In the lunar July of this year, most of real estate activities are stable.
However, some institutions even get started or open to sell some projects
and have good results. People do not minimize transaction anymore.

Commercial banks reduce mobilizing interest and are more open to
housing loans. The investors believe in the market and the source of
capital is more profuse, which make the real estate market have some
positive signs.

The prices of apartment blocks in new projects in this period of time are
much lower than ones in other periods. Almost all investors reduce their
prices to meet the demand of the customers. Segmentation of below
20million VND/m2 and a small number of completed buildings above
20million VND/m2 have an increasing transaction results.

II. Some striking news
Prices of apartment blocks in Ha Dong fall dramatically. Some high-
qualified apartments fall from 13%(Tay Ho), 17%( Thanh Xuan) up to
28%( Cau Giay and Tu Liem) and the highest reduction is in Ha Dong:
33%.
Vingroup invests more than 4,700billion VND in air roads project.
In the first 6 months of this year, the inventories of real estatbillion VND
in air roads project.
In the first 6 months of this year, the inventories of real estate decreases,
bad loans increase.
Vietnamese real estate marketing attracts a lot of Japanese investors.
According to CBRE, Japanese investors are interested in Vietnam market
and expect it to become an attractive destination in average and long
term. As it can be known, in the first 7 months of 2013, Japanese
corporations invest nearly 4.1billion USD to the total source of direct
capital of Vietnam.

III. Schedule policies
Delay 411 real estate projects.
Tighten the regulations of speed reports of real estate projects.
Ho Chi Minh City extends the deadline for 15 plans
Budget allocation of 30,000-billion VND package will be increased in
the first quarter of 2013.
Hanoi stops high building projects after moving some inside factories.