THE BULLETIN

The Real Estate News & Information Source

March 28th, 2011 • Issue 11 www.coldwellbankervn.com

IN THIS NEWSLETTER:
Retailers vs. Real Estate Developers Gold Markets
Luxury Real Estate: The “Uniqueness” Will Prevail Currency Markets
Stock Market Real Estate Market

retailers VS. REAL ESTATE DEVELOPERS

Vincom Center

2011 is expected to be the year of retail expansion in In addition to targeting big cities, retailers are also going to enter the
Vietnam. Believe it or not, they are going to become suburban markets, which have emerged as a new high potential
clients, supporters and even competitors of many stage. Wise retailers have recognized that rural people now also have
property developers. the same shopping habits with urbanites. They prefer shopping at
supermarkets and shopping malls over traditional open-air markets as
The Expansion of Retailers In Vietnam food hygiene is of greater importance these days.

In early 2009, Vietnam fully opened trade according to its World Trade
Organization commitments. Since then, both local and foreign
retailers have expanded their businesses in this attractive market.
Although Vietnam has fallen from first to sixth in rankings of attractive
retail market, many retailers still keen on setting up more retail points
in Vietnam.
According to Hoang Thi Tuyet Hoa, Deputy General Director of the
Ministry of Industry and Trade, there are more than nine stores that
have been additionally opened by foreign distributors from 2007 to
2010. Some of the big names include Metro Cash & Carry (opened
four additional stores), Big C (three) and Lotte (one). Moreover, Lotte
Group has recently made up ground on their new complex in Hanoi.
This is definitely not an impressive number compared to the market
potential. Yet, as announced by the General Statistics Office under the
Ministry of Planning and Investment, Vietnam’s total retail sales and
services in the first two months of 2011 have grown 23.7% against
the same period last year, reaching to VND304.3 trillion. Two reasons
why the number of stores was much less than the demand: the lack
of retail premises in big cities and the difficulties of getting permission
to open more distribution centers.
Therefore, domestic retailers are considering joining forces with
foreigners. For example, G7Mart (belonging to Trung Nguyen Group)
has joined hands with Japanese Ministop; Saigon Co-op – the biggest
retailer in Vietnam has signed a cooperate agreement with
Singaporean NTUC Fair Price; and Phu Thai Group has also negotiated
a franchise contract with Japanese Family Mart.
More Attention from Property Developers
With those expansions, retailers will soon gain greater attention from
property developers. Especially in Hanoi, where the demand for retail
premises is growing while the supply sources are still rare. People are
expecting retail spaces could develop 14% more. Ho Chi Minh City has
the same picture, in which two floors at Vincom Center were
transformed to commercial spaces instead of offices for lease.
Therefore, the spreading retail market in big cities will bring more
customers to real estate developers, focused on retail premises sector.
Moreover, if the retailers are going to open a series of convenient
stores or retail points nearby other housing projects, this will become
an advantage for the project owners. Developers could better support
their buyers with this convenience and therefore generate more sales.
However, real estate developers should keep their eyes on this
expansionism as retailers could become their business rival. Nowzone,
Parkson, Lotte and others, are going to spread their footprints to
many big cities. This might create a real competition between
developers and retailers in the future. Nowadays, many building
projects also have their own departments for retail stores. When
competing with the spaces offered by retailers, project developers
need to provide attractive prices and also better facilities to attract
renters effectively. Meanwhile, urbanites tend to buy necessaries
nearby their home; but for other valuable products, they will go to the
shopping mall. This is also a factor impacting renters’ decisions in
choosing which place to invest in – retail centers or mixed-use
developments.

Luxury real estate: the "uniqueness" will prevail

The Bayview Towers

The luxury real estate market is recognized as being
highly-saturated at the present time. Even more
comments confirmed high-grade real estate is becoming
a "big debt" for many developers. However, not all of the
investors and customers have completely said “no” to the
luxury real estate segment, especially for projects that are
thought to be able to offer attractive profits.
Advantage in favor of strong capital investors
Decree 71 of the Government and the resolution on the tightening of
lending to the real estate field are considered causes of some of the
difficulties for the high-end property market in particular and the real
estate market in general. The reason is that the Vietnamese property
market depends very much on fiscal and monetary policies as many
investors are relying on loans from banks or raising capital from
homebuyers.
However, for investors who are proactive in using their financial
resources, the situation is not too gloomy. In the context of rising
interest rates as we currently have, there is a distinct advantage for
strong capital investors who do not heavily depend on institutional
lenders.
Luxury real estate still has its customers
The present real estate market is changing, especially for the high-end
home segment. While low- to mid-end homes have taken center stage
in the market, luxury homes have taken a back seat. Although not as
active as in previous years, the high end sector is still an attractive
segment for some buyers. This is especially true for projects that are
able to meet the demands of this target market.
Most high-end real estate projects have a prime location, with
convenient transportation and complete infrastructures. Their
developers usually select international contractors with very good
reputations, credibility and professionalism to carry out the design and
construction. Homebuyers and investors all have a reason to trust in
the quality and level of these luxury real estate products. These
properties have many advantages such as ideal living spaces, comfort,
variety, high service levels, security, harmony and environmentally
friendly designs. Therefore, high-end real estate has attracted a
certain number of customers, especially in Hanoi and Ho Chi Minh City.
Those with high income wishing to purchase primary residencies have
many reasons to choose the luxury market. "The wealthy are getting
wealthier, and they will want high-end housing" – this is a certainty.
The "uniqueness" will prevail
Vietnam’s market still has room for luxury real estate. However, not
every high-end product always meets the needs of the extremely
selective customers. According to areal estate expert and well-known
developer in Vietnam market, the trend of these premium buyers is
choosing luxury products which are friendly to the environment and
having a particularly unique advantage. The uniqueness inherently
comes down to the specific attribute that sets the project apart from
the rest. Whether it may be a "green oasis" in the heart of a booming
metropolis, or a world-class building along a dreamy seaside,
investors and customers are greatly influenced by such unique factors.
In the end, these properties are not just a place to call home or a
weekend retreat destination, but also valuable assets that will
continue to appreciate in value in the future.

stock market

Stock Market Summary 14 – 25 March

After reaching 500 points last week, the VN-Index dropped suddenly down to 480 points on the first day of the week on 14 March and
continued to struggle for two weeks. Many argued that the disaster in Japan is one of the causes. In contrast, a number of experienced
investors affirmed that Vietnam's stock market is not affected much by external influences. However, according to analysts, the disaster in
Japan will certainly affect the flow of ODA, FDI, and FII that the Japanese pour into Vietnam.

Significant events and information affecting the stock market in the past two weeks:

14 March: Experts predict the CPI in March will increase by 2%.

The amount of profit taking and selling showed increased instability of the psychology of investors. Ending the trading session, the
VN-Index lost 15.16 points, dropping to 479.9 (-3.06%).

15 March: . The Ministry of Industry and Trade forecasts on television that the CPI in March will rise 3% from the previous month.

. GDP growth in Q1/2011 is forecasted to grow 5.6%, lower than that of any quarter in 2010.

. News of disaster in Japan continues to be the center of attention.

. The stock market declined for a second session in the week: VN-Index lost 11.16 points, dropping to 468.74 points.

. Asian stock markets also plummeted.

. European stock markets had their lowest sessions in 14 weeks.

16 March: The market trend is in decline when the VN-Index received a poor evaluation. VN-Index lost more than 5 points.

17 March: Continued dreary days. However, there were two opposite directions: while the VN-Index lost 3 points, to 460 points,
HNX-Index had a second consecutive positive session. Liquidity on the two Hanoi and Ho Chi Minh City indices were at low levels.

18 March: The session was said to be "dramatic." VN-Index was pushed up by the end of the day (461.88 points), though today is not
an active session.

Trading volume increased significantly in both stock exchanges. Strong cash flows poured into Hanoi. Foreign net sales showed signs of
capital withdrawal although according to experts, the amount of foreign capital drawn was not large.

21 March: As a report from the online meeting of the Government on 18 March, Ministry of Planning and Investment reaffirmed the
consumer price index (CPI) of March 2011 went up 2.2% compared to February 2011 and increased 6.1% compared to December 2010.

According to the Hanoi Statistics Office, CPI in March increased 2.41% over the previous month. This is the highest level in the recent year.

The information above has been predicted earlier, so they should hardly affect the market. VN-Index is positive today with overwhelming
increases of many stocks. VN-Index closed at 468.25 points.

22 March: The two stock exchanges were down at the end of the session. VN-Index closed at 464.8 points, down 3.45 points from the
previous session. Overall, the sessions today lacked positive signs on both exchanges.

Hanoi Stock Exchange (HNX) said it is prepared to apply the reference price and price fluctuation in the first trading day of new stock
listings/subscription transactions in order to overcome inadequate circumstances in recent years.

23 March: Low liquidity. Vn-Index has a noticeable recovery at the end of the day to 467.64 points.

24 March: The markets were covered in red with sharp declines and low transactions. VN-Index lost 6.32 points, to 461.32 points.
HNX-Index index lost 0.83 points. The VN-Index has been asymptotic to 450-460 point area.

The General Statistics Office officially announced the CPI of March 2011: increasing 2.17% compared with February, the highest level within
34 months.

25 March: The two stock exchanges continued to experience a dismal trading session when the VN-Index and Index HNX had losses in
the second consecutive session. Transaction values on both exchanges also fell quite sharply from the previous session. The VN-Index
broke the 460 point mark, dropping to 457.74 points.

GOLD markets
38.00

37.50 37.35
37.20 37.17 37.20
37.14 37.10 37.05 37.08
36.99 37.00 36.99
37.20
37.00
37.05 37.05 37.07 37.08
37.01 36.97 36.95
36.85 36.85 36.87

36.50

36.24 Bid
36.00 36.10
36.05 Ask
35.97
35.87 35.90 kitco

35.50 35.66 35.69

35.49

35.24 35.28
35.00

34.50

34.00
14/03/2011 15/03/2011 16/03/2011 17/03/2011 18/03/2011 19/03/2011 21/03/2011 22/03/2011 23/03/2011 24/03/2011 25/03/2011

GOLD MARKETS from 14 to 25 March

World gold prices continued to rise after the disastrous earthquake, tsunami and nuclear emergency in Japan. Political
instabilities in the Middle East and North Africa also continued to affect gold prices. In addition, concerns of the ongoing debt
crisis in Europe are a major factor supporting the increasing demand for gold as safe assets.

The seven-magnitude earthquake on the border of Thailand and Myanmar on the night of 24 March made many investors fear a
new round of natural disasters in many regions of the world, leading them to buy gold. World gold prices are on the rise, and
reached record levels at $1,447.40 on 25 March.

In the domestic market, after many Government efforts to regulate the free currency and gold bar markets, gold bar sales
transactions of large enterprises sharply decreased (50% in HCMC). Domestic gold prices nearly went in the opposite direction
of world prices from 22 to 25 March, decreasing to levels of around VND37 million/tael, even falling below this on 25 March.

Significant events affecting the gold markets in the past two weeks:

14 March: After falling sharply last week, the domestic gold price increased by VND300,000/tael, up to VND37.4 million/tael.

15 March: SPDR Gold Trust sold 0.91 tonnes of gold. World gold prices decreased 1% while domestic gold prices also decreased to levels
around VND37.1 million/tael.

During the meeting of Reports on the Implementation of Resolution 11/NQ-CP, the Government emphasized "definitive roadmap to remove
gold bar trading from the free market."

News about the ability to allow one-way gold trading only makes gold trading became cautious. Businesses say the gold transactions
became slow. Meanwhile, gold jewelry is fairly stable; buyers were very keen on plain gold rings.

16 March: Domestic gold bar prices fell to VND36.8 -36.9 million/tael. World Gold plummeted well below $ 1,400/ounce.

The meeting of European finance ministers was again unable to achieve consensus among members on how to provide capital to fund the
rescue of the European Union.

SPDR Gold Trust today (16 / 3) bought 4.55 tons of gold.

17 March: Domestic gold prices continue to drop by VND50,000 VND per tael, transaction prices were under VND37 million/tael
with slow transaction rates.

18 March: World gold prices sharply increased to $1,400/ounce and domestic prices went up to over VND37 million/tael.

19 March: British - French - American troops officially attacked Libya.

21 March: Gold bar price of domestic brands turned up by VND130,000 - 140,000 per tael, up to over VND37.3 million/tael.

The domestic gold bar market is somewhat more active soon after the information from the Government meeting gave clues that people
would be allowed to keep buying gold bars from some wholesalers designated by the Central Bank.

22 March: Domestic gold prices decreased by VND100,000 - 150,000 per tael compared to that of yesterday, at VND37.2
million/tael. Meanwhile, world gold prices increased by $10/ounce because investors bought gold to preserve their money while
political conflicts in Libya and nuclear disasters in Japan have not been eliminated.

23 March: Domestic gold prices continue to decline for the third consecutive day, down to VND37 million/tael.

24 March: Weak domestic demand for gold along with concerns about the new management policy of the Government made gold prices
move inversely to the world gold market, still fluctuating around VND37 million/tael. Meanwhile the world gold prices sped up to a new
record: $1440/ounce.

25 March: Domestic gold prices fell to under VND37 million/tael, transactions continued to look bleak. In contrast, the spot gold price
has just increased during a record session before the market turmoil. Spot gold prices were up to their highest levels ever at
$1,447.40, surpassing the old record of $1,444.40 set on 7 March. However, prices quickly cooled down after that because of investors
selling, down to around $1,430.

CURENCY MARKETS
20,900.00

20,895.00 20,895.00

20,890.00 20,890.00 20,890.00

20,890.00
20,890.00 20,890.00

20,885.00 20,885.00 20,885.00

20,880.00
20,880.00

20,875.00

20,875.00 Bid
20,870.00 20,870.00 20,870.00 20,870.00 20,870.00
20,870.00 Ask
20,870.00 Poly. (Bid)
20,865.00 20,865.00
Poly. (Ask)
20,865.00 20,865.00 20,865.00 20,865.00 20,865.00
20,860.00
20,860.00 20,860.00

20,850.00

20,840.00
13/03/2011 14/03/2011 15/03/2011 16/03/2011 17/03/2011 18/03/2011 19/03/2011 20/03/2011 21/03/2011 22/03/2011 23/03/2011 24/03/2011 25/03/2011 26/03/2011

Exchange Rate USD/VND in the last 2 weeks

CURRENCY MARKETS from 14 to 25 March

The banks began lowering interest rates since last week. The free foreign exchange market continued to freeze.

Entering the week of 21 to 26 March, inter-bank USD ratesincreased for three consecutive sessions, then leveled off on Thursday
24 March and lost VND5 per dollar at the weekend.

The Japanese Yen rose despite its Government’s central bank pumping money into the financial market. However, the yen's rise
is nonetheless somewhat limited.

Key information, facts andchanges in the foreign exchange market over the last two weeks:

14 March: The State Bank issued the Document No. 2033/NHNN-QLNH, including stipulations requiring banks to sell foreign currencies
in cash to individuals who have proper demands.

15 March: The free foreign exchange market continued to halt transactions.

The Bank of Japan decided to inject $61 billion into the financial markets to ensure financial stability after the earthquake on 11 March 2011.

16 March: Foreign currency markets remained strained as the banks are still failing to meet the needs of the people buying foreign currency.

17 March: VietinBank sharply lowered dollar deposit rates; the highest level was only at 5.3% per year.

18 March: The price of USD at commercial banks increased by VND5 compared to 17 March. Specifically, Vietcombank was buying at
VND20,865 per dollar and selling at VND20,870 per dollar.

21 March: On the domestic foreign exchange market this morning, the USD at commercial banks increased by VND10 compared to last
weekend.

There was a significant announcement today: The Ministry of Planning and Investment proposed five groups of measures against
dollarization. Accordingly, long-term solutions will focus on economic and technical solutions while administrative measures are secondary.

22 March: Bank of Japan today added ¥2 trillion ($25 billion) into the financial market, raising the total amount pumped into the
financial system to ¥40 trillion since 14 March.

23 March: inter-bank USD prices rose for the third consecutive session, increasing by VND5 compared to the previous day.

24 March: No changes in the USD price today. Several major banks reported selling foreign currencies at the listed prices and free of
charges to individuals who have legitimate needs.

25 March: Rates of dollars in the commercial banking system were down by VND5 compared to yesterday. Specifically, at Vietcombank,
the dollar was bought at the price of VND20,885 per dollar and sold at VND20,890 per dollar.

REAL ESTATE MARKET SUMMARY

Hanoi
PROJECTS
On 12 March, construction of Golden Palace (My Dinh) started on an area of 16.3ha with over 1,000 apartments, including three
30-story towers. Total investment is VND3.15 trillion by Mai Linh Investment Joint Stock Company.

Detailed plan of Dong Nam Urban Area has been approved by the Hanoi City People's Committee - The project is divided into 11 com-
ponents. There will be a complex of apartment and service offices at Lot N05 with a total estimated investment of VND1.84 trillion.

From 19 March, Vihajico started its third sales phase of Rung Co Apartments in Ecopark Urban Ecology with the price of VND20
million/sqm. The project includes five towers from 19 - 25 floors with three typical area sizes: 70.9sqm, 83.3sqm and 91.8sqm.

VND40 million/sqm for Ho Tay Diplomatic Compound in the west of the West Lake, Xuan Dinh Commune, Tu Liem District. The project
includes more than 300 apartments with areas from 119sqm and priced at $1900-2000/sqm. Investor: Ha Noi Construction Corpora-
tion.

Adjustment of the Nam An Khanh Urban Area plan- This was planned by the Housing and Urban Development Corp (HUD) with a total
area of 33.73ha, located in An Khanh commune, Hoai Duc District, Hanoi City, supplying accommodation for 7,500 people.

Hanoi People’s Committee approved Southeast Tran Duy Hung Urban Area plan based on a 1/500 scale detailed plan at Trung Hoa
Ward (Cau Giay District), Nhan Chinh Ward (Thanh Xuan District). The plan is held by Industrial Construction JSC with area of
354,997sqm.

On 19 March, the tower owner of Keangnam Hanoi Landmark Tower held a ceremony to hand over apartments to buyers. The apart-
ments are situated in two 48-story towers with a total of 922 units.

Open sale 1,361 Ocean City apartments from 22 March with the average price of VND22 million/sqm. Nam Cuong Group did not refer
to a "lucky draw" or "deposit"as in the past before sales opened.

Investment in main axis of Nhue River in BT model - Lien Viet Holdings JSC and Company 319 (Ministry of National Defense) are
investing to build Lien Mac Headwork Systemin conjunction with the dredge, improvement and upgrading of the main axis of Nhue
River from Lien Mac Headwork Systemto Ha Dong adjustable dam.

Southwest Hanoi Urban planned by Hanoi Investment and Development Company has just been adjusted based on its 1/500 detailed
plan by Hanoi City. The total area of the project is 56.3ha in Yen Hoa, Cau Giay District.

187 Giang Vo Complex in Hanoi - Investor is IP Vietnam Investment Corp., and the complex is a combination between office and
apartments. This project will start in Quarter 2/2011.

Penthouses of Richland Southern Apartments begin sales - The penthouses are on 20th floor, with areas from 116 to 179sqm/unit.
Prices start at around VND67 million/sqm.

Continue to offer 22.000sqm for lease atCho Mo Trade Center - Vina Trade Center Investment Co., Ltd. continues to offer 22,000sqm
for lease of Cho Mo Trade Center at 459C Bach Mai, Hai Ba Trung District.

Approved Bac An Khanh low-income housing area detailed plan in Van Canh Commune, Hoai Duc District. The plan was developed by
VINACONEX and HANDICO.

Low income housing priced at over VND11.6 million/sqm - According to Viglacera, prices of low-income apartments at Dang Xa New
Urban (Gia Lam District) are expected to be VND11.64 million/sqm, approximately VND 6 million lower compared to other houses in
the neighborhood.

Quality Inspection of Lotte Center project located at the corner of Lieu Giai and Dao Tan Street, Ba Dinh District, next to the Daewoo
Hotel. The 65-storey project is 267m in height with five basements and built on an area of 14,000sqm. The project is invested by Cola-
lis Lotte Vietnam Co., Ltd. Total building area is up to 240,000sqm.

Nam Cuong Group to open for sales of 1,700 apartments of Duong Noi Urban Area, with the average price of VND22 million/sqm.

Accor will open the new hotel MGallery in Hanoi - Accor Hotel Management Group is planning for the launch of Hotel de l’Opera Hanoi
in the middle of 2011 under the name MGallery. The hotel has 107 rooms and is in the area of the Hanoi Opera Theater.

PLANNING/INFRASTRUCTURE
A 3.5-ha golf driving range will officially open at My Dinh Sports Complex in the capital on 30 April - The VND70 billion three-story
building is situated 10km to the west of Hanoi. This will be the biggest driving range in Vietnam.

Bac Hung Hai Bridgewill be built within the 21.4km Hanoi – Hung Yen line. Crossing 3.5km of Ecopark Eco-urban, this bridge will
connect Thanh Tri– Hanoi pier with Hung Yen National Highway 39. Total investment capital is about VND500 billion.

Linking roads to be built for Do Duc Duc - Me Tri Road - Hanoi People's Committee has just approved for Togi Vietnam Co., Ltd to
study the construction of roads connecting Do Duc Duc to Me Tri Roads (Tu Liem District) in the form of social investment (without
using budgetary fund).

Commercial center to be built in northern Hong River - The Ministry of Construction recently approved the construction deployment
plan of two sides of the Nhat Tan - Noi Bai route and development investment plan towards building the Center of International
Finance and Trade Urban, a multi-functional services in the area of Dong Anh, Hanoi.

Hanoi - Hai Phong Highway to be operational in 2013 - According to the policy of the Government, the project was implemented by
the BOT as a Class A highway designed for speeds of 120km/h with six main lanes and two emergency stop lanes.

POLICIES

Hanoi Department of Planning & Architecture is drafting regulations on the planning permit in Hanoi within 45 days after receiving
complete dossiers.

On 15 March, 12 groups of Land Law issues have been proposed for amendment in a conference to review the implementation of the
2003 Land Law in Hanoi. The issues on the table include: land ownership; regulations on added value from land; equilization of the
businesses regarding land use; land use charges; development and announcement of land prices; compensation; support; and
re-location.

Recovery of 10,000ha of land in Thach That District in the next 5 years - On 21 March, Thach That People’s Committee said that with
about 3,000 current projects and future projects in the District from the central level and downwards, the total land to be recovered
can be up to 10,000ha.

Ho Chi Minh City

PROJECTS
Berjaya Vietnam financial center project with nearly $1 billion will be begin in July 2011 in area of 3/2 Street and Le Hong Phong Street
by Berjaya Vietnam.

Prices in Tower B Nguyen Kim (District 10) have just been announced at VND22.9 - 23.7 million/sqm by the People's Committee of
District 10.

On 16 March, the Government approved the East – West Avenue project adjustments according to the principle that the ODA loans
do not exceed the signed loan agreement. Accordingly, Tran Nao - East – West Avenue crossroad will be replaced with two
intersections to ensure a beautiful landscape.

Recovery of land at 462-464 Nguyen Thi Minh Khai (Ward 2, District 3) - This is one of the "Golden Land" areas of the City, with an
area of 1,182sqm.

Auction of many public lands - In 2011, the Land Fund Development Center will present a list of 18 land areas to the Ho Chi Minh City
People’s Committee. They are expected to hold an auction to conduct land use rights. Currently, the Center is hiring a consultancy for
the assessment on the 18 land areas.

Offering Evervill Apartments at Binh Tan District - The flats have an area from 50 - 100sqm, located in Nguyen Cuu Phu Street, Tan
Tao A Ward, Binh Tan District, to be offered from 2 April at VND620 million/unit.

Construction of the Diplomat Hotel will launch in Q3/2011 with a total investment of VND389 billion, at 76-78 Nguyen Thi Minh Khai,
(District 3) by Diplomat JSC as the developer. Diplomat Hotel will have 18 stories (75m), three basements with about 180 luxury rooms
and a 4-star standard.

Roofs for sixapartment towersof Sunrise City located in the Tan Hung, District 7. The work has a total area of over 50,000sqm by
Novaland as the investor with an investment of up to $500 million.

Sales launch of Long Phung Residence Project - On 20 March, Gia Gia Phu JSC opened sales of Long Phung Residence, a project with
Binh Tan JSC as the investor. Depending on the location and area, the Long Phung Residence apartments are priced from VND18 -
26.6 million/sqm.

100 apartments of Happy Plaza project offered for sale - From 18 March to 18 April, Thanh Tung Private Enterprise, developer of the
project in Binh Chanh District, will offer 100 apartments for sale in Phase 2 with prices starting from VND12.9 million/sqm. The project
is expected to be handed over in Q1/2012.

Coteccons selected as contractor for the Lim Tower Office Building (at Ton Duc Thang – Le Thanh Ton intersection, District 1). The
34-story building has two basements with total ground area of 33,300sqm.

Thanh Da View Apartments offered for sale at Thanh Da Street, Ward 27, Binh Thanh District. The 20-story project has two basements
and situated on an area of 3,000sqm with apartments from 70 - 99sqm/unit. Developer is Thanh Yen JSC.

Thuduc House and Vinatex Land cooperated in two major projects, the TDH - Phuc Thinh Duc Apartments and Aquila Plaza Trade
Center – Residential Apartments. Total investment of both projects is over VND1.6 trillion.

Transfer of Thuy Loi 4 Apartment Tower project (Hyco 4 Tower) – Hydraulic Construction Corporation No.4 will transfer the Hyco 4
Tower project located at 205 Nguyen Xi Street, Ward 26, Binh Thanh District to Hydraulic Real Estate Invesment JSC No.4A. The
project has an area of 6249.7sqm providing housing for an estimated 1,320 people in 16 stories and approximately 330 apartments.

Land plan of the 4,850ha project in Cu Chi District near the Saigon River at of Trung An and Phu Hoa Communes includes agricultural
land combining eco-tourism and residential riverside garden.

Approved plan 1/500 of Phuong Viet Apartments in Ward 6, District 8 by Phuong Viet Investment JSC as the developer with a total
area of 2.2ha and able to provide housing to an estimated 3,800 people.

Marina to be built for residential waterfront – There is a new trend among residential developments along the Saigon River where
developers are now building marinas for their projects. Some developers planning for these include SSG Group, Binh Thien An, Tai
Nguyen and Tan Hung. Their purpose will be to create further added value in the properties as well as leverage the beautiful scenery
of the river banks.

POLICIES
Approved land compensation prices of some projects in Districts 2 and 9 - With the building project of the highway Ho Chi Minh City
- Long Thanh - Dau Giay in District 2,

Land prices in front of Luong Dinh Cua Street and Nguyen Thi Dinh Street are VND28.6 million/sqm
Prices for land on 3-5m alleys are quoted at VND18.5 million/sqm
Land on alleys from 2m to less than 3m wide is VND15.5 million/sqm
Land facing Do Xuan Hop Street, An Phu Ward, District 2 is VND17.4 million/sqm
Alternative agricultural land between residential land is VND3.34 million/sqm

Cu Chi land near Saigon River will not be split by lots for selling, according to the guidelines of the City People’s Committee: "Conserva-
tion of ecological environment and social - cultural peculiarities sector." Specifically, the plan will not allow for "urbanization" of this
land along the Saigon River.

Increase of land price compensation of Ben Thanh Quadrilateral project by VND7.7 million to VND93.2 million/sqm more than the
rates approved by the city late 2008.

Phu Yen
Adjusting the form of land allocation for the project owners - The allocation of production and business for 50 years or lease payments
years ago will switch to long-term land forms with money collected only one time.

Song Da Thang Long JSC will build luxury hotels named Song Da - Thang Long at No.423 Nguyen Hue Street - Ward 7 - Tuy Hoa City.
Phu Yen People’s Committee will recover 3,477sqm of land from the Song Da JSC 6 and deliver to the Song Da - Thang Long JSC for
lease in the form of annual lease paid for a period of 50 years from 25 February, 2011.

Quang Ngai
Construction of Viettel Quang Ngai Buildings has begun at Nguyen Chanh Street, Tran Phu Ward, Quang Ngai City. The project has a
capital investment of VND70 billion and expected to be put into use at the beginning of 2013. The building has nine floors with total
ground area of 6,600sqm which includes shopping centers, high-level conference center and offices for rent. The developer is Viettel.

Approved the compensation frames of Da Nang - Quang Ngai Express Highway Project - Clearance areas are expected to include
areas along the route such as petrol stations, rest stops, toll stations, operation and maintenance transportation centers, traffic
control centers, etc., affecting more than 7800 households in planned areas. Among them, 840 households are subject to clearance
and relocation altogether.

Increasing land clearance compensation four times at Tra Bong port on 23 hectares of Tra Bong Fisherman’s Wharf project in Binh
Dong Commune, Dung Quat Economic Zone. Project with an investment of over VND184 billion, was started in last February 2010.
Once completed, this will be a safe mooring for 500 boats of fishermen during the rainy season, which receives the seafood,
pre-processing and transporting seafood to market.

Quang Nam
14.000sqm to be held at auction as the Residential Area 5 at Dong Phu Town, Que Son District. The land plots have areas of
9,000sqm and the land for villas is nearly 5,000sqm. Expected starting price is VND1.15 million/sqm.

The project of construction and investment of residential housing for workers has been approved in Truong Xuan Ward, Tam Ky City,
with a total investment of over VND212 billion from the State budget and other legally mobilized sources.

Da Nang
The Summit Apartment - Da Nang - are priced at VND16.3 - 18.6 million/sqm and developed by Meridian Property (Singapore). The
official distributor is North DAT XANH Real Estate Services & Construction Corporation.

The 21-story project covers an area of 3,800sqm with 356 apartments from 50-100sqm/unit. The total investment is about $19 million.
Prices will range from VND900 million - VND1.8 billion.

Da Nang revoked two projects worth over $300 million - The first is Vien Dong Meridian Towers at 84 Hung Vuong Street with a total
investment of $180 million by Vien Dong Real Estate Company. The second is Danang Center at 8 Phan Chau Trinh, with a total invest-
ment $125 million, by Vu Chau Long Real Estate JSC.

Delayed projects will be recovered – There are currently three projects behind schedule and eight projects which have halted implemen-
tation in central Da Nang City. By 30 July, if the developers do not commit to construction, the city will recover the land.

Many real estate projects must be transferred or for extension - including a number of projects are being delayed as Danang Center, Han
Riverside (Vu Long Chau JSC), Meridian Towers (Vien Dong JSC). It should be noted that these projects have already opened for sale and
collected capital contribution from the home buyers.

Azura Da Nang Apartments priced from VND2 billion/unit – The apartments has an area from 67 – 441sqm/unit, located at Da Nang Inter-
national Trading Center, beside Han River. Expected to be handed over in January 2011.

Khanh Hoa
Southern Urban Area at Can Tho River - This project is a $3 billion investment scheduled to start construction in early 2012. The area
will have 100 luxury villas, a 5-star international hotel (32 floors), 30 office buildings (25-30 stories) and an amusement park.

Thua Thien Hue

Withdrawal of 12ha project, dissolved investors - Thua Thien Hue People's Committee has just decided to revoke the certificate of
investment of projects Eden Park Thua Thien Hue at Nguyet Bieu Village, Thuy Bang Commune, Huong Thuy Town, by Optivest Thua
Thien Hue Limited Company as a developer.

Ha Tinh
Kuwait helps Ha Tinh develop infrastructure – The Kuwaiti Government will provide $14.6 million in loans through the Kuwait Fund.
The Ministry of Finance said that through the Kuwait Fund, the Kuwaiti State has funded nine projects in Vietnam with a total loan
of 38 million Kuwaiti dinars ($140 million).

Hoa Binh
Construction of Lam Son Resort Complex officially starts - Archi Reenco Hoa Binh Joint Stock Company officially kicked off the
construction project of Lam Son Eco-Tourism Resort Complex in Lam Son Commune, Luong Son District, Hoa Binh Province on 12
March 2011.

The project has a total investment capital of VND800 billion, covers 66ha, includes 160 detached and semi-detached villas with areas
ranging from 100-200sqm, 78 bungalows and a four-star hotel of 80 rooms, outdoor swimming pool and spa services.

Ba Ria - Vung Tau

Skypark Long Dien Complex project was approved by the People's Committee of Ba Ria Vung Tau for the detailed plan of construction of
its 1/500 scale proposal. The project is located in Phuoc Hung and Phuoc Tinh Communes, Long Dien District with an area of 948,912
sqm. Viet Han Company is the investor.

Construction begins on a luxury 7ha resort at Con Dao - On 20 March, Viet Nga Company Limited began constructing a luxury resort
project in Ben Dam, Con Dao District, Ba Ria-Vung Tau. The project was built on a total area of 7.2ha with a total investment of VND800
billion.

Ninh Thuan
Construction of Binh Tien Tourist Resort Area of 190ha at Binh Tien Village, Cong Hai Commune, Thuan Bac District by Binh Tien Invest-
ment and Tourism JSC as the investor. The project includes a central hotel with 450 rooms, international 18-hole golf course, harbor
cruise and villas. The investment capital is up to VND2.6 trillion and Phase 1 is expected to be completed Q4/2012 while Phase 2 will be
completed in 2014.

$4.5 billion project in Ninh Thuan to be licensed - On 19 March, Mui Dinh Resort will be licensed by the People’s Committee of Ninh Thuan
with an investment of $4.5 billion. This project was submitted by Polo Beach International Limited Company (Hong Kong), and approved
by the People’s Committee of Ninh Thuan.

Binh Thuan
Approved industrial cluster plan of 34.5ha in Binh Thuan Province, including the development of several industries: wooden furniture,
handicraft furniture, interior furniture, asphalt production, garment, production of steel components, additives in food processing, canned
foods and frozen foods.

Binh Thuan plan Dai Duong resettlement area that belongs to Dai Duong Valley Tourist Area with an area of 31 ha and expected popula-
tion is about 5,400 people untill 2020. The project is invested by Binh Thuan Delta Valley Ltd.

Hung Yen
Selling homesbased on the CPI – Viet Hung Companysaid that housing payments are expected to be adjusted according to
fluctuations in the consumer price index of the country (CPI) announced by the General Statistic Office of Vietnam.

Bac Lieu
Approximately VND17,000 billion dong invested in real estate in Bac Lieu, mostly in residential projects, including Residential Projects
in the South Belt of Bac Lieu Township, a high-grade residential area at the detention reservoir; the residential project near the bus
station; a complex of commercial properties, hotels and office buildings.

Thanh Hoa
Development of a modern commercial center - Casino Big C Group, Vietnam Japan Real Estate JSC and Thanh Hoa Province have
started construction the Trade Center - Big C supermarket on an area of 7ha with total investment of VND1 trillion and constructed
by Vinaconex. The supermarket is expected to be put into operation in Q1/2012.

Ha Giang
5 large tourism projects calling for investment - The projects have proposed investment capitals of $6 - 20 million with major items
of infrastructure, parks and an ecological hotel. Included are: Nui Cam – Suoi Tien Resort (Ha Giang Town), Quang Minh Lake Resort;
Ha Giang Water Park; Son Hai Eco-tourism; Nam Ma Nature Conservation and Eco-tourism Development Resort.

Hai Phong
Hanoi to build healthcare facility for government officials on an area of 5,000sqm at Do Son District – The construction has 11 stories,
one basement and a penthouse to serve the healthcare demand of government officers at all levels of the Hanoi Executive
Committee.

Thai Nguyen
Tuc Duyen – Thai Nguyen New Urban – Detechland announced its 1/500 scale detailed project plan with a scale of 66.9ha at Tuc
Duyen Ward, Thai Nguyen City.

Nam Dinh
Five-star hotel project – This is a 1.26ha complex of high-end hotel and services in the former land of Nam Dinh Textile Factory with
18 stories to meet the demand of tourists, relaxation and entertainment in Nam Dinh.

Hoa Binh
VND1.2 billion/unit at Melody Villas – The project includes nearly 100 villas with one and two story designs and areas from 150 –
240sqm located in Go Bui Hamlet, Dan Hoa Ward, Ky Son District. Prices for Phase 3 (2013-2017) were indicated from VND1.2
billion/unit as indicated by the developer INTGroup.

NATIONAL POLICIES
Establishing Real Estate Investment Trusts (REITs) in Ho Chi Minh City. Ho Chi Minh City’s real estate market is larger and more highly
developed compared to others in the country. REITs will bring further development and eventually be implemented in other cities,
especially Hanoi.

VND410 trillion investment in the Draft Strategy for National Housing Development until 2020 with a vision to 2030 was proposed by the
Ministry of Construction. The Ministry has proposed several development projects with a total investment of up to VND410 trillion. The
Government aims to reach an average living space of 21.5sqm/person in 2015 and 25sqm/person by 2020.

Reduce 50% of agricultural land use tax for a number of subjects – The schedule of agricultural land use reduction and exemption was
made from 1 January 2011 to 31 December 2020.

The information and comments provided in this newsletter are based on an assessment of the writer at the date of the newsletter. This newsletter is not for investment purposes but only for reference to assist investors with
more complete information in making decisions and can change at any time without prior notice. The information in this newsletter is based on the available information gathered from various sources which are believed to
be reliable and accurate, therefore perfection cannot be guaranteed. COLDWELL BANKER Vietnam is not responsible for the investment decisions made when using the information contained in this newsletter.

Newsletter • Issue 11