At a reception for CapitaLand Chairman Ng Kee Choe in Hanoi, the PM said Vietnam is pushing ahead with urbanisation and considered it one of the growth drivers.
PM Phuc suggested the group pay more attention to social housing and accommodations for the poor and workers, saying the Vietnamese Government always encourages and welcomes investors in this field.
Singapore’s CapitaLand, one of Asia’s largest real estate companies, has expressed interest in building smart cities in Vietnam, according to Ng Kee Choe, the group's chairman.
Prime Minister Nguyen Xuan Phuc (r) and Ng Kee Choe, CapitaLand’s chairman (l). (Source: VGP)
CapitaLand would increase hi-tech content in the company’s investment projects in Vietnam, focusing on smart cities, said the chairman in a meeting with Prime Minister Nguyen Xuan Phuc on June 14.
Ng Kee Choe revealed the company is considering to invest in housing projects for low-income people in Vietnam.
For his part, Ng Kee Choe affirmed that CapitaLand is resolved to run long-term business in Vietnam.
CapitaLand will expand its operation in industrial and services areas, he said, stressing that the group will increase high-tech contents in its projects in Vietnam, and invest in smart city projects in the country in the time ahead.
CapitaLand will consider investing in social housing and step up social welfare activities in Vietnam, the official added.
Vietnam’s PM Phuc requested CapitaLand to give priority to high-tech projects in Vietnam, which in turn create high added value and contribute to the development of Vietnam, as well as the relations between Vietnam and Singapore.
According to Phuc, Vietnam is accelerating the urbanization process which is considered one of the driving forces for the country’s growth.
Phuc, therefore, expected CapitaLand to make the difference in Vietnam by working on projects with high-added value, particularly in the context of the Fourth Industrial Revolution.
Additionally, Phuc noted CapitaLand’s projects should be modern, green and environmentally-friendly, adding green and smart urban areas are the current trend and Vietnam is one of the pioneering countries in developing green and smart cities
Last March, CapitaLand acquired a land plot in West Lake district of Hanoi for US$30.2 million. Vietnam is the third largest market for CapitaLand in Southeast Asia, after Singapore and Malaysia. As of December 2017, it had US$694 million worth of gross assets under management in Vietnam.
The latest acquisition has expanded CapitaLand's portfolio to 12 residential developments, one integrated development and 21 serviced residences with around 4,700 units, across six cities in Vietnam.
