Construction Cost Handbook 2016 Vietnam

LANGDON & SEAH VIETNAM CO., LTD 2

1

4

2

Handbook Cover Photos: 1. Harmony Apartment – Hanoi

3

5

2. Hilton Hanoi Hotel – Hanoi 3. The Estella Height 1 – HCMC 4. Mipec Riverside Residence – Hanoi 5. Saigon Center Phase 2&3 – HCMC

Copyright Statement and information caveat Ninth Edition 2016 © Langdon & Seah Vietnam Co., Ltd All rights reserved. No part of this publication may be produced, copied, stored or transmitted in any form without prior written permission from Langdon & Seah Vietnam Co., Ltd. The information contained herein should be regarded as indicative and for general guidance only. Langdon & Seah Vietnam Co., Ltd makes no representation, expressed or implied, with regard to the accuracy of the information herein and cannot accept any responsibility or liability for any errors or omissions that may be made.

handbook are current as at 4th Quarter 2015.

3

TABLE OF CONTENT

Table of Content

4

Calendars Introduction

6 7

1. CONSTRUCTION COST DATA Construction Market 2016 Outlook Major Rates for Selected Asian Cities Construction Cost Specification Construction Costs for Selected Asian Cities M&E Costs for Selected Asian Cities Utility Costs for Selected Asian Cities

10 18 26 28 36 44

2. GENERAL CONSTRUCTION DATA Material Price Indices Import Duties Progress Payments Estimating Rules of Thumb

50 52 53 54

LANGDON & SEAH VIETNAM CO., LTD

3. PROPERTY INVESTMENT

4

Building Control and Procedures Project Closed Out Procedures Typical Submission Flowchart Key Planning Parameter Building Areas Definitions Procurement Strategies Contractor Selection Strategies Property Overview

58 62 63 64 67 72 77 82

4. VIETNAM BUSINESS ENVIRONMENT Language

90

Accounting System Banks

90 91

Government Administration

93 94

Taxation Insurance Workforce

98 104

5. OTHER INFORMATION Vietnam Map Domestic Routes Relevant Websites Public Holidays Prime Rates IDD Codes and Time Differences Conversion Factors Some Interesting Facts Vietnam Key Data Arcadis Asia Leadership Team Arcadis Asia Sectors Arcadis Asia Services Directory of offices Acknowledgement

108 109 110 112 121 122 124 126 128 132 134 137 139 155

5

CALENDARS

2016 1 2 31 3 4 5 6 7 8 9 10 11 12 13 14 15 16

JAN

17 18 19 20 21 22 23 24 25 26 27 28 29 30

3

4

5

6

7

APR

1 8

2 9

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

31 3

4

5

6

7

1

2

8

9

JUL

7

1 8

2 9

3 4 5 6 10 11 12 13

FEB

6

7

1 8

2 9

3 4 5 10 11 12

MAR

14 15 16 17 18 19 20 21 22 23 24 25 26 27

13 14 15 16 17 18 19 20 21 22 23 24 25 26

28 29

27 28 29 30 31

1 8

2 9

3 4 5 6 7 10 11 12 13 14

MAY

5

6

7

1 8

2 9

3 4 10 11

JUN

15 16 17 18 19 20 21 22 23 24 25 26 27 28

12 13 14 15 16 17 18 19 20 21 22 23 24 25

29 30 31

26 27 28 29 30

7

1 8

2 9

3 4 5 6 10 11 12 13

AUG

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SEP

10 11 12 13 14 15 16 17 18 19 20 21 22 23

14 15 16 17 18 19 20 21 22 23 24 25 26 27

24 25 26 27 28 29 30

28 29 30 31

18 19 20 21 22 23 24 25 26 27 28 29 30

30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

16 17 18 19 20 21 22 23 24 25 26 27 28 29

20 21 22 23 24 25 26 27 28 29 30

18 19 20 21 22 23 24 25 26 27 28 29 30 31

OCT

NOV

DEC

2017 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21


JAN

6

22 23 24 25 26 27 28 29 30 31

30 2 3

4

5

6

7

1 8

APR

5

6

7

1 8

2 9

3 4 10 11

FEB

7

1 8

1 5

6

7

JUL

8

2 9

3 4 10 11

MAR

26 27 28 29 30 31

2 9

3 4 5 6 10 11 12 13

MAY

28 29 30 31

4

1 8

26 27 28

23 24 25 26 27 28 29

3

7

12 13 14 15 16 17 18 19 20 21 22 23 24 25

14 15 16 17 18 19 20 21 22 23 24 25 26 27

2

6

12 13 14 15 16 17 18 19 20 21 22 23 24 25

9 10 11 12 13 14 15 16 17 18 19 20 21 22

30 31

5

6

7

1 8

2 9

3 4 5 10 11 12

AUG

4

5

6

7

1 8

2 9

3 10

JUN

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

SEP

9 10 11 12 13 14 15 16 17 18 19 20 21 22

13 14 15 16 17 18 19 20 21 22 23 24 25 26

23 24 25 26 27 28 29

27 28 29 30 31

17 18 19 20 21 22 23 24 25 26 27 28 29 30

1 2 3 4 5 6 7 10 11 12 13 14 15 16 17 18 19 20 21

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

1 2 31 3 4 5 6 7 8 9 10 11 12 13 14 15 16

22 23 24 25 26 27 28 29 30 31

19 20 21 22 23 24 25 26 27 28 29 30

17 18 19 20 21 22 23 24 25 26 27 28 29 30

OCT

NOV

DEC

INTRODUCTION

INTRODUCTION 6 future annually published handbooks, focuses on the major cities in Asia. The handbook is structured to serve as a general reference guide on construction cost indicators in Asia. The information contained in this handbook has been compiled by Langdon & Seah Vietnam Co., Ltd. Any further information and/or if advice relating to particular

Langdon & Seah Vietnam Co., Ltd

INTRODUCTION

7

CONSTRUCTION COST DATA

Construction Market 2016 Outlook Major Rates for Selected Asian Cities

Construction Costs for Selected Asian Cities M&E Costs for Selected Asian Cities Utility Costs for Selected Asian Cities

1

1

CONSTRUCTION COST DATA CONSTRUCTION MARKET 2016 OUTLOOK 2015 was very important year for our business and we witnessed both a change of brand name and an increase in synergies. In 2016 and as ARCADIS we can now deliver global construction and engineering expertise to all areas within the built and natural environments. We all know Vietnam has experienced a difficult time over the past few years but so also has the rest of the world. We at ARCADIS strongly believe that Vietnam is now positioned for better times ahead and we look forward to being involved in Vietnam ongoing development.


As in 2015 much of the press has focused more on politics rather than economic growth. The downturn in China, the raising of interest rates in the USA and potential the UK and geo political tensions all provide reasons to expect lower global growth in 2015 than in previous years.

12 10

Although Global GDP will be lower in 2016 we note that Vietnam GDP growth remains quite strong at circa 6% on 2015 and circa 6.6% in 2016 it will remain largely driven by exports and Foreign Direct Investment. THE GLOBAL ECONOMY 2016 Global GDP in 2015 will grow around 2.0% and the fastest growing region will be Asia but few countries in the region will improve upon their 2014 & 2015 growth. Vietnam will likely be one the fastest growing Asian economy at 6.6% growth. The US and UK are likely to remain the best performing developed economies and Japan will continue its own economic and structural reforms. QE has now stopped in USA and UK where interest rate rises are


expected. Europe and Japan will continue their ongoing of QE and China. All commodities will at best be flat in 2016 and this will continue to affect most Emerging Markets. THE VIETNAM ECONOMY 2016 Vietnam will have one of the higher GDP growth rates in the region at circa 6.6% and growth will continue to be fuelled by exports and Foreign Direct Investment (FDI). Low commodity prices will affect Vietnam exports but we note that due to a greater increase of higher value exports than the commodity downturn will not significantly hamper expert grown. In fact Vietnam balance of payments may improve due to the commodity downturn. The banking sectors non performing loans issues are being rectified and as consequence we do expect an improvement in money supply into the domestic economy. THE VIETNAM CONSTRUCTION MARKET 2016 The market will continue to remain flat and due to limited access to credit. We do expect a greater FDI focus into property development including private investment into the residential market, industrial sector and continued Overseas Development Assistance (ODA) into the infrastructure sector. Global commodity prices will at best be flat in 2016 but from a low base and accordingly construction costs will not increase significantly in 2016.


13 11

16 12

555

808

791

811

970

987 1,544 1,557 1,155 969

919

980 1,175 1588 2,013

285

391

2.47 0.98 1.31 1.71 1.27 1.14 1.22 1.97 4.67 6.04 11.50 10.00 11.00 10.05 10.00 10.55 12.35 14.50

No. of Projects

327

5.10 2.57 2.84 3.14 3.00 3.19 4.55 6.84 12.00 21.30 71.73 22.63 18.60 12.70 12.18 20.82 20.23 22.76

Legal Capital (bn US$)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Registered Capital (bn US$)

0

10

20

30

40

50

60

70

80

Annual Foreign Investment (1998-2015)


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

1 CONSTRUCTION COST DATA



13

13.42

523

30.69

2,475

Malaysia

No. of Projects

Taiwan

Registered Capital

0

5

10

15

20

25

30

35

40

45

50

2,883

38.41

Japan

4,944

44.90 1,526

34.72 620

19.21

972

15.69

415

7.36

S. Korea Singapore B.V.Islands Hong Kong Thailand

FDI by countries as of Dec 2015

780

10.78

United States

1,284

9.99

China

0

1,000

2,000

3,000

4,000

5,000

6,000

1

CONSTRUCTION COST DATA FDI BY SECTORS AS OF DECEMBER 2015 1% 5%

94%

1

16,097

260,944

94%

10,697

160,600

Industry and construction Manufacturing Property

492

50,473

Accommodation

442

11,952

1,258

10,834

95

4,388

Electricity, gas and water production and distribution

108

12,662

Information and Communication

1,254

4,209

Wholesale & Retail; Repair

1,708

4,469

43

1,356

Mining


Legal Capital (%)

No. of projects

Construction

18 14

Registered Capital (mn US$)

Sector

Water supply & Waste treatment 2

Agriculture & Forestry & Aquaculture

3

Service

522

3,637

1%

3,310

14,457

5%

Art & Entertainment

143

3,622

Logistics

499

3,786

Finance, Banking & Insurance

82

1,334

Health care & Social welfare

108

1,761

Science & Technology

1,920

2,098

Education and Training

239

709

Administration & Supporting services

167

406

2

3.09

Homecare Others Total

150

742.17

19,929

279,039

100%

(Source: Vietnam Investment Review)



1.35

1.65

1.77

2000

(Source: Ministry of Planning and Investment)

1.24

ODA Disbursement

1.50

1998 1999

2.44

0

1

2

ODA Conclusion

Billion US$

3

4

5

6

7

1.50

2.41

1.53

1.81

2001 2002

1.42

1.76

2003

1.65

5.57

2004

1.79

2.52

2005

1.79

2.82

2006

2.18

3.80

2007

2.14

3.46

2008

4.10

5.40

2009

3.54

3.40

2010

3.65

6.80

2011

4.18

5.87

2012

5.13

6.6

2013

5.66

4.38

2014

5.00

3.5

2015

VIETNAM ANNUAL ODA

19 15

5.35

2000

(Source: General Statistics Office)

Construction, % of GDP

-

1

2

3

4

5

6

7

%8

5.80

2001

5.89

2002

6.05

2003


6.25

2004

6.36

2005

6.62

2006 6.96

2007 6.49

2008 6.70

2009

7.03

2010

6.41

2011

6.08

2012

5.35

2013

5.33

2014

5.44

2015

1.94

2.07

2.82

3.36

4.03

1.94

5.35

7.51 12.78

Construction, % of GDP

Construction, Real Growth, % y-o-y

5.80

2001

1.63

6.05

2.39

2003

10.57 10.59

5.89

2.07

2002

9.03

6.25

2.82

2004

5.83

10.80

6.36

3.36 6.96

4.95

2007

11.05 12.10

6.62

4.03

2006

2007 2008

4.95

2005

2003 2004 2005 2006

2000

2000 2001 2002

1.63

2.39

Construction Value, US$bn

-

2

4

6

8

10

12

0.02

6.49

5.83

2008

11.36

6.70

6.19

2009

2009 2010

6.19

7.26

Construction Value, US$bn

8.59

6.41

7.86

2011

10.06 (0.97)

7.03

7.26

2010

2.09

6.08

8.59

2012

5.83

5.35

9.14

2013

2011 2012 2013

7.86

9.14

7.07

5.33

9.80

2014

2014

9.80

10.82

5.44

10.39

2015

2015

10.39

22 18

350,000 - 386,900

m3

m3 1,377,900 - 1,522,900

4. Hardcore bed blinded with fine materials

5. Mass concrete grade 15

17,600 - 19,500

16,000 - 17,700

184,000 - 203,300

235,300 - 260,000

198,000 - 218,800

m

kg

kg

m2

m2

m2

6. Reinforced concrete grade 30

7. Mild steel rod reinforcement

8. High tensile rod reinforcement

9. Sawn formwork to soffits of suspended slabs

10. Sawn formwork to columns and walls

11. 112.5mm thick brick walls

1,787,400 - 1,975,500

70,400 - 77,800

m3

3. Remove excavated materials off site

3

76,400 - 84,500

m

2. Excavating for footings not exceeding 1.5m deep

68,300 - 75,400

VND

HO CHI MINH#

m3

Unit

3

1. Excavating basement not exceeding 2m deep

DESCRIPTION


45 - 50

38 - 45

38 - 45

3.00 - 3.30

3.00 - 3.30

260 - 320

240 - 280

60 - 70

20 - 25

15 - 20

15 - 20

RM

KUALA LUMPUR

700

420

420

22

23

2,600

2,200

650

120

120

120

BAHT

BANGKOK#

17.50

15.00

15.00

0.65

0.65

130.00

124.00

43.00

3.00

3.00

3.50

B$

BRUNEI


MAJOR RATES FOR SELECTED ASIAN CITIES



23 19

283,500 - 313,300

77,700 - 85,800

m2

%

20. Two coats of emulsion paint to plastered surfaces

Average expected preliminaries

55 - 60

6 - 12

3.50 - 4.50

35 - 45

50 - 70

15 - 22

15 - 22

6.00 - 8.00

6.00 - 8.00

350 - 500

12 - 18

120

800

1,200

220

200

55

55

7,000

1,200

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. # Rates are nett of VAT

8 - 12

239,500 - 264,700

m2

17. 20mm Cement and sand (1:4) plaster to walls

m2

82,000 - 90,600

m2

16. 25mm Cement and sand (1:3) paving

m

57,400 - 63,500

kg

15. Steelwork - angles, channels, flats and the like

19. 12mm fibrous plasterboard ceiling lining

28,500 - 31,500

kg

14. Structural steelwork - beams, stanchions and the like

18. Ceramic tiles bedded to floor screed (m/s)

26,000 - 28,700

m2

13. Aluminium casement windows, single glazed

2

494,200 - 546,200

2,660,000 - 2,940,000

m2

12. "Kliplok Colorbond" 0.64mm profiled steel sheeting

58.00

5-8

5.00

28.00

33.00

8.00

9.00

3.20

3.50

160 - 210

22 20

3,500 42 43

1,050

1,200

10

m3

3


170

170

2

m2

m

10

190


kg

kg


m2

m



370

m3

N/A

850

900

2,750

784

145

38

m3

250

45

m


220

PHP

MANILA


35

RP’000

JAKARTA#

m3

Unit

3


DESCRIPTION


35.00-40.00

42.00

42.00

1.20-1.30

1.20-1.30

130.00-135.00

190.00-200.00

50.00

15.00-20.00

20.00

20.00

S$

SINGAPORE**

420

420

420

9.50

9.50

1,400

1,200

950

280

205

225

HK$

HONGKONG

72

73

85

4.00

4.00

517

433

170

37

31

26

RMB

BEIJING





21 25

m2 m2

m2 m2

%





6 - 10

12 - 18

250 275 1,600 965 220

95 95

25 25

60 75 160 150 25

1,100 10,500

250 1,200

13 - 17

21.00 22.00 74.00 30.00 3.50-4.00

4.80-5.80 4.80-5.80

43.00 290.00

10 - 15

140 145 380 570 60

38 42

880 2,950

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. # Rates are nett of VAT ** Rates are nett of GST Jakarta - Item 19 - 9 mm gypsum board Manila - Item 13 - Aluminium with anodized finish; 6mm thick Singapore - Item 5 - Rate for lean concrete blinding Hong Kong - Item 3 - Rate including dumping charges Beijing - Item 13 - rate for double glazed window


m2

m2 m2 kg kg






7 - 10

27 28 140 162 32

9.35 8.50

N/A 815

22

3.40

84

84

85

kg

m2

m2



3.40

kg


m2

420

m3



320

m3


165

m


98

m3



30

3

30

m3


RMB

m3

Unit

SHANGHAI


DESCRIPTION


60

80

80

5.00

5.00

484

449

180

65

25

30

RMB

SHENZHEN /GUANG-ZHOU

65

50

50

3.50

3.50

360

340

150

52

25

18

RMB

CHONGQING / CHENGDU

70

90

90

4.20

4.20

500

410

150

35

25

22

RMB

SHENYANG





23

150

39

m2

%



N/A

5 - 10

30

180

150

25

30

8.00

10.00

525

N/A

5 - 10

35

120

120

32

28

8.50

8.50

700

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. Shanghai - Item 11 - Rate for 120mm thick concrete block walls Chongqing/Chengdu, Shenyang - Item 13 - rate for double glazed window

5 - 10

155

m2


m2

26

m2


m

25

kg



8.00

kg



10.00

m2


2

N/A

690

m2


N/A

5 - 10

30

120

165

26

25

9.80

9.80

700

22 24

4.20

92

92

70

kg

m2

m2

m2




4.20


500

3

kg

420

m3


m

170

m3



30



33

m

m3


28

RMB

DALIAN

m3

Unit

3


DESCRIPTION


500

280

280

8.00

8.00

1,300

1,400

1,100

90

140

120

MOP

MACAU

940

650

600

65

63

6,850

5,650

4,025

NA

195

175

Rs

INDIA@

44,700

29,400

29,400

1,280

1,240

78,000

64,400

29,200

9,900

1,930

1,930

KRW

SEOUL^^





29 25

140

32

m2

%



N/A

6 - 12

200

650

500

150

120

43

38

4,000

8 - 12

210

1,100

1,450

340

400

103

103

5,250

1,425

39,300

6 - 11

7,870

26,500

64,400

9,300

3,160

1,660

1,660

321,000

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. @ All rates above are Supply & Fix based on projects in Bangalore and are nett of VAT and Service Tax. Mumbai costs are generally 8% higher ^^ Rates include labour costs and are nett of VAT Dalian - Item 13 - rate for double glazed window

5 -10

140

m2


m2

40

m2


m

37

kg



9.80

kg



9.80

m2


2

N/A

700

m2


30 26

Detached houses, high end

Terraced houses, average standard

Apartments, high rise, high end

HOTELS

INDUSTRIAL

OUTLINE SPECIFICATION

RC structure with steel roof and M&E to main distribution, but excluding a/c, heating and lighting

Including public area fit-out and M&E, but excluding shop fit-out

RC structure, curtain wall, including public area fit-out, tenant area with raised floor/carpet, painted wall and false ceiling

Apartment units with fit-out, including air-conditioning, kitchen cabinets and home appliances, but excluding decorative light fittings and loose furniture Apartment units with good quality fit-out, including air-conditioning, kitchen cabinets and home appliances, but excluding decorative light fittings and loose furniture Houses with fit-out, including air-conditioning, kitchen cabinets and home appliances, but excluding decorative light fittings, loose furniture, garden and parking Houses with good quality fit-out, including air-conditioning, kitchen cabinets and home appliances, but excluding decorative light fittings, loose furniture, garden and parking

Luxury hotels - 5-star

Business hotels - 4/5-star

Budget hotels - 3-star, mid market

1) Interior decoration 2) Furniture (fixed and movable) 3) Special light fittings (chandeliers, etc.) 4) Operating Supplies and Equipment (OS&E) excluded

Owner operated factories, low rise, light weight industry RC structure, including small office with simple fit-out and M&E, but excluding a/c and heating

Medium/high rise offices, average standard High rise offices, prestige quality OFFICE / COMMERCIAL Out-of-town shopping centre, average standard Retail malls, high end Industrial units, shell only (Conventional single storey framed units)

DOMESTIC

Apartments, high rise, average standard

BUILDING



CONSTRUCTION COST SPECIFICATION



31 27

Including fit-out and a/c, but excluding educational equipment

Including fit-out, loose furniture and a/c

Dry sports (no swimming pool) and are for 'leisure centre' type schemes including main sports hall, ancillary sports facilities, changing and showers, restaurant / cafe, bar, etc. Costs include a/c, Furniture, Fittings and Equipment (FF&E).

Excluding medical and operating equipment

Schools (primary and secondary)

Students' residences

Sports clubs, multi purpose sports/leisure centres (dry sports)

General hospitals - public sector

5. All costs are in US$/m2 CFA. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.

4. The standard for each category of building varies from region to region and do not necessary follow that of each other.

The cost excludes site formation works, external works, land cost, professional fees, finance and legal expenses.

3. All bulidings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site condition.

lift shafts, stairwells, balconies, plant rooms, water tanks and the like.

2. The costs per square metre are based on Construction Floor Areas (CFA) measured to the outside face of the external walls / external perimeter including

building will depend upon the design and many other factors and may vary from the figures shown.

1. The costs for the respective categories given above are averages based on fixed price competitive tenders. It must be understood that the actual cost of a

Notes:

OTHERS

RC structure

Multi storey car parks, above ground (<4 levels) RC structure, natural ventilaion, no facade enclosure

Underground/basement car parks (<3 levels)

32 28

605 - 755 765 - 885 405 - 475 465 - 565

710 - 825 815 - 1,110 N/A 655 - 860

1,305 - 1,590 N/A 1,690 - 1,960

OFFICE/COMMERCIAL Medium/high rise offices, average standard High rise offices, prestige quality Out-of-town shopping centre, average standard Retail malls, high end

HOTELS Budget hotels - 3-star, mid market Business hotels - 4/5-star Luxury hotels - 5-star

HO CHI MINH ##

DOMESTIC Apartments, high rise, average standard Apartments, high rise, high end Terraced houses, average standard Detached houses, high end

DESCRIPTION


965 - 1,350 1,675 - 1,960 1,855 - 2,175

575 - 665 835 - 1,130 515 - 615 635 - 825

305 - 460 735 - 880 210 - 305 715 - 880

KUALA LUMPUR

1,053 - 1,165 1,348 - 1,544 1,573 - 1,685

590 - 730 772 - 983 576 - 744 772 - 800

604 - 730 899 - 1,067 421 - 505 730 - 885

BANGKOK#

US$/m2

1,537 - 1,840 2,167 - 2,471 2,225 - 2,528

813 - 1,116 1,149 - 1,453 789 - 1,092 1,040 - 1,343

813 - 1,116 1,004 - 1,307 526 - 829 800 - 1,103

BRUNEI

1,093 - 1,292 1,492 - 1,663 1,596 - 1,805

627 - 698 926 - 1,045 542 - 599 599 - 646

636 - 722 879 - 998 342 - 442 922 - 1,112

JAKARTA###


CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES



33 29

345 - 475 200 - 255 210 - 235 265 - 295 560 - 610

835 - 1,040 RM 4.33

N/A

VND 22,410

415 - 465

360 - 475

605 - 725 385 - 425 505 - 555 505 - 655 755 - 805

305 - 385

305 - 380

BAHT 35.61

N/A

505 - 660 168 - 270 N/A N/A N/A

N/A

449 - 562

B$ 1.37

1,843 - 2,146

N/A 416 - 720 610 - 913 713 - 1,016 1,640 - 1,943

511 - 814

375 - 678

The above cost are at 4th Quarter 2015 levels, inclusive of preliminaries and contingencies unless otherwise stated. # Rates exclude VAT and contingencies ## Rates are nett of VAT and contingencies ### Rates are nett of VAT

Exchange Rate Used : US$1 =

OTHERS Underground/basement car parks (<3 levels) Multi storey car parks, above ground (<4 levels) Schools (primary and secondary) Students' residences Sports clubs, multi purpose sports/leisure centres (dry sports) General hospitals - public sector

INDUSTRIAL Industrial units, shell only (Conventional single storey framed units) Owner operated factories, low rise, light weight industry

IDR 13,750

N/A

442 - 541 287 - 310 N/A N/A 998 - 1,496

310 - 343

287 - 310

34 30

Budget hotels - 3-star, mid market Business hotels - 4/5-star Luxury hotels - 5-star

HOTELS

Medium/high rise offices, average standard High rise offices, prestige quality Out-of-town shopping centre, average standard Retail malls, high end

OFFICE/COMMERCIAL

Apartments, high rise, average standard Apartments, high rise, high end Terraced houses, average standard Detached houses, high end

DOMESTIC

DESCRIPTION


1,180 - 1,375 1,350 - 1,685 1,575 - 2,030

820 - 870 1,260 - 1,365 735 - 870 1,080 - 1,260

860 - 920 1,170 - 1,310 605 - 690 1,280 - 1,370

MANILA*

2,180 - 2,360 2,790 - 3,145 2,790 - 3,145

1,750 - 1,930# 1,930 - 2,145# 1,930 - 2,075 2,075 - 2,290

1,360 - 1,540 2,075 - 3,075 1,750 - 1,965 2,215 - 2,930

SINGAPORE**

4,010 - 4,330 4,210 - 4,970 4,920 - 5,710

3,080 - 3,650 3,820 - 4,710 3,140 - 3,690 4,180 - 4,960

3,140 - 3,690 4,240 - 4,940 4,310 - 5,030 5,580 - 6,350

HONG KONG^

US$/m2

1,010 - 1,245 1,715 - 2,190 2,190 - 2,820

900 - 1,215 1,215 - 2,000 695 - 930 1,245 - 1,715

630 - 695 1,575 - 1,795 929 - 1,010 1,795 - 1,875

BEIJING$





35 31

5,130 - 5,830

2,790 - 2,930 SG 1.40

1,350 - 1,475

PHP 47.00

HK$ 7.8

2,370 - 2,950 1,470 - 1,730 2,590 - 2,810 2,540 - 2,950 3,970 - 4,490

945 - 1,290 665 - 945^^ N/A 1,610 - 1,750 2,000 - 2,145

2,410 - 3,060

N/A

560 - 650

510 - 560 460 - 606 690 - 765 690 - 765 1,180 - 1,425

N/A

740 - 945

450 - 460

RMB 6.35

1,245 - 1,560

770 - 850 455 - 535 535 - 695 380 - 535 930 - 1,245

N/A

535 - 615

The above cost are at 4th Quarter 2015 levels, inclusive of preliminaries and contingencies unless otherwise stated. Rates are exclusive of contingencies. Rates are nett of GST and exclusive of contingencies Houses are built to shell and core standard ONLY, Open on all sides with parapet where all tenant or occupant areas are unfurnished. Rates are exclusive of contingencies Schools (primary and secondary) are of public authority Offices of average standard are built to the following provisions: standard, no a/c and complete with basic external works. (i) Curtain wall/window wall facade Includes raised floor and ceiling to tenanted areas but (ii) Tenant are with screeded floor, painted wall and ceiling excludes office carpets (normally under tenant's fit-out) Schools (primary and secondary) are of public authority standard, Rates are exclusive of contingencies & include 12% VAT no a/c and complete with basic external works.



36 32

HOTELS

Retail malls, high end

OFFICE/COMMERCIAL

DOMESTIC Apartments, high rise, average standard Apartments, high rise, high end

DESCRIPTION


975 - 1,195 1,645 - 2,245 2,245 - 2,695

900 - 1,195 1,195 - 1,495 N/A 1,270 - 1,645

675 - 750 1,645 - 1,800 450 - 480 675 - 750

SHANGHAI$

980 - 1,085 1,585 - 1,750 2,160 - 2,385

755 - 836 1,045 - 1,155 720 - 795 1,065 - 1,175

520 - 575 865 - 955 390 - 435 535 - 590

SHENZHEN GUANGZHOU$

945 - 1,180 1,655 - 2,125 N/A

805 - 960 1,025 - 1,415 630 - 835 1,100 - 1,495

490 - 645 785 - 1,040 385 - 470 530 - 630

CHONGQING CHENGDU$

US$/m2

980 - 1,080 1,480 - 1,930 N/A

815 - 890 1,110 - 1,260 666 - 740 1,110 - 1,260

520 - 590 860 - 965 385 - 445 520 - 565

SHENYANG$





33

N/A

1,495 - 1,945

RMB 6.35


RMB 6.35

N/A

N/A 330 - 395 N/A N/A N/A

The above cost are at 4th Quarter 2015 levels, inclusive of preliminaries and contingencies unless otherwise stated $ Rates are exclusive of contingencies. Houses are built to shell and core standard ONLY, where all tenant or occupant areas are unfurnished. Schools (primary and secondary) are of public authority standard, no a/c and complete with basic external works.

RMB 6.35

500 - 795 355 - 390 395 - 435 250 - 280 740 - 815

N/A

N/A

N/A

750 - 1,050 375 - 525 525 - 675 375 - 525 975 - 1,195

440 - 585

495 - 545

525 - 600



RMB 6.35

N/A

560 - 625 350 - 375 N/A N/A N/A

N/A

N/A

38 34

560 - 650 1,070 - 1,170 415 - 475 560 - 625

845 - 905 1,155 - 1,215 740 - 830 1,140 - 1,290

1,010 - 1,095 1,700 - 1,930 N/A

OFFICE/COMMERCIAL Medium/high rise offices, average standard High rise offices, prestige quality Out-of-town shopping centre, average standard Retail malls, high end

HOTELS Budget hotels - 3-star, mid market Business hotels - 4/5-star Luxury hotels - 5-star

DALIAN$

DOMESTIC Apartments, high rise, average standard Apartments, high rise, high end Terraced houses, average standard Detached houses, high end

DESCRIPTION


3,295 - 3,720 4,475 - 5,340 5,340 - 6,315

2,505 - 3,235 3,235 - 3,535 2,355 - 3,535 3,710 - 4,475

2,170 - 2,655 3,035 - 4,635 3,710 - 4,425 4,510 - 5,875

MACAU***

US$/m2

725 - 805 1,130 -1,340 1,430 -1,585

385 - 420 480 - 510 375 - 410 525 - 570

510 - 585 775 - 930 350 - 375 460 - 485

INDIA@

1,646 - 2,069 2,306 - 3,979 2,562 - 4,093

1,197 - 1,364 1,391 - 1,690 1,127 - 1,743 1,320 - 2,183

1,347 - 1,629 1,620 - 1,981 N/A 2,210 - 3,363

SEOUL##





39 35

MOP 7.98

N/A

N/A

RMB 6.35

1,955 - 2,870 1,080 - 1,415 2,155 - 2,505 1,715 - 1,990 N/A

N/A

N/A

N/A 365 - 380 N/A N/A N/A

N/A

N/A

INR 65

585 - 640

250 - 270 195 - 215 245 - 270 270 - 300 535 - 560

320 - 375

300 - 355

KRW 1,136

N/A

942 - 1,109 581 - 757 N/A 1,382 - 1,488 N/A

N/A

660 - 836

The above cost are at 4th Quarter 2015 levels, inclusive of preliminaries and contingencies unless otherwise stated. Rates are exclusive of contingencies. Houses are built to shell and core standard ONLY, where all tenant or occupant areas are unfurnished. Schools (primary and secondary) are of public authority standard, no a/c and complete with basic external works. Rates are based on projects in Bangalore and are nett of VAT and Service Tax. Mumbai costs are generally 8% higher Rates are nett of VAT and exclusive of contingencies Rates are exclusive of contingencies and any management contract fee




40 36

1,736,000 -2,474,000 N/A N/A N/A 1,387,000 - 1,900,000

2,037,000 -2,429,000 N/A N/A N/A 1,796,000 - 2,269,000

281,000 - 534,000

ELECTRICAL SERVICES Offices Industrial** Hotels Shopping Centres Apartment

HYDRAULIC SERVICES Offices

VND/m2

HO CHI MINH

MECHANICAL SERVICES Offices Industrial* Hotels Shopping Centres Apartment

DESCRIPTION


26 - 59

230 - 470 144 - 160 255 - 600 210 - 280 88 - 220

360 - 475 62 - 90 290 - 465 300 - 410 210 - 295

RM/m2

KUALA LUMPUR

790 - 910

3,400 - 3,600 1,950 - 2,200 3,800 - 4,200 2,800 - 3,010 2,800 - 3,350

4,400 - 4,800 1,550 - 1,600 4,600 - 5,100 4,400 - 4,800 4,400 - 4,500

BAHT/m2

BANGKOK##

16 - 39

233 - 292 194 - 233 292 - 381 221 - 317 252 - 317

181 - 226 23 - 39 292 - 336 207 - 246 214 - 246

B$/m2

BRUNEI

190 - 290

780 - 1,040 440 - 690 790 - 1,110 690 - 870 780 - 1,040

965 - 1,140 300 - 700 965 - 1,300 855 - 1,030 855 - 1,110

RP’000/m2

JAKARTA$


M&E COSTS FOR SELECTED ASIAN CITIES



41 37

650,000 - 1,079,000 N/A N/A N/A 446,000 - 561,000

611,000 - 1,165,000 N/A N/A 1,243,000 - 1,760,000 694,000 - 1,004,000

FIRE SERVICES Offices Industrial Hotels Shopping Centres Apartment

LIFTS/ESCALATORS Offices Industrial Hotels Shopping Centres Apartment

88 - 400 55 - 190 85 - 370 85 - 110 63 - 105

60 - 80 45 - 65 65 - 95 65 - 85 20 - 25

37 - 46 180 - 250 26 - 35 20 - 50

1,050 - 1,180 N/A 1,100 - 1,200 250 - 450 500 - 580

780 - 850 730 - 750 780 - 890 780 - 820 720 - 850

750 - 790 1,400 - 1,650 790 - 950 1,200 - 1,400

9 - 32 4 - 19 12 - 45 12 - 36 11 - 26

32 - 39 12 - 19 26 - 49 32 - 66 26 - 52

11 - 19 61 - 84 12 - 41 38 - 60

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. * Generally without A/C ** Excludes special power supply ## Based upon nett enclosed area and nett of VAT $ All rates are nett of VAT. Rates for Electrical Services are excluding genset. Rates for Hydraulic Services are excluding STP Rates for Mechanical Services refers to ACMV Rates only

N/A N/A N/A 546,000 - 647,000

Industrial Hotels Shopping Centres Apartment

430 - 1,170 N/A 430 - 1,090 320 - 870 420 - 870

250 - 390 110 - 200 270 - 390 270 - 310 270 - 310

110 - 200 790 - 1,110 190 - 290 770 - 1,110

42 38

3,000 - 5,000 650 - 1,500 3,000 - 6,500 2,500 - 4,500 600 - 3,000

3,300 - 6,000 2,000 - 3,500 4,700 - 9,000 3,060 - 6,000 3,600 - 6,300

900 - 2,000



PESOS/m2

MANILA^


DESCRIPTION


30 - 60

170 - 275 55 - 145 195 - 380 170 - 325 105 - 245

165 - 270 35 - 125 140 - 300 160 - 265 95 - 180

S$/m2

SINGAPORE^^

600 - 750

1,750 - 2,500 650 - 900 1,900 - 2,600 1,900 - 2,500 1,100 - 1,750

2,000 - 2,800 200 - 300 2,200 - 2,750 2,300 - 2,850 850 - 1,750

HK$/m2

HONG KONG

95 - 140

460 - 703 320 - 450 705 - 943 481 - 676 253 - 398

760 - 1,050 170 - 280 910 - 1,150 790 - 950 140 - 410

RMB/m2

BEIJING





43 39

70 - 180 45 - 115 70 - 120 60 - 100 45 - 125

35 - 60 25 - 55 35 - 60 40 - 60 25 - 55

20 - 40 100 - 190 50 - 90 80 - 155

700 - 1,200 550 - 750 550 - 850 850 - 1,000 450 - 850

550 - 700 400 - 500 600 - 850 550 - 700 150 - 250

450 - 600 1,800 - 2,500 600 - 750 1,250 - 2,000

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. * Generally without A/C ** Excludes special power supply ^ Transformer, included in Electrical Services ^^ Rates are nett of GST and excluding BAS

1,600 - 2,900 N/A 1,800 - 3,000 595 - 2,000 800 - 2,100

700 - 1,200 600 - 900 700 - 1,200 700 - 1,300 650 - 1,300



700 - 1,300 1,950 - 4,000 700 - 1,600 1,400 - 2,700


294 - 577 145 - 400 232 - 520 327 - 520 175 - 289

180 - 265 150 - 225 220 - 375 220 - 375 70 - 135

95 - 140 370 - 480 140 - 200 170 - 230

44 40

761 - 966 173 - 289 971 - 1,265 1,050 - 1,103 310 - 410

593 - 651 305 - 431 651 - 830 520 - 651 252 - 368

110 - 163



RMB/m2

SHANGHAI


DESCRIPTION


122 - 166

530 - 765 306 - 445 680 - 916 483 - 653 278 - 445

765 - 1,040 150 - 268 1,071 - 1,339 707 - 954 122 - 380

RMB/m2

SHENZHEN GUANGZHOU

N/A

N/A N/A 2,600 - 3,100 2,600 - 2,800 1,000 - 1,300

N/A N/A 2,600 - 3,000 2,200 - 2,800 900 - 1,100

MOP/m2

MACAU

60 - 120

420 - 650 250 - 350 500 - 750 400 - 650 220 - 330

680 - 980 130 - 220 720 - 1,150 580 - 980 90 - 280

RMB/m2

CHONGQING CHENGDU





45 41

220 - 300 150 - 250 280 - 380 250 - 380 50 - 100

280 - 550 135 - 390 220 - 495 325 - 495 165 - 325



294 - 481 150 - 434 241 - 465 326 - 460 122 - 268

224 - 348 139 - 267 278 - 413 247 - 370 64 - 122

86 - 112 391 - 493 112 - 150 145 - 257

N/A N/A 600 - 800 450 - 700 450 - 600

N/A N/A 900 - 1,100 600 - 800 250 - 300

N/A 1,800 - 2,200 600 - 800 1,500 - 2,000

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. * Generally without A/C ** Excludes special power supply

89 - 131 368 - 488 137 - 184 168 - 226


330 - 580 140 - 340 280 - 480 280 - 430 130 - 230

160 - 230 130 - 230 180 - 300 200 - 300 45 - 90

60 - 120 280 - 350 60 - 120 100 - 180

46 42

585 - 683 N/A 683 - 780 585 - 878 98 - 293

439 - 634 N/A 683 - 878 488 - 585 293 - 390

30 - 118



RMB/m2

SHENYANG


DESCRIPTION


69 - 118

458 - 673 N/A 702 - 897 507 - 605 215 - 312

585 - 683 N/A 683 - 780 585 - 683 98 - 293

RMB/m2

DALIAN

36,000 - 59,000

210,000 - 395,000 130,000 - 190,000 300,000 - 490,000 180,000 - 262,000 140,000 - 189,000

230,000 - 301,000 96,000 - 165,000 223,000 - 353,000 155,000 - 255,000 99,000 - 180,000

KRW/m2

SEOUL#

665 - 1,005

3,765 - 5,195 2,225 - 3,700 4,200 - 5,725 3,600 - 4,825 1,825 - 2,500

4,250 - 6,050 1,965 - 3,500 5,250 - 5,725 4,085 - 5,350 2,335 - 2,865

INR/m2

INDIA@





43

146 - 224 N/A 127 - 224 49 - 146 49 - 127

300 - 550 N/A 300 - 500 140 - 230 120 - 250


LIFTS/ESCALATORS Offices Industrial Hotels Shopping Centres Apartment 250 - 350 150 - 250 120 - 200

300 - 550

146 - 224 N/A 146 - 224 146 - 195 59 - 146

N/A 197 - 296 118 - 167 99 - 148

42,000 - 67,000 16,000 - 26,000 100,000 - 175,000 48,000 - 84,000 29,000 - 41,000

32,000 - 65,000 25,000 - 38,000 38,000 - 85,000 26,000 - 70,000 35,000 - 68,000

23,000 - 33,000 74,000 - 115,000 30,000 - 60,000 51,000 - 78,000

875 - 1,115 565 - 730 1,275 - 1,850 1,485 - 1,910 795 - 1,010

1,050 - 1,375 505 - 665 1,225 - 1,565 1,010 - 1,165 555 - 670

450 - 795 3,445 - 5,195 980 - 1,775 1,550 - 2,150

The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated. * Generally without A/C ** Excludes special power supply # Rates are nett of VAT @ Rates are based on projects in Bangalore and are nett of VAT and Service Tax. Mumbai costs are generally 8% higher

N/A 197 - 296 118 - 167 99 - 197


48 44

GUANGZHOU

BEIJING

BRUNEI

BANGALORE

BANGKOK

KUALA LUMPUR

HO CHI MINH +

COUNTRY

0.653 0.473 1.014* 0.719* 1.120

N/A N/A N/A N/A

0.645 0.439 0.867 0.648 0.920

0.478 - 0.527 0.290 – 0.483 0.267 – 0.444 0.967

0.238 - 0.462 0.260 – 0.441 0.239 – 0.406 0.242-0.580

0.110 - 0.147

0.088 - 0.118

0.081 – 0.083

0.074 – 0.076

0.115-0.123

0.050 - 0.132

0.057 – 0.120**

0.052 – 0.111**

0.043-0.093

RM 4.33

Baht : 32.75

Baht : 35.61

INR 62

4th Quarter 2015

4th Quarter 2014

4th Quarter 2015

RMB 6.14

RMB 6.35

4th Quarter 2014

4th Quarter 2015

0.1

0.1

0.16/0.11

1.31 1.00

N/A N/A

1.18 0.86

0.57 0.55

0.32 0.31

0.98

1.13

0.07

RMB 6.35

4th Quarter 2015

N/A

N/A 1.12

1.16

0.81~1.47

0.16 0.24(peak) 0.13(normal) 0.16/0.11

0.08

RMB 6.14

4th Quarter 2014

0.86

0.427 0.411 0.306

0.492 - 0.532

0.088 - 0.355

0.058 - 0.162

0.008 - 0.12

B$1.26

4th Quarter 2015

1.28

0.427 0.411 0.306

0.492 - 0.532

0.088 - 0.355

0.058 - 0.162

0.008 - 0.12

B$1.26

4th Quarter 2014

0.78~1.42

0.993 N/A

0.762

1.338

0.400-0.692

0.116-0.121

0.042-0.098

INR 65

4th Quarter 2015

4th Quarter 2014

0.81-0.84++++

NA N/A

0.61+++

0.75/0.43 0.598 - 0.659

0.24-0.51 0.165 - 0.578

0.09-0.16 / 0.06-0.11

0.11++

0.063 - 0.165

US$/litre 0.95-0.98++++

NA

0.89+++

0.8/0.49

0.25-0.54

Unleaded

US$/litre

US$/litre

US$/m3

FUEL

US$/m3

Leaded

Diesel

WATER Commercial/ Industrial

Domestic

RM 3.46

0.09-0.16 / 0.06-0.11

Commercial/ Industrial US$/kwh

ELECTRICITY

VND 22,410

4th Quarter 2015

0.11++

US$/kwh

Domestic

4th Quarter 2014

VND 21,282

4th Quarter 2014

US$1=

Exchange Rate Used



UTILITY COST FOR SELECTED ASIAN CITIES



49 45

SINGAPORE*

SEOUL

NEW DELHI

MANILA

JAKARTA

CHONGQING

SHANGHAI

MACAU

HONG KONG

0.20^

0.15^

S$1.26

S$1.40

4th Quarter 2015

0.05 - 0.165***

4th Quarter 2015 KRW 1,136.00

4th Quarter 2014

0.129*

0.062-0.130

INR 65

4th Quarter 2015

4th Quarter 2014 KRW 1,114.60

0.064-0.130

INR 62

**0.21-0.22'

PHP 47.00

4th Quarter 2015

4th Quarter 2014

**0.22-0.27'

PHP 44.50

4th Quarter 2014

0.111

IDR 13,750

4th Quarter 2015

0.08

0.125

RMB 6.35

IDR 12,150

4th Quarter 2015

4th Quarter 2014

0.08

RMB 6.14

RMB 6.35

4th Quarter 2014

4th Quarter 2015

0.15^

0.20^

0.06 - 0.1***

0.154*

0.139-0.160

0.139-0.160

**0.21'

**0.21'

0.111

0.125

0.13

0.13/0.138

0.173(peak) 0.082(normal) 0.162(peak) 0.072(normal)

0.111(peak) 0.055(normal) 0.097(peak) 0.048(normal)

RMB 6.14

0.17 oo

0.17 oo

MOP 7.98

4th Quarter 2015

4th Quarter 2014

0.17 oo

0.17 oo

MOP 7.99

0.12

0.1

HK$7.80

4th Quarter 2015

4th Quarter 2014

0.13

0.1

HK$7.80

4th Quarter 2014

1.29^^

1.43^^

0.32 - 0.69****

0.59*

0.288-1.037

0.175-1.288

**0.48-0.80'

**0.48-0.69'

0.713

0.807

0.38

0.46

0.57

0.48

0.55 to 0.78 o

0.55 to 0.78 o

0.83

0.83

1.49^^^

1.65^^^

0.7- 1.11****

1.52**

1.318-5.886

1.202-5.366

**1.47'

**1.47'

0.877

1.033

0.72

0.67

0.82

0.6

0.70 ooo

0.70 ooo

0.59

0.59

0.86^^^^

1.21^^^^

1.08

1.35

0.720

0.847

0.568

0.808

0.487

0.617

0.85

1.08

0.84

1.10

1.21

1.44

1.37

1.57

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

1.62^^^^^

1.76^^^^^

1.28

1.55

0.939

1.021

0.905

1.041

0.538

0.700

0.91/ 0.97 *

1.09/1.15 *

0.91-0.97

1.12-1.19

1.44

1.94

1.85

2.10

46 50

Note HO CHI MINH + All rates are VAT inclusive ++ Domestic electricity rates are applied to the 301 KW above wards +++ D.O- 0.05% ++++ 92&95 Unleaded petrol KUALA LUMPUR Unleaded petrol Ron 95 BANGKOK * Unleaded = Gasohol 95 ** For normal tariff with consumption not exceeding 150 kWh per month BRUNEI Electricity (Domestic) : Tariff effective from 1st Jan 2012. 1-10kwh 10c, 11-60kwh 8c, 61-100kwh 12c, above 100kwh 15c BEIJING 8QOHDGHGJDVROLQH GUANGZHOU ͞ 8QOHDGHGJDVROLQH HONG KONG SS Electricity: (Dom): 0-400 kWh = US$0.10; 400-1,000kWh = US$0.12; 1,000 - 1,800kWh = US$0.14; 1,800 - 2,600kWh = US$0.18; 2,600 - 3,400 kWh = US$0.21; 3,400 - 4,200 kWh = US$0.22; Above 4,200 kWh = US$0.22 (Based on tariff scheme of CLP Holding Limited and is charged on bi-monthly consumption) SS1 Water: (Dom): 0-12m3 = F.O.C; 12 - 43m3 = US$0.53; 43 - 62m3 = US$0.83/m3; Above 62m3 = US$1.16/m3 MACAU o Water: Consumption charge : US$0.55/m3 for 28m3 or below, US$0.62/m3 for 29m3 to 60m3, US$0.70/m3 for 61m3 to 79m3 and US$0.78/m3 for 80m3 or above; Other charges (Depending on meter size 15mm - 200mm) : Meter rental = US$0.34 - 58.00/month oo Electricity tariff are composition of demand charges, consumption charges, fuel clause adjustment and government tax ooo Charges for ordinary users (e.g. Business, government buildings, schools, associations, hospitals and others) only Special users (e.g. gaming industries, hotels, saunas, golf courses, construction, public infrastructures and other temporary consumption) are excluded





51 47

Note (Continued) SHANGHAI Unleaded 93# = US$1.09/litre; Unleaded 97# = US$1.15/litre CHONGQING * Unleaded 93# = US$1.09/litre; Unleaded 97# = US$1.15/litre MANILA ** Actual Biling: Include misc. charges such as Environmental Charge, Currency Exchange Rate adjustment (CERA), VAT, etc. ' Electricity - (Dom) : 190 kWh - 860kWh; (Comm/Ind): 150,000kWh; Water - (Dom): 29m3 - 41m3; (Comm/Ind) 4,030m3 SEOUL * Plus electricity basic rates; domestic: US$5.368/month + US$0.08/Kwh (300KWh below in use) and commercial: US$4.687/month + US$0.066/Kwh (300KWh below in use) ** Plus water basic rates; domestic: US$ 0.939/month (within 30m3 usage) and commercial: US$77.39/month (within 100m3 usage) *** Plus electricity basic rates; domestic: US$1.41/month + US$0.05/kwh ~ 0.165/kwh (300kwh below in use) and commercial: US$6.31/month + US$0.06/kwh ~ 0.1/kwh (300kwh below in use) **** Plus water basic rates; domestic: US$ 0.95/month (the usage of 15mm caliber) and commercial: US$78.35/month (the usage of 100mm caliber) SINGAPORE * All rates are nett of GST ^ Electricity tariff is based on low tension power supply ^^ Domestic water rate includes water conservation tax & water-borne fee and is an average for the 1st 40m3, exclude sanitary appliance fee ^^^ Non-domestic water rate includes water conservation tax and water-borne fee, exclude sanitary appliance fee ^^^^ As at 5 November 2015 ^^^^^ 98 Unleaded petrol as at 5 November 2015

GENERAL CONSTRUCTION DATA

Material Price Indices Import Duties Progress Payments Estimating Rules of Thumb

2

50

2015

2014

2013

2012

2011

2010

2009

2008

Year

I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV

Quarter

100.00 129.63 154.51 107.14 97.68 98.13 105.54 109.11 111.18 103.48 114.55 120.00 134.20 131.52 142.19 142.19 142.19 142.19 145.71 145.71 145.71 135.45 135.45 129.20 129.20 129.20 129.20 129.20 128.13 128.13 126.79 126.79

0.00% 29.63% 19.20% -30.66% -8.83% 0.46% 7.55% 3.38% 1.90% -6.93% 10.70% 4.75% 11.83% -2.00% 8.11% 0.00% 0.00% 0.00% 2.48% 0.00% 0.00% -7.05% 0.00% -4.61% 0.00% 0.00% 0.00% 0.00% -0.83% 0.00% -1.05% 0.00%

Steelbar (D12-D15) Index (Base Inflation QI/2008)

11,200,000 14,518,000 17,305,000 12,000,000 10,940,000 10,990,000 11,820,000 12,220,000 12,452,500 11,590,000 12,830,000 13,440,000 15,030,000 14,730,000 15,925,000 15,925,000 15,925,000 15,925,000 16,320,000 16,320,000 16,320,000 15,170,000 15,170,000 14,470,000 14,470,000 14,470,000 14,470,000 14,470,000 14,350,000 14,350,000 14,200,000 14,200,000

VND/T


676,804 790,476 904,000 850,000 879,819 879,819 879,819 879,819 879,819 879,819 879,819 879,819 879,819 879,819 970,000 970,000 945,000 945,000 1,127,272 1,109,000 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090 1,109,090

100.00 116.80 133.57 125.59 130.00 130.00 130.00 130.00 130.00 130.00 130.00 130.00 130.00 130.00 143.32 143.32 139.63 139.63 166.56 163.86 163.87 163.87 163.87 163.87 163.87 163.87 163.87 163.87 163.87 163.87 163.87 163.87

0.00% 16.80% 14.36% -5.97% 3.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.25% 0.00% -2.58% 0.00% 19.29% -1.62% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Concrete (Grade 250) Index (Base Inflation QI/2008)

VND/m3 976 973 1,275 1,273 1,255 1,255 1,255 1,255 1,255 1,218 1,209 1,209 1,241 1,263 1,459 1,459 1,459 1,546 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,504 1,550 1,550 1,550

VND/kg 100.00 99.69 130.64 130.43 128.59 128.59 128.59 128.59 128.59 124.80 123.87 123.87 127.15 129.41 149.49 149.49 149.49 158.40 163.93 163.93 163.93 163.93 163.93 163.93 163.93 163.93 163.93 163.93 154.10 158.81 158.81 158.81

Cement (PCB40) Index (Base QI/2008) 0.00% -0.31% 31.04% -0.16% -1.41% 0.00% 0.00% 0.00% 0.00% -2.95% -0.74% 0.00% 2.65% 1.77% 15.52% 0.00% 0.00% 5.96% 3.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -6.00% 3.06% 0.00% 0.00%

Inflation

2 GENERAL CONSTRUCTION DATA

MATERIAL PRICE INDICES



51

I

III

2008

II

IV

III

2009

II

IV

Steelbar (D12-D25)

I

I

III

2010

II

IV

I

III

2011

II

I

III

2012

II

Concrete (Grade 250)

IV

(Source: Ho Chi Minh City Departments of Construction and Departments of Finance Year 2008-2015)

180 170 160 150 140 130 120 110 100 90 80 IV

I

III

2013

II

IV

I

IV

I

III 2015

II

Cement (PCB40)

III 2014

II

IV

2

GENERAL CONSTRUCTION DATA IMPORT DUTIES

MFN/WTO

ACFTA

Non-ACFTA

AKFTA

AANZFTA

AIFTA

VCFTA

AJCEP

VJEPA

VAT TARIFF

Marble

kg

12

0

0

(1)

0

(2)

10

10

17

14

16

10

Granite

kg

12

0

5

(3)

0

(2)

10

10

17

14

16

10

Carpentry of Wood

kg

3

0

0

-

0

-

5

3

5

5

2

10

Porland cement

kg

37

5

20

-

*

-

10

*

29

-

-

10

1000 unit

35

5

20

-

10

-

10 22.5

29

23

25

10

Ceramic roofing tiles

kg

45

5

20

-

0

-

10

30

46

28

31

10

Ceramic floor, hearth, wall tiles

m2

45

0

*

-

0

(4)

10

30

48

28

31

10

Ceramic sanitary fixtures of porcelain

kg

35

5

15

(5)

10

(4)

10

30

39

29

32

10

Multiple-walled insulating units of glass

m2

25

0

0

-

*

-

10

*

20

30

30

10

Glass mirror (unframed)

kg

25

5

*

-

*

-

10

22

30

30

10

Concrete steel

kg

15

5

15

(6)

*

-

10

-

4

0

10

U,I or H section of steel (height under 80mm)

kg

12

5

15

-

*

-

*

*

37

15

10

10

Alluminium doors, windows, frames and thresholds

m2

15

0

0

-

5

-

7

12

13

7

8

10

Air conditioner (window or wall mounted) not exceeding 26,38 kW

unit

30

5

15

(7)

*

-

10

27

29

11

9

10

Passenger lifts

unit

10

0

0

(8)

5

(8)

5

5

8

4

4.5

10

Water pump

unit

20

0

0

-

*

-

10

27

21

17

19

10

Electric genset

unit

20

5

12

(1)

*

-

10

*

21

30

30

10


Ceramic building bricks, flooring blocks

52

MFN/WTO ATIGA ACFTA AKFTA AANZFTA AIFTA VCFTA AJCEP VJEPA

Non-AKFTA

UNIT

ATIGA

SPECIAL TARIFF DESCRIPTION (ALL FIGURES)

* *

: Most-Favored-Nation/World Trade Organisation Normal Tax Rate = Favoured Tax Rate x 150% : ASEAN Trade In Goods Agreement/ ASEAN Free Trade Area : ASEAN-China Free Trade Agreement : ASEAN-Korea Free Trade Agreement : Australia-ASEAN-New Zealand Free Trade Agreement : ASEAN-India Free Trade Agreement : Vietnam-Chile Free Trade Agreement : ASEAN-Japan Comprehensive Economic Partnership : Vietnam-Japan Economic Partnership Agreement

(1)

: Cambodia, Thailand : Thailand : Cambodia, Indonesia, Thailand (4) : Myanmar (5) : Cambodia, Indonesia, Malaysia (6) : Cambodia, Lao, Malaysia, Thailand (7) : Brunei, Cambodia, Philippines, Thailand (8) : Malaysia, Thailand (2) (3)

(*) When the MFN duty rate of a goods item specified in the preferential import table of rates is lower than the particularly preferential tax rate specified in Vietnam's particularly preferential import table of rates applicable to each trade agreement romulgated under the Finance Minister's decision, the import duty rate applicable to this goods item is the MFN tax rate. (*) Symbol in AKFTA column: Goods made in Khai Thanh Industrial Zone of North Korea (GIC Items). (*) Imported goods are not received special preferential tariffs at the corresponding time.


PROGRESS PAYMENTS The following graph and table are an indication of the rate of expenditure for construction projects. The rate of expenditure is an average rate and will circumstances are taken into account. No account has been made for retention.

Progress Claims 100%

80%

60%

40%

20%

0% 0%

20%

40%

60%

80%

100%

Project Period

CONTRACT

CUMMULATIVE PROGRESS CLAIMS


CONTRACT PERIOD

CUMMULATIVE PROGRESS CLAIMS

53

2

GENERAL CONSTRUCTION DATA ESTIMATING RULES OF THUMB Structural Design – Concrete Ratios The following is a range of concrete ratios for building superstructure design in Viet Nam. 3/m2 2/m2 3

0.5 m3/m2 3.0 m2/m2 250 kg/m3

to to to

Average External Wall/Floor Ratio 2/m2 2/m2 2/m2

Average Internal Wall/Floor Ratio 2/m2 2/m2 2/m2

Air - Conditioning 2

The above ratios are indicative and for reference purposes only. They do not account for buildings with special shapes,


Indicative Dimensions for Sports Grounds

54

Length

Width

Tennis Court

40 m

20 m

Volleyball Court

30 m

20 m

The above dimensions are for a single court with appropriate clearance. No Spectator seating or support area has been allowed. Densities of Common Materials Concrete Cement Sand

2,400 kg/m3 1,441 kg/m3 1,600 kg/m3

Water

3 3

3 3

1,000 kg/m3

3

Soil (compact)

2,100 kg/m3


Concrete Strength (in accordance with TCVN 3118 - 1993)

6,000 5,000 4,000 3,000

41 34 28 21

49 41 34 25

40 35 30 25

5,800 5,000 4,400 3,600

33 29 25 21

15

2,200

13

Reinforcement Bar Dia. (mm)

Weight/m (kg/m)

Perimeter (mm)

Area (mm2)

8

0.395

25.13

50.26

20

2.466

62.83

314.16

32 40

6.313 9.864

100.53 125.66

804.25 1,256.64

0.45 m3 0.43 m3 0.38 m3

0.90 m3 0.86 m3

Composition of Concrete (per m3) 1:3:6 1:2:4 1:1:2

216 kg 308 kg 540 kg

3

Average Loads

Volume

Lorry (24 ton) Concrete truck (24 ton)

10.0 m3 5.5 m3 3

Dimensions for Standard Parking Space, Loading / Unloading Bays and Lay - bys

Light Vans

5m

2.5 m

2.4 m

Lorries Container Vehicles

11 m 16 m

3.5 m 3.5 m

4.1 m 3.5 m

and the lower most projection from the ceiling including any lighting units, ventilation ducts, conduits or similar.


55

PROPERTYINVESTMENT PROPERTY

Building Control and Procedures Project Closed Out Procedures Typical Submission Flowchart Key Planning Parameter

Procurement Strategies Contractor Selection Strategies Property Overview

3

3

PROPERTY INVESTMENT BUILDING CONTROL AND PROCEDURES Project Classification Projects are categorized based on the scale, nature and source of fund in accordance with Appendix 01 of the Decree 59/2015/NDCP dated 18 June 2015. Special projects under the jurisdiction of the Prime Minister’s Office encompass the most national important project and or top security project. Projects classified as Group A under the jurisdiction of the Ministers of Ministries encompass infrastructure and ports (sea-ports and airports), oil and gas, cultural and sensitive projects to national defense and all projects over VND 2,300 billion, or equivalent to approx. USD 100 million. Group B projects encompass all other projects and fall under the jurisdiction of Provincial People’s Committees and require registration only for investment licenses and applies to projects with a manufacturing and export earnings component. A full assessment for investment licenses is required for all other projects.


Project Investment Appraisal Developers must carry out the project investment report (feasibility study report) and the basic design for project investment appraisal including the Planning Certificate applied to the People’s Committee of the relevant province. The information of basic design to be included encompasses address and description of land plot, function of land plot, red-line boundary and exit and connection with the existing transportation and infrastructure including power, water, storm water drainage , waste water treatment, overall dimension and existing level, construction boundary, construction density, plot ratio, schedule of land use area and schedule of floor area, maximum floor height and building height, parking lot ratios, principle of architectural, structure and infrastructure design, environmental impact plan, fire protection plan, design standards and building codes. The project investment appraisal is in accordance with the Circulation 03/2009/TT-BXD dated 26 March 2009.

58

PROPERTY INVESTMENT

Technical Design and Detailed Design Developers using foreign design consultancies must ensure their projects undergo a Design Evaluation Assessment to the Ministry of Construction or the Chairman of the Peoples Committee of relevant province who will delegate to the Ministry of Construction or provincial Construction Department. The Technical Design and Detailed Design must be in line with the previous approved basic design including the compliance of design standards and building codes, the integrity of project, the well protection of environment and the safety in the event of fire circumstances. The appraisal and approval of technical and detailed design are in accordance with the Decree 15/2013/NDCP dated 6 February 2013 and Circulation 13/2013/TT-BXD dated 15 August 2013. Construction Permit Under the Law on Construction investors must first obtain a construction permit issued by the Provincial People’s Committee Construction Department prior to construction can commence. The investor of residential development projects shall submit an application dossier of all the mentioned inclusion plus the certificate of EIA (Environment Impact Assessment) and Fire Protection, which are issued by the Provincial Department of National Resources and Environment and Provincial Fire Police Department respectively. An application dossier shall contain design implementation drawings and land-use right certificates and land rental contracts. The basic inclusions are mandatory and they are location and description of works, storey height and height above sea-level, site boundary demarcation, overall site plan, major cross sections, main elevations, structural framing plans and foundation designs, environmental and safety technical

PROPERTY INVESTMENT

59

3

PROPERTY INVESTMENT BUILDING CONTROL AND PROCEDURES (cont’d) details, principle of materials, schematic line diagrams of infrastructure connection of power, telecommunication, water supply, storm and waste water drainage system, and quantities for key components. Construction Permit applications will be checked against various compliances in respect of boundaries and interference with neighboring properties and approved planning (site coverage, plot ratio and car-parking). The issuing body should provide timely notice to the investor of any non-compliance for their remedy and resubmission to allow the implementation stage to commence. The content of application, procedures of construction permit are in accordance with the Decree 64/2012/ NDCP dated 4 September 2012 and Circulation 10/2012/TT-BXD dated 20 December 2012.


Site Clearance

60

A plan for site clearance and/or resettlement shall be submitted at the same time as the application for the investment license and resettlement carried out prior to site clearance taking place for construction. The time limit for site clearance should comply with the project implementation schedule. Resettlement is based on the principle of providing similar or better conditions and governmental regulations on principles, methods and a price framework shall be adopted by the People’s Committee for determination of compensation levels. This is a matter for great uncertainty and foreign investors are advised to seek vacant possession prior to transfer of land use right to the joint venture. Supervision of Construction Independent Supervision of construction works by a competent and registered firm is a mandatory requirement. The supervisory role encompasses quality control and compliance checking, schedule control, quantification control, safety and environmental

PROPERTY INVESTMENT

hygiene control during construction. The safety and environment control are conducted regularly and continuously during the implementation phase. The Supervisor is also responsible for arranging independent inspections witnessing of testing and commissioning data and assistance in compilation of the dossier for putting the building into operation and receipt of the Occupation Permit. Commencement of Construction Construction of works may only commence after satisfying the following conditions: the site area being ready to be handed over, either in whole or in section and free of encumbrances; a construction permit; approved design drawings for execution of building; a construction contract; sufficient capital funds to ensure the building schedule in accordance with the approved building schedule in the investment license; measures to ensure safety and minimum environmental impact during the construction process. Construction All Risks and Third Party Liability Insurances as well as all required insurances in accordance with conditions of contract are recommended to be effected prior to commencement of any physical construction works on Site.

PROPERTY INVESTMENT

61

3

PROPERTY INVESTMENT PROJECT CLOSED OUT PROCEDURES Before an investor can receive rental income and occupy the premises for its intended use, the receipt of approval must be received by the provincial Construction Department or the Ministry of Construction depending on the category and size of the project.


The Construction Department will receive a dossier complete with independent testing and commissioning data (prepared by an independent party not the original designer) for piling, structure, electricity and earthing, environmental impact with regard to water and waste disposal, final checking and approval of fire protection requirement. The dossier needs to have Minutes to put the Building into Operation signed by the Investor, Testing Body, Contractor and Designer including the Project or Construction Manager if appointed. The project close out procedure is in accordance with Decree 46/2015 – NDCP dated 12 May 2015.

62

PROPERTY INVESTMENT

TYPICAL SUBMISSION FLOWCHART PROGRESS OF IMPLEMENTATION FOR CONSTRUCTION INVESTMENT PROCEDURES FOR REAL ESTATE PROJECTS LEVEL 1, SPECIAL LEVEL – GROUP A

The Employer [upon completion of the Basic Design] The Employer can simultaneously perform Step 1,1', 1'', 1'''

(1) Request for written comments on the fire protection measures (Fire Department – 10 days)

(1’) Report on assessment of environmental impact (Provincial People's Committee - 75 days)

Collect the approval on the Basic Design (Ministry of Construction – 20 days)

Approval on Fire Protection (Fire Department – 15 days)

Review on Technical Design (Ministry of Construction – 40 days)

Construction Permit (Department of Construction – 20 days)

(1”) Request for written approval on height of the building ( (Department of Combat Department of Defense - 15 days)

(1’”) Agreement on technical infrastructure connections includes: (no required time by law so the Employer shall make their own arrangements)

Agreement on location of water supply connection (Water Supply Company)

Agreement on Power Supply (Electricity Company)

Agreement on Drainage System connection (Department of Transportation /Management Company)

Agreement on communications infrastructure connection (Department of Information Center/ Management Company)

Note: 1. "Date" as above mentioned is considered as working days from the date of receipt of sufficient and valid documents. 2. The Employer can implement procedures for collecting of the agreements on technical infrastructure connections after receipt of approval on the basic design. However, if after the basic design approved by the Ministry of Construction that the technical infrastructure management agency does not agree with the Employer’s plan, then the Employer must change the plan for technical infrastructure connections, leading to change in the basic design and to request the Ministry of Construction to approve again on the basis design dossier. Therefore, the Ministry of Construction recommends that the Employer should have in advance the written agreement on the provision of electricity, water and drainage connections, transportation system connection for the project, infrastructure communication connection before submitting documents to the Ministry of Construction for approval on the basic design.

PROPERTY INVESTMENT

63

3

PROPERTY INVESTMENT KEY PLANNING PARAMETER MAXIMUM SITE COVERAGE Maximum site coverage of linked houses and villa houses Land plot area (m2/house) coverage (%)

75 100 90

100 200 300 500 80

60

50

40

Maximum site coverage of condominium buildings Building height Maximum site coverage (%) according to land plot area measured from 10,000 18,000 35,000 ground level (m) m2 m2 m2 m2

19

65

63

60

60

58

55

22

52

53

51

48

28

50

48

45

31

48

46

43

34

46

44

41

44

42

39

40

43

41

38

43

42

40

46

41

39

36

>46

40

38

35


55

25

The maximum site coverage of urban public building such as educational, healthcare, cultural buildings, sport centres and market in the new urban development area is 40%.

64

PROPERTY INVESTMENT

lot must be complied with the current regulation.

Building height measured from ground level (m)

Maximum site coverage (%) according to land plot area 3,000 10,000 18,000 m2 m2 m2 m2 80

68

65 60

19

80

65

63

22

80

62

60

25

80

58

56

53

28

80

55

53

50

31

80

53

51

48

34

80

51

49

46

80

49

40

80

48

43

80

46

80

46

>46

80

45

44 46

43

45

42

44

41

43

40

For those built on a land plot of area <3.000m2, the site coverage

with the current regulation. MINIMUM LANDSCAPING RATIO FOR CONSTRUCTION LAND LOTS Type of building

Minimum of ratio for landscape (%) 20

house, villa) 20 30 30 30 3. Factory 20 20

PROPERTY INVESTMENT

65

3

PROPERTY INVESTMENT KEY PLANNING PARAMETER (cont’d) MINIMUM OF CAR PARKING LOT Type of building

Minimum car parking lot 4 bedrooms / 1 lot

standard upward 100m2

Super market, shopping mall, conference centre, exhibition, show room and display center

100m2

1 apartment / 1.5 lot condominium MINIMUM OF PARKING SPACE Type of vehicle

Minimum area of parking space

Car parking space

25 m2 3 m2


0.9 m2

66

40 m2 30 m2

Truck parking space

For the hotel grade of below three-star, public administration office and public service buildings, the numbers of parking lot must be at least 50% of the parking lots specified in the table above. ROAD FOR FIRE PROTECTION Width of road > 3.5 (m) Clearance height > 4.25 (m) Area for making U-turn > 15x5 (m)

PROPERTY INVESTMENT

BUILDING AREAS DEFINITIONS

Gross External Area (GEA)

Includes:

Areas occupied by internal walls and partitions Columns, piers, chimney breasts, stairwells, liftwells, and the like Atria with clear height above, measured at base level only Internal balconies

access Lift rooms, plant rooms, fuel stores, tank rooms which are housed in a covered structure of a permanent nature, whether or not above main roof level main building Loading bays Areas with a headroom of less than 1.5m

Conservatories

PROPERTY INVESTMENT

67

3

PROPERTY INVESTMENT BUILDING AREAS DEFINITIONS (cont’d) Excludes:

Canopies

property Gross Internal Area (GIA)

Includes: Areas occupied by internal walls and partitions other internal projections, vertical ducts, and the like


Atria with clear height above, measured at base level only

68

corridors, smoke lobbies, etc.) access Lift rooms, plant rooms, fuel stores, tank rooms which are housed in a covered structure of a permanent nature, whether or not above main roof level

PROPERTY INVESTMENT

Service accommodation such as toilets, toilet lobbies, bathrooms, showers, changing rooms, cleaners’ rooms, and the like

Loading bays Areas with a headroom of less than 1.5m

Conservatories Excludes:

Canopies

like in residential property Gross Floor Area (GFA)

the internal structural face of the enclosing walls. Includes: Areas occupied by partitions, columns, chimney and the like Lift, plant, tank rooms and the like above main roof slab

PROPERTY INVESTMENT

69

3

PROPERTY INVESTMENT BUILDING AREAS DEFINITIONS (cont’d) Note: Sloping surfaces such as staircases, galleries, tiered terraces and the like should be measured Excludes: of the building which are not enclosed spaces the like). These should each be shown separately should be shown separately. Net Internal Area (NIA) Net Internal Area is the usable area within a building measured to the internal face of the perimeter walls


Includes:

70

Atria with clear height above, measured at base level only Entrance halls Notional lift lobbies

usable areas Area occupied by ventilation/heating grills Area occupied by skirting and perimeter trunking demountable partitions, whether or not perma nent, and the like, where the purpose of the divi sion is partition of use, not support, provided the area beyond is not used in common

PROPERTY INVESTMENT

Excludes: Those parts of entrance halls, atria, landings and balconies used in common Toilets, toilet lobbies, bathrooms, cleaners’ rooms, and the like Lift rooms, plant rooms, tank rooms (other than those of a trade processcnature), fuel stores, and the like Corridors and other circulation areas where used in common with other occupiers or of a permanent essential nature (e.g. fire corridors, smoke lobbies, etc.) Areas under the control of service or other external authorities including meter cupboards and statutory service supply points Internal structural walls, walls enclosing excluded areas, columns, piers, chimney breasts, other projections, vertical ducts, and the like The space occupied by permanent and continuous and ducting in so far as the space it occupies is rendered substantially unusable Areas with headroom of less than 1.5m Areas rendered substantially unusable by virtue having a dimension between opposite faces of less than 0.25m Vehicle parking areas (the number and type of spaces noted) Building Footprint

but is generally understood to mean the area of the land upon which the building sits (excluding all basements), measured to the outside face of external walls.

PROPERTY INVESTMENT

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PROPERTY INVESTMENT PROCUREMENT STRATEGIES Overview The primary consideration in the choice of procurement strategy is the need to obtain overall value for money during the entire life of the facility and each method has a different risk profile for the employer and contractor. In Vietnam the following is currently prevalent. - high extent - low extent - medium to high extent Design and Construct - low extent Prime Contracting - low extent Framework Agreements - rising extent Public Private Partnership (PPP) - new and promoted extent


Traditional Lump Sum Management Contracting Construction Management

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Most if not all projects in Vietnam are tendered in competition and the process is covered by the Law of Tendering promulgated in 2006 intended primarily for state projects defined as over 30% total investment capital by a state entity and for Vietnamese Private firms. Foreign Investors do not need to follow the Law of Tendering although it is advisable. The law recognizes open tendering, limited tendering and competitive tendering. For state projects tenders are normally sought using a “two-envelope system” i.e. technical and financial the former being opened first to check for compliances. Most foreign entities short-list tendering contractors by having a robust pre - qualification procedure for checking financial and technical competencies. Tenders are usually open for 90 days. The FIDIC suite of contracts is widely used for Vietnam construction contracts with the 1999 Red Book being now widely accepted. There are official translations of some of the FIDIC forms and the Vietnam Consultant Association (VECAS) is an official member of FIDIC. Most Official Development Aid (ODA) projects in Vietnam adopt FIDIC also.

PROPERTY INVESTMENT

a) Traditional Lump Sum Most contracts are let in Vietnam on a lump sum basis using a modified FIDIC Contract which in its unamended form is a measure and value contract. This method requires appointment of independent design consultants by the employer and a sufficiently developed design preferably “frozen” prior to tender. Bills of Quantities are usually provided for “information only” to the contractor who normally provide their own quantities with their tender for comparison purposes only and only the rates are contract rates with any “errors and omissions” not being subject to remeasurement after the lump sum is finalized. Prime costs sums for nominated subcontracts for mechanical and electrical and lift sub-contracts are widely used. b) Construction Management This form of procurement is often portrayed as “fast-track” as tender packages are often let successively throughout the design process with no need to wait until detail design is complete. A construction management consultant is engaged normally for a fixed percentage fee to procure and manage the individual trade contracts which are placed by the employer. This necessitates effective cost management as the total construction budget is not finalized until the final packages are let. The employer bears not an insignificant risk in terms of price certainty, delays, disruption, design and coordination problems. Clients adopting this approach need to be conversant with the local environment and have the requisite in-house skills to deal with issues as they arise. c) Framework Agreements Framework agreements referred sometimes as “call-off” contracts between investors with a “pipe-line” of projects and contractors can result in significant savings to both parties using any of the procurement options above. The advantages are time reduced for tendering and negotiations, improved processes and knowledge transfer, bulk order costs savings, reduced confrontation and economies of scale due to continuity of workflow. All these advantages are extremely important in the Vietnam context because it is of paramount importance to maintain healthy relationships between employers and contractors as unforeseen events are prevalent during the design and procurement stages in Vietnam.

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PROPERTY INVESTMENT


PROCUREMENT STRATEGIES (cont’d)

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d) Public Private Partnership (PPP) PPP is the generic term for the relationships formed between the private sector and public bodies often with the aim of introducing private sector resources and / or expertise in order to help provide and deliver public sector assets and services. The term PPP is used to describe a wide variety of working arrangement from loose, informal and strategic partnerships to design, build, finance and operate type services contract and formal points of joint venture companies. The PPP mechanisms would help attract commercial capital and other sources of capital that private investors will seek for PPP projects. In that way, investment efficiency will be improved while public debts controlled at safe levels. Investors of projects will be chosen via competitive bidding in order to maximize benefits and create equal opportunities for domestic and foreign investors. On 9 November 2010 the Prime Minister of Vietnam authorized the issue of detailed regulations covering the piloting of investment in the form of Public Private Partnerships (PPPs) in Vietnam. The PPP Regulations became effective on 15 January 2011 and will continue to be implemented over the next three to five years. The Vietnamese Government intends to carry out PPP programme according to a list of defined projects to ensure that investors are provided with carefully prepared projects with a view to creating a real PPP commercial market in Vietnam. In the coming years the government will carry out some pilot projects. The PPP projects in the country will concentrate on core technical infrastructure that requires much capital, and furthermore, mechanisms to mobilize private investment: (i) Roads, Road bridges, road tunnels, ferry road stations; (ii) Railway, railway bridges, railway tunnels; (iii) Airports, sea ports and river ports; (iv) Clean water supply systems; water drainage systems; liquid and solid waste collection and treatment systems; (v) Power plants, electricity transmission cables; (vi) Hospitals; (vii) Other infrastructure projects. The draft decrees of PPP has been official submitted to Prime Minister since October 2014 and hopefully been approved soon to create solid legal frame work to increase the trends of contribution of private fund into the infrastructure works especially the major infrastructure works.

PROPERTY INVESTMENT

PROPERTY INVESTMENT

Damage

✓

x

✓

Desire to transfer complete risk

x

✓

✓

x

✓

x

✓

Single contractual link

Need for design team to report to sponsor

Contractor input to economic construction

x

✓

Technically advanced or highly complex building

Complexity

Facility to recover cost direct from construction

✓

✓

x

Avoid prohibitive cost of change

Variations

Avoidance

✓

✓

x

Design prestige

Quality

✓

✓

x

✓

x

✓

x

x

✓

✓

✓

x

x

✓

x

✓

✓

✓

x

✓

x

✓

✓

x

✓

x

x

✓

✓

✓

x

✓

✓

x

x

x

x

x

✓

Prime Contracting

✓

Appropriateness of Contract Strategy Design Construction and Management Construct

Management Contracting

x

Traditional

✓

Early Completion

Timing

PPP

Cost

Objectives

Project Criteria

Parameter

✓

✓

✓

✓

✓

x

x

x

✓

✓

Framework Agreements

Table A - Procurement Strategy

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Construction Management

Management Contracting

Framework Agreements

Traditional

Prime Contracting

Design and Construct

Public Private Partnerships

Contract Strategy


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Table B - Risk Allocation

PROPERTY INVESTMENT

CONTRACTOR SELECTION STRATEGIES There are four tiers of contractor available for tendering

Tier 1

Foreign contractor from Japan, Korea, Singapore, Hong Kong, Europe, Australia

Tier 2

Tier 3

Tier 4

State contractors

There is a considerable diversity between these tiers

and have much lower human resource costs. This is inevitably leading to higher tender returns. A rigorous weighted scoring in line with project objectives eg. lowest cost objective will have an inevitable impact

(indicative weighting for Vietnam 1 10 highest) Vietnam experience (if foreign) 8

through 10,

Financial capacity (particularly local) 8 Direct labour strength (local and foreign) 6

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PROPERTY INVESTMENT CONTRACTOR SELECTION STRATEGIES (cont’d)

Cognizance of international procedures, codes and

Financial capacity (local) Local contractors now have access to bank funding

interim payments. Deductions for defective works so careful diplomacy is often more productive. Claims for additional costs due to prevailing market conditions are more common in today’s climate but also for misinterpretation of contract obligations making the

Plant and Equipment Inventory (local)


State firms tend to share or pool plant and equipment for example tower-cranes and piling rigs. It is often impossible to determine the true owner of plant and equipment on-site in the event of premature demobilization.

size, capacity and suitable state of repair as contractors

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PROPERTY INVESTMENT

Direct labour strength (local)

unskilled and untrained workers from remote provinces, who often are not legally resident at their working destination. Contractors should be asked to prove their direct labour arrangements. The tier 1 contractors will not have 2 contractors often import workers from their home country for the project duration and shall be responsible for all associated costs and taxes. Labour is not usually permitted to reside on site. Contractors shall provide details of training curriculums for each trade discipline when tendering as well as health and safety programmes. Proposed sub-contracting arrangements (local)

to check the percentage of work subcontracted out

contractors largely act as management function providing only project engineers, site supervisors, and local contractors rarely directly employ foremen, These arrangements are perfectly normal and accepted but it is preferable to know in advance the exact ar interests with other projects and to understand fully the amount of “control” the appointed contractor has on the works he is engaged to undertake. Planning and programming capability (local)

PROPERTY INVESTMENT

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PROPERTY INVESTMENT CONTRACTOR SELECTION STRATEGIES (cont’d) resourced planning is rarely used. The approach adopted is often “rule of thumb” whereby planners determine critical activity durations using their knowledge of other projects. Floor/structure cycle times are often inconsistent and the lack of recording and reutilization of historical data means the planning process can be crude at best. Time or delay is a perennial problem in Vietnam sometimes due to employer delays such as site clearance or permit issues or neutral delays such as weather but contractor culpable delays should not be of any surprise. The use of critical path analysis, planned impacted analysis, window analysis and collapsed asbuilt are not widely known in Vietnam. This means time recovery analysis and the implementation of acceleration measures are not readily adopted and time for completion can become unpredictable. The input of experienced delays and formulating time recovery plans.


International experience (local)

80

from the source country. It is essential to determine the degree of exposure local contractors have had to international standards, procedures and indeed expectations. The Vietnamese Codes and Standards whilst detailed need to be used concurrently with international standards such as American, Australian,

international standard project. There is no uniform and

bespoke set of standards depending on the investor and his consultant source country. The appointed design team will naturally look to use their familiar “off the

PROPERTY INVESTMENT

be asked to list the standards they have successfully built for the key trades and building elements. There is a move to produce a set of consolidated Vietnamese standards but this is some way off and the hybrid approach will continue for some time to come.

mandatory Vietnam building code or standard. Design

to obtain local approvals. The contractors should also be asked to list investments such as system formwork and their use of recent technology and list previous employers and consultants whom they have worked with.

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PROPERTY INVESTMENT PROPERTY OVERVIEW Vietnam ended year 2015 with GDP growth rate of 6.68%, surpassed the consensus level of 6.2% set at the beginning of the year. The structure of Vietnam’s GDP is gradually shifting towards industrials, construction and services while contributions from agriculture, forestry and fishery are getting smaller. Since 2012, Vietnam has experienced trade surplus for the first time with impressive average annual export growth of 22% with respect to the average annual import growth of 16% during the period of 2010-2014.


Total FDI for 2015, both newly registered and capital increased, was USD 22.76 billion (12.5% increase y-o-y), in which manufacturing/production took the lead with 66.9%, while real estate ranks third with 10.5% of the total FDI. In addition, the official formation of ASEAN Economic Community on January 1st, 2016 will most likely help further foreign investment attractions and improve Vietnam’s competitiveness in both global and regional markets.

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Vietnam’s average CPI grew by 0.63% this year. This was the lowest growth since 2001; significantly below the annual average rate of 5%. Such low level of inflation rate boosted the domestic consumption and investment growth in 2015. Similarly, low mortgage rate also supported activities in the real estate market. Mortgage lending, accounted for 8% of total bank lending, was considered quite healthy compared to the 19% rate in 2009. The amount of home loan is expected to grow by 15-20 percentage points within 2016. Although interest rate in Vietnam has slightly increased after the Fed’s interest hike last December, Vietnam’s interest rate will not expect any drastic changes in 2016, since most of the effect has already been factored into its current value. This is a good news for real estate investors since investing in the real estate industry has been proved to yield better return than other types of investments such as USD currency, gold, oil, or government bonds. Last but not least, in December 2015, the State Bank of Vietnam announced its plans to establish a market-based mechanism that will adjust the Dong

PROPERTY INVESTMENT

currency accordingly to macroeconomics changes, specifically the aggregate demand-supply model as well as the eight influential foreign currencies in Vietnam. Thus, one should keep a close eye on the Dong in 2016. RESIDENTIAL FOR SALE 2015 marked a firm recovery in the residential market with strong launches, positive sales volume and improved prices, particularly in mid- to high-end properties. HCMC witnessed 41,907 units launched from 78 projects, mostly in the East (47%) and the South (27%), an increase of 122% y-o-y. This was the highest number of launches in a single year, due to the introduction of the largest-ever project in the city – Vinhomes Central Park in Binh Thanh District with over 7,500 units launched to date, and the second largest – Masteri Thao Dien in District 2 with over 3,700 units. In Hanoi, although Q4 recorded a lower number of units launched compared to Q3, a total of 28,283 units were launched during 2015, up 70% y-o-y. High-end apartments accounted for 28% in the total new launch units, compared to the peak 21% in 2011 for new launches. By location, new supply from the West and South West accounted for 46%, lower than the past years when these areas used to account for over 50% of the total new launch. Overall, market sentiment remained encouragingly positive throughout the year. 2015 ended with a record high sales volume – an estimated 36,160 sold units in HCMC (up by 98% y-o-y), and 21,102 estimated sold units in Hanoi (up by 90%). Taking advantage of the market’s strong sales momentum, developers across all segments continuously increased their selling price, even weekly in some cases. New projects under construction observed sharper price increases than previously completed projects, emphasizing that buyers prefer new products although the move-in dates are not until two or three years later. The HCMC average primary price hovered at US$2,012 psm in 2015, with an uptick of 4.4% y-o-y and 2.5% q-o-q. High-end properties reported the largest surge at 8.3%

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PROPERTY INVESTMENT PROPERTY OVERVIEW (cont’d)


y-o-y, averaging at US$2,025 psm, mostly contributed by those located in the hot spots. In Hanoi, the overall launching price at new projects increased from 3%-5% y-o-y. On the secondary front, overall market recorded an average increase in prices of 0.3% q-o-q and 1.1% y-o-y. Resale price throughout the year had been quite stable and did not see abrupt change as supply rises.

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Despite high prices, projects were still quickly absorbed. After seven years of stagnancy, the market has finally gained full confidence to reintroduce premium high-end and luxury developments. However, developers should not forget the ‘premium’ affordable and mid-end sectors, where the real demand lies. 2016 will be another promising year for the Vietnam residential market with the new stimulus package for mid-end purchasers from the Government and the strengthening of familiar local rivals such as Dat Xanh Group, Nam Long Group, Khang Dien Group. As the market is developing towards a more open and internationalised environment, while overall pricing is still attractive as compared to other matured markets, more foreign buyers will look into Vietnam market as more guiding laws are issued to foster investment activity. However, both homebuyers and developers need to prepare for a market with overwhelming number of supply at higher price and evolving regulations, which might impact the absorption and purchase pattern eventually. RETAIL The HCMC retail market welcomed three shopping centres in the last quarter of 2015: Pearl Plaza in Binh Thanh District, Vincom Megamall in District 2 and Emart in Go Vap District, adding more than 105,000 sm of GFA to the total supply in HCMC. In Hanoi, Vincom Nguyen Chi Thanh and Aeon mall Long Bien finally launched their official opening, adding to the market a total of 152,500 sm GFA (106,500 sm NLA). F&B and mid-range fashion continued to be the attraction points enticing consumers to go to shopping malls in

PROPERTY INVESTMENT

HCMC, especially in the non-CBD areas. Taking this trend into consideration, McDonald’s opened its first store in District 2 at Vincom Megamall and Starbucks expanded one more store at Emart in Go Vap District. Most of the enquiries in this sector tended to be fast casual, rather than fine ding. In Hanoi, “all-in-one” malls such as Aeon Long Bien and Vincom Nguyen Chi Thanh that include a variety of activities ranging from shopping, entertainment to F&B continue to be customers’ favorite. Another notable trend for this year is “affordability.” The emergence of new ‘bazaars’ ‘outlets’, and low price supermarkets are all reinforcing the trend that consumers demand better value for money. For HCMC, rental rate was quite stable and experienced almost no change in Q4 2015, both in CBD and non-CBD areas, and across all segments including shopping centres, department stores, bazaars and retail podiums. Full occupancy of the three new shopping centres helped decrease the market vacancy rate to 7.96%, compared to 9.82% in Q3 2015. The average vacancy of Hanoi’s retail market also decreased from 15.2% in Q3 2015 to 10.7% in Q4 2015. In terms of rents, there was no significant change in the CBD area, while the non-CBD witnessed a slight increase of 3.7% q-o-q as Vincom Nguyen Chi Thanh offered rentals that were higher than the average market rate. District 1 welcomed a new form of retail on Nguyen Hue Street with the opening of Saigon Garden. Despite limited land area, Saigon Garden offered customers, mostly youngsters and foreigners, a brand-new experience with lots of open and green areas inside the buildings. Customers could find bars, shopping stores, restaurants, exhibitions all under one roof, which was quite interesting amid the busy, crowded CBD atmosphere. Looking forward to 2016, HCMC market is expecting 15 more stores from AuchanSuper, a French retailer. This entrance can improve the presence of foreign supermarket brands in HCMC, which is not quite strong at the moment. As of 2015, Big C was the only foreign retailer which was ranked among the top five retailers

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PROPERTY INVESTMENT PROPERTY OVERVIEW (cont’d) in Vietnam, with the remaining being local players, such as Saigon Co.op, Mobile World, Nguyen Kim Trading, and Saigon Jewelry. As for Hanoi, new shopping centers are becoming affordable and starting to target middle-class consumers. Therefore, rentals might not be as high as those in the past. Vingroup will continue to be the leading player of the retail market with several upcoming projects, yet all outside of the CBD. Other projects developed by foreign players, including Gamuda and Ciputra, may offer rentals at market average rate or lower due to their non-prime locations.


OFFICE

86

In Q4 2015, the opening of Pearl Plaza added 30,000 sm NLA to the HCMC Grade B office stock. Large floor plate, high-quality office and flexible leasing terms are the key strengths that led to high occupancy rate at this development. 80% of this building was already occupied by its opening date. The HCMC office market also witnessed high improvement in Grade A segments, with rents increased by 1.5% q-o-q thanks to the limited supply and positive outlook of the economy. Grade B rents did not climb up much since owners decided to maintain their price in order to stay competitive and attract tenants. Such trend was the same in Hanoi. By the end of Q4 2015, average asking rent of Grade A increased by 1.1% q-o-q, while that of Grade B went down by 0.7%.There was no new supply recorded, and thus market rates were able to stay stable this year. By location, CBD and Midtown asking rents went up by 0.4% and 1.5%, respectively. Meanwhile, the rent in the West decreased by 1.0%. Compared to the previous quarter, Grade A vacancy rate decreased by 1.3%, as landlords at new developments tried to fill up their buildings before the year end. Such active leasing activities, coupled with large floor plate offered from two main commercial buildings Vincom Center and Vietcombank Tower, resulted in a net absorption of 3,864 sm NLA for Grade A. In addition, landlords across matured buildings reserved their last space for tenants who are reputable and can afford higher rents. For Grade B buildings, vacancy

PROPERTY INVESTMENT

rate dropped slightly due to good pre-launching leasing activities at Pearl Plaza. As a consequence, the net absorption of this segment was reported at 28,570 sm NLA. On the contrary, both Grade A and Grade B buildings in Hanoi recorded great improvements. Grade A’s occupancy rate increased by 5.5 percentage points q-o-q, reaching 87.8%, and Grade B’s surged up by 1.2 percentage points q-o-q to 89.1%. Midtown had the best performance towards the end of 2015, with a 7.98 percentage point growth. The CBD and the West clusters also witnessed positive occupancy, with 3.5 and 4.5 percentage points increases, respectively. Grade A office space recorded a net absorption of 29,345 sm while Grade B recorded 28,240 sm. Based on CBRE’s enquiries, the top five most active sectors in 2015 in Vietnam are IT/electronics, manufacturing, finance/banking, consulting and logistics. Most of renewal and expansion enquiries came from tenants in the CBD area. Meanwhile, relocation enquiries mainly derived from companies in the non-CBD areas. Regarding the future supply in HCMC, Saigon M&C Tower plans to restart its construction and aims to open within 2016. This tower is considered to have top quality in the market with large floor plates, which varies from 1,500 sm to 2,500 sm. The next wave of high-quality office supply will be in 2017 with an addition of 70,000 sm GFA. Meanwhile, for 2016, Hanoi plans to welcome 16 office building projects with approximately 500,000 sm GFA. Notably, TNR Tower – a Grade A building on Nguyen Chi Thanh Street will enter the Midtown office cluster. Another significant source of supply; comprised of one Grade A and Grade B+ office will soon be in the West.

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VIETNAM BUSINESS ENVIRONMENT

4

Language Accounting System Banks Government Administration Taxation Insurance Workforce

4

VIETNAM BUSINESS ENVIRONMENT LANGUAGE

borrowed from Chinese and the intonation is similar to Cantonese. It is spoken by approximately 90% of the Vietnamese population and ranked as the world’s 15th most spoken language. English, however, is widely used in the business community.

ACCOUNTING SYSTEM


Accounting records are required to be maintained in VND. Foreign-invested business entities can select a foreign currency to be used for their accounting records and ¿nancial statements provided that they meet all requirements speci¿ed in Circular 244/2009/TT-BTC issued by the Ministry of Finance (“MoF”). Accounting records are required in Vietnamese language, but this can be combined with a commonly-used foreign language. At the end of a ¿nancial year, the entity must perform a physical count of iWV¿[ed assets, cash and inventory.

90

Companies operating in Vietnam are required to comply with the Vietnam Accounting System (“VAS”). It is possible to diverge from the standard VAS, but this is subject to speci¿F approval from the MoF. The tax authorities treat VAS non compliance as a basis for tax reassessment and imposition of penalties, including withdrawal of CIT incentives, disallowance of expense deductions for CIT purposes and disallowance of input VAT credits/refunds. The annual ¿nancial statements of all foreign-invested business entities must be audited by an independent auditing company operating in Vietnam. Audited annual ¿nancial statements must be completed within 90 days from the end of the ¿nancial year. These ¿nancial statements should be ¿led with the applicable licensing body, MoF, local tax authority, Department of Statistics, and other local authorities if required by law.


BANKS Banking industry of Vietnam is considered as young in terms of integration to worldwide, until in 1990, it was only restructured to separate the State Bank of Vietnam from commercial banks. The State Bank of Vietnam acts as a central bank and a supervisory institution and is also a main share holder in state-owned commercial banks (SOCB). Later, more forms of commercial banks are established especially after 2006 when Vietnam joined WTO. With less than 5% of the population regularly using banking service, and 10%-20% holding bank accounts, it has provided good opportunities for growth, however, competition in banking sector is considered as very harsh. Besides Vietcombank, Vietinbank, Agriculture Bank, BIDV as top of SOCB, top joint stock banks can be named as ACB, Sacombank, Techcombank, Indovina Bank as top of joint venture bank. Nowadays, in the banking sector, we can see a variety range of plenty commercial banks including 4 biggest SOCB, around 40 joint –stock banks, and 40 foreign invested banks or branches of foreign banks, representative offices, 4 joint-venture banks in playground. Although all the big names of foreign banks such as Citibank, HSBC, Standard Chartered Bank, ANZ are all presence in Vietnam, the banking system is still characterized by the strong dominance of market share by SOCB. Official currency in Vietnam is VND, however, laws allow local and foreign entities and individuals to hold foreign currency at bank accounts as deposit/savings and funds received/transferred from foreign countries in freely. Nevertheless, domestic payment, usage or cross border outward transfer of foreign currency is prohibited or limited to certain kinds of transactions and it requires supporting documents.


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BANKS (cont’d)

92

Banks can provide customers with all kinds of services, however, it is more characterized by commercial banking market rather than having a clear division on investment banking and commercial banking. Commercial banking services are such as deposits, loans, trade finance, bank guarantees Deposit can be made in both VND or foreign currencies and deposit is including current account, saving accounts and fixed deposit from 1 month to 24 months. Interest rate for VND is always higher than foreign currencies (currently average VND interest rate is 5%-7%p.a. compared to USD interest rate at 0.75%p.a). Loan services comprises of short term loan (under 1 year), medium term loan (from 1 to 5 years) and long term loan (over 5 years). Loans in foreign currencies (popular USD) are restricted to companies who have the proceeds in foreign currency. Getting loans in USD is also always cheaper than loans in VND especially for those who having source of fund from their export. Banks always offer a credit line to their customers to finance all their need in short term working capital or long time investment in machineries or factories. Credit line may be used for loan disbursement, trade finance or bank guarantee service. Trade finance can be listed as L/C service (sight or usance L/C), bills for collection D/P or D/A, L/C negotiation, shipping guarantee, factoring. The most popular trade finance service in Vietnam is L/C, D/P and D/A, while factoring service is rarely used. Bank guarantee services are comprised of many types, some commonly used in the economy are such as bid bond, performance bond, warranty guarantee, payment guarantee or advance payment guarantee… Fee for issuance of bank guarantee is 2% p.a. of the guarantee value plus a small amount charge on documentation. Customers can request banks to issue for them a bank guarantee by deposit fund to bank or from a credit line offered by bank.


GOVERNMENT ADMINISTRATION The National Assembly is the highest representative organ of the people and the highest organ of the state

elections. Sittings of the National Assembly are held twice a year and have full constitutional and legislative powers. The standing committee of the National Assembly is responsible for enforcement of laws. Its functions

by the National Assembly from among its members to

from the representatives. The National Defense and Security Council has the duty to mobilize all forces and

Assembly and shall report to the National Assembly, the National Assembly standing committees and the

Assembly and has the term of 5 years. The Deputy

take on the State management of allotted branches

criminal court, civilian court, the court of appeal and the assistant apparatus.


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VIETNAM BUSINESS ENVIRONMENT TAXATION TAXATION IN THE REAL ESTATE INDUSTRY I. Corporate Income Tax (“CIT”) Organizations established in Vietnam deriving income from transferring or leasing property are subject to Corporate Income Tax (“CIT”) at the standard tax rate of 20% from 1 January 2016. A CIT rate of 10% shall be applicable to income from selling, leasing and financial leasing of social housing. Aside from this, real estate developers generally are not given preferential tax rates, tax holidays or other tax reductions except for special cases such as projects located in poor social-economic regions or projects for construction of residential houses for the poor or workers.


For advanced payment for properties under development, real estate developers are required to pay provisional CIT, either at 20% on provisional income if the corresponding expenses can be determined and matched with the revenue or 1% on advanced payments if not. However, no revenue recognition is allowed for the advance payment.

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Where the enterprise sub-leases out a property, if the lessee pays a lump sum for a number of years and certain conditions are met then the lessor is able to recognise revenue by one of two methods: (i) on allocated on a year-by-year basis or (ii) a lump-sum basis. Losses incurred in a given year can be consecutively carried forward for 5 years. With effect from 1 January 2014, losses from real estate transfer activities can be offset against the taxable income of other business activities of the relevant tax year. However, the gain from transfer of real estate is still required to be recorded and taxed separately without offsetting with loss from other activities. Land use rights (“LURs”) with indefinite terms may not be depreciated for tax purposes. However, LURs with a definite term used for production or business activities, can be amortized over the prescribed land use duration.


Any gains from the revaluation of a LUR for capital contribution purposes shall be determined as follows: (i) For capital contribution for residential housing for sale: the whole gain is recognized as other income at once in the current tax period. (ii) For capital contribution for production or business activities, if the company receiving LUR is allowed to depreciate such LUR, the whole gain is recognized as other income at once in the current tax period. Otherwise, the gains may be allocated to other income over the period up to ten years. II. Value Added Tax (“VAT”) The transfer of a LUR without any related infrastructure is not subject to VAT. Conversely, the transfer of LUR with an infrastructure and building component is generally subject to VAT at 10%. However, the land value can be excluded from the revenue subject to VAT. The determination of deductible land price for VAT purpose varies depending on how the land was acquired for the project. Input VAT incurred for construction costs can generally be claimed as an input VAT credit. Output VAT will also be applied to the payment collection on schedule and the deductible land value for VAT purpose is also allocated accordingly. The VAT rate of 5% applicable to contracts of selling/leasing/financial leasing for social housing, which satisfy the stipulated conditions. III. Stamp Duty Stamp duty is payable at the transfer of title of real estate property by the buyer. Some specific transfers may be exempted from the stamp duty. Stamp duty is imposed at 0.5% on the value of the property up to VND 500 million (approx. USD 25,000) per asset per transaction. IV. Foreign Contractor Tax (“FCT”) Foreign companies with or without its permanent


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VIETNAM BUSINESS ENVIRONMENT TAXATION (cont’d) establishment (“PE”) in Vietnam carrying out its business activities in Vietnam, and/or deriving income in Vietnam under a contract or agreement signed with a Vietnamese organisation or individual, would be referred to as a foreign contractor (“FC”), and subject to Vietnamese FCT. VAT and CIT are the two components of the FCT. There are three tax filing and payment options: (i) Full registration method with maintenance of books and accounts in Vietnam under Vietnam Accounting System; (ii) Deemed Withholding method and (iii) the Hybrid method, which consists of paying VAT on the conventional deduction method like a Vietnamese company but paying CIT on a Deemed Withholding method basis.


The Deemed Withholding method is the most common one in practice by which the contracting Vietnamese party is responsible for registering, withholding, filing and paying the FCT due from each payment made to the FC. The applicable rates vary depending on the nature of goods and services provided. For projects having a substantial portion of local purchases, the Hybrid method is often applied so that the FCs can claim credit on the input VAT incurred on local purchases but can still pay the CIT on a deemed basis.

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V. Personal Income Tax (“PIT”) Generally, real estate (other than a property used as a sole residential property and some other specific exempt transactions) transferred by an individual is subject to PIT. Property transactions subject to PIT include the transfer of “the right to buy”, and the transfer of “the right to lease”. PIT exemption for transfer of sole residential property is not applicable for (i) transfer within 182 days from the date of having the right of ownership/LUR; and (ii) transfer of house/apartment/construction work completed in the future. Typically, a Vietnam tax resident has to pay PIT for the property transactions at 2% on the transfer price.


No PIT declaration and payment are required in case individuals/households having property for lease earning annual rental of VND 100 million or less (approx. USD 4,800 per year). VI. Non-agricultural land-use tax Non-agricultural land-use tax (“NALUT”) is generally applicable to the following types of land: Non-agricultural land used for residential, production or business purposes. The calculation of the tax liability is generally based on the land area, price of land (normally set by the provincial-level People Committee and remains unchanged within 5 years from 1 January 2012) and tax rate. For residential land holding a multi-floor building or non-agricultural land holding a production or business establishment, the applicable tax rate is 0.03%. Organisations granted with LUR and existing land users are required to submit NALUT declaration on a yearly basis at the tax office of the relevant district no later than 30 January of the following year. However, no further declaration in subsequent years is required if there is no change in tax payer or tax liability. If there is any change, the tax payer is required to submit an amended declaration within 30 days following the date on which the change takes effect. The tax payer may opt to pay the NALUT on one-off basis a year no later than 31 May each year or twice a year no later than 31 May and 31 October each year. If the tax payer requests to pay the NALUT on one-off basis for many years within a 5-year period, the payment of tax may not be later than 31 December of the year in which the request is made. NALUT exemption and reduction can be granted to certain types of land including land related to investment projects in the sectors eligible for special investment incentives, investment projects in geographical areas with qualifying socio-economic difficulties and other specific cases.


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VIETNAM BUSINESS ENVIRONMENT INSURANCE Overview


Most risks that a company would insure anywhere else in the world can be adequately insured for in Vietnam. Rates and terms are generally a function of the world market with due consideration given to local factors however it should be noted that VAT of 10% applies to insurance premiums on policies written within Vietnam. While the overall ability to insure large or complicated risks entirely within Vietnam is limited, the Vietnamese insurance industry can nonetheless insure any size risk through reinsurance arrangements with international reinsurance organizations. The leading reinsurers and those who carry more than 10% have to be rated at least BBB by Standards & Poors or B++ by AM Best or Baa by Moody's or equivalent.

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Vietnam passed a comprehensive Insurance Law in December 2000 which took effect on April 1, 2001. The Amendment of Insurance Law has been passed and was effective as at July 1, 2011. The key changes are focused at keeping up with any WTO commitments such as: the insurance market is professional & open, foreign insurers are allowed to establish a branch in Vietnam or issue an insurance policy into Vietnam. However, the law gives the power to the government to release detailed guidance and to license such transactions. The Decree No. 123/2011/ND-CP was issued on 28 Dec 2011 to provide guidance on the implementation of the Amended Insurance Law. In addition, the government issued Circular No. 124/2012/TT-BTC and Circular No. 125/2012/TT-BTC on 30 Jul 2012 with effective from 01 Oct 2012 to guide on the operation and finance of the insurance market. The Decree No. 98/2013/ND-CP effective from 15 Oct 2013 providing guidance on penalties for administration offences in Insurance Business. Construction All Risks (CAR) insurance, including the covers for the Contract Work & Third Party Liability, is popular in Vietnam. Recently, owners of larger projects have shown interest in considering more technical coverages such as Advance Loss of Profit


(ALoP) / Delay in Start-Up (DSU) to protect their anticipated profit/fixed costs and Completed Operation/Product Liability insurance for liability of a particular project. Since the real estate market was in hibernation stage over the past years, construction insurance program did not develop significantly. At the moment, due to positive enactment of new law and regulation from the government including Property Law (Amendment) and Real Estate Commercial Law (Amendment) which shall have effect from July 1st, 2015. In addition, mortgage loan for construction and real estates will be also easy access as instructions of National Banks, the real estate market has recovered positively and we are expecting promising developments in construction insurance also. In another side, construction insurance premiums tend to decline in recent years. This comes from fierce competition between insurance companies and tightening insurance costs of investors and contractors. The international insurance companies are hardly capable to compete on cost with the local insurance companies. However, the international insurance companies still have certain advantages in projects requiring in-depth underwriting skills and the ability to arrange with international re-insurers. Construction insurance still tends to be left to the contractor to arrange rather than the owner which can give rise to gaps in cover when projects are delayed or split into smaller packages. There may also be gaps when the project passes from construction to operation. Compulsory Insurances in Vietnam Compulsory insurances are regulated in insurance laws & some specialized laws. Below is the consolidation: ƒ Fire and Explosion - (Article 8 of Law on Insurance Business) ƒ Motor Vehicle/Aviation carriers to passengers VIETNAM BUSINESS ENVIRONMENT

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VIETNAM BUSINESS ENVIRONMENT INSURANCE (cont’d) (Article 8 of Law on Insurance Business, Decree 103/2006/ND-CP/ Article 163 of Civil Aviation Law) ƒ Civil Liability Insurance of those who deal in the transport of passengers or cargo in inland waterways - (Article 6 &7 of Decree 125/2005/ND-CP and Article 58 & 126 of Marine Law)


ƒ Professional Indemnity insurance for:

100

ƒ Insurance brokers - (Article 8 of Law on Insurance Business) ƒ Lawyers - (Article 8 of Law on Insurance Business & Article 40 of Law on Lawyer) ƒ Contractor to perform survey for construction works - (Article 51 of Law on Construction) ƒ Contractor to design for construction works (Article 58 of Law on Construction) ƒ Contractor to supervise for execution of building works - (Article 90 of Law on Construction) ƒ Securities companies - (Article 71 of Law on Securities) ƒ Fund management companies - (Article 72 of Law on Securities) ƒ Auditing Companies - (Decree 105/2004/ND-CP on independent auditor) ƒ Enterprises on price assessment - Article 11 of Decree 111/2005/ND-CP on Price assessment) ƒ Medical examination and treatment ƒ Insurance for Construction works: ƒ Applicable to investors/developers - (Article 75 of Law on Construction) ƒ Applicable to contractors - (Article 76 of Law on Construction) ƒ Applicable to parties who call construction tender - (Article 104 of Law on Construction) ƒ Professional insurance, civil liability insurance and environmental damage compensation liability insurance applicable to organizations and individuals performing radiation jobs ƒ Civil Liability Insurance and Environmental Damage Compensation Liability Insurance applicable


to Organizations and Individuals performing Radiation Jobs ƒ Travel Insurance for Vietnamese traveling overseas Technically there is no requirement for worker compensation insurance. However since there is a liability regarding employees under the Vietnamese labour law the purchase of worker compensation insurance can act as a risk transfer method to protect against these liabilities. Market Players Insurers There are numerous domestic and foreign companies licensed to provide non-life insurance, including insurance for construction sectors in Vietnam. State-owned: Vietnam Insurance Corp (Bao Viet), Bao Minh Insurance Corp (Bao Minh) Group-controlled: PetroVietnam Insurance Corporation (PVI), PG Insurance (PJICO), Post & Telecommunication Insurance JSC (PTI), Global Insurance Co. (GIC), Vietnam Aviation Insurance JSC (VNI), SHB Vinacomin Insurance JSC (SVIC) Bank-based: Vietinbank Insurance Co. (VietInsco), BIDV Insurance Co. (BIC), Agriculture Bank Insurance JSC (ABIC), Military Bank Insurance Company (MIC) Joint Stock: Bao Long Insurance Corporation (Bao Long), Vien Dong Assurance Corp (VASS), AAA Assurance JSC (AAA), Phu Hung Assurance (PAC), Hung Vuong Insurance Corp (BHV), Great Mountant Insurance JSC (GMIC) Foreign: Groupama, QBE, AIG, ACE, Liberty, Fubon, MSIG, Cathay, SGI Hanoi


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VIETNAM BUSINESS ENVIRONMENT INSURANCE (cont’d) Joint Venture: Bao Viet Tokyo Marine (JV between Baoviet and Tokio Marine), United Insurance Co. (UIC – the JV among Bao Minh, Sompo & LG), Samsung Vina Insurance (JV between Samsung and VinaRe) Reinsurer: Vietnam National Insurance Corp (VinaRe). PVI Reinsurance Joint Stock Corporation (PVIRe) Brokers As insurance is best arranged through a licensed insurance broker who can help companies to assess the underlying risks and then arrange appropriate insurance on their behalf, there are a number of licensed insurance brokers. International: Jardine Lloyd Thompson (JLT), Aon, Marsh, Grass Savoye Willis, Toyota Tsusho


Local: Viet Quoc, A Dong, Thai Binh Duong, Sao Viet, CIMEICO, Nam A

102


Vietnam Insurance Market Overview 30 Non-life Insurers

Joint-stock (17)

Joint-venture (2)

Ƈ Bao Viet Ƈ Bao Minh Ƈ Bao Long Ƈ PVI Ƈ PJICO Ƈ PTI Ƈ VASS Ƈ AAA Ƈ GIC Ƈ ABIC Ƈ MIC Ƈ VNI Ƈ HVI Ƈ BSH Ƈ Vietinsco Ƈ Xuan Thanh Ƈ BIC

Ƈ UIC Ƈ Baoviet Tokyo Marine

Foreign-owned (11) Ƈ AIG Ƈ QBE Ƈ Groupama Ƈ ACE Ƈ Liberty Ƈ MSIG Ƈ Fubon Ƈ PAC Ƈ Cathay Ƈ Samsung Ƈ SGI Hanoi

(Source: Vietnam Insurance Associate – Quarter 1 of 2015)


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VIETNAM BUSINESS ENVIRONMENT WORKFORCE The estimated population of Vietnam in 2016 will be circa 92.2 million (as the General Office for Population Family Planning). 3XUVXDQW WR WKH 'HFUHH 1R 1Ĉ&3 RI WKH Government dated 14th November 2015 with effect from 1st Jan 2016, the region-based minimum wage for employees working for companies, cooperatives, cooperative groups, farms, households, individuals and organizations hiring employees under labor contracts as follows: VND 3,500,000/month operating in region I. VND 3,100,000/month operating in region II. VND 2,700,000/month operating in region III. VND 2,400,000/month operating in region IV.

shall be applied to enterprises shall be applied to enterprises shall be applied to enterprises shall be applied to enterprises


In accordance with the Law No. 58/2014/QH13 on Social Insurance (“Law”). Below are some remarkable changes of the Law on Social Insurance:

104

Firstly, since January 1, 2016, for employees who pay social insurance premiums according to the employer-decided salary regime, their monthly salary on which social insurance premiums are based is their salary plus salary-based allowance as prescribed in the labor law. Secondly, for Social and Health Insurance, the contribution is capped at 20 times of the common minimum salary but for Unemployment Insurance, the contribution is capped at 20 times of the minimum regional salary (note that the regional minimum salary is way higher than the common minimum salary as the basis for previous cap). Thirdly, regarding the sickness regime, the method to define the sickness allowance is changed. In detail, the per-diem sickness allowance must equal the monthly sickness allowance divided by 24 (working) days instead of 26 as before. VIETNAM BUSINESS ENVIRONMENT

Fourthly, on the side of maternity regime, the new Law provides on some majority changes: (i) Male employees currently paying social insurance premiums whose wives give birth to children are entitled to a maternity leave; (ii) the method to define the per-diem maternity allowance in cases of check-ups, miscarriage, abortion, taking intrauterine devices, taking sterilization measures is equal to the monthly sickness allowance divided by 24 (working) days instead of 26 as before; (iii) The per-diem allowance for convalescence and health rehabilitation after sickness must equal 30% of the basic salary.


105

OTHER INFORMATION

5

Vietnam Map Domestic Routes Relevant Websites Public Holidays Prime Rates IDD Codes and Time Differences Conversion Factors Some Interesting Facts Vietnam Key Data Arcadis Asia Leadership Team Arcadis Asia Sectors Arcadis Asia Services Directory of offices Acknowledgement

5

OTHER INFORMATION


VIETNAM MAP

108

(Source: Wikimedia)

OTHER INFORMATION

DOMESTIC ROUTES DISTANCE

FLIGHT TIME

MILES/KMS OUTBOUND RETURN HA NOI TO

Da Lat

662/1065

1:40

1:40

Da Lat

133/214

0:50

0:50

Vinh

549/883

1:45

1:45

HO CHI MINH CITY TO

DA NANG TO

(Source: VietnamAirlines)

OTHER INFORMATION

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OTHER INFORMATION RELEVANT WEBSITES Government Office Ministry of Public Security Ministry of Home Affairs Ministry of Justice Ministry of Planning and Investment Ministry of Finance Ministry of Industry and Trade Ministry of Agriculture and Rural Development Ministry of Transport Ministry of Construction Ministry of Natural Resources and Environment Ministry of Information and Communication Ministry of Labor, War Invalid and Social Affairs Ministry of Culture, Sports and Tourism Ministry of Science and Technology


Ministry of Health Portal

110

Ministry of Education and Training Ministry of Foreign Affairs The State Bank of Vietnam General Statistics Office of Vietnam Directorate for Standards, Metrology and Quality Vietnam National Administration of Tourism Vietnam Customs Vietnam Register

OTHER INFORMATION

http://www.chinhphu.vn http://www.mps.gov.vn http://www.moha.gov.vn http://www.moj.gov.vn http://www.mpi.gov.vn http://www.mof.gov.vn http://www.moit.gov.vn http://www.mard.gov.vn http://www.mt.gov.vn http://www.moc.gov.vn http://www.monre.gov.vn http://mic.gov.vn http://www.molisa.gov.vn http://www.cinet.gov.vn http://www.most.gov.vn http://www.moh.gov.vn http://www.moet.gov.vn http://www.mofa.gov.vn http://www.sbv.gov.vn http://www.gso.gov.vn http://www.tcvn.gov.vn http://www.vietnamtourism.com http://www.customs.gov.vn http://www.vr.org.vn

OTHER INFORMATION

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OTHER INFORMATION PUBLIC HOLIDAYS

2016 VIETNAM Normal Scheduled Holidays

Solar New Year Lunar New Year Liberation Day of Saigon International Labour Day National Day Hung Vuong King Celeration

1 Jan 8,9,10,11,12 Feb 30 Apr 1 May 2, 3 May # 2 Sep 16 Apr 18 Apr ##

# Subtitude for 30 Apr & 1 May (Sat & Sun) ## Subtitude for 16 Apr (Sat)

CHINA


New Year's Day Chinese New Year's Eve Chinese New Year $

112

Tomb-sweeping Day Labour Day^ Dragon-boat Festival Mid Autumn Festival @ National Day#

01 Jan 07 Feb 08 Feb 09 Feb 10 Feb 04 Apr 01 May 09 Jun 15 Sep 01 Oct 02 Oct 03 Oct

$ 11 - 13 February 2016 are holidays. 6 and 14 February 2016 are working days. ^ 2 May 2016 are holidays. 4 May 2016 is working day. *10 - 11 Jun 2016 are holidays. 12 June 2016 is working day. @ 16 - 17 September 2016 are holidays. 18 September 2016 is working day. # 4 - 7 October 2016 are holidays. 8 - 9 October 2016 are working days.

OTHER INFORMATION

2016 HONGKONG

The first day of January Lunar New Year's Day The 2nd day of Lunar New Year The 3rd day of Lunar New Year Good Friday The day following Good Friday The day following Ching Ming Festival Easter Monday Ching Ming Festival Labour Day The day following Labour Day Buddha's Birthday Tuen Ng Festival HKSAR Establishment Day The day following Chinese Mid-Autumn Festival National Day Chung Yeung Festival The day following Chung Yung Festival Christmas Day The 1st week-day after Christmas Day The 2nd week-day after Christmas Day

01 Jan 08 Feb 09 Feb 10 Feb 25 Mar 26 Mar 28 Mar 4 Apr 02 May* 14 May 09 Jun 01 Jul 16 Sep 01 Oct 10 Oct*

26 Dec 27 Dec*

As both the Labour Day and the Chung Yeung Festival in 2016 fall on a Sunday, the day following them is designated as a general holiday in substitution; and as Christmas Day in 2016 falls on a Sunday, the second weekday after Christmas Day is designated as a general holiday in substitution.

OTHER INFORMATION

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5

OTHER INFORMATION PUBLIC HOLIDAYS (cont’d)

2016


MACAU

114

New Year's Day Lunar New Year's Eve (Afternoon) Lunar New Year's Day The 2nd day of Lunar New Year The 3rd day of Lunar New Year The 4th day of Lunar New Year The 5th day of Lunar New Year Good Friday The day before Easter Ching Ming Festival The first working day after the Day before Easter The second working day after Ching Ming Festival Labour Day The first working day after Labor Day The Buddha's Birthday The first working day after Buddha's Birthday Tung Ng Festival (Dragon Boat Festival) The first working day after Tung Ng Festival Bank's Holiday The day following Mid-Autumn Festival National Day The day following National Day The first working day after National Day The second working day after National Day Chung Yeung Festival The first working day after Chung Yeung Festival All Soul's Day Feast of the Immaculate Conception Macau SAR Establishment Day The first working day after Macau SAR Establishment Day Winter Solstice Christmas Eve Christmas Day The first working day after Christmas Day The Second working day after Christmas Day New Year's Eve (Afternoon)

01 Jan#* 08 Feb*# 09 Feb*# 10 Feb*# 25 Mar# 26 Mar 04 Apr*# 28 Mar@# 01 May* 02 May@# 14 May 16 May@ 09 Jun# 01 Jul# 16 Sep*# 01 Oct* 02 Oct 03 Oct@# 04 Oct@ 09 Oct* 10 Oct@# 02 Nov# 08 Dec# 20 Dec*# 21 Dec 24 Dec 25 Dec 26 Dec@# 27 Dec@# -

# Bank's Holiday * Obligatory Holiday @ Special Holiday Granted by Chief Executive for staff in Public Administration

OTHER INFORMATION

2016 BRUNEI New Year's Day Chinese New Year National Day Israk Miraj Royal Brunei Armed Forces Anniversary First Day of Ramadhan * Anniversary of the Revelation of the Holy Koran * Hari Raya Aidilfitri * Hari Raya Aidilfitri * Hari Raya Aidilfitri * HM The Sultan's Birthday** Hari Raya Aidil Adha*/** Islamic New Year*/** Christmas Day

01-Jan 08-Feb 23-Feb 06-May 31-May 06-Jun 22-Jun 07-Jul 09-Jul 11-Jul 15-Jul 11-Sep 02-Oct 25-Dec

* Subject to Change ** Replacement for Fridays / Sundays Fridays and Sundays are government off days

SINGAPORE New Year's Day Chinese New Year Good Friday Labour Day Vesak Day Hari Raya Puasa National Day Hari Raya Haji Deepavali Christmas Day

01-Jan 08-Feb 09-Feb 25-Mar 1-May # 21-May 06-Jul 09-Aug 12-Sep 29-Oct 25-Dec #

# The following Monday will be a public holiday.

OTHER INFORMATION

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2016 PHILIPPINES A. Regular Holidays New Year's Day Maundy Thursday Good Friday Araw ng Kagitingan Labour Day Independence Day End of Eid-ul-Fitre National Heroes' Day Eid-ul Adha Bonifacio Day Christmas Day Rizal Day

01 Jan 24 Mar 25 Mar 09 Apr 01 May 12 Jun 08 Jul 29 Aug 13 Sep 30 Nov 25 Dec 30 Dec


B. Special Holidays (Non-Working Holidays)

116

Chinese New Year Black Saturday (Additional) Ninoy Aquino Day All Saint's Day All Souls Day (Additional) Christmas Eve (Additional) Last Day of the Year (Additional)

08 Feb 26 Mar 21 Aug 01 Nov 02 Nov 24 Dec 31 Dec

OTHER INFORMATION

2016 MALAYSIA New Year's Day ** Chinese New Year Labour Day Wesak Day King/Agong's Birthday Hari Raya Aidilfitri* National Day Hari Raya Qurban* Malaysia Day Awal Muharam (Maal Hijrah) Deepavali* Prophet Muhammad's Birthday Christmas Day

01-Jan 08-Feb 09-Feb 01-May 21-May 04-Jun 06-Jul 07-Jul 31-Aug 12-Sep 16-Sep 02-Oct# 29-Oct 12-Dec 25-Dec#

* Subject to change ** Except Johor, Kelantan, Kedah, Perlis & Terengganu # The following Monday will be an additional public holiday

INDONESIA New Year's Day Chinese new Year (Imlek) Hindu Day of Quiet (Nyepi) Good Friday International Labour Day Ascension Day of Jesus Christ Ascension of Prophet Mohammad Waicak Day Idul Fitri* National Independence Day Idul Adha Day Hijriyah New Year Prophet Muhammad's Birthday Christmas Day

01-Jan 08-Feb 09-Mar 25-Mar 01-May 05-May 06-May 22-May 06-Jul 07-Jul 17-Aug 12-Sep 02-Oct 12-Dec 25-Dec

* Subject to changes

OTHER INFORMATION

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2016 THAILAND New Year's Day Chinese New Year* Makha Bucha Day Chakri Memorial Day Songkran Festival


National Labour Day Coronation Day Royal Ploughing Ceremony Day+ Visakha Bucha Day Mid Year Bank Holiday# Asarnha Bucha Day Khao Phansa Day (Buddhist Lent Day)+ H.M. The Queen's Birthday Chulalongkorn Day H.M. The King's Birthday Constitution Day New Year's Eve

118

1 Jan 8 Feb 22 Feb 6 Apr 13 Apr 14 Apr 15 Apr 2 May1 5 May 25 April 20 May 1 July 19 July 20 July 12 Aug 24 Oct2 5 Dec 12 Dec3 2 Jan 20174

* Unofficial Chinese Community Only # Banks only + Government only @ Special Holiday Granted by Thai Government 1

- Substitute for 1 May 2016 (Sunday) - Substitute for 23 October 2016 (Sunday) - Substitute for 10 December 2016 (Saturday) 4 - Substitute for 31 December 2016 (Saturday) 2 3

OTHER INFORMATION

2016 INDIA New Year's Day Republic Day Good Friday Ugadi Ramnavami Independence Day Ganesh Chaturthi Dusshera Karnataka Formation Day

01-Jan 26-Jan 25-Mar 08-Apr 15-Apr 15-Aug 05-Sep 12-Oct 01-Nov

KOREA New Year's Day Lunar New Year (Seol) Independent Movement Day Children's Day Buddha's Birthday Memorial Day Liberation Day Full Moon Day (Chuseok) National Foundation day Hangul Proclamation Day Christmas Day

OTHER INFORMATION

01-Jan 07-Feb 01-Mar 05-May 14-May 06-Jun 15-Aug 14-Sep 03-Oct 09-Oct 25-Dec

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5


2016 TAIWAN


Founding Day Lunar New Year's Eve Lunar New Year's Day The 2nd day of Lunar New Year The 3rd day of Lunar New Year The 4th day of Lunar New Year The 5th day of Lunar New Year Peace Memorial Day Children's Day Ching Ming Festival Dragon Boat Festival Extra vacation day after Dragon Boat Festival Mid-Autumn Festival Extra vacation day after Mid-Autumn Festival Double Ten Day

120

01 Jan 07 Feb 08 Feb 09 Feb 10 Feb 11 Feb* 12 Feb# 29 Feb 04 Apr* 05 Apr 09 Jun 10 Jun# 15 Sep 16 Sep# 10 Oct

*When the memorial day or holiday falls on a Saturday or Sunday, a deferred day off will be granted. If a memorial day or a holiday falls on a Saturday, the deferred day off is on the preceding workday; if a memorial day or a holiday falls on a Sunday, the deferred day off is on the following workday. However, the deferred days off for Chinese New Year’s Eve and Chinese New Year are always on the following workdays. # The extra vacation days will have to be made up on the Saturday before the long weekends occur.

OTHER INFORMATION

PRIME RATES (as at 4th Quarter 2015)

RATE (%) COUNTRY

4Q 2010

4Q 2011

4Q 2012

4Q 2013

4Q 2014

4Q 2015

Brunei

5.50

5.50

5.50

5.50

5.50

5.50

China**

5.60

6.90

6.40

6.15

6.15

4.75

Hong Kong

5.00

5.00

5.00

5.00

5.00

5.00

India

8.50

14.75

9.75

8.75

10.25

9.95

Indonesia

6.50

6.00

5.75

7.50

7.75

7.75

Macau

5.25

5.25

5.25

5.25

5.25

5.25

Malaysia^^^

6.30

6.60

6.60

6.60

6.85

4.65

Philippines

6.54

5.74

5.32

4.66

4.36

4.51

Singapore

5.38

5.38

5.38

5.38

5.35

5.35

South Korea+

2.38

3.25

2.76

2.50

2.00

1.50

Thailand#

6.56

7.71

7.52

7.51

7.28

7.10

United Kingdom

0.50

0.50

0.50

0.50

0.50

0.50

United States of America

3.25

3.25

3.25

3.25

3.25

3.25

Vietnam##

9.00

9.00

9.00

9.00

9.00

9.00

China** = 3-year Benchmark Lending Rate Malaysia^^^ = Indicative Effective Lending Rate South Korea+ = Call Rate of The Bank of Korea (Implementation date is Nov 22nd 2012) Thailand # = Minimum Loan Rate % per annum (avg based on local bank) Vietnam## = Min and in VND per year

OTHER INFORMATION

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5

OTHER INFORMATION IDD CODES AND TIME DIFFERENCES


LOCATION

122

Australia: Melbourne Perth Sydney Bahrain Bangladesh (Dhaka) Bhutan (Thimphu) Brunei: Bandar Seri Begawan Kuala Belait Cambodia (Phnom Penh) Canada: Toronto (Metropolitan) Vancouver China: Beijing Guangzhou Hong Kong Macau Shanghai Shenzhen France (Paris) India: Bangalore Chennai New Delhi Mumbai Indonesia: Bali Jakarta Ireland: Cork Dublin Japan: Tokyo Osaka Kazakhstan (Almaty) Korea (Seoul) Korea (Pyongyang) Laos (Vientiane)

IDD COUNTRY CODE

AREA CODE

TIME DIFFERENCE (Hours)*

61 61 61 973 880 975

3 8 2 2 2

+3 0 +3 -5 -2 -2

673 673 855

2 3 23

0 0 -1

1 1

416 604

-13 -16

86 86 852 853 86 86 33

10 20 21 755 1

0 0 0 0 0 0 -7

91 91 91 91

80 44 11 22

-2.5 -2.5 -2.5 -2.5

62 62

36 21

0 -1

353 353

21 1

-8 -8

81 81 7 82 850 856

3 6 327 2 2 21

+1 +1 -2 +1 +1 -1

Source: www.worldtimeserver.com ; www.worldtimezone.com www.timeanddate.com

OTHER INFORMATION

LOCATION

Malaysia: Johor Bahru Kota Kinabalu Kuala Lumpur Kuching Penang Mongolia (Ulaanbaatar) Myanmar (Rangoon) Nepal (Kathmandu) New Zealand: Auckland Wellington Pakistan (Karachi) Philippines (Manila) Qatar Singapore Spain: Barcelona Girona South Africa: Johannesburg Cape Town Sri Lanka (Colombo) Russia (Moscow) Taiwan (Taipei) Thailand: Bangkok Phuket United Arab Emirates: Abu Dhabi Dubai United Kingdom: London Edinburgh USA: Los Angeles New York Vietnam: Ho Chi Minh City Hanoi *

IDD COUNTRY CODE

AREA CODE

TIME DIFFERENCE (Hours)*

60 60 60 60 60 976 95 977

7 88 3 82 4 11 1 1

0 0 0 0 0 0 -1.5 -2.25

64 64 92 63 974 65

9 4 21 2 -

+5 +5 -3 0 -5 0

34 34

93 972

-7 -7

27 27 94 7 886

11 21 11 495 2

-6 -6 -2.5 -5 0

66 66

2 76

-1 -1

971 971

2 4

-4 -4

44 44

20 131

-8 -8

1 1

213 212

-16 -13

84 84

8 4

-1 -1

As compared to Hong Kong. Allowance should be made for seasonal time variations. Time differences above as at 1 January.

OTHER INFORMATION

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5

OTHER INFORMATION


CONVERSION FACTORS

124

OTHER INFORMATION

OTHER INFORMATION

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OTHER INFORMATION SOME INTERESTING FACTS Vietnam’s history can roughly be divided into the following periods: Pre-history: from circa 400,000 years (Palaeolithic to 4,000 years (Neolithic) ago, cultures in the area included Son Vi, Hoa Binh, Bac Son, Ha Long, and Hoa Loc. Proto-history: According to legends, Vietnam riginated in the seventh century BC when the Hung Kings founded Van Lang. In the third century BC, King An Duong Vuong named founded Au Lac and ruled until 179 B.C. Chinese Occupation: Vietnam was occupied by China from the first to the tenth century A.D. Monarchy: Kings rules the area from 968 to 1945. Independence: The Socialist Republic of Vienam was founded after the 1945 revolution, when President Ho Chi Minh declared independence. French War: Vietnam battled French colonialism from 1858 to the August Revolution in 1945, and from 1946 to the victory at Bien Bien Phu in 1954. American War: Vietnam fought America from 1954 to Ho Chi Minh’s victory on April 30, 1975. From 1975 until now: Vietnam has been working towards development and success and has been member of International Organizations 1976: Non–Aligned Movement (NAM)


1976, Jun: World Intellectual Property Organization (WIPO)

126

1976, Oct: Member of UNESCO 1977, Sep: Vietnam became the member of The United Unions (UN) 1995, Jul: Vietnam became the seventh member of Association of Southeast Asian Nations (ASEAN) 1995, Jul: ASEAN Free Trade Area (AFTA) 1996: The Asia-Europe Meeting (ASEM) 1998, Nov: Asia-Pacific Economic Cooperation (APEC) 2000, Jul: signed the Bilateral Trade Agreement (BTA) with the United States 2007, Jan: Vietnam became the 150th member of the World Trade Organization (WTO) 2013, Jul: Vietnam maintains diplomatic relationships with 182 nations throughout the world, including permanent members of United Nations Security Council OTHER INFORMATION

2015, May: Free Trade Agreement (FTA), South Korea and Vietnam sign Free-Trade Agreement 2015, May: The Free Trade Agreement between the Socialist Republic of Viet Nam and the Eurasian Economic Union and its Members States, of the other part (VN-EAEU FTA) 2015, Oct: The Trans-Pacific Partnership (“TPP”) was concluded on 5 October 2015 in Atlanta, Georgia, USA. 2015, Nov: ASEAN Economic Community (AEC) 2015, Dec: Free Trade Agreement between EU and Vietnam (EVFTA)

OTHER INFORMATION

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OTHER INFORMATION VIETNAM KEY DATA Government Country Name

:

The Socialist Republic of Vietnam

Head of State

:

President

Government Type

:

Socialist Republic

Head of Government

:

Prime Minister

Capital City

:

Hanoi

Administrative Divisions :

58 provinces and 5 municipalities

Independence

:

2nd September 1945

Legal System

:

Based on Constitution of Vietnam

Official Language

:

Vietnamese

National Language

:

Vietnamese

Geography Geographic Coordinates :

16 10 N, 107 50 E

Location

:

South East Asia

Border Countries

:

Cambodia 1,158 km,

Total Area

:

331,210 sq km

Land Area

:

310,070 sq km

Water

:

21,140 sq km

Land use

:

arable land: 19.64%;

China 1,297 km, Laos 2,161 km

permanent crops: 11.18%;


other: 69.18%

128

Irrigated Land

:

45,850 sq km (2005)

Coastline

:

3,444 km (excludes islands)

Land boundaries

:

4,616 km

Natural Resources

:

phosphates, coal, manganese, rare earth

elements, bauxite,

chromate, offshore oil and gas deposits, timber, hydropower Climate type

:

tropical in south; monsoonal in north with hot, rainy season (May to September) and warm, dry season (October to March)

Natural hazards

:

occasional typhoons (May to January) with extensive flooding, especially in the Mekong River delta

OTHER INFORMATION

People Total Population

: 91.70 million (2015 est.)

Age structure

: Urban: 31.45% Rural: 60.25% Male: 49.35% Female: 60.64%

Population Growth Rate : 1.07% (2015 est.) Median Age

: total: 30.4 (2015 est.)

Life Expectancy

: average age: 73.3 years old male: 70.7 years old female: 76.1 years old

Urban Population Hanoi

: 7.38 million (2015 est.)

Ho Chi Minh City

: 8.22 million (2015 est.)

Ethnic Groups

: 54 Ethnic Groups Kinh (Viet) 85.7%, Tay 1.9%, Thai 1.8%, Muong 1.5%, Khome 1.5%, Hmong 1.2%, Nung 1.1%, others 5.3% (2009 census)

Languages

: Vietnamese

(official),

English

(increasingly favored as a second language), some French, Chinese, and Khmer; mountain area languages (Mon-Khmer and Malayo-Polynesian) Literacy (definition: age : total population: 94.7% (2014 est.) 15 and over can read and write) Population below

male: 96.4% (2014 est.) female: 93% (2014 est.) : 11.3% (2012 est.)

poverty line Labor Force

: 54.61 million (2015 est.)

Labor Force by

: Agriculture: 44.3% (2015 est.)

occupation

Industry: 22.9% (2015 est.) Services: 32.8% (2015 est.)

Unemployment Rate

OTHER INFORMATION

: 2.31% (2015 est.)

129

5

OTHER INFORMATION VIETNAM KEY DATA (cont’d) Economy Monetary Unit

: Vietnamese Dong

Currency Code

: VND

Exchange rate to USD

dong (VND) per : 21,945 (2015 average)

Euro

: 24,469 (2015 average)

British Pound

: 33,693 (2015 average)

Average Consumer

: 0.63% (2015 est)

Price Index (CPI) Fiscal Year

: 1 January to 31 December

GDP (Official Exchange : US$ 191.06 billion (2015 est) Rate) GDP Growth Rate

: 6.68% (2015 est)

GDP composition by

: Agriculture: 17%

sectors

Industry: 33.25% Services: 39.73% (2015 est.)

Trade Total Exports

: US$ 162.4 billion

Major Exports

: 1-Telephones, mobile phones and

Commodities

parts thereof 2-Textiles and garments


3-Computers, electrical products,

130

spare-parts and components thereof 4-Foot-wear 5-Fishery products 6-Crude oil 7-Machine, equipment, tools and instruments 8-Wood and wooden products 9-Other means of transportation, parts and accessories thereof 10-Rice Export Partners

: EU 10,7%, US 17%, Asean - 4,2%, Japan - 4%, Korea 25,2%, China 13.7%

Total Imports

: US$ 165.6 billion

(USD billion)

OTHER INFORMATION

Major Imports Commodities

: 1- Machine, equipment, tools and instruments 2- Computers, electrical products, spare-parts and components thereof 3- Textile, leather and foot-wears materials and auxiliaries group 4- Telephones, mobile phones and parts thereof 5- Petroleum products 6- Iron and steel 7- Plastics 8- Animal fodders and animal fodders materials 9- Chemical 10- Other means of transportation, parts and auxiliaries thereof

Commodities

: products, fertilizer, steel products, raw

Import Partners

: China 12.9%, Asean 3.8%, Korea 27.4%,

International Airports

: Tan Son Nhat International Airport

cotton, grain, cement, motorcycles EU 16.3%, Japan 11.6%, US 27% (Ho Chi Minh City), Da Nang International Airport (Da Nang), Hanoi Noi Bai International Airport (Hanoi), Nha Trang

Cam

Ranh

Airport

(Nha

Trang),

International Can

Tho

International Airport (Can Tho) Major Seaports

: Cam Pha Port (Quang Ninh), Hai Phong Port (Hai Phong), Nghi Son Port (Thanh Hoa), Cua Lo Port (Nghe An), Vung Ang Port (Ha Tinh), Chan May Port (Thua Thien Hue), Da Nang Port (Da Nang), Dung Quoc Port (Quang Ngai), Quy Nhon Port (Binh Dinh), Van Phong Port (Khanh Hoa), Saigon Port (Ho Chi Minh City), Vung Tau Port (Vung Tau), Dong Nai Port (Dong Nai), Can Tho Port (Can Tho)

OTHER INFORMATION

131

5

OTHER INFORMATION ARCADIS ASIA LEADERSHIP TEAM

Kenneth Poon Chief Executive Officer, Asia [email protected]

Matt Bennion Chief Operating Officer, Asia [email protected]

Graham Kean LANGDON & SEAH VIETNAM CO., LTD

Director

132

[email protected]

Eric de Kruif Chief Financial Officer, Asia [email protected]

OTHER INFORMATION

Loo Ming Chee Regional Head, Southeast Asia [email protected]

Alan Hearn Regional Head, East Asia & India [email protected]

Lai Pak Hung Head of Greater China [email protected]

OTHER INFORMATION

133

5

OTHER INFORMATION ARCADIS ASIA SECTORS AUTOMOTIVE


AVIATION

134

CHEMICALS & PHARMACEUTICALS

OTHER INFORMATION

COMMERCIAL DEVELOPERS

FINANCIAL INSTITUTIONS

OIL AND GAS

OTHER INFORMATION

135

5

OTHER INFORMATION ARCADIS ASIA SECTORS (cont’d) RAIL


RETAIL & CONGLOMERATES

136

OTHER INFORMATION

ARCADIS ASIA SERVICES BUSINESS ADVISORY

COST MANAGEMENT

CONTRACT SOLUTIONS

OTHER INFORMATION

137

5

OTHER INFORMATION ARCADIS ASIA SERVICES (cont’d) ENVIRONMENT


PROJECT & PROGRAMME MANAGEMENT

138

WATER

OTHER INFORMATION

DIRECTORY OF OFFICES CHINA HONG KONG ARCADIS ASIA LIMITED LANGDON & SEAH HONG KONG LIMITED LANGDON & SEAH CHINA LIMITED LANGDON & SEAH MANAGEMENT LIMITED 38/F, AIA Kowloon Tower, Landmark East 100 How Ming Street Kwun Tong, Kowloon Hong Kong GPS : 22.3125, 114.2223 Tel : (852) 2830 3500 Fax : (852) 2576 0416 Email : [email protected] Contact : Au Kai Ming, Francis BEIJING LANGDON & SEAH (BEIJING) CONSTRUCTION CONSULTANTS CO. LTD. Suite 1225 - 1242, South Wing Central Tower, Junefield Plaza 10 Xuan Wu Men Wai Street Beijing 100052 China GPS : 39.896738, 116.375676 Tel : (86 10) 6310 1136 Fax : (86 10) 6310 1143 Email : [email protected] Contact : Chan Chi Keung, Andrew CHANGSHA LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. CHANGSHA BRANCH Room 11051, Zhong Tian Plaza 766 Wu Yi Avenue Furong District Changsha Hunan Province 410005 China GPS : 28.195151, 112.983057 Tel : (86 731) 8971 1860 Fax : (86 731) 8971 6736 Email : [email protected] Contact : Chen Yong

(Cont’d)

OTHER INFORMATION

139

5

OTHER INFORMATION DIRECTORY OF OFFICES


CHENGDU LANGDON & SEAH CONSULTANCY (CHENGDU) CO. LTD. Room 807, Block A Times Plaza 2 Zongfu Road Chengdu Sichuan Province 610016 China GPS : 30.656666, 104.080567 Tel : (86 28) 8671 8373 Fax : (86 28) 8671 8535 Email : [email protected] Contact : Lum Ka Wai, Andy

140

CHONGQING LANGDON & SEAH CONSULTANCY (CHENGDU) CO. LTD. CHONGQING BRANCH Room 3408, International Trade Centre 38 Qing Nian Road Central District Chongqing 400010 China GPS : 29.556331, 106.574332 Tel : (86 23) 8655 1333 Fax : (86 23) 8655 1616 Email : [email protected] Contact : Lin Wai Yip, Gary DALIAN LANGDON & SEAH (BEIJING) CONSTRUCTION CONSULTANTS CO. LTD. DALIAN BRANCH Unit 07, 32F, Xiwang Tower 136 Zhongshan Road Zhongshan District Dalian Liaoning Province 116001 China GPS : 38.914864, 121.631245 Tel : (86 411) 8800 8018 Fax : (86 411) 8800 8823 Email : [email protected] Contact : Ng Hin Kan, Kenn

OTHER INFORMATION

FOSHAN LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. FOSHAN BRANCH 3/F, Foshan Ling Nan Tian Di Zu Miao Road Shop Nos. Z01 - Z11 Zu Miao Road Foshan Guangdong Province 528000 China GPS : 23.031224, 113.11278 Tel : (86 757) 8203 0028 Fax : (86 757) 8203 0029 Email : [email protected] Contact : Lee Kwok Wing, Dickey GUANGZHOU LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. GUANGZHOU BRANCH 3A10 - 18 Unit, 3/F Bank of America Plaza 555 Ren Min Zhong Road Guangzhou Guangdong Province 510145 China GPS : 23.123148, 113.253628 Tel : (86 20) 8130 3813 Fax : (86 20) 8130 3812 Email : [email protected] Contact : Wong Wing Cheung, Jack HAIKOU LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. HAIKOU BRANCH Unit B, 27/F, Times Square 2 Guomao Road Haikou Hainan Province 570100 China GPS : 20.029509, 110.326235 Tel : (86 898) 6652 7818 Fax : (86 898) 6652 7809 Email : [email protected] Contact : Yi Zheng Gang

(Cont’d)

OTHER INFORMATION

141

5


HANGZHOU LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. HANGZHOU BRANCH Room 2305, WinNing International 100 Min Xin Road Hangzhou Zhejiang Province 310016 China GPS : 30.251755, 120.218913 Tel : (86 571) 2829 7766 Fax : (86 571) 2829 7622 Email : [email protected] Contact : Lu Mei Hua / Zhou Yuan


HENGQIN LANGDON & SEAH CONSULTANCY ZHUHAI HENGQIN CO. LTD. 7/F, 156 Nan Shan Ju Road Hengqin, Zhuhai Guangdong Province 519031 China GPS : 22.142774, 113.544438 Tel : (86 756) 868 8986 Fax : (86 756) 868 8969 Email : [email protected] Contact : Wan Chi Shing, Stanley

142

MACAU LANGDON & SEAH MACAU LIMITED Avenida da Praia Grande, No. 594 Edificio BCM, 12th Floor Macau GPS : 22.192210, 113.541252 Tel : (853) 2833 1710 Fax : (853) 2833 1532 Email : [email protected] Contact : Chan Yuk Sim, Katherine

OTHER INFORMATION

NANJING LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. NANJING BRANCH 1104 South Tower Jinmao Plaza 201 Zhong Yang Road Nanjing Jiangsu Province 210009 China GPS : 32.071984, 118.783443 Tel : (86 25) 5791 1860 Fax : (86 25) 6698 1860 Email : [email protected] Contact : Chen Taofen QINGDAO LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. QINGDAO BRANCH Room 09, 16/F, HNA Center 234 Yan An San Road Shinan District Qingdao Shangdong Province 266071 China GPS : 36.060852, 120.375351 Tel : (86 532) 8280 1818 Fax : (86 532) 8280 1881 Email : [email protected] Contact : Feng Shi En, Andy SHANGHAI LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. 11th Floor, Building C, The Place No. 150, Zunyi Road Changning District Shanghai 200051 China GPS : 31.207363, 121.407984 Tel : (86 21) 6026 1300 Fax : (86 21) 6026 1800 Email : [email protected] Contact : Chan Hoi Or, Joe

(Cont’d)

OTHER INFORMATION

143

5



SHENYANG LANGDON & SEAH (BEIJING) CONSTRUCTION CONSULTANTS CO. LTD. SHENYANG BRANCH Room 1801, 1806 - 1809, 18/F E Tower of Fortune Plaza 59 Beizhan Road Shenhe District Shenyang Liaoning Province 110013 China GPS : 41.814314, 123.435484 Tel : (86 24) 3195 8880 Fax : (86 24) 3128 6983 Email : [email protected] Contact : Chow Hau Ming, Simon

144

SHENZHEN LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. Room 1001, AVIC Centre 1018 Huafu Road Shenzhen Guangdong Province 518031 China GPS : 22.543241, 114.082051 Tel : (86 755) 2598 1841 Fax : (86 755) 2598 1854 Email : [email protected] Contact : Lo Kwok Chu, Kenneth SUZHOU LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. SUZHOU BRANCH Room 906, Century Financial Tower 1 Suzhou Avenue West Suzhou Jiangsu Province 215021 China GPS : 31.315872, 120.674879 Tel : (86 512) 8777 5599 Fax : (86 512) 8777 5600 Email : [email protected] Contact : Zhang Rui

OTHER INFORMATION

TIANJIN LANGDON & SEAH CONSULTANCY CO. LTD. TIANJIN BRANCH 4002, 40/F Tianjin World Financial Centre Office Tower 2 Dagubei Road He Ping District Tianjin 300020 China GPS : 39.129619, 117.202758 Tel : (86 22) 2329 8611 Fax : (86 22) 2319 3186 Email : [email protected] Contact : Wong Chin Ying WUHAN LANGDON & SEAH CONSULTANCY (SHANGHAI) CO., LTD. WUHAN BRANCH Room 1008, 10/F Corporate Centre 5 Wuhan Tiandi 1628 Zhongshan Road Wuhan Hubei Province 430010 China GPS : 30.608202, 114.310273 Tel : (86 27) 5920 9299 Fax : (86 27) 5920 9298 Email : [email protected] Contact : Guang Rong XI’AN LANGDON & SEAH CONSULTANCY (SHENZHEN) CO., LTD. XI’AN BRANCH Unit 06-07, 16/F, CapitaMall Office Building 64 South Second Ring Western Xi’an Shaanxi Province 710065 China GPS : 34.230397, 108.934893 Tel : (86 29) 8866 9711 Fax : (86 29) 8866 9760 Email : [email protected] Contact : Wang Zhu Zhu (Cont’d)

OTHER INFORMATION

145

5

OTHER INFORMATION DIRECTORY OF OFFICES BRUNEI BANDAR SERI BEGAWAN LANGDON & SEAH JURUUKUR BAHAN dan PENGURUSAN UTAMACON Unit 25, BT Complex, Kg. Jaya Setia Mukim Berakas 'A' BB2713 P.O. Box 313 Bandar Seri Begawan BS8670 Negara Brunei Darussalam GPS : 4.9394, 114.9377 Tel : (673) 233 2833 Fax : (673) 233 2933 Email : [email protected] Contact : Shafie Yusof


KUALA BELAIT JBPU (B) SDN BHD Unit 1, 1st Floor Tang Ching Ying (TCY) Building Lot 118, Jalan Sungai Kuala Belait, KA 2331 Negara Brunei Darussalam Tel : (673) 334 7641 Email : [email protected] Contact : Shafie Yusof / Shahril Othman

146

PETROKON UTAMA SDN BHD Lot 7219, Jalan Jaya Negara Kg. Pandan, P.O. Box 811 Kuala Belait KA1189 Negara Brunei Darussalam GPS : 4.5843, 114.2087 Tel : (673) 334 7878 Fax : (673) 334 7788 Email : [email protected] Contact : Shafie Yusof

OTHER INFORMATION

INDIA BANGALORE LANGDON & SEAH CONSULTING INDIA PVT. LTD. 2nd Floor, Esquire Center No. 9, M G Road Bangalore 560008 India GPS : 12.974, 77.617 Tel : (91 80) 4123 9141 Fax : (91 80) 4123 8922 Email : [email protected] Contact : Velan Murali / Biju AK CHENNAI LANGDON & SEAH CONSULTING INDIA PVT. LTD. New No. 20 West Cott Road Royapettah Chennai 600004 India GPS : 13.055, 80.265 Tel : (91 44) 2855 3137 Fax : (91 44) 2855 0141 Email : [email protected] Contact : Velan Murali / Sankar Ramakrishnan DELHI LANGDON & SEAH CONSULTING INDIA PVT. LTD. The Elements 2nd Floor, Unit No. 465 Udyog Vihar, Phase-V Gurgaon, Haryana 122016 India GPS : 28.5012, 77.085 Tel : (91 124) 430 8790 Fax : (91 124) 430 8793 Email : [email protected] Contact : Velan Murali / Arun Basu

(Cont’d)

OTHER INFORMATION

147

5


HYDERABAD LANGDON & SEAH CONSULTING INDIA PVT. LTD. 2nd Floor, Trade Fair Office Hitex Exhibition Center Izzat Nagar Hyderabad 500084 India GPS : 17.475, 78.375 Tel : (91 40) 2311 4942 Fax : (91 40) 2311 2942 Email : [email protected] Contact : Velan Murali / Bhoomeshwar Rao


KOLKATA LANGDON & SEAH CONSULTING INDIA PVT. LTD. Stesalit Towers, 6th Floor E2-3, EP & Gp Block Sector V, Salt Lake Kolkata 700091 India GPS : 22.569814, 88.433725 Tel : (91 124) 430 8790 Fax : (91 124) 430 8793 Email : [email protected] Contact : Velan Murali / Arun Basu

148

MUMBAI LANGDON & SEAH CONSULTING INDIA PVT. LTD. Unit No. 103, First Floor Akruti SMC, Khopat Junction Near Khopat Bus Depot Thane (West) 400601 Maharashtra India GPS : 19.1988, 72.9756 Tel : (91 22) 4125 6060 Fax : (91 22) 4125 6050 Email : [email protected] Contact : Velan Murali / Darshan Joshi

OTHER INFORMATION

PUNE LANGDON & SEAH CONSULTING INDIA PVT. LTD. City Survey No. 804 / B Bhandarkar Institute Road Lane No-14 Pune 411004 (Near Skoda Show Room) Maharashtra India GPS : 18.5204, 73.8567 Tel : (91 20) 2565 0417 / 2565 0419 Fax : (91 22) 3933 5556 Email : [email protected] Contact : Velan Murali / Darshan Joshi

INDONESIA BALI P.T. LANGDON & SEAH INDONESIA Level 2, Alamandra Office Jalan By Pass Ngurah Rai No. 67 Banjar Pengenderan, Kedonganan Bali 80361 Indonesia GPS : 8.7893, 115.2106 Tel : (62 361) 472 5353 Fax : (62 361) 472 5354 Email : [email protected] Contact : Ir. Putu Arya Canti JAKARTA P.T. LANGDON & SEAH INDONESIA Level 18, Ratu Plaza Office Tower Jalan Jenderal Sudirman 9 Jakarta 10270 Indonesia GPS : 6.2271, 106.8008 Tel : (62 21) 739 7550 Fax : (62 21) 739 7846 Email : [email protected] Contact : Peter Robinson

(Cont’d)

OTHER INFORMATION

149

5

OTHER INFORMATION DIRECTORY OF OFFICES MALAYSIA


SELANGOR LANGDON & SEAH SDN BHD JURU UKUR BAHAN MALAYSIA JUBM SDN BHD ARCADIS PROJEKS SDN BHD Level 5, Menara TSR 12 Jalan PJU 7/3, Mutiara Damansara 47810 Petaling Jaya Selangor Darul Ehsan, Malaysia GPS : 3.1616, 101.6129 Tel : (60 3) 2106 8000 Fax : (60 3) 2106 9090 Email : [email protected] Contact : Loo Ming Chee / Mohd Ali Abd Karim / Justin Teoh / Syed Mahadzir Syed Ahmad / Mohamad Faiz Awang / Nur Aziz Abu Bakar

150

JOHOR LANGDON & SEAH SDN BHD JURU UKUR BAHAN MALAYSIA JUBM SDN BHD ARCADIS PROJEKS SDN BHD 47, Jalan Setia Tropika 1/30 Taman Setia Tropika 81200 Johor Bahru Johor Darul Takzim, Malaysia GPS : 1.5422, 103.7111 Tel : (60 7) 232 8300 Fax : (60 7) 232 8232 Email : [email protected] Contact : Syed Mahadzir Syed Ahmad PENANG LANGDON & SEAH SDN BHD JURU UKUR BAHAN MALAYSIA JUBM SDN BHD ARCADIS PROJEKS SDN BHD Suite 3A-3, Level 3A, Wisma Great Eastern No. 25, Lebuh Light 10200 Penang, Malaysia GPS : 5.4201, 100.3408 Tel : (60 4) 264 2071 / 264 2072 / 264 2073 Fax : (60 4) 264 2068 Email : [email protected] Contact : Nur Aziz Abu Bakar

OTHER INFORMATION

SABAH LANGDON & SEAH SDN BHD JURU UKUR BAHAN MALAYSIA JUBM SDN BHD ARCADIS PROJEKS SDN BHD Suite 8A, 8th Floor, Wisma Pendidikan Jalan Padang P.O. Box 11598, 88817 Kota Kinabalu Sabah, Malaysia GPS : 5.9783, 116.0761 Tel : (60 88) 223 369 Fax : (60 88) 216 537 Email : [email protected] Contact : Ang Kun Eng SARAWAK JUBM SDN BHD No. 2 (3rd Floor), Jalan Song Thian Cheok 93100 Kuching Sarawak Malaysia GPS : 1.5532, 110.3532 Tel : (60 82) 232 212 Fax : (60 82) 232 198 Email : [email protected] Contact : Nor Azman Bin Baharum

PHILIPPINES MANILA LANGDON & SEAH PHILIPPINES INC 4th & 7th Floor, Kings Court 1 2129 Chino Roces Avenue Makati City 1231 Philippines GPS : 14.5576, 121.0135 Tel : (63 2) 811 2971 Fax : (63 2) 811 2071 Email : [email protected] Contact : Darneil Perez

(Cont’d)

OTHER INFORMATION

151

5


CEBU LANGDON & SEAH PHILIPPINES INC 12F, 2Quad Building Cardinal Rosales Avenue Cebu Business Park Cebu City 6000 Philippines GPS : 10.3142574, 123.9053502 Tel : (63 32) 232 2200 Fax : (63 32) 260 3699 Email : [email protected] Contact : Darneil Perez

SINGAPORE


LANGDON & SEAH SINGAPORE PTE LTD L&S CONTRACT ADVISORY & DISPUTE MANAGEMENT SERVICES PTE LTD 1 Magazine Road #05-01 Central Mall Singapore 059567 GPS : 1.288526, 103.842085 Tel : (65) 6222 3888 Fax : (65) 6224 7089 Email : [email protected] Contact : Eugene Seah / Ho Kong Mo

152

ARCADIS PROJECT MANAGEMENT PTE LTD 1 Magazine Road #03-12 Central Mall Singapore 059567 GPS : 1.288526, 103.842085 Tel : (65) 6239 8600 Fax : (65) 6538 4508 Email : [email protected] Contact : Seah Choo Meng / Teoh Wooi Sin / Bernard Ho

OTHER INFORMATION

SOUTH KOREA SEOUL LANGDON & SEAH KOREA CO. LTD. #429, 27 Seochojungang-ro 24-gil Seocho-gu Seoul 137-882 Korea GPS : 37.4953, 127.0164 Tel : (82 2) 543 3888 Fax : (82 2) 543 3898 Email : [email protected] Contact : Aaron Page

THAILAND BANGKOK LANGDON & SEAH (THAILAND) LTD. LECE (THAILAND) CO. LTD. 10th Floor, Kian Gwan II Building 140/1 Wireless Road Lumpini, Pratumwan Bangkok 10330, Thailand GPS : 13.734969, 100.545448 Tel : (66 2) 253 1438 - 9 Fax : (66 2) 253 4977 Email : [email protected] Contact : Ang Yen Kooi / Wong Soon Bin

VIETNAM HANOI LANGDON & SEAH VIETNAM CO. LTD. Level 2, Hoa Binh Tower Building 106 Hoang Quoc Viet Street Cau Giay District Hanoi Vietnam GPS : 21.046280, 105.793827 Tel : (844) 3942 7525 Fax : (844) 3942 7526 Email : [email protected] Contact : Mark Olive (Cont’d)

OTHER INFORMATION

153

5


HO CHI MINH CITY LANGDON & SEAH VIETNAM CO. LTD. L12-03, Level 12, Vincom Building 72 Le Thanh Ton Street, District 1 Ho Chi Minh City Vietnam GPS : 10.777828, 106.702548 Tel : (848) 3823 8297 Fax : (848) 3823 8197 Email : [email protected] Contact : Mark Olive

ARCADIS ASIA HEADQUARTERS


HONG KONG ARCADIS ASIA LIMITED 38/F, AIA Kowloon Tower, Landmark East 100 How Ming Street Kwun Tong, Kowloon Hong Kong GPS : 22.3125, 114.2223 Tel : (852) 2830 3500 Fax : (852) 2576 0416 Email : [email protected] Contact : Poon Kan Young, Kenneth, CEO, Asia

154

ARCADIS HEADQUARTERS AMSTERDAM ARCADIS NV "Symphony" Gustav Mahlerplein 97-103 1082 MS Amsterdam P.O. Box 7895 1008 AB Amsterdam The Netherlands Tel : (31 20) 201 1011 Fax : (31 20) 201 1002 Email : [email protected] Website : www.arcadis.com Contact : Neil McArthur, CEO

OTHER INFORMATION

ACKNOWLEDGEMENT

Credits to KPMG, Jardine Lloyd Thompson. CB Richard Ellis. Langdon & Seah Vietnam Co., Ltd would like to acknowledge the invaluable support and advice from the following organisations:

http://www.kpmg.com

http://www.jltasia.com

http://www.cbrevietnam.com

OTHER INFORMATION

155

Construction Cost Handbook 2016 Vietnam

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