CONTENTS

HO CHI MINH CITY | Q1/2021

01 02 03
Common Retail Office
Appendix Market Market

04 05 06
Service Apartment Villa/
Apartment For Sale Townhouse
Market Market Market
 21

18th Floor, Ruby Tower 6th Floor, Leadvisors Place

81-85 Ham Nghi Street, District 1, 41 A Ly Thai To Street, Hoan Kiem District,
Ho Chi Minh City, Viet Nam Ha Noi, Viet Nam
T: +84 28 3 8239 205 T: +84 24 3946 1300
Contents

APPENDIX 1: ECONOMIC OVERVIEW .............................................................................................................. 1

APPENDIX 2: POLICY UPDATES ....................................................................................................................... 6

APPENDIX 3: INFRASTRUCTURE ..................................................................................................................... 9

Disclaimer .............................................................................................................................................................. 21

Figures
Figure 1. 1: GDP current prices & growth ................................................................................................................................. 1
Figure 1. 2: Trade balance .............................................................................................................................................................. 2
Figure 1. 3: RSGS ................................................................................................................................................................................ 3
Figure 1. 4: CPI growth ....................................................................................................................................................................4
Figure 1. 5: FDI .................................................................................................................................................................................... 5

Tables
Table 1: New legal documents ..................................................................................................................................................... 6
Table 2: Infrastructure Q1/2021 - HCMC.................................................................................................................................. 9

HCMC Quarterly Market Report Q1/2021 Common Appendix

GAMUDA LAND (HCMC) JOINT STOCK COMPANY
APPENDIX 1: ECONOMIC OVERVIEW

Gross Domestic Product (GDP)

In Q1/2021, national GDP growth of 4.5%, higher than the growth rate of 3.7% in
Q1/2020. The positive growth thanks to the Covid-19 epidemic was strictly
controlled while exporters made good use of the signed Free Trade Agreements.

In 2021, the Government targets GDP growth of 6.5%, while The World Bank
forecasts 6.7% growth, with ADB anticipating GDP growth of 6.1%.

Figure 1. 1: GDP current prices & growth

US$ billion GDP, current rate (LHS) Economic growth (RHS) %

60 8

7
50
6
40
5

30 4

3
20
2
10
1

0 0
Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021

Source: GSO, Mar 2021

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Trade Balance

The Q1/2021 recorded a strong recovery of import and export activities with the
trade surplus estimated of US$2.03 billion. Both import and export values moved up.
Export value of US$77.34 billion was up 22% YoY while import valued at over
US$75.31 billion, were up 26.3% YoY.

The USA with over US$21.2 billion up 32.8% YoY, remains the largest export market,
China accounted for the highest import value of US$23.8 billion, up 47.3% YoY.

Figure 1. 2: Trade balance

US$ billion Trade balance (RHS) Export (LHS) Import (LHS) US$ billion
80 3.0

75 2.5

70 2.0

65 1.5

60 1.0

55 0.5

50 0.0

45 -0.5

40 -1.0

35 -1.5

30 -2.0
Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021

Source: GSO, Mar 2021

Retail Sales

In Q1/2021, domestic trade, service activities and freight transportation showed

more positive signs; Retail Sales of Goods and Services (RSGS) of approximately
US$55.8, increased 5.1% YoY, compared to the growth of 4.7% YoY in Q1/2020.
The positive growth shows that consumer demand of the people has continually
increased after national lockdown in Q2/2020.

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Figure 1. 3: RSGS

US$ billion Retail sales, current price Real growth rate (YoY) %
60 10

9
50
8

7
40
6

30 5

4
20
3

2
10
1

0 0
Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021

Source: GSO, Mar 2021

Consumer Price Index (CPI)

In Q1/2020, CPI was well controlled at 0.29% YoY, the lowest increase of Q1 in the
past 20 years.

Growth resulted from higher Rice price, up 8.55%, Gas up 7.58%, Education up 4.49%,
Restaurant up 2.08%, Foodstuffs up 0.49% YoY.

However, growth was countered by -24.28% price decreases in Airfares, -7.18%

decreases in Electricity, -14.5% decreases in Oil.

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Figure 1. 4: CPI growth

%
6 5.56

4.96
5

2.82
3 2.63

1
0.29

0
Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021

Source: GSO, Mar 2021

Foreign Direct Investment (FDI)

In Q1/2021, total FDI capital to Viet Nam of US$10.13 billion, increased 18.5% YoY. In
which, newly registered FDI capital of US$7.2 billion, was increased 30.6% YoY, from
234 projects, decreasing -69% YoY.

Singapore with 45.6% accounted for the highest registered capital, followed by
Japan with 20.8% and Korea providing 11.8%.

Total estimated commitment and disbursement of respectively US$10.1 billion and

US$4.1 billion, strongly up 18.5% and 6.5% YoY.

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Figure 1. 5: FDI
Total registered capital FDI disbursement
US$ billion
12

10

0
Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021
Source: GSO, Mar 2021

Others

In Q1/2021, newly established enterprises were down since the continuing effect of
Covid-19:

▪ The approximately 29,300 newly established enterprises were down -1.4% YoY.
▪ Total registered capital of over US$19 billion increased 27.5% YoY. The labour
force increased 0.8% YoY.
▪ Around 23,800 businesses temporarily closed, up 28% YoY while around 11,300
enterprises closed down.

There is no sign of recovery in tourism due to Vietnam's strict quarantine measures.

Foreign tourists remained banned from entering the country in March.

In Q1/2021, there was over 48,100 international visitors, down -98.7% YoY because
Vietnam continues to close borders to prevent Covid-19.

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APPENDIX 2: POLICY UPDATES

Table 1: New legal documents

No. Document Issuing Dept. Issued Details

Decree 06/2021/ND-CP elaborates on implementation of several regulations on quality

1 Decree 06/2021/ND-CP Government 16-Jan-21
management, construction and maintenance of construction works

Decree 09/2021/ND-CP provides for managing development and production of building

2 Decree 09/2021/ND-CP Government 9-Feb-21 materials and use of building materials in construction works, ensuring safety, effectiveness,
sustainable development, environmental protection and natural resource saving

Decree 10/2021/ND-CP regards on management of construction investment cost utilizing public

investment funding, non-public investment state capital, investment projects in public-private
3 Decree 10/2021/ND-CP Government 9-Feb-21
partnerships, official development assistance, concessional loans of foreign donors complying
with international agreements

Decree 11/2021/ND-CP provides for assignment of certain sea areas to organizations and
individuals for exploitation and use marine resources:

Fees for use of sea areas as seaports, floating platforms, offshore oil ports and other ports and
berths; as waters facing against wharves, turning basins, anchorage areas, transhipment areas,
storm shelters, pilot boarding areas, quarantine areas, specialized navigational channels and
4 Decree 11/2021/ND-CP Government 10-Feb-21
other auxiliary works; as waters serving operations of ship building and repair facilities and
construction of passenger ports; as waters serving operations of restaurants and recreation and
sports areas; as anchorage areas for tourist boats; for petroleum extraction; mineral mining; for
salvage of artifacts and archaeology (group 2) range from VND 6,500,000/ha/year to VND
7,500,000/ha/year;

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 No. Document Issuing Dept. Issued Details

5 -TTg Prime Minister 24-Feb-21 -TTg approves a national urban classification plan for the period 2021 - 2030

Decree 15/2021/ND-CP elaborates certain regulations of the Law on Construction 2014 and the
Law on amendments to the Construction Law 2020 (Law No. 62/2020/QH14) on management
of construction projects, including: preparation, appraisal, approval of projects, construction
6 Decree 15/2021/ND-CP Government 3-Mar-21
designs; construction survey; issuance of construction permits and construction order
management; building special works and carrying out construction projects abroad;
management of construction eligibility; methods of construction project management.

Decree 26/2021/ND-CP details several articles of the national assembly resolution No. 132/2020
/ QH14 dated November 17, 2020 experimenting several policies to remove problems in the
management and use of land for national defense and security in combination with production
and economic construction activities:
7 Decree 26/2021/ND-CP Government 25-Mar-21
1. The regime of using land for national defense and security in combination with production and
economic construction activities

2. Handling of land for national defense and security for projects, land lease contracts, joint
ventures and association contracts, and for equitized or divested enterprises

Decree 06/2021/ND-CP elaborates on implementation of several regulations on quality

8 Decree 06/2021/ND-CP Government 26-Mar-21
management, construction and maintenance of construction works

Decree 29/2021/ND-CP prescribes procedures for appraisal of projects of national significance,

9 Decree 29/2021/ND-CP Government 26-Mar-21 and supervision and assessment of investment in projects of national significance as specified in
the Law on Public Investment and Law on Construction

Decree 30/2021/ND-CP amends and adds several articles of the Government's Decree No.
10 Decree 30/2021/ND-CP Government 26-Mar-21 99/2015/ND-CP dated October 20, 2015 detailing and guiding several articles of the Law on
Housing

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 No. Document Issuing Dept. Issued Details

-CP details regulations and guides the implementation of several articles of

the Investment Law on business investment conditions; industries, trades and market access
11 -CP Government 26-Mar-21 conditions for foreign investors; business investment guarantee; investment incentives and
support; Investment procedures; offshore investment activities; investment promotion; state
management of business investment activities in Vietnam and offshore investment

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APPENDIX 3: INFRASTRUCTURE

Table 2: Infrastructure Q1/2021 - HCMC

No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Approved 22nd Oct 2010

Construction started 25th Oct 2015
Binh Chanh district. Slow site clearance and investor payment delays;
National Highway 1A and Vo Van Kiet Highway contract delayed 10/2014 to 3/2017.
Road connecting Vo Van Kiet
intersection to Tan Kien intersection end, Est. investment 200/250 relocated households, 80% finished.
1 Highway with HCMC Trung
connecting Tan Tao Cho Dem, HCMC Trung US$97million. There was no construction staff, barrier of works was
Luong Highway
Luong highway. removed, no machines, and no construction
Approx. 2.7km, 10 lanes and 60m wide. information board.
Delayed. In Dec 2020, Ho Chi Minh City People's
Committee reassessed the contractor.

Ring road 1: 13.6km, from Tan Son Nhat Airport

via Binh Loi Bridge and ending at the Linh Xuan Ring road 1: Opened Q1/2015.
intersection. Ring road 2: Started end 2017 and 54km completed.
Ring road 2: is 64km across nine districts: 2, 7, 8, 4 sections over 11km incomplete:
9, 12, Thu Duc, Hoc Mon, Binh Chanh, Binh Ta; Sections 1 and 2: waiting for investment approval
from Nguyen Van Linh boulevard via Phu My Est. investment: Section 3 is on hold with 14km uncompleted.
Bridge and Go Dua intersection to Highway 1. 6- Ring road 1: Expected complete by 2022.
10 lanes. US$340 million. Section 4 under site clearance.
Ring road 3: is 97.7 km with four sections: Ring road 2: US$2.5 Ring road 3: has completed a short 16km section.
2 Ring roads 1, 2, 3 and 4 Tan Van to Nhon Trach: 34.3 km (Dong Nai). billion. Phase 1: Tan Van Nhon Trach. Construction
Binh Chuan to Tan Van: 16.7 km (Binh Duong). Ring roads 3 & 4 ~ expected to begin in Q4/2021.
National Road 22 to Binh Chuan: 19.1 km (Binh US$7 billion. Phase 2: Binh Chuan - Tan Van section completed
Duong & HCMC). Ring road 4 ~ and in operation.
Ben Luc district to National Road 22: 28.9km US$4.5 billion. Phases 3: Binh Chuan highway 22: Calling for
(Long An) investment.
Ring road 4: is 197.6km, 6-8 lanes, Phase 4: Ben Luc - National Road 22 expected to be
5 provinces/cities: HCMC (20.3km); Ba Ria implemented in 2021 2025.
Vung Tau (17.3km); Dong Nai (46.9km); Binh Ring road 4: Under site clearance.
Duong (44km); and Long An (68km).

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 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Thu Thiem 1 is 1.25 km with 6 lanes, connecting

districts 2 and Binh Thanh. Thu Thiem 1: Operational.
Thu Thiem Bridge 2:
Thu Thiem 2 > 1.4 km, 6 lanes, districts 1 and 2. Thu Thiem 2: Commenced 3/2/2015, expected to be
US$140.8 million
Thu Thiem 3 Ton Dan district 4, via Nguyen Tat integrated by Q3/2021 but delayed due to site
investment.
3 Thu Thiem bridges Thanh street, Ben Thanh harbour Khanh Hoi, clearance in District 1.
Thu Thiem bridge 4:
over Saigon River connecting Thu Thiem NUA, Thu Thiem 3: approved and in planning.
Est. US$226 million
district 2. Thu Thiem 4: port relocations expected to
investment
Thu Thiem 4 about 2.16 km with 6 lanes, commence in 2022.
connecting districts 2 and 7.
Line 1: Ben Thanh Suoi Tien 2.6km
underground section with 3 stations and a
17.1km elevated section with 11 stations through
Investment:
districts 1, 2, and 9, Binh Thanh, Thu Duc and Di Line 1: Started 08/2012, expected complete in
Line 1: ~ US$2.5
An, Binh Duong province. Q4/2021.
billion.
Line 2: Ben Thanh Tham Luong, 19km with 11 Line 2: compensation and resettlement assistance
Line 2: ~ US$2.1
stations. work is nearly completed.
billion.
Line 3A, Ben Thanh Tan Kien, comprises 14 Expected to start in Q3/2021 and finish in 2026.
Line 3A: US$ 1.1
stations. Line 3A: Completed funding application. The first
billion
Line 3B, Cong Hoa Hiep Binh Phuoc, comprises phase to commence construction in 2025; expected
4 Metro lines Line 3B: ~ US$1.5
11 stations. complete in 2031.
billion
Line 4: Ben Cat bridge Nguyen Van Linh Line 3B: Project boundary approved and handed
Line 4: ~ US$4.4
highway, 24km with 29 stations. over to Local Planning Committee.
billion.
Line 5: Sai Gon Bridge Can Giuoc bus terminal, Line 4: Initial design approved.
Line 5: ~ US$4.6
includes 1 branch line Cong Hoa station Tan Line 5: Phase 1 appraisal complete.
billion.
Son Nhat Airport (2km with 2 stations), total Line 6: Initial design under completion; calling for
Line 6: ~ US$1.3
17km with 22 stations: 15 underground and 7 investors.
billion.
elevated.
Line 6: Ba Queo Phu Lam, 6km with seven
underground stations.
3.2km, 30-40m wide, four lanes connecting
Approved for investor selection by Prime Minister in
districts 6, 8 and Binh Chanh. Total investment
5 Binh Tien bridge 2010.
Binh Tien Bridge from Pham Van Chi in district 6, US$159 million.
Official re-start Q1/2020.
over Tau Hu canal to districts 8 and Binh Chanh.
HCMC Thu Dau Mot Chon 69km, six to eight lanes. Connecting HCMC to Total investment Under site clearance.
6
Thanh Highway Binh Phuoc province. US$478 million. Construction to start in 2022.
Highway 84.5km, 17m wide, 4-6 lanes, Investment: US$1.4 Implementing investment procedures.
7 HCMC Moc Bai connecting Moc Bai Urban Area to HCMC Ring billion, Including: Construction to start in 2022.
roads 3 & 4. Phase One Expected completion by 2025.

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 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Phase 1: 55.5km includes 4km Ring Road 3 and US$667.3 million.

51.5km road parallel with Highway 22. Phase Two
Phase 2: Build an additional 29km section US$715.6 million.
including viaducts on Xuyen A road (20km) and
a 9km viaduct on Highway 22.
Total investment:
HCMC Trung
HCMC Trung Luong: opened 6/2012.
Luong: US$425.2
Trung Luong My Thuan: Completed, expected to
Three routes: million.
operate in Feb 2021.
HCMC Trung Luong My HCMC Trung Luong: 51.1 km Trung Luong My
8 My Thuan Can Tho: feasibility study approved and
Thuan Can Tho Highway Trung Luong My Thuan: 51.1 km Thuan: US$550.5
implemented for Public Private Partnership.
My Thuan Can Tho: 23 km. million.
Expected to start in Q1/2021 and complete in
My Thuan Can
Q1/2023.
Tho: US$206.4
million.
Binh Quoi Thu Duc Bridge and Binh Quoi
Total investment
9 Two Bridges in Binh Thanh Rach Chiec Bridge to improve Thanh Da On hold.
US$183 million.
Peninsula connectivity.
Commenced August 2015, progressed 70%.
A 3.4 km four-lane and 22m wide cable bridge US$137.8 million
10 Binh Khanh bridge Temporarily halted from June 22, 2018 due to
connecting Can Gio and Nha Be. investment
technical design adjustments.
Connecting Nhon Trach (Dong Nai) and Can Gio US$130 million 60% complete Q1/2020.
11 Phuoc Khanh bridge
district. 3.2 km, four lanes, 21.7m wide. investment. On hold due to technical design adjustments.
Six routes.
BRT Route 1: An Lac intersection to Cat Lai
intersection, 24 km with 32 stations.
BRT Route 2: Ben Thanh - Ba Queo fork, 9.1 km.
BRT Route 3: Bach Dang port to Quang Trung IT
park, 15 km.
BRT Route 4: Cay Go roundabout to Ha Noi Total investment ~ Line 1 planned operational in 2023.
12 Bus Rapid Transit (BRT)
highway, 22km. US$137.5 million. On hold for design updates and adjustments.
BRT Route 5: District 8 bus station to Hang
Xanh, 13km.
BRT Route 6: Bach Dang port to 23/9 park, 15
km. BRT Route 7: Ben Thanh market to An
Suong bus station, 16 km. BRT Route 8: Ba Queo
fork to 3/2 street and route 4 connection, 5 km.

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 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Expanding Hanoi Highway in Districts 9, two

Expansion of Ha Noi Highway US$175 million Started 2010, over 73% progressed.
13 sections from Sai Gon bridge to Binh Thai and
(Parallel road) investment. Slow progress 76% completed - site clearance issues.
Tan Van intersections.

Construction started Dec 2013.

267.5m, 11.1m wide, adjacent to existing, district
14 Saigon Metro Line - 1 bridge N/a Connected to Sai Gon bridge Sep 2016.
2.
Expected to finish Q4/2021.

Section 1 An Phu intersection in district 2, to

Xuan Hop Street, district 9. Over 3km and 20m Commenced in 04/2017.
wide. Early March 2020: Ho Chi Minh City land acquired for
Parallel road with HCMC Long US$38.2 million
15 Section 2 from road D11, within Phu Huu planned BT contract
Thanh Dau Giay Highway investment.
residential area; endpoint ring road 2 Following slow progress HCMC People's Committee
intersection in district 9. Total 680m and 14m requested land fund reclamation.
wide.
58km, 4 lanes and 2 emergency lanes via Long
Started 07/2014, progress slow due to site clearance
An, Dong Nai and HCMC.
US$1.6 billion issues.
16 Ben Luc Long Thanh Highway Start includes packages A1, A2-1, A2-2 and A3
investment. Expected complete in 2023.
via HCMC and Long An province; funded by
On hold due to serious capital shortage.
ADB. Total 18.7 km.
1A National Road in Binh Chanh will expand
1A National Road through Binh US$827 million
17 9.6km from 23.5m to 35m width, 4 lanes and 2 Slow progress and site clearance issues.
Chanh District investment.
mixed use lanes.
From Binh Phuoc bridge to An Suong crossroad,
Expansion/upgrades to 1A district 12, expansion of 12km including signal US$17.4 million
18 On hold since 2017.
National Road lights installation, guidance signage, CCTV; road investment.
and sidewalk widening.
An Suong intersection, district 12: two-way
Branch N1: Started January 2017, in operation March
tunnel along Truong Chinh Highway 22 to US$22.5 million
19 An Suong tunnel 2018.
reduce congestion at Tan Phu intersection and investment.
Branch N2: In operation September 2020.
north west area gateway.
Approved following 2016-2020 Public Investment
Vo Thi Sau flyover for Vo Thi Sau St, district 3 to Ba Thang Hai street, US$12.3 million
20 Policy guidelines.
motorbikes over Cong Truong Dan Cu roundabout. investment.
Construction commenced 2018
Le Dai Hanh Lanh Binh Thang Le Dai Hanh Lanh Binh Thang intersection in
21 Under planning
flyover district 11.
13 km, 30m wide, 6 lanes, connecting Nguyen Slow site clearance progress, additional submission
US$15.6 million
22 Tran Nao expansion Van Huong street with the Tran Nao Luong accepted.
investment.
Dinh Cua intersection in district 2. As of Q1/2021, under-construction.

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 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Phan Chu Trinh Street, Binh Thanh district. 2.9 Total capital
23 Rach Lang flyover Operational Nov 2018.
km. US$238 million.
Started 06/2015.
Connecting East West avenue and Thu Thiem
60% completed.
NUA in district 2.
Expansion of Luong Dinh Cua Total investment Delays to compensation and ground handover to
24 2.3km from Tran Nao Street to Nguyen Thi Dinh
street US$30 million. investors.
Street. Luong Dinh Cua Street expanded from 7-
Expected remaining land acquisition from Q2/2020
8m to 30m wide.
to end Q1/2021.
R4 complete. R1, R2, R3 slow progress in site
clearance.
North-south road: apart from Thu Thiem Bridge to
Four main routes including Arc Avenue, ring road 4 is complete.
Lakeside Avenue, Riverside Avenue and a R1: has completed construction of 2.4 / 3.5km with
subway connecting eight functional areas in Thu Total investment 55m width. The entire route is under-cosntruction
25 Routes in Thu Thiem Urban Area
Thiem NUA, District 2. North-South Road US$548.1 million. and expected complete in 2021.
connecting Thu Thiem Bridge and future Thu R2: a 2.5 / 3.2km part of the Saigon river road is
Thiem 4. completed. Entire route expected complete by end
2021.
R3: completed 1.6 / 2.7km - expected complete by
end 2021.
June 2014, project Investment approved; US$856
Lam Vien Dong Dinh road, Total investment million released in Jan 2015 received to start.
26 3.5 km, 6m wide with 2 lanes in Can Gio district.
crossing Can Gio Salting Forest. US$8.6 million. Environmental impact and feasibility studies
underway.
Phase 1: Ring road 2 overpass crossing Nguyen
Thi Dinh street, district 2 and My Thuy crossroad
motorbike underpass. Phase 1: US$40.5
Phase 1: Started 06/2016, open 29/06/2018.
Phase 2: new 6 lane 124m My Thuy 3 bridge million investment.
27 My Thuy crossroad Phase 2: Under-construction and partly site
between My Thuy 1 and My Thuy 2 bridges. Phase 2: US$62.3
clearance.
725m two-lane overpass at Cat Lai port to Phu million investment.
My bridge; and 75m four-lane Ky Ha 4 bridge
from Phu My bridge to Cat Lai port.
7.5 km with 6 lanes. Nguyen Van Linh boulevard Total investment PPP switched to Published Investment to speed up
28 North-South Axis
to Ba Chiem crossroad in Nha Be district. US$387 million. progress.
Expand 2 sides of Binh Thanh district bridge. Started 2017.
Chu Van An, Ung Van Khiem streets expansion Total investment Implementation halted of 2 BOT (build, business and
29 Binh Trieu 2 Bridge
and upgrade. All branch lines to connect with US$87 million. transfer) projects. City to find new forms of
bridge intersections. investment.

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 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Districts 1, 4, 7, 8, Binh Chanh and Nha Be.

Construction of 6 sewers and dykes along Sai Total investment Started 26/8/2016.
30 Flood prevention
Gon River; from Vam Thuat to Kinh River; and 25 US$438 million. Handover expected 2021.
smaller sewers from Vam Thuat to Muong Chuoi.
4.5 km with 6 lanes, connecting district 2 with
New bridge to replace Cat Lai Total investment Under Operating Plan selection process.
31 Nhon Trach suburban district and Dong Nai
ferry US$250 million. Expected complete 2024.
province.
Started July 2017 and 40% finished.
560m, Tham Luong Canal, between Tan Phu and Total investment
32 Bung bridge Progress slowed by site clearance issues.
Binh Tan district. US$22.6 million.
Expected complete in 2021.
1. Tan Son Nhat flyover: Truong Son Tan Son
Nhat Binh Loi outer ring road intersection Y-
shaped steel bridge. Truong Son street section
to domestic terminal with the other route for the
1. Tan Son Nhat flyover complete July 2017.
international terminal. Truong Son road tunnel,
2. Nguyen Thai Son - Nguyen Kiem flyover started
domestic terminal entrance road to Hong Ha
02/2017, opened Jan 18th, 2019.
6 projects to reduce congestion street.
Total investment 3. Hoang Minh Giam road expansion completed in
33 on main routes to Tan Son Nhat 2. Flyover: Nguyen Thai Son and Nguyen Kiem
US$60.5 million. 2018.
airport. intersection.
4. Cong Hoa street expansion expected to
3. Hoang Minh Giam street expansion.
commence in Q4/2021.
4. Cong Hoa Street expansion, Tan Binh district.
5. Proposal awaiting approval.
5. Hoang Van Thu street expansion Phu Nhuan
district.
6. Phan Thuc Duyen street expansion, Tan Binh
district.
D1 street in Him Lam Residence district 7 to Ben
Total investment Under investment proposal and design. Expected to
34 Nguyen Khoai Bridge Van Don street, district 4, one km.
US$54.8 million. start in 2022
346m and 22.5 wide bridge.
Vam Thuat river, connecting districts 12 and Binh Total investment Commenced Feb 2020.
35 An Phu Dong Bridge
Thanh. US$35.5 million. Compeleted in December 2020.
Phase 1 construct two branches 10.5 m wide and
three lanes parallel to main road.
Commenced Dec 2017.
Connecting road from Pham Three bridges: Lung Canal, Ong Viet Canal and
Total investment: >60% complete in 2019.
36 Van Dong to Go Dua Go Cat Canal. Phase 2 (main roads) a separate
US$41.4 million. Suspended due to ground issues. Expected in
intersection, Thu Duc district. project.
operation by 2022.
Improve Pham Van Dong connection to Go Dua
intersection, Thu Duc district.

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 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Highway 1A HN highway to Tan Tao Cho Dem

Total investment
37 Elevated highway No. 5 Binh Tan district intersection. 34 km, parallel to Project approved. Expected to start in 2021
US$745 million.
1A highway, 17.5 m wide and 4 lanes.
Upgrade CBD and NUA districts 1, 2, 4 and 7 Total investment Construction to start 2018.
38 Drainage improvements
drainage and sewage systems US$19.7 million. Scheduled complete in 2021.
Increased traffic capacity and improved Ha Noi
Conversion of 8 PPP projects (invested in the form of
and HCMC connection via 20 Provinces. Total investment
39 North-south highway public-private partnership) to public investment.
Phase 1 is a 713 km highway. US$4.4 billion.
Expected complete 2021 and operational in 2022.
Phase 2 awaiting scale approval.
Three branches of the Y shaped bridge
Y bridge expansion and connecting districts 5 and 8, widened from 9m Total investment Started Q3/2017.
40
upgrades. to 12m to reduce bridge and surrounding area US$8.2 million. Handed over in April 2020.
congestion.
Underpass connecting Mai Chi Tho street,
district 2 to HCM-Long Thanh-Dau Giay highway.
HCM-Long Thanh-Dau Giay Total investment Completing procedures.
41 Flyover will connect Luong Dinh Cua street
highway flyover and underpass. US$45 million. Expected to start in 2021.
district 2, to HCM-Long Thanh-Dau Giay
highway.
May 2020, Prime Minister approved T3 investment
Two new terminals and runway upgrades. Total investment policy.
42 Tan Son Nhat Airport
45 million pa capacity upon completion in 2020. US$860 million. Ceremony to start construction 29 June. Expected
completion end 2021.
Lang Cha Ca intersection connecting Bui Thi
Xuan; Nhieu Loc Canal; Thi Nghe; Nguyen Huu Total investment Under clearance.
43 Elevated highway # 1
Canh; Binh Thanh; Tan Binh. 10.8 km with 4 US$716 million Expected to start in 2021 and complete in 2023.
lanes. Construction of 4 inter-level intersections.
Total investment:
Le Van Tam Park:
US$76 million.
Underground car parks in: Tao Dan Park and
Expected to commence in 2021 and complete by
44 Underground Parking district 1, Le Van Tam Park, Tao Dan Park; Hoa Hoa Lu Stadium:
2025.
Lu Stadium and Trong Dong Music Stage. US$195 million.
Trong Dong Music
Stage: US$32
million.
Intelligent traffic management Traffic signals and CCTV installation on 78 Total investment Phase 1 completed Q1/2019.
45
centre routes and 300 intersections. US$263 million. Phase 2 expected to start 2021.

HCMC Quarterly Market Report Q1/2021 Common Appendix 15

GAMUDA LAND (HCMC) JOINT STOCK COMPANY
 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Tan Kien railway station, Binh Chanh district,

Railway connecting HCMC- Can HCMC) to Cai Rang station, Cai Rang district, Total investment
46 In feasibility study
Tho Can Tho City, passing 10 stations. Standard 1.4m US$5 billion.
gauge and 173km.
Commenced October 2019.
Nguyen Huu Canh street Total investment
47 Binh Thanh district, raising street by 30-50cm. Expected complete in 4/2021.
upgrades. US$20 million.
Construction progress slow. 65% complete.
Construction 70% complete.
Total investment
48 Tan Ky Tan Quy bridge 83m and 16m wide, 4-lane bridge in Tan Phu. Terminate BOT for the project, shorten toll collection
US$13.6 million.
for 6 years and 3 months.
Phase 1 Nguyen Van Linh Blvd. tunnel. From June
2020, start construction phase 1, the tunnel is 456m
Two at districts 7 and Nha Be intersection, long for 3 lanes (60km/h). Closed tunnel is 178m,
400m tunnel under Nguyen Van Linh Blvd., at opened tunnel is 98m.
Tunnels & elevated sections at
the Tan Thuan Industrial Zone (IZ) and Highway Total investment From April 2020, developer removed trees, street
49 the Nguyen Van Linh and
1A intersection. Nguyen Huu Tho street, city US$36 million. light poles and constructed temporary road before
Nguyen Huu Tho intersection
centre and Hiep Phuoc IZ intersection. From city starting the main part of the project. Tunnel HC2
centre: Le Van Luong street and Nha Be district. completion is expected in 2021.
Phase 2 the remainder. Start after phase 1.
HC1 Completion expected in 2022.
New Nha Be district bridges Long Kieng Bridge: 50% complete. Until now the
Rach Dia bridge, Long Kieng Total investment
50 Long Kieng: 318 m, 15 m wide, ex. road section. construction delayed as 113 affected households not
bridge on Le Van Luong road. US$39.4 million.
Rach Dia: 329m, 10.5m wide. yet compensated.
88km, from Nhi Thien bridge, district 8,
connecting Can Giuoc town centre, through Can
51 Upgrading 50 National Road US$65 million Awaiting capital, under site clearance.
Giuoc district to Tien Giang province. Crossing
Ben Luc - Long Thanh and ring road 4.
New road, Ba Chiem bridge to 2.2 km section improvements to 30 m wide, 4- Total investment Started 29/03/2018.
52
Hiep Phuoc IZ intersection. lane, Nha Be district. US$18 million. Stage 3 completing.
51m, 10.5m wide in An Phu Tay Street, Binh Total investment Under investment proposal.
53 New Rach Gia bridge
Chanh district. US$2.8 million. Expected to commence in 2021.
Upgrade and expand Nguyen Near Khanh Hoi port, district 4. Under site clearance. Site clearance is 80%
54 N/A
Tat Thanh street Expand width from 20m to 37m. completed

HCMC Quarterly Market Report Q1/2021 Common Appendix 16

GAMUDA LAND (HCMC) JOINT STOCK COMPANY
 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Started Q1/2018.
Drains completed. Expansion progressing.
District 4. Total investment Phase 1: Grain construction (expect total 9 months).
55 Upgrade Huynh Tan Phat street
Expand width from 20m to 30m. US$13 million Phase 2: Construct and upgrade road, pavement,
lighting systems (expected 4 months).
Expected to complete in June 2021.
Upgrade Nguyen Thi Thap District 7.
56 N/A Awaiting investment proposal.
street Expand width to 35m.
Thu Duc district. Directly connecting Ha Noi
Phase 1 : US$49 Started 2018.
57 Expand To Ngoc Van street expressway and Pham Van Dong boulevard.
million Phase 1 in use
Increases to 30m width.
Path from Rach Tra bridge to provincial road 8, Investment proposal approved.
Upgrade and expand Provincial Total investment
58 Cu Chi district. 5.76km long, 2nd-grade Under site clearance; slow progress.
Road 9 US$46 million
construction, 60km/h speed limit. Expected completion 2021.
From Ly Nhon street Can Gio to the conjunction Commenced March 2018.
Total investment
59 Vam Sat 2 Bridge of Ly Nhon and Soai Rap, 1,080m long and 10m 60% completed.
US$15 million
wide. On hold from Q4 2019 till now.
Upgrades from 990 Road to ring road 2, district
9.
Expand section from the Vo Chi Cong, HCMC Approved, under implementation.
Upgrade and expand Nguyen Total investment
60 Long Thanh, Nguyen Duy Trinh expressway Start site clearance in Q3/2021
Duy Trinh Street US$32 million
intersection, to the Phu Huu port forked Expected to start in Q4/2021.
intersection.
2.2 km, 7-8 m width expanded to 30 m.
Expand Tan Son road 659m and from 2- to 4
4 lanes from Tan Son Nhat Golf lanes from Golf Course entry gate to Quang
61 Course to Quang Trung street, Trung street. N/A Approved yet not having constructed
districts Tan Binh and Go Vap. Nguyen Sy Sach road 37m and 18.5m wide
connecting to Pham Van Bach street .
Tac river dredging and Truong Replacing old Long Thuan street bridge in Total investment
62 Approved yet not having constructed
Phuoc bridge construction. district 9. US$50 million.
In Cu Chi district. Traffic axis connecting Duc
Hoa IZ with Sing Viet urban area and Le Minh Total investment
63 Tran Dai Nghia Street expansion Under planning.
Xuan IZ; and with the HCMC - Trung Luong US$202 million.
expressway.

HCMC Quarterly Market Report Q1/2021 Common Appendix 17

GAMUDA LAND (HCMC) JOINT STOCK COMPANY
 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Proposal approved 10/2019.

Nha Trang HCMC railway line Total investment
64 Improvements to Nha Trang Sai Gon railway. Complete site clearance in 2020.
upgrades US$656 million.
Under-construction, est. completed in 2021.
Parallel road with Nguyen Van Total investment
65 4.5km, 60m wide. Calling for investors.
Tao street. US$85 million
8km. Long An to Vinh Loc IP, via districts Binh Total investment
66 Northern radial road Calling for investors.
Tan and Binh Chanh. US$217 million.
Section 1:
Connecting street between Thoi Section 2: 4.5 km, 30 m wide.
67 investment US$80 Calling for investors.
An and Thanh Xuan Ward Section 2: 4.5 km, 30 m wide.
million.
Thi Nghe canal to the border of Tan Cang Total investment
68 Roads along Saigon River Calling for investors.
Residences, 1.2 km, 35m wide. US$26 million.
5m wide section from Binh Chanh district and
Upgrade and expand Duong Total investment Started 2019.
69 Tan Thoi Nhi commune boundary expanded to
Cong Khi street. US$ 24 million Operated.
7m with drainage system upgrades.
480,0003/day capacity wastewater treatment Total investment
70 Phase 2 Sanitation. 50% completed with 100% in 2021.
facility and Q2 area sewer. US$ 524 million
904m, 60m wide with 10-12 lanes.
Upgrade and expand Truong Total investment
71 Truong Chinh - Au Co junction to Truong Chinh - Pending.
Trinh street US$ 93million
Cong Hoa junction.
Total investment
72 Phuoc Loc Bridge 351m, 10.5m wide with 455m bridge access road Expected completion 2021.
US$ 15 million
Under investment proposal.
My Thuy intersection to Cat Lai ferry. Total investment
73 Expand Nguyen Thi Dinh street Phase 1: undersite clearance; expected completion in
1.9 km, expand from 70 to 77m wide. US$ 62 million
2022-2025.
New Hang Ngoai bridge &
Total investment Expected to commence in 2021. Slow progress due
74 Duong Quang Ham street
US$17 million. to site clearance
expansion.
Extend Ma Lo to national highway 1A section, Total investment
75 Le Van Quoi street Under-construction
Binh Tan district. US$36 million.
Overpasses to the front of new district 9 Eastern Total investment
76 Overpass 3 and footbridge Under site clearance
bus station. US$19 million.
Assigned to GS E&C Group ( Korea ) to research and
Total investment invest in BOT but by 2009, investors withdrew.
77 Elevated route No. 1 9.5 km,17.5 m wide.
US$703 million. 620 Chau Thoi Concrete JSC proposed a project
investment study but withdrew.

HCMC Quarterly Market Report Q1/2021 Common Appendix 18

GAMUDA LAND (HCMC) JOINT STOCK COMPANY
 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

Total investment
78 Elevated route No. 3 8.1 km, 17.5m wide. Calling for investors.
US$671 million.
Total investment Assigned to Wijaya Baru Global Berhad Group
79 Elevated route No. 2 11.8 km, 17.5 m wide.
US$977 million. (Malaysia) to study and build.
Total investment
80 Elevated route No. 4 7.3 km, 17.5m wide. Assigned Construction Corporation No. 1 to study.
US$923 million.
Section 1: completed evaluation of feasibility study.
Road connecting east ring road Section 2: supplementing the contents of a feasibility
Districts 9 and Thu Duc. Total investment
81 Rach Chiec bridge to Binh Thai study.
3.82 km; Phase 1: 67m wide. US$261 million.
intersection Section 3: implementing compensation.
Section 4: submit to authority.
Le Trong Tan street, Tan Binh district to Cong
Total investment Contractors confirmed June 2019.
82 Expand Tan Ky Tan Quy Road Hoa street, Tan Phu district. 644.5m, 30 m wide,
US$28 million. Expected to commence in 2021.
6-lanes.
83 Upgrade 22 National Road An Suong to Nguyen Van Bua Street US$38 million Planning
Commenced Feb 2020. Phase 1: From Giong Ong to
Add 2 more lanes, Giong Ong To My Thuy My Thuy started from Feb 2020 with funding of
84 Expand Dong Van Cong Street N/A
crossroad, district 2. 10 lanes about US$2 million (expect 180 days construction).
Expected complete in 2021
No. 8 Phan Dinh Phung Street, District 3. Progress expected from 2010 and completion in
Four street frontages: Pasteur; Nguyen Dinh Total investment 2012.
85 Phan Dinh Phung Sport Center
Chieu; Nam Ky Khoi Nghia; Vo Van Tan. US$85 million. Q1/2020 incomplete legalities.
7 floors, 3 basements on a 14,417.8 m2 lot. Q3/2020 Resumed.
Parallel road from Mai Chi Tho
At An Phu intersection along Long Thanh
86 road through Nam Rach Chiec N/A Started in 2017, 60% completed
highway - Dau Giay
residential area to Ring Road 2
Total dredging: 54km over 1,308 ha.
Water surface in HCMC, Long An, and Tien
Giang Total investment of
Groundbreaking ceremony Nov 2012.
87 Soai Rap River 3-phase roadmap for dredging nearly US$122
Up to 50,000-ton wharf capacity.
Phase 1: 9.5m depth. million.
Phase 2: 11m depth.
Phase 3: 12m depth.

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GAMUDA LAND (HCMC) JOINT STOCK COMPANY
 No. Project Location/ Description Capacity/ Remarks Status Q1/2021

No.1: 9.5km, 4 lanes Cong Hoa to Phu An bridge.

No.2: 12km, no. 1 intersection to Highway 1
intersection
No. 3: 8 km, intersecting with route 2 at Thanh
Total investment
Thai - Ly Thai To - Nguyen Van Cu - Ong Lon - Approved in 2013.
Routes 1 and 5
Nguyen Van Linh canal. Not implemented due to lack of capital.
88 5 overhead routes nearly US$142
No. 4: 7km: Highway 1 to route No. 1 intersection. Pre-propose 2020 to work from 2021.
million.
No. 5: 34km, 4 lanes, over 2 phases: Plan policy 2021-2025.
Other routes: N/A
Phase 1: Station 2 intersection to An Suong
intersection (21.5km).
Phase 2: An Suong intersection to An Lac
intersection (12.5km).
Total dredging length: 32,714km Total investment
89 Tham Luong - Ben Cat Canal Districts 12, Binh Tan, Tan Phu, Tan Binh, Go Vap, roughly $35.6 Awaiting approval.
Binh Thanh and Binh Chanh District million
Phase 1: constructing drainage system on Tran
Van Muoi street.
Phase 2: construction of the drainage system on Total investment
Upgrade and expand Tran Van Awaiting adjustment proposal. Some packages are 6-
90 Tran Van Muoi and Xuan Thoi Thuong 9 streets. roughly $21.6
Muoi street 9 months behind schedule.
Phase 3: constructing the drainage system on million
Xuan Thoi 3, Xuan Thoi 5 and Tran Van Muoi
street.
Upgrading road surface and drainage system on
Total investment
Drainage construction on Huong Huong Lo 11 road, Binh Chanh district. Start at April 2020.
91 roughly $10.5
Lo 11 Length: 6.3km. Expected complete in 2021.
million
Upgrading to 8m, 2 lanes.
Construct the infrastructure system of Kenh
92 Kenh Nuoc Den Area N/a Plan approved.
Nuoc Den area, Binh Tan Dist.
Upgrading and improving Tran Van Giau street Investment over Completed 23-9-2020, nearly 3 months ahead of
93 Tran Van Giau upgrade
(Binh Chanh) $43.4 million schedule.

HCMC Quarterly Market Report Q1/2021 Common Appendix 20

GAMUDA LAND (HCMC) JOINT STOCK COMPANY
Disclaimer

Savills quarterly report reflects an overview of the current property market and is
indicative research only. Savills Vietnam does not guarantee the accuracy of
research and forecasts contained herein.

Savills Vietnam does not accept any responsibility for losses arising from reliance on
the research and forecasting. Savills recommends that the reader obtain a detailed
market study of the specific sector of interest should a deeper understanding be
required.

Reproduction of this report, in any manner whatsoever, in whole or in part, without

written prior consent from Savills Vietnam is prohibited. Approval should be
obtained from Savills Vietnam before any reference to this report can be made in
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Where information is given without reference to another party, it shall be taken that
this information has been obtained or gathered through Savills best efforts and
knowledge. Processed data references shall be taken as Savills opinion and shall not
be quoted without acknowledgement.

HCMC Quarterly Market Report Q1/2021 Common Appendix 21

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