Construction Cost Handbook 2016 Vietnam PDF

LANGDON & SEAH VIETNAM CO.
, LTD
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
2
Copyright Statement and information ca-
veat
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 6
Introduction 7
1. CONSTRUCTION COST DATA
Construction Market 2016 Outlook 10

Major Rates for Selected Asian Cities 18
Construction Cost Specification 26
Construction Costs for Selected Asian Cities 28
M&E Costs for Selected Asian Cities 36
Utility Costs for Selected Asian Cities 44
2. GENERAL CONSTRUCTION DATA
Material Price Indices 50

Import Duties 52
Progress Payments 53
Estimating Rules of Thumb 54
3. PROPERTY INVESTMENT
LANGDON & SEAH VIETNAM CO., LTD
Building Control and Procedures 58

Project Closed Out Procedures 62
Typical Submission Flowchart 63
Key Planning Parameter 64
Building Areas Definitions 67
Procurement Strategies 72
Contractor Selection Strategies 77
Property Overview 82
4
4. VIETNAM BUSINESS ENVIRONMENT
Language 90
Accounting System 90
Banks 91
Government Administration 93
Taxation 94
Insurance 98
Workforce 104
5. OTHER INFORMATION
Vietnam Map 108

Domestic Routes 109
Relevant Websites 110
Public Holidays 112
Prime Rates 121
IDD Codes and Time Differences 122
Conversion Factors 124
Some Interesting Facts 126
Vietnam Key Data 128
Arcadis Asia Leadership Team 132
Arcadis Asia Sectors 134
Arcadis Asia Services 137
Directory of offices 139
Acknowledgement 155
5
CALENDARS
2016
31 1 2 1 2 3 4 5 6 1 2 3 4 5
3 4 5 6 7 8 9 7 8 9 10 11 12 13 6 7 8 9 10 11 12
JAN
10 11 12 13 14 15 16
17 18 19 20 21 22 23
FEB
14 15 16 17 18 19 20
21 22 23 24 25 26 27
MAR
13 14 15 16 17 18 19
20 21 22 23 24 25 26
24 25 26 27 28 29 30 28 29 27 28 29 30 31
1 2 1 2 3 4 5 6 7 1 2 3 4
3 4 5 6 7 8 9 8 9 10 11 12 13 14 5 6 7 8 9 10 11
APR
10 11 12 13 14 15 16
17 18 19 20 21 22 23 MAY
15 16 17 18 19 20 21
22 23 24 25 26 27 28 JUN
12 13 14 15 16 17 18
19 20 21 22 23 24 25
24 25 26 27 28 29 30 29 30 31 26 27 28 29 30
31 1 2 1 2 3 4 5 6 1 2 3
3 4 5 6 7 8 9 7 8 9 10 11 12 13 4 5 6 7 8 9 10
JUL
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
AUG
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
SEP
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
30 31 1 1 2 3 4 5 1 2 3
2 3 4 5 6 7 8 6 7 8 9 10 11 12 4 5 6 7 8 9 10
OCT
9 10 11 12 13 14 15
16 17 18 19 20 21 22
NOV
13 14 15 16 17 18 19
20 21 22 23 24 25 26
DEC
11 12 13 14 15 16 17
18 19 20 21 22 23 24
23 24 25 26 27 28 29 27 28 29 30 25 26 27 28 29 30 31
2017
1 2 3 4 5 6 7 1 2 3 4 1 2 3 4
8 9 10 11 12 13 14 5 6 7 8 9 10 11 5 6 7 8 9 10 11
JAN
15 16 17 18 19 20 21
22 23 24 25 26 27 28
FEB
12 13 14 15 16 17 18
19 20 21 22 23 24 25
MAR
12 13 14 15 16 17 18
19 20 21 22 23 24 25
29 30 31 26 27 28 26 27 28 29 30 31
30 1 1 2 3 4 5 6 1 2 3
2 3 4 5 6 7 8 7 8 9 10 11 12 13 4 5 6 7 8 9 10
APR
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
MAY
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
JUN
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
30 31 1 1 2 3 4 5 1 2
2 3 4 5 6 7 8 6 7 8 9 10 11 12 3 4 5 6 7 8 9
JUL
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
AUG
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
SEP
10 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 1 2 3 4 31 1 2
10 11 12 13 14 5 6 7 8 9 10 11 3 4 5 6 7 8 9
OCT
15 16 17 18 19 20 21
22 23 24 25 26 27 28 NOV
12 13 14 15 16 17 18
19 20 21 22 23 24 25 DEC
10 11 12 13 14 15 16
17 18 19 20 21 22 23
29 30 31 26 27 28 29 30 24 25 26 27 28 29 30
6 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
1
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 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.
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 perform-

ing 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
12
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.
CONSTRUCTION COST DATA 13

11
16
12
LANGDON & SEAH VIETNAM CO., LTD 1
Annual Foreign Investment (1998-2015)
80 2,200
2,000
70
1,800
60 1,600
50 1,400
1,200
40
1,000
30 800
20 600
400
10
200
0 0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Registered Capital (bn US$) 5.10 2.57 2.84 3.14 3.00 3.19 4.55 6.84 12.00 21.30 71.73 22.63 18.60 12.70 12.18 20.82 20.23 22.76
Legal Capital (bn US$) 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 285 327 391 555 808 791 811 970 987 1,544 1,557 1,155 969 919 980 1,175 1588 2,013
FDI by countries as of Dec 2015
50 6,000
45
5,000
40
35
4,000
30

25 3,000
20
15 2,000
10
1,000
5
0 0
Taiwan Malaysia Japan S. Korea Singapore B.V.Islands Hong Kong Thailand United China
States
Registered Capital 30.69 13.42 38.41 44.90 34.72 19.21 15.69 7.36 10.78 9.99
No. of Projects 2,475 523 2,883 4,944 1,526 620 972 415 780 1,284
13
FDI BY SECTORS AS OF DECEMBER 2015

1%
5%
94%
Registered Legal
No. of
Sector Capital Capital
projects
(mn US$) (%)
1 Industry and construction 16,097 260,944 94%
Manufacturing 10,697 160,600
Property 492 50,473
Accommodation 442 11,952
Construction 1,258 10,834
Mining 95 4,388
Electricity, gas and
water production and 108 12,662
distribution
Information and
1,254 4,209
Communication
Wholesale & Retail;
1,708 4,469
Repair
Water supply & Waste
43 1,356
treatment
Agriculture & Forestry &
2 522 3,637 1%
Aquaculture
3 Service 3,310 14,457 5%
Art & Entertainment 143 3,622
Logistics 499 3,786
Finance, Banking &
82 1,334
Insurance
Health care & Social welfare 108 1,761
Science & Technology 1,920 2,098
Education and Training 239 709
Administration & Support-
167 406
ing services
Homecare 2 3.09
Others 150 742.17
Total 19,929 279,039 100%
(Source: Vietnam Investment Review)
18
7
Billion US$
5

3
VIETNAM ANNUAL ODA
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ODA Conclusion 2.44 1.50 1.77 2.41 1.81 1.76 5.57 2.52 2.82 3.80 3.46 5.40 3.40 6.80 5.87 6.6 4.38 3.5
ODA Disbursement 1.24 1.35 1.65 1.50 1.53 1.42 1.65 1.79 1.79 2.18 2.14 4.10 3.54 3.65 4.18 5.13 5.66 5.00
(Source: Ministry of Planning and Investment)
19
15
%8
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Construction, % of GDP 5.35 5.80 5.89 6.05 6.25 6.36 6.62 6.96 6.49 6.70 7.03 6.41 6.08 5.35 5.33 5.44
(Source: General Statistics Office)

Construction Value, US$bn
12
10
10.39
9.80
8 9.14
8.59
7.86
6 7.26
6.19
5.83
4 4.95
4.03
3.36
2 2.82
2.07 2.39
1.63 1.94
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Construction Value, US$bn 1.63 1.94 2.07 2.39 2.82 3.36 4.03 4.95 5.83 6.19 7.26 7.86 8.59 9.14 9.80 10.39
Construction, % of GDP 5.35 5.80 5.89 6.05 6.25 6.36 6.62 6.96 6.49 6.70 7.03 6.41 6.08 5.35 5.33 5.44
Construction, Real Growth,
% y-o-y 7.51 12.78 10.57 10.59 9.03 10.80 11.05 12.10 0.02 11.36 10.06 (0.97) 2.09 5.83 7.07 10.82
22
18
HO CHI MINH# KUALA LUMPUR BANGKOK# BRUNEI
DESCRIPTION Unit
VND RM BAHT B$
1. Excavating basement not exceeding 2m deep m3 68,300 - 75,400 15 - 20 120 3.50

3
2. Excavating for footings not exceeding 1.5m deep m 76,400 - 84,500 15 - 20 120 3.00
3. Remove excavated materials off site m3 70,400 - 77,800 20 - 25 120 3.00
4. Hardcore bed blinded with fine materials m3 350,000 - 386,900 60 - 70 650 43.00
5. Mass concrete grade 15 m3 1,377,900 - 1,522,900 240 - 280 2,200 124.00
3
6. Reinforced concrete grade 30 m 1,787,400 - 1,975,500 260 - 320 2,600 130.00
7. Mild steel rod reinforcement kg 17,600 - 19,500 3.00 - 3.30 23 0.65
8. High tensile rod reinforcement kg 16,000 - 17,700 3.00 - 3.30 22 0.65
9. Sawn formwork to soffits of suspended slabs m2 184,000 - 203,300 38 - 45 420 15.00
10. Sawn formwork to columns and walls m2 235,300 - 260,000 38 - 45 420 15.00
11. 112.5mm thick brick walls m2 198,000 - 218,800 45 - 50 700 17.50
MAJOR RATES FOR SELECTED ASIAN CITIES

12. "Kliplok Colorbond" 0.64mm profiled steel sheeting m2 494,200 - 546,200 55 - 60 1,200 58.00
13. Aluminium casement windows, single glazed m2 2,660,000 - 2,940,000 350 - 500 7,000 160 - 210
14. Structural steelwork - beams, stanchions and the like kg 26,000 - 28,700 6.00 - 8.00 55 3.50
15. Steelwork - angles, channels, flats and the like kg 28,500 - 31,500 6.00 - 8.00 55 3.20
16. 25mm Cement and sand (1:3) paving m2 57,400 - 63,500 15 - 22 200 9.00

17. 20mm Cement and sand (1:4) plaster to walls m2 82,000 - 90,600 15 - 22 220 8.00
2
18. Ceramic tiles bedded to floor screed (m/s) m 239,500 - 264,700 50 - 70 1,200 33.00
19. 12mm fibrous plasterboard ceiling lining m2 283,500 - 313,300 35 - 45 800 28.00
20. Two coats of emulsion paint to plastered surfaces m2 77,700 - 85,800 3.50 - 4.50 120 5.00
Average expected preliminaries % 8 - 12 6 - 12 12 - 18 5-8
The above cost are at 4th Quarter 2015 levels, exclusive of preliminaries and contingencies unless otherwise stated.
# Rates are nett of VAT
23
19
22
20
JAKARTA# MANILA SINGAPORE** HONGKONG BEIJING
DESCRIPTION Unit
RP000 PHP S$ HK$ RMB
1. Excavating basement not exceeding 2m deep m3 35 220 20.00 225 26

3
2. Excavating for footings not exceeding 1.5m deep m 45 250 20.00 205 31
3. Remove excavated materials off site m3 38 145 15.00-20.00 280 37
m3 370 784 50.00 950 170
5. Mass concrete grade 15 m3 1,050 2,750 190.00-200.00 1,200 433
3
6. Reinforced concrete grade 30 m 1,200 3,500 130.00-135.00 1,400 517
7. Mild steel rod reinforcement kg 10 42 1.20-1.30 9.50 4.00
8. High tensile rod reinforcement kg 10 43 1.20-1.30 9.50 4.00
m2 190 900 42.00 420 85
2
m 170 850 42.00 420 73
11. 112.5mm thick brick walls m2 170 N/A 35.00-40.00 420 72

12. "Kliplok Colorbond" 0.64mm profiled steel sheeting m2 250 1,100 43.00 880 N/A
13. Aluminium casement windows, single glazed m2 1,200 10,500 290.00 2,950 815
14. Structural steelwork - beams, stanchions and the like kg 25 95 4.80-5.80 38 9.35
15. Steelwork - angles, channels, flats and the like kg 25 95 4.80-5.80 42 8.50
16. 25mm Cement and sand (1:3) paving m2 60 250 21.00 140 27

17. 20mm Cement and sand (1:4) plaster to walls m2 75 275 22.00 145 28
18. Ceramic tiles bedded to floor screed (m/s) m2 160 1,600 74.00 380 140
19. 12mm fibrous plasterboard ceiling lining m2 150 965 30.00 570 162
20. Two coats of emulsion paint to plastered surfaces m2 25 220 3.50-4.00 60 32
Average expected preliminaries % 6 - 10 12 - 18 13 - 17 10 - 15 7 - 10

** 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
25
21
Beijing - Item 13 - rate for double glazed window
22
SHENZHEN CHONGQING
SHANGHAI SHENYANG
/GUANG-ZHOU / CHENGDU
DESCRIPTION Unit
RMB RMB RMB RMB
1. Excavating basement not exceeding 2m deep m3 30 30 18 22

2. Excavating for footings not exceeding 1.5m deep m3 30 25 25 25
3. Remove excavated materials off site m3 98 65 52 35
3
4. Hardcore bed blinded with fine materials m 165 180 150 150
5. Mass concrete grade 15 m3 320 449 340 410
6. Reinforced concrete grade 30 m3 420 484 360 500
7. Mild steel rod reinforcement kg 3.40 5.00 3.50 4.20
8. High tensile rod reinforcement kg 3.40 5.00 3.50 4.20
9. Sawn formwork to soffits of suspended slabs m2 84 80 50 90
10. Sawn formwork to columns and walls m2 84 80 50 90

11. 112.5mm thick brick walls m2 85 60 65 70

12. "Kliplok Colorbond" 0.64mm profiled steel sheeting m2 N/A N/A N/A N/A
13. Aluminium casement windows, single glazed m2 690 525 700 700
14. Structural steelwork - beams, stanchions and the like kg 10.00 10.00 8.50 9.80
15. Steelwork - angles, channels, flats and the like kg 8.00 8.00 8.50 9.80
16. 25mm Cement and sand (1:3) paving m2 25 30 28 25

17. 20mm Cement and sand (1:4) plaster to walls m2 26 25 32 26
2
18. Ceramic tiles bedded to floor screed (m/s) m 155 150 120 165
19. 12mm fibrous plasterboard ceiling lining m2 150 180 120 120
20. Two coats of emulsion paint to plastered surfaces m2 39 30 35 30
Average expected preliminaries % 5 - 10 5 - 10 5 - 10 5 - 10
Shanghai - Item 11 - Rate for 120mm thick concrete block walls
Chongqing/Chengdu, Shenyang - Item 13 - rate for double glazed window
23
22
24
DALIAN MACAU INDIA@ SEOUL^^
DESCRIPTION Unit
RMB MOP Rs KRW
1. Excavating basement not exceeding 2m deep m3 28 120 175 1,930

3
2. Excavating for footings not exceeding 1.5m deep m 33 140 195 1,930
3. Remove excavated materials off site m3 30 90 NA 9,900
4. Hardcore bed blinded with fine materials m3 170 1,100 4,025 29,200
5. Mass concrete grade 15 m3 420 1,400 5,650 64,400
3
6. Reinforced concrete grade 30 m 500 1,300 6,850 78,000
7. Mild steel rod reinforcement kg 4.20 8.00 63 1,240
8. High tensile rod reinforcement kg 4.20 8.00 65 1,280
9. Sawn formwork to soffits of suspended slabs m2 92 280 600 29,400
10. Sawn formwork to columns and walls m2 92 280 650 29,400

11. 112.5mm thick brick walls m2 70 500 940 44,700

12. "Kliplok Colorbond" 0.64mm profiled steel sheeting m2 N/A N/A 1,425 39,300
13. Aluminium casement windows, single glazed m2 700 4,000 5,250 321,000
14. Structural steelwork - beams, stanchions and the like kg 9.80 38 103 1,660
15. Steelwork - angles, channels, flats and the like kg 9.80 43 103 1,660
16. 25mm Cement and sand (1:3) paving m2 37 120 400 3,160

17. 20mm Cement and sand (1:4) plaster to walls m2 40 150 340 9,300
2
18. Ceramic tiles bedded to floor screed (m/s) m 140 500 1,450 64,400
19. 12mm fibrous plasterboard ceiling lining m2 140 650 1,100 26,500
20. Two coats of emulsion paint to plastered surfaces m2 32 200 210 7,870
Average expected preliminaries % 5 -10 6 - 12 8 - 12 6 - 11
@ 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
29
25
30
26
BUILDING OUTLINE SPECIFICATION
Apartment units with fit-out, including air-conditioning, kitchen cabinets and home appliances,
Apartments, high rise, average standard
but excluding decorative light fittings and loose furniture
Apartment units with good quality fit-out, including air-conditioning, kitchen cabinets and home
Apartments, high rise, high end appliances, but excluding decorative light fittings and loose furniture
DOMESTIC
Houses with fit-out, including air-conditioning, kitchen cabinets and home appliances, but
Terraced houses, average standard
excluding decorative light fittings, loose furniture, garden and parking
Houses with good quality fit-out, including air-conditioning, kitchen cabinets and home
Detached houses, high end
appliances, but excluding decorative light fittings, loose furniture, garden and parking
Medium/high rise offices, average standard RC structure, curtain wall, including public area fit-out, tenant area with raised floor/carpet,
OFFICE / High rise offices, prestige quality painted wall and false ceiling
COMMERCIAL Out-of-town shopping centre, average standard
Including public area fit-out and M&E, but excluding shop fit-out
Retail malls, high end
Industrial units, shell only
(Conventional single storey framed units) RC structure with steel roof and M&E to main distribution, but excluding a/c, heating and lighting
INDUSTRIAL
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
Budget hotels - 3-star, mid market 1) Interior decoration

2) Furniture (fixed and movable)
HOTELS Business hotels - 4/5-star
3) Special light fittings (chandeliers, etc.)
Luxury hotels - 5-star 4) Operating Supplies and Equipment (OS&E) excluded

CONSTRUCTION COST SPECIFICATION

Underground/basement car parks (<3 levels) RC structure
Multi storey car parks, above ground (<4 levels) RC structure, natural ventilaion, no facade enclosure
Schools (primary and secondary) Including fit-out and a/c, but excluding educational equipment
Students' residences Including fit-out, loose furniture and a/c
OTHERS
Sports clubs, multi purpose sports/leisure Dry sports (no swimming pool) and are for 'leisure centre' type schemes including main
centres (dry sports) 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

General hospitals - public sector
Notes:
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
building will depend upon the design and many other factors and may vary from the figures shown.
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
lift shafts, stairwells, balconies, plant rooms, water tanks and the like.
3. All bulidings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site condition.
The cost excludes site formation works, external works, land cost, professional fees, finance and legal expenses.
4. The standard for each category of building varies from region to region and do not necessary follow that of each other.
5. All costs are in US$/m2 CFA. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.
31
27
32
28
US$/m2
DESCRIPTION KUALA
HO CHI MINH ## BANGKOK# BRUNEI JAKARTA###
LUMPUR
DOMESTIC
Apartments, high rise, average standard 605 - 755 305 - 460 604 - 730 813 - 1,116 636 - 722
Apartments, high rise, high end 765 - 885 735 - 880 899 - 1,067 1,004 - 1,307 879 - 998
Terraced houses, average standard 405 - 475 210 - 305 421 - 505 526 - 829 342 - 442
Detached houses, high end 465 - 565 715 - 880 730 - 885 800 - 1,103 922 - 1,112
OFFICE/COMMERCIAL
Medium/high rise offices, average standard 710 - 825 575 - 665 590 - 730 813 - 1,116 627 - 698
High rise offices, prestige quality 815 - 1,110 835 - 1,130 772 - 983 1,149 - 1,453 926 - 1,045
Out-of-town shopping centre, average standard N/A 515 - 615 576 - 744 789 - 1,092 542 - 599
Retail malls, high end 655 - 860 635 - 825 772 - 800 1,040 - 1,343 599 - 646
HOTELS
Budget hotels - 3-star, mid market 1,305 - 1,590 965 - 1,350 1,053 - 1,165 1,537 - 1,840 1,093 - 1,292
Business hotels - 4/5-star N/A 1,675 - 1,960 1,348 - 1,544 2,167 - 2,471 1,492 - 1,663
Luxury hotels - 5-star 1,690 - 1,960 1,855 - 2,175 1,573 - 1,685 2,225 - 2,528 1,596 - 1,805
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES

INDUSTRIAL
Industrial units, shell only (Conventional single 305 - 380 305 - 385 449 - 562 375 - 678 287 - 310
storey framed units)
Owner operated factories, low rise, light weight 360 - 475 415 - 465 N/A 511 - 814 310 - 343
industry
OTHERS

Underground/basement car parks (<3 levels) 605 - 725 345 - 475 505 - 660 N/A 442 - 541
Multi storey car parks, above ground (<4 levels) 385 - 425 200 - 255 168 - 270 416 - 720 287 - 310
Schools (primary and secondary) 505 - 555 210 - 235 N/A 610 - 913 N/A
Students' residences 505 - 655 265 - 295 N/A 713 - 1,016 N/A
Sports clubs, multi purpose sports/leisure centres 755 - 805 560 - 610 N/A 1,640 - 1,943 998 - 1,496
(dry sports)
General hospitals - public sector N/A 835 - 1,040 N/A 1,843 - 2,146 N/A
Exchange Rate Used : US$1 = VND 22,410 RM 4.33 BAHT 35.61 B$ 1.37 IDR 13,750
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
33
29
34
30
US$/m2
DESCRIPTION
MANILA* SINGAPORE** HONG KONG^ BEIJING$
DOMESTIC
Apartments, high rise, average standard 860 - 920 1,360 - 1,540 3,140 - 3,690 630 - 695
Apartments, high rise, high end 1,170 - 1,310 2,075 - 3,075 4,240 - 4,940 1,575 - 1,795
Terraced houses, average standard 605 - 690 1,750 - 1,965 4,310 - 5,030 929 - 1,010
Detached houses, high end 1,280 - 1,370 2,215 - 2,930 5,580 - 6,350 1,795 - 1,875
OFFICE/COMMERCIAL
Medium/high rise offices, average standard 820 - 870 1,750 - 1,930# 3,080 - 3,650 900 - 1,215
High rise offices, prestige quality 1,260 - 1,365 1,930 - 2,145# 3,820 - 4,710 1,215 - 2,000
Out-of-town shopping centre, average standard 735 - 870 1,930 - 2,075 3,140 - 3,690 695 - 930
Retail malls, high end 1,080 - 1,260 2,075 - 2,290 4,180 - 4,960 1,245 - 1,715
HOTELS
Budget hotels - 3-star, mid market 1,180 - 1,375 2,180 - 2,360 4,010 - 4,330 1,010 - 1,245
Business hotels - 4/5-star 1,350 - 1,685 2,790 - 3,145 4,210 - 4,970 1,715 - 2,190
Luxury hotels - 5-star 1,575 - 2,030 2,790 - 3,145 4,920 - 5,710 2,190 - 2,820

INDUSTRIAL
Industrial units, shell only (Conventional single 450 - 460 740 - 945 N/A 535 - 615
Owner operated factories, low rise, light weight 560 - 650 N/A 2,410 - 3,060 N/A
industry
OTHERS
Underground/basement car parks (<3 levels) 510 - 560 945 - 1,290 2,370 - 2,950 770 - 850
Multi storey car parks, above ground (<4 levels) 460 - 606 665 - 945^^ 1,470 - 1,730 455 - 535

Schools (primary and secondary) 690 - 765 N/A 2,590 - 2,810 535 - 695
Students' residences 690 - 765 1,610 - 1,750 2,540 - 2,950 380 - 535
Sports clubs, multi purpose sports/leisure centres 1,180 - 1,425 2,000 - 2,145 3,970 - 4,490 930 - 1,245
(dry sports)
General hospitals - public sector 1,350 - 1,475 2,790 - 2,930 5,130 - 5,830 1,245 - 1,560
PHP 47.00 SG 1.40 HK$ 7.8 RMB 6.35
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,
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31
Rates are exclusive of contingencies & include 12% VAT no a/c and complete with basic external works.
36
32
US$/m2
DESCRIPTION SHENZHEN CHONGQING
SHANGHAI$ SHENYANG$
GUANGZHOU$ CHENGDU$
DOMESTIC
Apartments, high rise, average standard 675 - 750 520 - 575 490 - 645 520 - 590
Apartments, high rise, high end 1,645 - 1,800 865 - 955 785 - 1,040 860 - 965
450 - 480 390 - 435 385 - 470 385 - 445
675 - 750 535 - 590 530 - 630 520 - 565
OFFICE/COMMERCIAL
900 - 1,195 755 - 836 805 - 960 815 - 890
1,195 - 1,495 1,045 - 1,155 1,025 - 1,415 1,110 - 1,260
N/A 720 - 795 630 - 835 666 - 740
Retail malls, high end 1,270 - 1,645 1,065 - 1,175 1,100 - 1,495 1,110 - 1,260
HOTELS
975 - 1,195 980 - 1,085 945 - 1,180 980 - 1,080

1,645 - 2,245 1,585 - 1,750 1,655 - 2,125 1,480 - 1,930
2,245 - 2,695 2,160 - 2,385 N/A N/A

INDUSTRIAL
Industrial units, shell only (Conventional single 525 - 600 495 - 545 440 - 585 N/A
Owner operated factories, low rise, light weight N/A N/A N/A N/A
industry
OTHERS

Underground/basement car parks (<3 levels) 750 - 1,050 500 - 795 N/A 560 - 625
Multi storey car parks, above ground (<4 levels) 375 - 525 355 - 390 330 - 395 350 - 375
Schools (primary and secondary) 525 - 675 395 - 435 N/A N/A
Students' residences 375 - 525 250 - 280 N/A N/A
Sports clubs, multi purpose sports/leisure centres 975 - 1,195 740 - 815 N/A N/A
(dry sports)
General hospitals - public sector 1,495 - 1,945 N/A N/A N/A
Exchange Rate Used : US$1 = RMB 6.35 RMB 6.35 RMB 6.35 RMB 6.35
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.
33
38
34
US$/m2
DESCRIPTION
DALIAN$ MACAU*** INDIA@ SEOUL##
DOMESTIC
Apartments, high rise, average standard 560 - 650 2,170 - 2,655 510 - 585 1,347 - 1,629
Apartments, high rise, high end 1,070 - 1,170 3,035 - 4,635 775 - 930 1,620 - 1,981
Terraced houses, average standard 415 - 475 3,710 - 4,425 350 - 375 N/A
Detached houses, high end 560 - 625 4,510 - 5,875 460 - 485 2,210 - 3,363
OFFICE/COMMERCIAL
Medium/high rise offices, average standard 845 - 905 2,505 - 3,235 385 - 420 1,197 - 1,364
High rise offices, prestige quality 1,155 - 1,215 3,235 - 3,535 480 - 510 1,391 - 1,690
Out-of-town shopping centre, average standard 740 - 830 2,355 - 3,535 375 - 410 1,127 - 1,743
Retail malls, high end 1,140 - 1,290 3,710 - 4,475 525 - 570 1,320 - 2,183
HOTELS
Budget hotels - 3-star, mid market 1,010 - 1,095 3,295 - 3,720 725 - 805 1,646 - 2,069
Business hotels - 4/5-star 1,700 - 1,930 4,475 - 5,340 1,130 -1,340 2,306 - 3,979
Luxury hotels - 5-star N/A 5,340 - 6,315 1,430 -1,585 2,562 - 4,093

INDUSTRIAL
Industrial units, shell only (Conventional single N/A N/A 300 - 355 660 - 836
Owner operated factories, low rise, light weight N/A N/A 320 - 375 N/A
industry
OTHERS
Underground/basement car parks (<3 levels) N/A 1,955 - 2,870 250 - 270 942 - 1,109

Multi storey car parks, above ground (<4 levels) 365 - 380 1,080 - 1,415 195 - 215 581 - 757
Schools (primary and secondary) N/A 2,155 - 2,505 245 - 270 N/A
Students' residences N/A 1,715 - 1,990 270 - 300 1,382 - 1,488
Sports clubs, multi purpose sports/leisure centres N/A N/A 535 - 560 N/A
(dry sports)
General hospitals - public sector N/A N/A 585 - 640 N/A
Exchange Rate Used : US$1 = RMB 6.35 MOP 7.98 INR 65 KRW 1,136
Rates are exclusive of contingencies.
Houses are built to shell and core standard ONLY, where all tenant or occupant areas are unfurnished.
Schools (primary and secondary) are of public authority standard, no a/c and complete with basic external works.
Rates are based on projects in Bangalore and are nett of VAT and Service Tax. Mumbai costs are generally 8% higher
Rates are nett of VAT and exclusive of contingencies
Rates are exclusive of contingencies and any management contract fee
39
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36
KUALA
HO CHI MINH BANGKOK## BRUNEI JAKARTA$
LUMPUR
DESCRIPTION
VND/m2 RM/m2 BAHT/m2 B$/m2 RP000/m2
MECHANICAL SERVICES
Offices 1,736,000 -2,474,000 360 - 475 4,400 - 4,800 181 - 226 965 - 1,140
Industrial* N/A 62 - 90 1,550 - 1,600 23 - 39 300 - 700
Hotels N/A 290 - 465 4,600 - 5,100 292 - 336 965 - 1,300
Shopping Centres N/A 300 - 410 4,400 - 4,800 207 - 246 855 - 1,030
Apartment 1,387,000 - 1,900,000 210 - 295 4,400 - 4,500 214 - 246 855 - 1,110
ELECTRICAL SERVICES
Offices 2,037,000 -2,429,000 230 - 470 3,400 - 3,600 233 - 292 780 - 1,040
Industrial** N/A 144 - 160 1,950 - 2,200 194 - 233 440 - 690
Hotels N/A 255 - 600 3,800 - 4,200 292 - 381 790 - 1,110
Shopping Centres N/A 210 - 280 2,800 - 3,010 221 - 317 690 - 870
Apartment 1,796,000 - 2,269,000 88 - 220 2,800 - 3,350 252 - 317 780 - 1,040
HYDRAULIC SERVICES
Offices 281,000 - 534,000 26 - 59 790 - 910 16 - 39 190 - 290
M&E COSTS FOR SELECTED ASIAN CITIES

Industrial N/A 37 - 46 750 - 790 11 - 19 110 - 200
Hotels N/A 180 - 250 1,400 - 1,650 61 - 84 790 - 1,110
Shopping Centres N/A 26 - 35 790 - 950 12 - 41 190 - 290
Apartment 546,000 - 647,000 20 - 50 1,200 - 1,400 38 - 60 770 - 1,110
FIRE SERVICES
Offices 650,000 - 1,079,000 60 - 80 780 - 850 32 - 39 250 - 390
Industrial N/A 45 - 65 730 - 750 12 - 19 110 - 200

Hotels N/A 65 - 95 780 - 890 26 - 49 270 - 390
Shopping Centres N/A 65 - 85 780 - 820 32 - 66 270 - 310
Apartment 446,000 - 561,000 20 - 25 720 - 850 26 - 52 270 - 310
LIFTS/ESCALATORS
Offices 611,000 - 1,165,000 88 - 400 1,050 - 1,180 9 - 32 430 - 1,170
Industrial N/A 55 - 190 N/A 4 - 19 N/A
Hotels N/A 85 - 370 1,100 - 1,200 12 - 45 430 - 1,090
Shopping Centres 1,243,000 - 1,760,000 85 - 110 250 - 450 12 - 36 320 - 870
Apartment 694,000 - 1,004,000 63 - 105 500 - 580 11 - 26 420 - 870
* 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
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38
MANILA^ SINGAPORE^^ HONG KONG BEIJING
DESCRIPTION
PESOS/m2 S$/m2 HK$/m2 RMB/m2
MECHANICAL SERVICES
Offices 3,000 - 5,000 165 - 270 2,000 - 2,800 760 - 1,050
Industrial* 650 - 1,500 35 - 125 200 - 300 170 - 280
Hotels 3,000 - 6,500 140 - 300 2,200 - 2,750 910 - 1,150
Shopping Centres 2,500 - 4,500 160 - 265 2,300 - 2,850 790 - 950
Apartment 600 - 3,000 95 - 180 850 - 1,750 140 - 410
ELECTRICAL SERVICES
Offices 3,300 - 6,000 170 - 275 1,750 - 2,500 460 - 703
Industrial** 2,000 - 3,500 55 - 145 650 - 900 320 - 450
Hotels 4,700 - 9,000 195 - 380 1,900 - 2,600 705 - 943
Apartment 3,600 - 6,300 105 - 245 1,100 - 1,750 253 - 398
HYDRAULIC SERVICES
Offices 900 - 2,000 30 - 60 600 - 750 95 - 140

Industrial 700 - 1,300 20 - 40 450 - 600 95 - 140
Hotels 1,950 - 4,000 100 - 190 1,800 - 2,500 370 - 480
Shopping Centres 700 - 1,600 50 - 90 600 - 750 140 - 200
Apartment 1,400 - 2,700 80 - 155 1,250 - 2,000 170 - 230
FIRE SERVICES
Offices 700 - 1,200 35 - 60 550 - 700 180 - 265
Industrial 600 - 900 25 - 55 400 - 500 150 - 225

Hotels 700 - 1,200 35 - 60 600 - 850 220 - 375
Shopping Centres 700 - 1,300 40 - 60 550 - 700 220 - 375
Apartment 650 - 1,300 25 - 55 150 - 250 70 - 135
LIFTS/ESCALATORS
Offices 1,600 - 2,900 70 - 180 700 - 1,200 294 - 577
Industrial N/A 45 - 115 550 - 750 145 - 400
Hotels 1,800 - 3,000 70 - 120 550 - 850 232 - 520
Shopping Centres 595 - 2,000 60 - 100 850 - 1,000 327 - 520
Apartment 800 - 2,100 45 - 125 450 - 850 175 - 289
^ Transformer, included in Electrical Services
^^ Rates are nett of GST and excluding BAS
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40
SHENZHEN CHONGQING
SHANGHAI MACAU
GUANGZHOU CHENGDU
DESCRIPTION
RMB/m2 RMB/m2 MOP/m2 RMB/m2
MECHANICAL SERVICES
Offices 761 - 966 765 - 1,040 N/A 680 - 980
Industrial* 173 - 289 150 - 268 N/A 130 - 220
Hotels 971 - 1,265 1,071 - 1,339 2,600 - 3,000 720 - 1,150
Apartment 310 - 410 122 - 380 900 - 1,100 90 - 280
ELECTRICAL SERVICES
Offices 593 - 651 530 - 765 N/A 420 - 650
Industrial** 305 - 431 306 - 445 N/A 250 - 350
Hotels 651 - 830 680 - 916 2,600 - 3,100 500 - 750
Shopping Centres 520 - 651 483 - 653 2,600 - 2,800 400 - 650
Apartment 252 - 368 278 - 445 1,000 - 1,300 220 - 330
HYDRAULIC SERVICES
Offices 110 - 163 122 - 166 N/A 60 - 120

Industrial 89 - 131 86 - 112 N/A 60 - 120
Hotels 368 - 488 391 - 493 1,800 - 2,200 280 - 350
Shopping Centres 137 - 184 112 - 150 600 - 800 60 - 120
Apartment 168 - 226 145 - 257 1,500 - 2,000 100 - 180
FIRE SERVICES
Offices 220 - 300 224 - 348 N/A 160 - 230
Industrial 150 - 250 139 - 267 N/A 130 - 230

Hotels 280 - 380 278 - 413 900 - 1,100 180 - 300
Apartment 50 - 100 64 - 122 250 - 300 45 - 90
LIFTS/ESCALATORS
Offices 280 - 550 294 - 481 N/A 330 - 580
Industrial 135 - 390 150 - 434 N/A 140 - 340
Hotels 220 - 495 241 - 465 600 - 800 280 - 480
Apartment 165 - 325 122 - 268 450 - 600 130 - 230
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SHENYANG DALIAN SEOUL# INDIA@
DESCRIPTION
RMB/m2 RMB/m2 KRW/m2 INR/m2
MECHANICAL SERVICES
Offices 585 - 683 585 - 683 230,000 - 301,000 4,250 - 6,050
Industrial* N/A N/A 96,000 - 165,000 1,965 - 3,500
Hotels 683 - 780 683 - 780 223,000 - 353,000 5,250 - 5,725
Shopping Centres 585 - 878 585 - 683 155,000 - 255,000 4,085 - 5,350
Apartment 98 - 293 98 - 293 99,000 - 180,000 2,335 - 2,865
ELECTRICAL SERVICES
Offices 439 - 634 458 - 673 210,000 - 395,000 3,765 - 5,195
Industrial** N/A N/A 130,000 - 190,000 2,225 - 3,700
Hotels 683 - 878 702 - 897 300,000 - 490,000 4,200 - 5,725
Apartment 293 - 390 215 - 312 140,000 - 189,000 1,825 - 2,500
HYDRAULIC SERVICES
Offices 30 - 118 69 - 118 36,000 - 59,000 665 - 1,005

Industrial N/A N/A 23,000 - 33,000 450 - 795
Hotels 197 - 296 197 - 296 74,000 - 115,000 3,445 - 5,195
Shopping Centres 118 - 167 118 - 167 30,000 - 60,000 980 - 1,775
Apartment 99 - 197 99 - 148 51,000 - 78,000 1,550 - 2,150
FIRE SERVICES
Offices 146 - 224 146 - 224 32,000 - 65,000 1,050 - 1,375
Industrial N/A N/A 25,000 - 38,000 505 - 665

Hotels 127 - 224 146 - 224 38,000 - 85,000 1,225 - 1,565
Apartment 49 - 127 59 - 146 35,000 - 68,000 555 - 670
LIFTS/ESCALATORS
Offices 300 - 550 300 - 550 42,000 - 67,000 875 - 1,115
Industrial N/A 16,000 - 26,000 565 - 730
Hotels 300 - 500 250 - 350 100,000 - 175,000 1,275 - 1,850
Apartment 120 - 250 120 - 200 29,000 - 41,000 795 - 1,010
@ Rates are based on projects in Bangalore and are nett of VAT and Service Tax. Mumbai costs are generally 8% higher
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44
Exchange ELECTRICITY WATER FUEL
Rate Used Domestic Commercial/ Domestic Commercial/ Diesel Leaded Unleaded
COUNTRY Industrial Industrial
US$1= US$/kwh US$/kwh US$/m3 US$/m3 US$/litre US$/litre US$/litre
HO CHI MINH + 4th Quarter 2014 VND 21,282 0.11++ 0.09-0.16 / 0.06-0.11 0.25-0.54 0.8/0.49 0.89+++ NA 0.95-0.98++++
4th Quarter 2015 VND 22,410 0.11++ 0.09-0.16 / 0.06-0.11 0.24-0.51 0.75/0.43 0.61+++ NA 0.81-0.84++++
KUALA LUMPUR 4th Quarter 2014 RM 3.46 0.063 - 0.165 0.110 - 0.147 0.165 - 0.578 0.598 - 0.659 0.645 N/A 0.653
4th Quarter 2015 RM 4.33 0.050 - 0.132 0.088 - 0.118 0.238 - 0.462 0.478 - 0.527 0.439 N/A 0.473
BANGKOK 4th Quarter 2014 Baht : 32.75 0.057 0.120** 0.081 0.083 0.260 0.441 0.290 0.483 0.867 N/A 1.014*
4th Quarter 2015 Baht : 35.61 0.052 0.111** 0.074 0.076 0.239 0.406 0.267 0.444 0.648 N/A 0.719*
BANGALORE 4th Quarter 2014 INR 62 0.043-0.093 0.115-0.123 0.242-0.580 0.967 0.920 N/A 1.120
4th Quarter 2015 INR 65 0.042-0.098 0.116-0.121 0.400-0.692 1.338 0.762 N/A 0.993
BRUNEI 4th Quarter 2014 B$1.26 0.008 - 0.12 0.058 - 0.162 0.088 - 0.355 0.492 - 0.532 0.306 0.411 0.427
4th Quarter 2015 B$1.26 0.008 - 0.12 0.058 - 0.162 0.088 - 0.355 0.492 - 0.532 0.306 0.411 0.427
BEIJING 4th Quarter 2014 RMB 6.14 0.08 0.16 0.81~1.47 1.16 1.12 N/A 1.13
0.24(peak)
4th Quarter 2015 RMB 6.35 0.07 0.78~1.42 1.28 0.86 N/A 0.98
0.13(normal)
GUANGZHOU 4th Quarter 2014 RMB 6.14 0.1 0.16/0.11 0.32 0.57 1.18 N/A 1.31
4th Quarter 2015 RMB 6.35 0.1 0.16/0.11 0.31 0.55 0.86 N/A 1.00
UTILITY COST FOR SELECTED ASIAN CITIES

HONG KONG 4th Quarter 2014 HK$7.80 0.1 0.13 0.83 0.59 1.57 N/A 2.10
4th Quarter 2015 HK$7.80 0.1 0.12 0.83 0.59 1.37 N/A 1.85
MACAU 4th Quarter 2014 MOP 7.99 0.17 oo 0.17 oo 0.55 to 0.78 o 0.70 ooo 1.44 N/A 1.94
4th Quarter 2015 MOP 7.98 0.17 oo 0.17 oo 0.55 to 0.78 o 0.70 ooo 1.21 N/A 1.44
0.111(peak) 0.173(peak)
SHANGHAI 4th Quarter 2014 RMB 6.14 0.055(normal) 0.082(normal) 0.48 0.6 1.10 N/A 1.12-1.19
0.097(peak) 0.162(peak)
4th Quarter 2015 RMB 6.35 0.048(normal) 0.072(normal) 0.57 0.82 0.84 N/A 0.91-0.97
CHONGQING 4th Quarter 2014 RMB 6.14 0.08 0.13/0.138 0.46 0.67 1.08 N/A 1.09/1.15 *

4th Quarter 2015 RMB 6.35 0.08 0.13 0.38 0.72 0.85 N/A 0.91/ 0.97 *
JAKARTA 4th Quarter 2014 IDR 12,150 0.125 0.125 0.807 1.033 0.617 N/A 0.700
4th Quarter 2015 IDR 13,750 0.111 0.111 0.713 0.877 0.487 N/A 0.538
MANILA 4th Quarter 2014 PHP 44.50 **0.22-0.27' **0.21' **0.48-0.69' **1.47' 0.808 N/A 1.041
4th Quarter 2015 PHP 47.00 **0.21-0.22' **0.21' **0.48-0.80' **1.47' 0.568 N/A 0.905
NEW DELHI 4th Quarter 2014 INR 62 0.064-0.130 0.139-0.160 0.175-1.288 1.202-5.366 0.847 N/A 1.021
4th Quarter 2015 INR 65 0.062-0.130 0.139-0.160 0.288-1.037 1.318-5.886 0.720 N/A 0.939
SEOUL 4th Quarter 2014 KRW 1,114.60 0.129* 0.154* 0.59* 1.52** 1.35 N/A 1.55
4th Quarter 2015 KRW 1,136.00 0.05 - 0.165*** 0.06 - 0.1*** 0.32 - 0.69**** 0.7- 1.11**** 1.08 N/A 1.28
SINGAPORE* 4th Quarter 2014 S$1.26 0.20^ 0.20^ 1.43^^ 1.65^^^ 1.21^^^^ N/A 1.76^^^^^
4th Quarter 2015 S$1.40 0.15^ 0.15^ 1.29^^ 1.49^^^ 0.86^^^^ N/A 1.62^^^^^
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50
Note
1
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
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
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GENERAL CONSTRUCTION DATA
2
Material Price Indices
Import Duties
Progress Payments
Estimating Rules of Thumb

50
Steelbar (D12-D15) Concrete (Grade 250) Cement (PCB40)
Year Quarter Index Index Index
VND/T (Base Inflation VND/m3 (Base Inflation VND/kg (Base Inflation
QI/2008) QI/2008) QI/2008)
I 11,200,000 100.00 0.00% 676,804 100.00 0.00% 976 100.00 0.00%
II 14,518,000 129.63 29.63% 790,476 116.80 16.80% 973 99.69 -0.31%
2008 III 17,305,000 154.51 19.20% 904,000 133.57 14.36% 1,275 130.64 31.04%
IV 12,000,000 107.14 -30.66% 850,000 125.59 -5.97% 1,273 130.43 -0.16%
I 10,940,000 97.68 -8.83% 879,819 130.00 3.51% 1,255 128.59 -1.41%
II 10,990,000 98.13 0.46% 879,819 130.00 0.00% 1,255 128.59 0.00%
2009 III 11,820,000 105.54 7.55% 879,819 130.00 0.00% 1,255 128.59 0.00%
IV 12,220,000 109.11 3.38% 879,819 130.00 0.00% 1,255 128.59 0.00%
I 12,452,500 111.18 1.90% 879,819 130.00 0.00% 1,255 128.59 0.00%
II 11,590,000 103.48 -6.93% 879,819 130.00 0.00% 1,218 124.80 -2.95%
2010 III 12,830,000 114.55 10.70% 879,819 130.00 0.00% 1,209 123.87 -0.74%
IV 13,440,000 120.00 4.75% 879,819 130.00 0.00% 1,209 123.87 0.00%
I 15,030,000 134.20 11.83% 879,819 130.00 0.00% 1,241 127.15 2.65%
2011 II 14,730,000 131.52 -2.00% 879,819 130.00 0.00% 1,263 129.41 1.77%
III 15,925,000 142.19 8.11% 970,000 143.32 10.25% 1,459 149.49 15.52%
IV 15,925,000 142.19 0.00% 970,000 143.32 0.00% 1,459 149.49 0.00%
MATERIAL PRICE INDICES
I 15,925,000 142.19 0.00% 945,000 139.63 -2.58% 1,459 149.49 0.00%

2012 II 15,925,000 142.19 0.00% 945,000 139.63 0.00% 1,546 158.40 5.96%
III 16,320,000 145.71 2.48% 1,127,272 166.56 19.29% 1,600 163.93 3.49%
IV 16,320,000 145.71 0.00% 1,109,000 163.86 -1.62% 1,600 163.93 0.00%
I 16,320,000 145.71 0.00% 1,109,090 163.87 0.01% 1,600 163.93 0.00%
2013 II 15,170,000 135.45 -7.05% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
III 15,170,000 135.45 0.00% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
IV 14,470,000 129.20 -4.61% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
I 14,470,000 129.20 0.00% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
2014 II 14,470,000 129.20 0.00% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
III 14,470,000 129.20 0.00% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
IV 14,470,000 129.20 0.00% 1,109,090 163.87 0.00% 1,600 163.93 0.00%
I 14,350,000 128.13 -0.83% 1,109,090 163.87 0.00% 1,504 154.10 -6.00%
2015 II 14,350,000 128.13 0.00% 1,109,090 163.87 0.00% 1,550 158.81 3.06%
14,200,000 126.79 -1.05% 1,109,090 163.87 0.00% 1,550 158.81 0.00%

III
IV 14,200,000 126.79 0.00% 1,109,090 163.87 0.00% 1,550 158.81 0.00%
180
170
160
150
140
130
120
110

100
90
80
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
2008 2009 2010 2011 2012 2013 2014 2015
Steelbar (D12-D25) Concrete (Grade 250) Cement (PCB40)
(Source: Ho Chi Minh City Departments of Construction and Departments of Finance Year 2008-2015)
51
2 GENERAL CONSTRUCTION DATA
IMPORT DUTIES
SPECIAL TARIFF
VAT TARIFF
MFN/WTO
Non-ACFTA
Non-AKFTA
AANZFTA
DESCRIPTION
ACFTA
AKFTA
VCFTA
AJCEP
ATIGA
VJEPA
AIFTA
(ALL FIGURES) UNIT
(1) (2)
Marble kg 12 0 0 0 10 10 17 14 16 10
(3) (2)
Granite kg 12 0 5 0 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
Ceramic building bricks, 1000
35 5 20 - 10 - 10 22.5 29 23 25 10
flooring blocks unit
Ceramic roofing tiles kg 45 5 20 - 0 - 10 30 46 28 31 10
Ceramic floor, hearth, wall

m2 45 0 * - 0 (4) 10 30 48 28 31 10
tiles
Ceramic sanitary fixtures of

kg 35 5 15 (5)
10 (4) 10 30 39 29 32 10
porcelain
Multiple-walled insulating
m2 25 0 0 - * - 10 * 20 30 30 10
units of glass
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 -
kg 12 5 15 - * * * 37 15 10 10
(height under 80mm)
Alluminium doors, windows, - -

m2 15 0 0 5 7 12 13 7 8 10
frames and thresholds
Air conditioner (window or
wall mounted) not unit 30 5 15 (7)
* - 10 27 29 11 9 10
exceeding 26,38 kW
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
MFN/WTO : Most-Favored-Nation/World Trade Organisation

Normal Tax Rate = Favoured Tax Rate x 150%
ATIGA : ASEAN Trade In Goods Agreement/ ASEAN Free Trade Area
ACFTA : ASEAN-China Free Trade Agreement
AKFTA : ASEAN-Korea Free Trade Agreement
AANZFTA : Australia-ASEAN-New Zealand Free Trade Agreement
AIFTA : ASEAN-India Free Trade Agreement
VCFTA : Vietnam-Chile Free Trade Agreement
AJCEP : ASEAN-Japan Comprehensive Economic Partnership
VJEPA : Vietnam-Japan Economic Partnership Agreement
(1)
: Cambodia, Thailand
(2)
: Thailand
(3)
: Cambodia, Indonesia, Thailand
(4)
: Myanmar
(5)
: Cambodia, Indonesia, Malaysia
(6)
: Cambodia, Lao, Malaysia, Thailand
(7)
: Brunei, Cambodia, Philippines, Thailand
(8)
: Malaysia, Thailand
(*) 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
CUMMULATIVE CUMMULATIVE
CONTRACT CONTRACT
PROGRESS PROGRESS
PERIOD
CLAIMS CLAIMS
GENERAL CONSTRUCTION DATA 53

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 to 0.5 m3/m2
2/m2 to 3.0 m2/m2
3 to 250 kg/m3
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
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 2,400 kg/m3 Water 1,000 kg/m3

Cement 1,441 kg/m3 3
Sand 1,600 kg/m3 3

3 3
3 Soil (compact) 2,100 kg/m3

Concrete Strength (in accordance with TCVN 3118 - 1993)
6,000 41 49 40 5,800 33
5,000 34 41 35 5,000 29
4,000 28 34 30 4,400 25
3,000 21 25 25 3,600 21
15 2,200 13
Reinforcement
Bar Dia. Weight/m Perimeter Area
(mm) (kg/m) (mm) (mm2)
8 0.395 25.13 50.26
20 2.466 62.83 314.16
32 6.313 100.53 804.25

40 9.864 125.66 1,256.64
Composition of Concrete (per m3)
1:3:6 216 kg 0.45 m3 0.90 m3

1:2:4 308 kg 0.43 m3 0.86 m3
1:1:2 540 kg 0.38 m3 3
Average Loads Volume

Lorry (24 ton) 10.0 m3
Concrete truck (24 ton) 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 11 m 3.5 m 4.1 m

Container Vehicles 16 m 3.5 m 3.5 m
and the lower most projection from the ceiling including any
lighting units, ventilation ducts, conduits or similar.
GENERAL CONSTRUCTION DATA 55

PROPERTYINVESTMENT
PROPERTY
3
Building Control and Procedures
Project Closed Out Procedures
Typical Submission Flowchart
Key Planning Parameter
Procurement Strategies
Contractor Selection Strategies

Property Overview
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
Ministers 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
Peoples 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 Peoples 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.
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
Peoples 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
BUILDING CONTROL AND PROCEDURES (contd)
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
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 Peoples 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
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.
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.
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) (1) (1) (1)
Request for written Report on assessment Request for written approval Agreement on technical
comments on the fire of environmental impact on height of the building infrastructure connections includes:
protection measures (Provincial People's ( (Department of Combat - (no required time by law so the
(Fire Department Committee - 75 days) Department of Defense Employer shall make their own
10 days) - 15 days) arrangements)
Collect the approval on

Agreement on location of
the Basic Design
water supply connection
(Ministry of Construction
(Water Supply Company)
20 days)
Agreement on
Approval on Power Supply
Fire Protection (Electricity Company)
(Fire Department
15 days)
Agreement on Drainage
System connection
Review on (Department of Transportation
Technical Design /Management Company)
(Ministry of Construction
40 days)
Agreement on
communications
infrastructure connection
Construction Permit (Department of
(Department of Information Center/
Construction 20 days) 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 Employers 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.
KEY PLANNING PARAMETER
MAXIMUM SITE COVERAGE
Maximum site coverage of linked houses and villa houses
Land plot area

75 100 200 300 500
(m2/house)
100 90 80 60 50 40
coverage (%)
Maximum site coverage of condominium buildings
Building height Maximum site coverage (%) according

to land plot area
measured from
ground level (m) 10,000 18,000 35,000
m2 m2 m2 m2
65 63 60
19 60 58 55
22 55 52
25 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
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%.
lot must be complied with the current regulation.
Maximum site coverage (%) according
Building height to land plot area
measured from
3,000 10,000 18,000
ground level (m)
m2 m2 m2 m2
80 68 65
19 80 65 63 60
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 44
40 80 48 46 43
43 80 45 42
46 80 46 44 41
>46 80 45 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
Minimum of ratio for

Type of building
landscape (%)
20
house, villa)
20
30
30
30
3. Factory
20
20
KEY PLANNING PARAMETER (contd)
MINIMUM OF CAR PARKING LOT
Type of building Minimum car parking lot
4 bedrooms / 1 lot
standard upward
100m2
Super market, shopping 100m2

mall, conference centre,
exhibition, show room
and display center
1 apartment / 1.5 lot

condominium
MINIMUM OF PARKING SPACE
Minimum area of
Type of vehicle
parking space
Car parking space 25 m2
3 m2
0.9 m2
40 m2
Truck parking space 30 m2
For the hotel grade of below three-star, public admin-

istration 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)
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
BUILDING AREAS DEFINITIONS (contd)
Excludes:
Canopies
property
Gross Internal Area (GIA)
Includes:
Areas occupied by internal walls and partitions
other internal projections, vertical ducts, and the like

level only
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
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
BUILDING AREAS DEFINITIONS (contd)
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:
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
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.
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.
Traditional Lump Sum - high extent

Management Contracting - low extent
Construction Management - 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
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 check-
ing 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.
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 remea-
surement 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 succes-
sively 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 manage-
ment 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 continui-
ty of workflow. All these advantages are extremely
important in the Vietnam context because it is of
paramount importance to maintain healthy relation-
ships between employers and contractors as unfore-
seen events are prevalent during the design and
procurement stages in Vietnam.
PROCUREMENT STRATEGIES (contd)
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 further-
more, 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.
Project Criteria Appropriateness of Contract Strategy
Design
Management Construction Prime Framework
Parameter Objectives PPP Traditional and
Contracting Management Contracting Agreements
Construct
Timing Early Completion x x x
Cost x x x
Quality Design prestige x x x x
PROPERTY INVESTMENT
Variations Avoid prohibitive cost of change x x x x
Technically advanced or highly

Complexity x x x
complex building
Single contractual link x x x
Need for design team to report

x x x
Table A - Procurement Strategy
to sponsor

Desire to transfer complete risk x x x

Avoidance
Damage Facility to recover cost direct

x
from construction
Contractor input to economic

x x
construction
75
76
Contract Strategy
Public Private Partnerships
Design and Construct
Prime Contracting
Table B - Risk Allocation
Traditional
Framework Agreements
PROPERTY INVESTMENT
Management Contracting
Construction Management
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 through 10,

10 highest)
Vietnam experience (if foreign) 8
Financial capacity (particularly local) 8
Direct labour strength (local and foreign) 6
CONTRACTOR SELECTION STRATEGIES (contd)
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 todays 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 demobili-
zation.
size, capacity and suitable state of repair as contractors
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)
CONTRACTOR SELECTION STRATEGIES (contd)
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)

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
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.
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 Vietnams
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 Vietnams
competitiveness in both global and regional markets.
Vietnams 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 Feds interest hike last December,
Vietnams 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
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
markets 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%
PROPERTY OVERVIEW (contd)
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.
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
HCMC, especially in the non-CBD areas. Taking this
trend into consideration, McDonalds 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 Hanois 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
PROPERTY OVERVIEW (contd)

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
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
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 As occupancy rate increased
by 5.5 percentage points q-o-q, reaching 87.8%, and
Grade Bs 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 CBREs 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.
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 worlds 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 specied in Circular
244/2009/TT-BTC issued by the Ministry of Finance
(MoF). Accounting records are required in Vietnam-
ese 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.
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 speciF 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-invest-

ed business entities must be audited by an indepen-
dent 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 invest-
ed banks or branches of foreign banks, representa-
tive 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.
VIETNAM BUSINESS ENVIRONMENT 91

BANKS (contd)
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 curren-
cies 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 curren-
cy. 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.

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.
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

TAXATION (contd)
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.
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.

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.
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:
Fire and Explosion - (Article 8 of Law on Insurance

Business)
Motor Vehicle/Aviation carriers to passengers -

INSURANCE (contd)
(Article 8 of Law on Insurance Business, Decree
103/2006/ND-CP/ Article 163 of Civil Aviation Law)
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)
Professional Indemnity insurance for:

Insurance brokers - (Article 8 of Law on
Insurance Business)
Lawyers - (Article 8 of Law on Insurance
Business & Article 40 of Law on Lawyer)
Contractor to perform survey for construction
works - (Article 51 of Law on Construction)
Contractor to design for construction works -
(Article 58 of Law on Construction)
Contractor to supervise for execution of building
works - (Article 90 of Law on Construction)
Securities companies - (Article 71 of Law on
Securities)
Fund management companies - (Article 72 of
Law on Securities)
Auditing Companies - (Decree 105/2004/ND-CP
on independent auditor)
Enterprises on price assessment - Article 11 of
Decree 111/2005/ND-CP on Price assessment)
Medical examination and treatment
Insurance for Construction works:
Applicable to investors/developers - (Article 75 of

Law on Construction)
Applicable to contractors - (Article 76 of Law on
Construction)
Applicable to parties who call construction tender
- (Article 104 of Law on Construction)
Professional insurance, civil liability insurance
and environmental damage compensation
liability insurance applicable to organizations and
individuals performing radiation jobs
Civil Liability Insurance and Environmental

Damage Compensation Liability Insurance applicable

to Organizations and Individuals performing
Radiation Jobs
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

INSURANCE (contd)
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

Vietnam Insurance Market Overview
30 Non-life Insurers
Joint-stock Joint-venture Foreign-owned

(17) (2) (11)
Bao Viet UIC AIG

Bao Minh Baoviet Tokyo QBE
Bao Long Marine Groupama
PVI ACE
PJICO Liberty
PTI MSIG
VASS Fubon
AAA PAC
GIC Cathay
ABIC Samsung
MIC SGI Hanoi
VNI
HVI
BSH
Vietinsco
Xuan Thanh
BIC
(Source: Vietnam Insurance Associate Quarter 1 of 2015)

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 1&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 shall be applied to enterprises

operating in region I.
operating in region II.
operating in region III.
operating in region IV.
In accordance with the Law No. 58/2014/QH13 on

Social Insurance (Law). Below are some remarkable
changes of the Law on Social Insurance:
Firstly, since January 1, 2016, for employees who pay

social insurance premiums according to the employ-
er-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.

Fourthly, on the side of maternity regime, the new Law
provides on some majority changes: (i) Male employ-
ees 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, miscar-
riage, 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.

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
(Source: Wikimedia)
108 OTHER INFORMATION

DOMESTIC ROUTES
DISTANCE FLIGHT TIME

MILES/KMS OUTBOUND RETURN
HA NOI TO
Da Lat 662/1065 1:40 1:40
HO CHI MINH CITY TO
Da Lat 133/214 0:50 0:50
Vinh 549/883 1:45 1:45

DA NANG TO
(Source: VietnamAirlines)
OTHER INFORMATION 109

5 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
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

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

5 OTHER INFORMATION
PUBLIC HOLIDAYS
2016
VIETNAM
Normal Scheduled Holidays
Solar New Year 1 Jan

Lunar New Year 8,9,10,11,12
Feb
Liberation Day of Saigon 30 Apr

International Labour Day 1 May
2, 3 May #
National Day 2 Sep
Hung Vuong King Celeration 16 Apr
18 Apr ##
# Subtitude for 30 Apr & 1 May (Sat & Sun)
## Subtitude for 16 Apr (Sat)
CHINA
New Year's Day 01 Jan

Chinese New Year's Eve 07 Feb
Chinese New Year $ 08 Feb
09 Feb
10 Feb
Tomb-sweeping Day 04 Apr
Labour Day^ 01 May

Dragon-boat Festival 09 Jun
Mid Autumn Festival @ 15 Sep
National Day# 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.

2016
HONGKONG
The first day of January 01 Jan

Lunar New Year's Day 08 Feb
The 2nd day of Lunar New Year 09 Feb
The 3rd day of Lunar New Year 10 Feb
Good Friday 25 Mar
The day following Good Friday 26 Mar
The day following Ching Ming
Festival -
Easter Monday 28 Mar
Ching Ming Festival 4 Apr
Labour Day -
The day following Labour Day 02 May*
Buddha's Birthday 14 May
Tuen Ng Festival 09 Jun
HKSAR Establishment Day 01 Jul
The day following Chinese
Mid-Autumn Festival 16 Sep
National Day 01 Oct
Chung Yeung Festival -
The day following Chung Yung
Festival 10 Oct*
Christmas Day
The 1st week-day after
Christmas Day 26 Dec
The 2nd week-day after
Christmas Day 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.

5 OTHER INFORMATION
PUBLIC HOLIDAYS (contd)
2016
MACAU
New Year's Day 01 Jan#*
Lunar New Year's Eve (Afternoon)
Lunar New Year's Day 08 Feb*#
The 2nd day of Lunar New Year 09 Feb*#
The 3rd day of Lunar New Year 10 Feb*#
The 4th day of Lunar New Year -
The 5th day of Lunar New Year -
Good Friday 25 Mar#
The day before Easter 26 Mar
Ching Ming Festival 04 Apr*#
The first working day after
the Day before Easter 28 Mar@#
The second working day after
Ching Ming Festival -
Labour Day 01 May*
The first working day after Labor Day 02 May@#
The Buddha's Birthday 14 May
The first working day after Buddha's Birthday 16 May@
Tung Ng Festival (Dragon Boat Festival) 09 Jun#
Tung Ng Festival -
Bank's Holiday 01 Jul#
The day following Mid-Autumn
Festival 16 Sep*#
National Day 01 Oct*
The day following National Day 02 Oct
The first working day after National Day 03 Oct@#
The second working day after National Day 04 Oct@

Chung Yeung Festival 09 Oct*
Chung Yeung Festival 10 Oct@#
All Soul's Day 02 Nov#
Feast of the Immaculate Conception 08 Dec#
Macau SAR Establishment Day 20 Dec*#
The first working day after Macau
SAR Establishment Day -
Winter Solstice 21 Dec
Christmas Eve 24 Dec
The first working day after Christmas Day 26 Dec@#
The Second working day after Christmas Day 27 Dec@#
New Year's Eve (Afternoon) -
# Bank's Holiday
* Obligatory Holiday
@ Special Holiday Granted by Chief Executive for staff in Public
Administration

2016
BRUNEI
New Year's Day 01-Jan

Chinese New Year 08-Feb
National Day 23-Feb
Israk Miraj 06-May
Royal Brunei Armed
Forces Anniversary 31-May
First Day of Ramadhan * 06-Jun
Anniversary of the
Revelation of the Holy Koran * 22-Jun
Hari Raya Aidilfitri * 07-Jul
HM The Sultan's Birthday** 15-Jul
Hari Raya Aidil Adha*/** 11-Sep
Islamic New Year*/** 02-Oct
Christmas Day 25-Dec
* Subject to Change
** Replacement for Fridays / Sundays
Fridays and Sundays are government off days
SINGAPORE

09-Feb
Good Friday 25-Mar
Labour Day 1-May #
Vesak Day 21-May
Hari Raya Puasa 06-Jul
National Day 09-Aug
Hari Raya Haji 12-Sep
Deepavali 29-Oct
Christmas Day 25-Dec #
# The following Monday will be a public holiday.

5 OTHER INFORMATION
2016
PHILIPPINES
A. Regular Holidays

Maundy Thursday 24 Mar
Good Friday 25 Mar
Araw ng Kagitingan 09 Apr
Labour Day 01 May
Independence Day 12 Jun
End of Eid-ul-Fitre 08 Jul
National Heroes' Day 29 Aug
Eid-ul Adha 13 Sep
Bonifacio Day 30 Nov
Rizal Day 30 Dec
B. Special Holidays
(Non-Working Holidays)
Chinese New Year 08 Feb

Black Saturday (Additional) 26 Mar
Ninoy Aquino Day 21 Aug
All Saint's Day 01 Nov
All Souls Day (Additional) 02 Nov
Christmas Eve (Additional) 24 Dec

Last Day of the Year (Additional) 31 Dec

2016
MALAYSIA
New Year's Day ** 01-Jan

09-Feb
Labour Day 01-May
Wesak Day 21-May
King/Agong's Birthday 04-Jun
Hari Raya Aidilfitri* 06-Jul
07-Jul
National Day 31-Aug
Hari Raya Qurban* 12-Sep
Malaysia Day 16-Sep
Awal Muharam (Maal Hijrah) 02-Oct#
Deepavali* 29-Oct
Prophet Muhammad's Birthday 12-Dec
Christmas Day 25-Dec#
* Subject to change
** Except Johor, Kelantan, Kedah, Perlis & Terengganu
# The following Monday will be an additional public holiday
INDONESIA

Chinese new Year (Imlek) 08-Feb
Hindu Day of Quiet (Nyepi) 09-Mar
Good Friday 25-Mar
International Labour Day 01-May
Ascension Day of Jesus Christ 05-May
Ascension of Prophet Mohammad 06-May
Waicak Day 22-May
Idul Fitri* 06-Jul
07-Jul
National Independence Day 17-Aug
Idul Adha Day 12-Sep
Hijriyah New Year 02-Oct
Prophet Muhammad's Birthday 12-Dec
* Subject to changes

5 OTHER INFORMATION
2016
THAILAND

Chinese New Year* 8 Feb
Makha Bucha Day 22 Feb
Chakri Memorial Day 6 Apr
Songkran Festival 13 Apr
14 Apr
15 Apr
National Labour Day 2 May1
Coronation Day 5 May
Royal Ploughing Ceremony Day+ 25 April
Visakha Bucha Day 20 May
Mid Year Bank Holiday# 1 July
Asarnha Bucha Day 19 July
Khao Phansa Day (Buddhist Lent Day)+ 20 July
H.M. The Queen's Birthday 12 Aug
Chulalongkorn Day 24 Oct2
H.M. The King's Birthday 5 Dec
Constitution Day 12 Dec3
New Year's Eve 2 Jan 20174
* Unofficial Chinese Community Only

# Banks only
+ Government only
@ Special Holiday Granted by Thai Government
1
- Substitute for 1 May 2016 (Sunday)
2
- Substitute for 23 October 2016 (Sunday)
3
- Substitute for 10 December 2016 (Saturday)
4
- Substitute for 31 December 2016 (Saturday)

2016
INDIA

Republic Day 26-Jan
Good Friday 25-Mar
Ugadi 08-Apr
Ramnavami 15-Apr
Independence Day 15-Aug
Ganesh Chaturthi 05-Sep
Dusshera 12-Oct
Karnataka Formation Day 01-Nov
KOREA

Lunar New Year (Seol) 07-Feb
Independent Movement Day 01-Mar
Children's Day 05-May
Buddha's Birthday 14-May
Memorial Day 06-Jun
Liberation Day 15-Aug
Full Moon Day (Chuseok) 14-Sep
National Foundation day 03-Oct
Hangul Proclamation Day 09-Oct

5 OTHER INFORMATION
2016
TAIWAN
Founding Day 01 Jan

Lunar New Year's Eve 07 Feb
Lunar New Year's Day 08 Feb
The 2nd day of Lunar New Year 09 Feb
The 3rd day of Lunar New Year 10 Feb
The 4th day of Lunar New Year 11 Feb*
The 5th day of Lunar New Year 12 Feb#
Peace Memorial Day 29 Feb
Children's Day 04 Apr*
Ching Ming Festival 05 Apr
Dragon Boat Festival 09 Jun
Extra vacation day after
Dragon Boat Festival 10 Jun#
Mid-Autumn Festival 15 Sep
Extra vacation day after
Mid-Autumn Festival 16 Sep#
Double Ten Day 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 Years 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.

PRIME RATES (as at 4th Quarter 2015)
RATE (%)
COUNTRY
4Q 4Q 4Q 4Q 4Q 4Q
2010 2011 2012 2013 2014 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 3.25 3.25 3.25 3.25 3.25 3.25

America
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

5 OTHER INFORMATION
IDD CODES AND TIME DIFFERENCES
IDD TIME
AREA
LOCATION COUNTRY DIFFERENCE
CODE
CODE (Hours)*
Australia:
Melbourne 61 3 +3
Perth 61 8 0
Sydney 61 2 +3
Bahrain 973 - -5
Bangladesh (Dhaka) 880 2 -2
Bhutan (Thimphu) 975 2 -2
Brunei:
Bandar Seri Begawan 673 2 0
Kuala Belait 673 3 0
Cambodia (Phnom Penh) 855 23 -1
Canada:
Toronto (Metropolitan) 1 416 -13
Vancouver 1 604 -16
China:
Beijing 86 10 0
Guangzhou 86 20 0
Hong Kong 852 - 0
Macau 853 - 0
Shanghai 86 21 0
Shenzhen 86 755 0
France (Paris) 33 1 -7
India:
Bangalore 91 80 -2.5
Chennai 91 44 -2.5
New Delhi 91 11 -2.5

Mumbai 91 22 -2.5
Indonesia:
Bali 62 36 0
Jakarta 62 21 -1
Ireland:
Cork 353 21 -8
Dublin 353 1 -8
Japan:
Tokyo 81 3 +1
Osaka 81 6 +1
Kazakhstan (Almaty) 7 327 -2
Korea (Seoul) 82 2 +1
Korea (Pyongyang) 850 2 +1
Laos (Vientiane) 856 21 -1
Source: www.worldtimeserver.com ; www.worldtimezone.com

www.timeanddate.com

IDD TIME
AREA
LOCATION COUNTRY DIFFERENCE
CODE
CODE (Hours)*
Malaysia:
Johor Bahru 60 7 0
Kota Kinabalu 60 88 0
Kuala Lumpur 60 3 0
Kuching 60 82 0
Penang 60 4 0
Mongolia (Ulaanbaatar) 976 11 0
Myanmar (Rangoon) 95 1 -1.5
Nepal (Kathmandu) 977 1 -2.25
New Zealand:
Auckland 64 9 +5
Wellington 64 4 +5
Pakistan (Karachi) 92 21 -3
Philippines (Manila) 63 2 0
Qatar 974 - -5
Singapore 65 - 0
Spain:
Barcelona 34 93 -7
Girona 34 972 -7
South Africa:
Johannesburg 27 11 -6
Cape Town 27 21 -6
Sri Lanka (Colombo) 94 11 -2.5
Russia (Moscow) 7 495 -5
Taiwan (Taipei) 886 2 0
Thailand:
Bangkok 66 2 -1
Phuket 66 76 -1
United Arab Emirates:
Abu Dhabi 971 2 -4
Dubai 971 4 -4
United Kingdom:
London 44 20 -8
Edinburgh 44 131 -8
USA:
Los Angeles 1 213 -16
New York 1 212 -13
Vietnam:
Ho Chi Minh City 84 8 -1
Hanoi 84 4 -1
* As compared to Hong Kong. Allowance should be made for

seasonal time variations. Time differences above as at 1 January.

5 OTHER INFORMATION
CONVERSION FACTORS

5 OTHER INFORMATION
SOME INTERESTING FACTS
Vietnams 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 Minhs 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: NonAligned Movement (NAM)
1976, Jun: World Intellectual Property Organization
(WIPO)
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

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)

5 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,
China 1,297 km, Laos 2,161 km
Total Area : 331,210 sq km
Land Area : 310,070 sq km
Water : 21,140 sq km
Land use : arable land: 19.64%;
permanent crops: 11.18%;
other: 69.18%
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

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 male: 96.4% (2014 est.)
and write) female: 93% (2014 est.)
Population below : 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 : 2.31% (2015 est.)

5 OTHER INFORMATION
VIETNAM KEY DATA (contd)
Economy
Monetary Unit : Vietnamese Dong
Currency Code : VND
Exchange rate to dong (VND) per
USD : 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,
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)

Major Imports : 1- Machine, equipment, tools and
Commodities 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
cotton, grain, cement, motorcycles
Import Partners : China 12.9%, Asean 3.8%, Korea 27.4%,
EU 16.3%, Japan 11.6%, US 27%
International Airports : Tan Son Nhat International Airport
(Ho Chi Minh City), Da Nang Interna-
tional Airport (Da Nang), Hanoi Noi
Bai International Airport (Hanoi), Nha
Trang Cam Ranh International
Airport (Nha Trang), 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)

5 OTHER INFORMATION
ARCADIS ASIA LEADERSHIP TEAM
Kenneth Poon
Chief Executive Officer, Asia
kenneth.poon@arcadis.com
Matt Bennion
Chief Operating Officer, Asia
matt.bennion@arcadis.com
Graham Kean
Director
graham.kean@arcadis.com
Eric de Kruif
Chief Financial Officer, Asia
eric.dekruif@arcadis.com

Loo Ming Chee
Regional Head, Southeast Asia
mcloo@arcadis.com
Alan Hearn
Regional Head, East Asia & India
alan.hearn@arcadis.com
Lai Pak Hung

Head of Greater China
pakhung.lai@arcadis.com

5 OTHER INFORMATION
ARCADIS ASIA SECTORS
AUTOMOTIVE
AVIATION
CHEMICALS & PHARMACEUTICALS

COMMERCIAL DEVELOPERS
FINANCIAL INSTITUTIONS
OIL AND GAS

5 OTHER INFORMATION
ARCADIS ASIA SECTORS (contd)
RAIL
RETAIL & CONGLOMERATES


ARCADIS ASIA SERVICES
BUSINESS ADVISORY
COST MANAGEMENT
CONTRACT SOLUTIONS

5 OTHER INFORMATION
ARCADIS ASIA SERVICES (contd)
ENVIRONMENT
PROJECT & PROGRAMME MANAGEMENT

WATER

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 : info-hk@arcadis.com
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 : info-cn@arcadis.com
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
Contact : Chen Yong
(Contd)

5 OTHER INFORMATION
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
Contact : Lum Ka Wai, Andy
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
Contact : Lin Wai Yip, Gary
DALIAN
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
Contact : Ng Hin Kan, Kenn

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
Contact : Lee Kwok Wing, Dickey
GUANGZHOU
CO. LTD. GUANGZHOU BRANCH
3A10 - 18 Unit, 3/F
Bank of America Plaza
555 Ren Min Zhong Road
Guangzhou
China
GPS : 23.123148, 113.253628
Tel : (86 20) 8130 3813
Fax : (86 20) 8130 3812
Contact : Wong Wing Cheung, Jack
HAIKOU
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
Contact : Yi Zheng Gang
(Contd)

5 OTHER INFORMATION
HANGZHOU
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
Contact : Lu Mei Hua / Zhou Yuan
HENGQIN
LANGDON & SEAH CONSULTANCY ZHUHAI
HENGQIN CO. LTD.
7/F, 156 Nan Shan Ju Road
Hengqin, Zhuhai
China
GPS : 22.142774, 113.544438
Tel : (86 756) 868 8986
Fax : (86 756) 868 8969
Contact : Wan Chi Shing, Stanley
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 : info-mo@arcadis.com
Contact : Chan Yuk Sim, Katherine

NANJING
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
Contact : Chen Taofen
QINGDAO
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
Contact : Feng Shi En, Andy
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
Contact : Chan Hoi Or, Joe
(Contd)

5 OTHER INFORMATION
SHENYANG
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
Contact : Chow Hau Ming, Simon
SHENZHEN
CO. LTD.
Room 1001, AVIC Centre
1018 Huafu Road
Shenzhen
China
GPS : 22.543241, 114.082051
Tel : (86 755) 2598 1841
Fax : (86 755) 2598 1854
Contact : Lo Kwok Chu, Kenneth
SUZHOU
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
Contact : Zhang Rui

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
Contact : Wong Chin Ying
WUHAN
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
Contact : Guang Rong
XIAN
CO., LTD. XIAN BRANCH
Unit 06-07, 16/F, CapitaMall Office Building
64 South Second Ring Western
Xian
Shaanxi Province 710065
China
GPS : 34.230397, 108.934893
Tel : (86 29) 8866 9711
Fax : (86 29) 8866 9760
Contact : Wang Zhu Zhu
(Contd)

5 OTHER INFORMATION
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 : info-bn@arcadis.com
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
Tel : (673) 334 7641
Email : info.jbpusb@jbpu.com.bn
Contact : Shafie Yusof / Shahril Othman
PETROKON UTAMA SDN BHD

Lot 7219, Jalan Jaya Negara
Kg. Pandan, P.O. Box 811

Kuala Belait KA1189
GPS : 4.5843, 114.2087
Tel : (673) 334 7878
Fax : (673) 334 7788
Email : pusbkb@pusbbrunei.com.bn
Contact : Shafie Yusof

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 : info-in@arcadis.com
Contact : Velan Murali / Biju AK
CHENNAI
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
Contact : Velan Murali / Sankar Ramakrishnan
DELHI
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
Contact : Velan Murali / Arun Basu
(Contd)

5 OTHER INFORMATION
HYDERABAD
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
Contact : Velan Murali / Bhoomeshwar Rao
KOLKATA
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
Contact : Velan Murali / Arun Basu
MUMBAI
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
Contact : Velan Murali / Darshan Joshi

PUNE
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
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 : info.idbali@arcadis.com
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 : info.idqs@arcadis.com
Contact : Peter Robinson
(Contd)

5 OTHER INFORMATION
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 : info-my@arcadis.com
Contact : Loo Ming Chee / Mohd Ali Abd Karim /
Justin Teoh / Syed Mahadzir Syed Ahmad /
Mohamad Faiz Awang / Nur Aziz Abu Bakar
JOHOR
JUBM 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

Contact : Syed Mahadzir Syed Ahmad
PENANG
JUBM 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
Contact : Nur Aziz Abu Bakar

SABAH
JUBM 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
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
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 : info-ph@arcadis.com
Contact : Darneil Perez
(Contd)

5 OTHER INFORMATION
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 : info-ph@arcadis.com
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 : info-sg@arcadis.com
Contact : Eugene Seah / Ho Kong Mo
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 : pmps@arcadis.sg
Contact : Seah Choo Meng / Teoh Wooi Sin /
Bernard Ho

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 : info-kr@arcadis.com
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 : info-th@arcadis.com
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 : info-vn@arcadis.com
Contact : Mark Olive
(Contd)

5 OTHER INFORMATION
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 : info-vn@arcadis.com
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 : asiainfo@arcadis.com
Contact : Poon Kan Young, Kenneth, CEO, Asia
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 : info@arcadis.com
Website : www.arcadis.com
Contact : Neil McArthur, CEO

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

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LANGDON & SEAH VIETNAM CO.

3 5 2. Hilton Hanoi Hotel Hanoi

Ninth Edition 2016

Langdon & Seah Vietnam Co., Ltd

All rights reserved. No part of this publication

The information contained herein should be

handbook are current as at 4th Quarter 2015.

1. CONSTRUCTION COST DATA

Construction Market 2016 Outlook 10

2. GENERAL CONSTRUCTION DATA

Material Price Indices 50

Building Control and Procedures 58

Vietnam Map 108

major cities in Asia.

The handbook is structured to serve as a general

The information contained in this handbook has been

Langdon & Seah Vietnam Co., Ltd

Construction Costs for Selected Asian Cities

CONSTRUCTION MARKET 2016 OUTLOOK

2015 was very important year for our business and we

In 2016 and as ARCADIS we can now deliver global

We all know Vietnam has experienced a difficult time

As in 2015 much of the press has focused more on

Although Global GDP will be lower in 2016 we note

largely driven by exports and Foreign Direct

THE GLOBAL ECONOMY 2016

Global GDP in 2015 will grow around 2.0% and the

The US and UK are likely to remain the best perform-

All commodities will at best be flat in 2016 and this will

THE VIETNAM ECONOMY 2016

Vietnam will have one of the higher GDP growth rates

The banking sectors non performing loans issues are

THE VIETNAM CONSTRUCTION MARKET 2016

The market will continue to remain flat and due to

Global commodity prices will at best be flat in 2016 but

CONSTRUCTION COST DATA 13

CONSTRUCTION COST DATA

CONSTRUCTION COST DATA

FDI BY SECTORS AS OF DECEMBER 2015

(Source: Vietnam Investment Review)

CONSTRUCTION COST DATA

(Source: General Statistics Office)

1. Excavating basement not exceeding 2m deep m3 68,300 - 75,400 15 - 20 120 3.50

CONSTRUCTION COST DATA

CONSTRUCTION COST DATA

Average expected preliminaries % 8 - 12 6 - 12 12 - 18 5-8

1. Excavating basement not exceeding 2m deep m3 35 220 20.00 225 26

CONSTRUCTION COST DATA

CONSTRUCTION COST DATA

Average expected preliminaries % 6 - 10 12 - 18 13 - 17 10 - 15 7 - 10

1. Excavating basement not exceeding 2m deep m3 30 30 18 22

10. Sawn formwork to columns and walls m2 84 80 50 90

CONSTRUCTION COST DATA

CONSTRUCTION COST DATA

Average expected preliminaries % 5 - 10 5 - 10 5 - 10 5 - 10

1. Excavating basement not exceeding 2m deep m3 28 120 175 1,930

10. Sawn formwork to columns and walls m2 92 280 650 29,400

CONSTRUCTION COST DATA

CONSTRUCTION COST DATA

Average expected preliminaries % 5 -10 6 - 12 8 - 12 6 - 11

Budget hotels - 3-star, mid market 1) Interior decoration

Luxury hotels - 5-star 4) Operating Supplies and Equipment (OS&E) excluded

CONSTRUCTION COST DATA