HCM City ranks eighth among the global Top 10 most dynamic growing cities in JLL’s Short-Term City Momentum Index (CMI) 2019. (Photo: congan.com.vn)Hanoi (VNS/VNA) – Ho Chi Minh City and Hanoi remained among theglobal Top 10 most dynamic growing cities in JLL’s Short-Term City MomentumIndex (CMI) 2019, which tracks socio-economic and commercial real estate growthin 131 cities over a three-year period.
With Hanoi in third place and HCM City eighth, Vietnam was the strongestperformer with two cities ranking the highest in ASEAN, said JLL.
In its report, JLL said that the two cities in Vietnam performed very wellfor socio-economic momentum, with fast-growing populations and economies.
"HCM City is generally viewed as the more business-friendly destinationattracting more overseas investment along with a higher corporate presence,whereas Hanoi has lagged commercially but is a city that is swiftlyevolving."
On the real estate front, Vietnam has "a small real estate investmentmarket struggling with issues such as low transparency and a limited volume ofinvestment grade stock," JLL added.
However, steps are being taken to improve transparency, such as enhanced accessto the land registry, better valuation practices andincreasing application of green building certification system, it said.
Two other ASEAN countries also made the top 20 list in JLL’s index. ThePhilippines was represented by Manila in 12th place and Thailand by Bangkok in18th place.
According to JLL, the City Momentum Index looks at 20 indicators includingrecent percentage changes in city GDP, population, air passengers andcorporate headquarters presence; projected percentage changes in GDP,population and retail sales; and recent levels of and changes in foreign direct investment, asa proportion of a city’s economy.
Other were recent and projected percentage changes in office netabsorption, office rents, retail rents and hotel rooms; internationalretailer presence; and recent changes in direct commercial realestate investment volumes and real estate transparency.-VNS/VNA
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