Southeast Asia's largest property developer, Singapore-based CapitaLand, says it plans to increase its assets in Vietnam tenfold and is building thousands of new homes.
"Vietnam has been earmarked as the group's most important overseas market in Asia, after China," the company said in a statement.
The firm will invest 299 million Singapore dollars (211 million US), and is looking to hold ten percent of its assets in the country within the next three to five years, said Chen Lian Pang, chief executive officer of CapitaLand Vietnam Holdings.
"The real estate market is supported by the country's strong economic growth, rapid urbanisation, and a young and growing population," said CapitaLand, which is building more than 4,000 residential units in Vietnam.
It says it is the largest owner-operator of international serviced residences in the country, with five under the Somerset brand and three others being developed under contracts.
Communist Vietnam has a population of almost 90 million people.
The economy grew by 5.32 percent last year despite the global economic and financial crisis.
Prime Minister Nguyen Tan Dung told global business leaders on Sunday that the economy is expected to expand 6.5 to seven percent this year, against a government target of 6.5 percent.
Singaporean firms are among the major investors in Vietnam.
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