Vietnamese developer plans to buy US properties

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Local real estate and investment firm Tanimex said it will establish a joint venture with two other Vietnamese companies to do business in the US, mainly in the real estate sector.

The joint venture, expected to be set up in California, will focus on real estate trading, said Tran Quang Truong, deputy general director of Tanimex.

As the two other partners are in the food and garment business, the venture will also supply goods for supermarkets in California and other Asian retailers around the US, he said.

Truong said his company has found that the US real estate market now offers many opportunities as home prices there have fallen sharply. This is now a good time to buy these properties for future sale, he said.

He also noted that Tanimex has to expand its business abroad as the local real estate market was stagnant last year and prospects for this year are not really bright. Tanimex is the developer of several residential and industrial projects in Ho Chi Minh City.

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