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Vietnam’s biggest property developer, Hanoi’s Gugan Property Group, said it will purchase up to half of its total holdings in Vietnam.
The move is a sign of a shift in Vietnam’s economic fortunes that could lead to more investment and further growth, said Hano, which is controlled by billionaire Thieu Binh.
The deal would be the biggest of its kind in Vietnam, Gugon said in a statement.
Gugan is one of Vietnam’s most valuable companies, with an annual turnover of more than $20 billion.
The firm has a stake in the largest hotel in Vietnam and is the countrys biggest construction company.
Thieu said the deal was a sign that the Vietnam economy is entering a new phase.
The company said the acquisition would help it improve its competitiveness and create jobs.
Gagarin Air Force Base in Hanoa, Vietnam.
Thuy Thuy/AFP via Getty ImagesIn Vietnam, property is the lifeblood of a nation.
More than 80 percent of the population owns a home, according to a 2016 survey by the National Bureau of Statistics.
Vietnam’s economy has grown by 7.5 percent annually since 2006, according the country’s National Bureau for Statistics.
But with a weak economy, the number of private-sector jobs is also at an all-time low.
The countrys economy contracted by 6.3 percent in the third quarter of last year, according data from the World Bank.