Canadian property consultancy Avison Young has entered the Vietnam market, linking up with an existing 100-person team formerly affiliated with fellow Toronto-based company Colliers.
In an announcement this past week Avison Young said it had hung out its signboard on offices in both Hanoi and Ho Chi Minh City through an affiliation agreement with property services firm D&P, with the new entity’s staff led by former Colliers Vietnam leaders Peter Dinning and David Jackson.
“Vietnam is a fast-growing market, and we are incredibly excited to expand the Avison Young network in the Asian-Pacific real estate market, through our affiliation with D&P,” Avison Young chairman and CEO Mark E Rose said in a statement. “Vietnam’s robust economy and dynamic real estate sector offer tremendous opportunities for us to deliver innovative solutions to our clients.”
With global manufacturers diversifying more of their manufacturing beyond China, Vietnam has become one of Asia Pacific’s hottest industrial real estate markets, with the country continuing to be a favoured investment target for residential investors from Singapore.
Setting Up in Southeast Asia
The Vietnam business is Avison Young’s first in Southeast Asia, according to the statement, with an office in South Korea listed as the firm’s only other location in Asia Pacific on its website.
“We are confident that David’s and Peter’s leadership and expertise will be instrumental in establishing and growing our presence in this market,” Rose said.
With 100 team members now on board in the offices in northern and southern Vietnam will offer leasing and investment advisory across all property sectors while also providing valuation and advisory services as well as property and asset management.
Avison Young has more than 100 offices globally, according to its website, with locations in Europe, Africa and the Middle East, in addition to its presence in Canada and the United States.
The property consultancy’s leadership in Vietnam expressed confidence in their ability to establish a foothold in a fast-growing but still underdeveloped property market.
“The opportunity to lead the newly affiliated office in Vietnam of a dynamic, tech-forward and deeply experienced global real estate company such as Avison Young, is very exciting,” said Jackson, who serves as CEO and principal of Avison Young, Vietnam. “Together with our experienced team, we look forward to extending the company’s purpose of creating real economic, social and environmental value to the Southeast Asian market.”
Based in Ho Chi Minh City, Jackson will be running the company alongside Dinning, who serves as chairman while also being a principal of the company. According to Vietnamese public records, D&P Property Services Private Ltd was established in Ho Chi Minh City in 2014 with Nguyen Hong Hoa listed as the company’s legal representative.
Dinning had been chairman of Colliers Vietnam since January 2001 and also served as managing director for real estate with fund manager VinaCapital from 2004 through 2007. Jackson had been with Colliers in Vietnam for more than 15 years and served as a general director before taking on his role at the Avison Young affiliate this month.
During this past week LinkedIn has shown scores of individuals formerly listed as as employees of Colliers in Vietnam now displaying Avison Young as their employer. Colliers has yet to comment on its plans for the Vietnam market but pointed to its strength in the broader region in response to inquiries regarding the Avison Young announcement.
“Colliers is focused on growth across the Asia Pacific region and on offering best-in-class services,” a company spokesperson said. “Our extensive network of over 8,000 professionals continues to strengthen connections and create business opportunities that flow seamlessly across our regional markets, accelerating the success of our valued clients.”
After some of Vietnam’s largest developers defaulted in the wake of a bond scandal last year the country’s government has been working to rebuild the industry on a more transparent foundation, with the chairman of the Vietnam National Real Estate Association recently expressing confidence that investment and sales will recover in 2024. During the first quarter of 2023 more than 1,800 real estate companies shut down in Vietnam while facing declining sales and tighter credit.