指導教授：荷世平臺灣大學：土木工程學研究所黎黃江Le, Hoang-GiangHoang-GiangLe2014-11-252018-07-092014-11-252018-07-092014http://ntur.lib.ntu.edu.tw//handle/246246/260763In recent year, real estate industry has been widely recognized as one of the most developed and dynamic market, especially in the emerging economies likes Vietnam. The development of this market has contributed to Vietnam to maintain growth above 10% for several consecutive years. However, the real estate bubble and its consequences have tremendous harm to a fledgling economy. Therefore, researching on the Vietnam market, as well as analysis evaluated the strengths, weaknesses, it necessarily helps us to draw experience and lessons for the similar markets. My research analyzes in-depth into the real estate market in a tumultuous period of 2005-2012. This is also the period witnessed the ups and downs of the Vietnam economy, in which the real estate sector is one of the most severely affected fields . Like many other emerging economies, this is a mandatory collapse to help the economy to improve and become more mature. Indeed, the real estate market in Vietnam still expects to recover the fast growth in the next decade. Research also provides us a different perspective on the analysis of the real estate market through split estate market into four single sectors: office, retail, residential and tourism. Evaluation among the four markets shows us the relationships between each individual market, how they interact with each other as well as the entire real estate market. The study based on the OLI paradigm and previous researches on the effects of Location factors on the investment decisions of MNEs in Vietnam real estate market. Regression models have employed to quantify the FDI real estate flow in Vietnam.TABLE OF CONTENTS ACKNOWLEDGEMENTS ii ABSTRACT iii TABLE OF CONTENTS v LIST OF FIGURES vi LIST OF TABLES vii CHAPTER 1 INTRODUCTION 1 1.1 Research Background and Motivation 1 1.2 Problem Statements 2 1.3 Objectives 2 1.4 Research Scope and Limitations 3 1.5 Thesis Structure 4 CHAPTER 2 BACKGROUND AND LITERATURE REVIEW 5 2.1 International Real Estate Investment Review 5 2.2 Neighboring Real Estate Market 7 2.2.1 Shanghai Market 7 2.2.2 Singapore Market 10 2.2.3 Malaysia Market 14 2.3 OLI Paradigm 16 2.4 Previous Study on Real Estate 23 2.5 Summary 26 CHAPTER 3 RESEARCH METHODS 28 3.1 Research on Vietnam Real Estate Market 28 3.1.1 Vietnam Economic Overview 28 3.1.2 Vietnam Real Estate Overview 30 3.1.2.1 Office Market 31 3.1.2.2 Retail Market 33 3.1.2.3 Residential Market 35 3.1.2.4 Hotel and Resort Market 37 3.1.3 FDI in Real Estate Overview 40 3.2 Hypothesis Development 43 3.3 Data and Variables 44 3.3.1 Dependent Variable 46 3.3.2 Independent Variables 46 CHAPTER 4 DATA COLLECTION AND RESULTS 51 4.1 Robustness of OLS Regression Analyses 51 4.2 Empirical Results of Hypothesis Tests 54 CHAPTER 5 CONCLUSION AND RECOMMENDATION 58 5.1 Conclusion 58 5.2 Recommendations 59 APPENDIX 60 REFERENCES 64 LIST OF FIGURES Figure 1.1 Procedure of the research 4 Figure 3.1 GDP, GDP growth rate and FDI in Vietnam 2005-2012 29 Figure 3.2 Import-Export balance in Vietnam 2005-2012 29 Figure 3.3 Interest rate and inflation rate in Vietnam 2005-2012 30 Figure 3.4 Office market in Ho Chi Minh City 2005-2012 31 Figure 3.5 Office market in Hanoi 2005-2012 32 Figure 3.6 Retail market in Ho Chi Minh city 2005-2012 33 Figure 3.7 Retail market in Hanoi 2005-2012 34 Figure 3.8 Residential market in Ho Chi Minh city 2005-2012 35 Figure 3.9 Residential market in Hanoi 2005-2012 36 Figure 3.10 Foreign and domestic tourist 2005-2012 37 Figure 3.11 The distribution of tourism destinations in Vietnam 38 Figure 3.12 Statistics on the number of projects and investment in Tourism 2005-2012 39 Figure 3.13 Total registered-invested FDI capital 2005-2012 40 Figure 3.14 Total registered-invested FDI capital in real estate 2005-2012 41 Figure 3.15 FDI in real estate 2005-2012 by categories 42 LIST OF TABLES Table 3.1 Description of variables 45 Table 4.1 Means, standard deviations and correlations of regression variables (2005-2008) 52 Table 4.2 means, standard deviations and correlations of regression variables (2009-2012) 53 Table 4.3 Regression diagnostics 53 Table 4.4 Results of OLS regression analyses 54 Table A.1 Data collection 2005-2008 60 Table A.2 Data collection 2008-2012 62387983 bytesapplication/pdf論文公開時間：2014/07/16論文使用權限：同意無償授權不動產市場對外直接投資辦公大樓零售商居住旅遊業越南OLI理論迴歸模型跨國企業thesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/260763/1/ntu-103-R01521720-1.pdf