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Annual Real Estate Forum held in Hanoi

Released at: 14:21, 17/11/2017

Annual Real Estate Forum held in Hanoi

Photo from vtv.vn

November 15 Forum provided overview of market in recent years and looked at what the future may hold.

by Lan Van

The Annual Real Estate Forum was held in Hanoi on November 15 to provide an overview of Vietnam’s real estate market in recent years, especially in 2017, and to forecast market development trends in 2018 and the future.

Attending the forum were the Minister of Construction and representatives from agencies, associations, enterprises operating in real estate in the country, and the Southeast Asia Real Estate Association.

Mr. Nguyen Tran Nam, Chairman of the Vietnam Real Estate Association (VNREA), told the forum that since 2015, and especially since the beginning of this year, along with strong economic growth and directions from the government and ministries, Vietnam’s real estate market has seen new vibrancy and overcome the crisis of several years ago to enter into a period of stable development. “The recovery of the real estate market has contributed positively to the rapid and sustainable development of the country’s economy and social welfare,” he added. “It also contributed significantly to the implementation of national strategies on housing and tourism.”

Similarly, Mr. Nguyen Trong Ninh, Director of the Housing and Real Estate Market Management Agency at the Ministry of Construction, said the real estate market in 2016 and the first ten months of 2017 continued to grow steadily, reflected through the price index and the number of transactions. “The tourism property market is quite vibrant in cities and provinces such as Hanoi, Ho Chi Minh City, Da Nang, Khanh Hoa, Phu Quoc Island, and Quang Ninh, with tens of thousands of condotels being invested in,” he said.

However, Minister of Construction Pham Hong Ha forecast that the real estate market will not see major changes in 2018, as its development is unsustainable and bears many risks. Capital is not diversified and mainly comes from banks, while owners’ equity is still low and real estate credit control is facing many difficulties as investors borrow capital through subsidiaries and affiliated companies.

Those in attendance shared their experience in the development of Vietnam’s property market and exchanged international experience applicable to Vietnam, while sharing solutions, initiatives, and proposals to develop the market.

The forum also recommended the government and State management agencies take measures to support and adjust policies in a timely manner and recommended the real estate community take the initiative.

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