Two parties sign agreement to bolster cooperation in host of fields.
The Vietnam Real Estate Association (VNREA) and The Real Estate Sales and Market Association of Thailand (RESAM) recently signed an agreement on enhancing cooperation, knowledge, opportunities to exchange information, and improving the professionalism of organizations in the real estate sectors of the two countries.
Vietnam’s real estate market is at a new cycle of development, according to Mr. Nguyen Tran Nam, Chairman of VNREA. The training and risk management in organizations in the market, however, still lack professionalism. Thailand’s real estate market, meanwhile, has a history of development, passing through many changes, so it has an effective management mechanism.
As Vietnam is a member of the TPP and has concluded a range of free trade agreement (FTA) and introduced regulations on allowing foreigners to purchase housing in the country, this is a good opportunity for Thai investors to invest in Vietnam’s real estate market, Mr. Nam added.
Thai investors have already eyed Vietnam’s real estate market and conducted investment, said Mr. Somsak Chutisilp, Chairman of RESAM. The signing of the agreement represents a milestone for Thai investors to further approach Vietnam’s real estate market and expand their investment scale, not only in commercial real estate but also in residential real estate.
Vietnam’s real estate market still lacks an effective mechanism for evaluating the quality of real estate brokers, according to Mr. Tran Ngoc Quang, General Secretary of VNREA. “With this signing I hope that RESAM will provide experience on training brokers,” he was quoted as saying. “This will help Vietnam’s real estate market reach sustainable development.”
Foreign investment continues to grow strongly in Vietnam’s real estate sector. Total new and additional registered capital in the sector in the first eleven months of this year was $2.32 billion, ranking its third in foreign investment attraction and accounting for 11.5 per cent of all FDI into the country.