On April 15 and 17, 2023, HausLand Real Estate Investment Company, in collaboration with Hoan My Sai Gon General Hospital, organized the 2023 health check-up program for all staff and management working in Ho Chi Minh City and Bao Loc City, Lam Dong Province.
HausLandhas selected the Comprehensive Medical Check-up package for all staff and management at Hoan My Saigon General Hospital. The staffs participated in a comprehensive health examination, including ultrasound and in-depth testing, conducted by a team of skilled doctors and nurses with extensive experience. This ensured the quality of the examinations and provided a conclusive assessment of staffs’ health conditions. Through these check-ups, all staff had the opportunity to personally meet with doctors, receive an overall evaluation of their current health status, and identify any potential health risks in order to make necessary adjustments to their lifestyle and work routines. Additionally, the company was able to effectively manage the current health status of staffs and develop specific plans to enhance overall work productivity.
It can be seen that organizing health check-ups is not only a legitimate welfare benefit provided by HausLand to all staff but also a demonstration of the company’s caring and attentive of Management aims to motivate each member of the team to maintain good physical and mental health, which in turn fosters motivation, job satisfaction, and dedication. By ensuring the well-being of its employees, the company creates a conducive environment for them to work, contribute, and actively participate in the company’s growth and development.
(News) – Embodying the spirit of Zeit Living with its four core values: Zenith, Experience, Innovation, and Timelessness, Thu Thiem Zeit River brings a groundbreaking architecture that creates an exquisite living space for the affluent residents.
Elegant architecture stands out in the heart of Thu Thiem
Real estate investors appreciate Thu Thiem Zeit River for its romantic design, featuring exquisite curved lines that resemble a unique flower shape in the “heart” of Thu Thiem. This “flower” holds a prime position in the new urban area, offering panoramic views of the Saigon River and the vibrant city.
“A key strength of the design is the careful calculation of the distance between the two towers and the apartments to ensure the circulation of fresh air and the capture of sunlight throughout the space,” shared representatives of VGSE (a subsidiary of GS E&C in Vietnam), the investment and development entity responsible for the project.
In addition to emphasizing the creative element reflected in the architectural design inspired by vibrant natural colors, capturing sunlight, and embracing all emotions, the representative believes that the significance of the experiential aspect and the enjoyment of the Zeit Living lifestyle (E – experience) also brings a sense of happiness to successful homeowners when introducing their homes as “This is my home.”
Designing “chill” corners in luxury apartment complexes such as BBQ areas, swimming pools, and parks seems to be one of the essential amenities for developers to showcase the quality and prestige of the project. At Thu Thiem Zeit River, the competitive edge in terms of residential amenities is further enhanced, as not just one, but four amenity areas are thoughtfully arranged on the ground floor, 5th floor, 19th floor, and 20th floor.
The high-end ecosystem of amenities stretches from the infinity pool, pedestrian walkways, children’s play area, ground floor café zone, to outdoor BBQ area and sports facilities on the 5th floor. It includes the relaxing hanging garden on the 19th floor, the sky pool, city-facing gym, and the sky lounge on the 20th floor. All of these aim to provide a “comfortable home-like experience with resort-like luxury.”
The design features four distinct utility spaces that are separate yet contribute to connecting people with nature, emphasizing the timeless element of Zeit Living in vibrant green surroundings. With low building density and optimized green spaces in public areas, every moment spent in life alongside the Thu Thiem Zeit River home allows residents to be satisfied with their investment.
Integrated with advanced management and operation technologies, Thu Thiem Zeit River establishes a complete system of parking guidance, smoke extraction in basements and corridors, air filtration, ventilation, and heat recovery systems. It also features smart and modern standards for elevators and emergency rescue buttons, providing peace of mind for residents’ lives.
Living spaces with a strong personal touch.
With people as the key element and the spirit of Zeit Living spreading as a catalyst for life, Thu Thiem Zeit River sets high “pressure” standards for itself, but also appreciates the challenge that living spaces should not only be aesthetically pleasing but also touch the hearts of each homeowner.
“Each apartment in Thu Thiem Zeit River has a suitable standard size. The layout of the main and auxiliary entrances to capture wind and light is a feng shui element that stands out. I imagine stepping into the apartment and gently feeling that it truly feels like home, without the sense of a rigid and oppressive concrete block, but a place of peace, where nature and modern architecture converge,” said Ms. Thuy An (38 years old, Ho Chi Minh City), a customer present at the project’s opening day.
From a real estate perspective, each apartment has meticulously selected tangible values to provide on-site amenities and comforts. Residents can appreciate even the smallest details, such as the thoughtful arrangement of the living room and adjacent kitchen to create a space that fosters family bonds, the safety and standards with intelligent lighting and motion sensors, or the modern living space with kitchen cabinets from leading European suppliers.
The unique architecture of Thu Thiem Zeit River not only brings the “smart living” style with three top standards: smart apartments, smart operations, and smart security but also creates a “green” home with a contemporary touch in the heart of the city.
Thu Thiem Zeit River attracts customers with its modern living space integrating smart technologies and clear legal framework, as well as the potential of its developer.
According to the report from JLL, in Q1, the high-end apartment market in Ho Chi Minh City welcomed 2,989 new units, mostly concentrated in the Thu Thiem area. In the future, this area will continue to receive a series of infrastructure facilities such as 4 main roads including the arc-shaped boulevard (6 lanes), the central lakefront road (4 lanes), the Saigon riverside road (facing district 1 with 2 lanes), the elevated road passing through the southern ecological park, and the Thu Thiem 3 and 4 bridges… These will be the projects that create a driving force for real estate projects in the area, especially in the context of increasingly scarce inner-city land funds.
Experts predict that in this period, projects with complete legal status, completed on schedule will receive attention and high evaluation from customers, helping to increase the credibility of the investor.
Thu Thiem Zeit River has many advantages in terms of location, transportation, resources from the developer, legal compliance, and stable construction progress. The project is located on Nguyen Co Thach street, Thủ Thiêm Ward, Thu Duc City, Ho Chi Minh City, inheriting many advantages in the core area of the Thu Thiem urban area.
As one of the few projects that have completed legal compliance and started construction before being introduced to the market at the end of 2022, Thu Thiem Zeit River has gained the trust of customers with over 95% successful transactions in the first sales event.
According to the VGSE – the project’s developer, the support from the parent company’s capital – the international conglomerate GS E&C (South Korea) has helped accelerate the construction progress of the project in the context of many challenges in the market.
Thu Thiem Zeit River also focuses on integrating many smart technologies into the underground parking system, elevators, corridors, and each individual space, bringing modern and convenient living. Many electric charging stations are arranged on the B1 and B2 floors of the building to provide quick charging (within 1 hour 20 minutes) or standard charging (within 10 hours). The apartments are also equipped with Low-E glass to reduce heat and protect residents’ health and the environment, and integrated with salt electrolysis technology for the swimming pool.
The living spaces include technologies such as smart lighting systems, motion sensors, and ventilation systems for apartments, providing residents with modern and convenient living.
According to a representative from VGSE, Thu Thiem Zeit River with its unique advantages has somewhat created an attraction to investors, becoming a project that receives a lot of attention even in the midst of market fluctuations.
Information about the Thu Thiem Zeit River project:
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The State Bank of Vietnam (SBV) has requested credit institutions to continue to reduce lending interest rates for real estate loans and extend the repayment term to support customers affected by the COVID-19 pandemic.
Enterprises propose debt restructuring and interest rate reduction
Many large real estate businesses have proposed to the leadership of banks that credit limits should be expanded and interest rates should be reduced to support businesses in overcoming difficulties. Specifically, Vinhomes Group has proposed that the State Bank of Vietnam (SBV) adjust the borrowing interest rates and maintain the collateral asset ratio as normal loans for projects with full legal status. Banks also need to supplement specific policy mechanisms for large investors and projects with full legal status, gradually reducing interest rates to support financial capacity for buyers and developers.
Agreeing with this view, Ms. Do Thi Phuong Lan, Director in charge of restructuring advice (Novaland Group), said that during the restructuring process and working with international partners, the current major difficulties are system risks and market risks. Stock prices have decreased sharply, and the bond market has experienced large fluctuations in legal regulations, leading to temporary difficulties that seriously undermine the confidence of investors. In this situation, SBV should consider debt restructuring and rescheduling for real estate groups within 2-3 years. In addition, expanding credit limits is necessary for enterprises to have capital for business operations, and also increases investor confidence in corporate bonds.
The article discusses the challenges faced by the real estate market in Vietnam, including legal obstacles and limited access to credit. According to Novaland, one of the solutions to the issue of capital for the real estate market is to remove legal barriers. The company suggests that resolving legal issues will not only increase supply and cool down house prices but also unlock capital for the market. The article highlights the need for a credit mechanism that provides detailed guidance on developing urban infrastructure in remote areas, rather than associating it with individual real estate projects in major cities.
Banks do not tighten credit but still ensure loans for real estate investment.
The article also mentions that the State Bank of Vietnam does not tighten credit for the real estate market and provides equal credit support to this sector as it does to others. However, some segments of the market with high risk, such as speculation and business in large segments, are closely monitored. Regarding the issue of limited access to bank loans for the people, the article explains that due to credit growth being concentrated in the first six months of 2022, many banks used up their allocated quotas, resulting in a shortage of credit in the last months of the year.
The Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, confirms that there is no separate credit quota for the real estate sector. Instead, there are only general credit quotas that are set to control inflation, and there will not be a shortage of credit quotas at the beginning of the year. To address the challenges faced by the real estate market, the State Bank of Vietnam will continue to improve the legal framework for the sector and support the development of urban infrastructure in remote areas.
The State Bank of Vietnam (SBV) has affirmed that it will not tighten credit for real estate and will adjust interest rates while maintaining stable credit room for the real estate market. In addition, the source of capital flowing into real estate in the coming time will focus on feasible loan projects that ensure legal compliance, have the ability to be completed and put into use soon, have good consumption potential, fully and timely repay the loan, and meet the real demand for housing. As for the high-end real estate segment, which is experiencing an oversupply, speculative trading, price manipulation, and market volatility, it will still be tightly controlled to minimize risks.
According to Mr. Nguyen Thanh Tung, CEO of Vietcombank, as of the end of 2022, real estate loans accounted for over 20% of the bank’s outstanding loans, including loans for developing businesses and individuals. In 2022, real estate credit increased by 17%. Therefore, banks have not allowed this field to lack room. He also emphasized that not long ago, major commercial banks had a meeting and agreed to reduce deposit interest rates to lower lending rates in general and real estate lending rates in particular.
Governor of SBV Nguyen Thi Hong stated that she has summarized the suggestions of businesses to promptly resolve difficulties for the market. Regarding the direction of operation in 2023, to implement credit solutions to resolve difficulties and obstacles for real estate businesses and organizations, as well as individuals accessing credit, SBV will continue to use credit room tools and study specific roadmaps to meet credit demand and ensure the safety of the banking system. SBV has also made some specific requests to credit institutions to resolve difficulties for the real estate market. The governor hopes that the conference with the Prime Minister in February will have more specific policies.
What do Young People Need to Prepare to Own an Apartment in the City Center:
Owning an apartment in the city center is a dream of many young people, however, not everyone knows what to prepare in order to own a beautiful, convenient, and affordable apartment. Below are things to keep in mind before deciding to buy an apartment in the city center.
Identifying usage purpose: Before starting to search and choose an apartment, young people need to determine the purpose of using the apartment to be able to find suitable options. If living alone or looking to buy an apartment for themselves, a small apartment with one bedroom may be a good choice. Meanwhile, if living with family or planning to get married in the future, they need to look for larger apartments.
Researching the market and finances: Researching the real estate market and finances is an important step to decide on buying an apartment in the city center. Young people need to be aware of the selling prices and payment policies of the projects, as well as other associated costs such as maintenance fees, service fees, management fees, water and electricity bills, and home insurance fees. If they want to borrow from a bank, they need to prepare relevant financial documents, income and debt repayment capacity to be eligible for support.
Choosing location and amenities: The location and amenities of the apartment are important factors that young people should consider before deciding to buy an apartment in the city center. They should choose apartments located in convenient locations with good transportation and near amenities such as schools, hospitals, supermarkets, restaurants, cafes, parks, and entertainment areas.
De La Sol – One of the worth considering projects for young people in the city center:
De La Sol project is located in a prime location on Ton That Thuyet Street, Ward 16, District 4, Ho Chi Minh City, adjacent to the center of District 1, District 7 and many major roads such as Nguyen Tat Thanh, Nguyen Huu Tho, Vo Van Kiet,… especially, De La Sol residents also enjoy a green and cool living space by the Saigon River.
De La Sol project is designed with over 50 diverse and full facilities such as a high garden, infinity pool, gym, spa, yoga room, BBQ area, children’s play area, water park, reception hall, 24/7 security,…
De La Sol is a project developed by Capitaland Singapore – one of the world’s leading real estate development corporations, ensuring quality, utilities, as well as safety and security of residents in the project.
De La Sol is designed by leading Vietnamese architects, with modern style, optimized living space, creating a wonderful living environment for residents here. The apartments at De La Sol are designed specifically for young and dynamic owners with various types of area from 52m2 to 118m2, divided into 2 and 3 bedrooms, providing flexibility in choice for customers.
With premium conditions and utilities, De La Sol is one of the popular real estate projects for young people in the city center.
With its premium design, strategic location, and extremely attractive price, DE LA SOL is a rare project that meets the demand for living, leasing, and accumulating investments, ensuring LIQUIDITY for customers in ALL MARKET CONDITIONS.
For more detailed information, please contact (+84) 938 47 88 39 or visit www.de-la-sol.vn.
HAUSLAND commits to accompanying customers from primary to secondary markets and leasing.
CapitaLand Development sees strong demand at exclusive preview of De La Sol and marks topping out of DEFINE, its highly anticipated residences in Ho Chi Minh City
De La Sol continues to attract homebuyers for its well-designed facilities and one of the first residential properties in the city to introduce duo key and trio key units.
DEFINE remains on track for completion in 2023 with 50 luxurious facilities and first-in-market features.
Ho Chi Minh City, 21 December 2022 – CapitaLand Development (CLD), the development arm of CapitaLand Group, has received strong response from the market at the exclusive weekend preview of De La Sol, its first residential development in District 4 of Ho Chi Minh City, on Sunday, 18 December 2022. To date, more than 80% of the units released have been booked. The units were booked at an average price of about VND96 million per square metre (psm).
Located in District 4, a five-minute drive from the Central Business District (CBD) of Ho Chi Minh City, the 870-unit development offers a mix of one- to three-bedroom apartments and Sky Suite ranging between 60 to 196 square metres. De La Sol is one of the first residential properties in the city to introduce duo key and trio key units. The duo key units are designed to meet the diverse demands of modern customers planning to stay or lease their apartments, while the trio key units are ideal for multi-generational families. Both unit types provide homeowners with hybrid and private spaces for living, working and entertaining. Interested parties may register interest at 0977 09 07 20 or website https://de-la-sol.vn
Mr Ronald Tay, CEO of CLD (Vietnam) said: “As a leading developer of choice with about 30 years of experience operating in Vietnam, we are committed to ensuring the quality and the on-schedule delivery of our real estate projects. With its well-designed facilities and the introduction of duo key and trio key units, De La Sol continues to attract interest from prospective homebuyers and investors. To date, more than 80% of the units released have been booked. We are also pleased to achieve the timely topping out of DEFINE. The development is on track for completion by 2023. The successful topping out of DEFINE would not have been possible without the support of the local authorities, our consultants, contractors as well as our strategic partners.”
Slated for completion in 4Q 2023, De La Sol references music as an inspiration in architectural design. The façade design of three towers are inspired by the popular musical instruments such as the piano, guitar and chimes. Among the 50 lifestyle amenities featured at the property are the first High Jump Arena and Skate Plaza to be exclusively introduced in a luxury residential development in Vietnam. De La Sol enjoys great connectivity to the CBD with a 5-minute drive to commercial buildings, multiple dine-in stores, and shopping malls. De La Sol has received top recognition at the prestigious PropertyGuru Vietnam Property Awards 2018 including the ‘Best High End Condo Development (Ho Chi Minh City)’, ‘Best Green Development’, ‘Best High End Condo Landscape Architectural Design’ and ‘Best Condo Interior Design’.
Successful topping out of DEFINE with completion on track for 2023
CLD has also successfully topped out its 26-storey, DEFINE, its latest luxury residential development in Thu Duc City, Ho Chi Minh City. The highly anticipated development is on track for completion in 2023. All 88 units of DEFINE were fully booked within two hours at its exclusive weekend preview in December 2021 at an average price of about VND125 million per square metre (psm) and all units were above VND23 billion.
DEFINE will offer 50 top-tier facilities, including first-in-market features such as the first automated smart car parking system in Vietnam. The luxury residential development has the most of number of swimming pools in a residential development in Ho Chi Minh City, with most of the 88 units featuring its own private lap pool or private courtyard garden. Residents will also have lift access directly to their apartment.
Located in the heart of Thu Duc City in Ho Chi Minh City, DEFINE is co-developed by CLD and Thien Duc Trading – Construction Company Limited. DEFINE offers a wide selection of unit types including three- and four-bedroom apartments as well as penthouses, ranging between 197 and 528 sqm. The units are outfitted with high-quality and well-known brands such Gessi, Poliform, Villeroy & Boch and V-Zug. This is the first time Poliform and V-Zug products are included in a residential development in Ho Chi Minh City.
A multiple award-winning residential development, DEFINE received two prestigious accolades for its excellence at the PropertyGuru Vietnam Property Awards 2021 including ‘Best Luxury Condo Development’ in Ho Chi Minh City and ‘Best High Rise Condo Development’ in Vietnam. DEFINE also won ‘Best Luxury Condo Architectural Design’ in the PropertyGuru Vietnam Property Awards 2019. DEFINE is set to be a green-certified development having received the Green Mark Gold (Provisional) award by Singapore’s Building & Construction Authority.
The successful weekend preview of De La Sol and the topping out of DEFINE adds new milestones to CLD’s track record in launching and delivering well-designed residential developments.
In November 2022, CLD launched the sales gallery preview and the booking of its first Small Office Home Office (SOHO) property in Vietnam. Located in the prime Tay Ho District, the 202-unit SOHO @ Heritage West Lake is part of an integrated development that also comprises the 173-unit Heritage West Lake, CLD’s first luxury residential development in the city, and an office tower. SOHO @ Heritage West Lake’s units are designed to function as an office and a place to live in. The property is scheduled for launch in 1Q 2023.
About CapitaLand Development (Vietnam) (https://www.capitaland.com/vn)
CapitaLand Development (CLD) is the development arm of the CapitaLand Group, with a portfolio worth approximately S$21.3 billion as at 30 September 2022. CLD’s well-established real estate development capabilities span across various asset classes, including integrated developments, retail, office, lodging, residential, business parks, industrial, logistics and data centres.
CLD (Vietnam) oversees and grows CLD’s investment and development business in Vietnam, one of CLD’s core markets where it has built an extensive presence over 28 years. CLD (Vietnam)’s portfolio comprises one retail mall, one SOHO development, two integrated developments, and over 13,000 quality homes across 17 residential developments. Its strong expertise in master planning, land development and project execution has won numerous accolades including Asia Pacific Property Awards, PropertyGuru Asia Property Awards, PropertyGuru Vietnam Property Awards and Golden Dragon Award.
CLD aspires to be a developer of choice that goes beyond real estate development to enrich lives and uplift communities. It is committed to continue creating quality spaces for work, live and play in the communities in which it operates, through sustainable and innovative solutions.
As part of the CapitaLand Group, CLD places sustainability at the core of what it does. As a responsible real estate company, CLD complements CapitaLand’s businesses through its contributions to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
Unique project in District 4 developed by an international real estate developer, CapitaLand – Asia’s largest real estate conglomerate.
The only project in District 4, invested by the international real estate company, CapitaLand – Asia’s largest real estate company.
The strategically located project connects directly to other central districts: District 1, 2, 5, 7.
With over 50 resort-standard amenities, including a 50-meter swimming pool, the project is unique in the area.
Designed by the world-class team from CapitaLand, the project prioritizes maximizing natural light and air.
The project only includes residential apartments, without any Officetel, ensuring security and privacy for residents.
The project has been topped off and is in the completion stage with absolute legal safety and construction progress.
The selling price starts from 80 million Vietnamese Dong per square meter (fully finished) and the payment is only 30% until the time of receiving the house in 2024. The bank supports the interest rate for 2 years after receiving the house.
With its luxurious design, strategic location, and unbeatable pricing, DE LA SOL is a rare project that meets both the living and rental needs as well as investment purposes, ensuring financial returns for customers in any market conditions.
To get more detailed information, please contact (+84) 938 47 88 39 or visit www.de-la-sol.vn. HAUSLANDpromises to accompany customers from the primary market to the secondary market and for rental purposes.
Creativity in both architectural design and diverse amenities in the living space is always a factor that creates a unique appeal for luxury apartments in the eyes of energetic, vibrant young people.
What are young people looking for when they buy a house today?
As an important customer segment in the real estate market, today’s young generation is making their standards and choices a leading trend in the market. Rather than just viewing a home as a place to live like previous generations, today’s youth aim to own a living space that is creative, inspiring, with health care amenities and connected with cultured communities.
In response to this trend, real estate corporations have created modern, unique, and luxurious residential projects with a wide range of high-end amenities and a focus on creative inspiration. A prominent example is De La Sol luxury apartment complex in District 4 (Ho Chi Minh City), with its bold and innovative idea of incorporating music inspiration into its architectural design and amenities, leaving a strong impression on young and dynamic customers.
The elegant design creates a unique harmony.
It’s not by chance that De La Sol chose music as the main inspiration for the project. Music has always had a strong connection with human life, and now with the advancement of living conditions, the younger generation has more opportunities to interact with music at an early age and see it as a source of energy in their daily life.
At De La Sol project, the musical inspiration is showcased in a unified manner, creating a harmonious connection between sound and architecture. Each tower is designed based on the inspiration from a distinct musical instrument such as guitar, saxophone, and harmonious bells.
Meanwhile, the area’s landscape and amenities are modeled after familiar music genres: Hip Hop, Jazz, Electronic Dance Music (EDM), and Rock, corresponding to the energy each district creates. Each music genre ignites its own energy source – Hip Hop brings an unlimited creative inspiration, Jazz represents the intelligence of the elite, EDM symbolizes the modern and playful lifestyle, while Rock represents the burning desire to break free.
The convergence of those energy sources in the living space helps bring a wealth of inspiration to young people, always ready to conquer the challenges of life. Whether you prefer calm, sophistication, or value dynamic energy, you can find a private space for yourself.
Living full of inspiration in every amenity
In addition to the design that emphasizes creativity and artistic spirit, more than 50 integrated in-site amenities at De La Sol – from commercial centers, supermarkets, parks, to gym rooms and swimming pools – also demonstrate unity and harmony with the architectural style, meeting the shopping, relaxation, and entertainment needs of residents. Particularly, this is the first project in Vietnam that owns a butterfly roof, maximizing the benefits of physical and entertainment for residents.
The Cadenza lobby greets residents with a representation of the free-spiritedness of music and emotional touchpoints like the art wall and sound dome. The most exciting thing for residents when entering the premises is the Skateboard ramp, along with well-invested amenities on the sky terrace, such as the party hall, Jazz pool, rooftop jacuzzi, outdoor cinema, tea garden, etc.
Young adults in De La Sol don’t have to search for new check-in destinations to show off their personalities, as their living space is already a unique and artistic masterpiece with unique “virtual” corners in the heart of the city, offering exciting experiences and opening up a space for connection for young people with the same trendy lifestyle. De La Sol high-end condominium is the perfect fit for the dynamic and inspiration-rich lifestyle of young adults in Vietnam.
For more information, visit www.de-la-sol.vn or contact (+84) 938 47 88 39.
Positive Driving Factors Boosting the Vietnamese Real Estate Market in 2023
The Vietnamese real estate market faced a challenging year in 2022. However, according to experts, the real estate market in 2023 will show bright signals, with a foundation laid from the challenging year of 2022.
2022: The Market Faced Many Challenges
In an interview with Batdongsan.com.vn, Nguyen Van Dinh, Chairman of the Vietnam Real Estate Association, summarized a range of factors that made the Vietnamese real estate market face many challenges in 2022. The unstable global economy and inflation have led to a significant decrease in global consumer demand, affecting Vietnam’s production and exports. In particular, the turmoil of the global economy continues to escalate in the context of political territorial conflicts. This reality makes inflation, although declining, still persist, especially in Europe and America, the base rate is increasing, and the monetary policy is tight.
The Vietnamese economy is also affected by the fluctuations of the global economy, causing a general decline in demand for goods. The market lacks raw materials and the cost of inputs is high, affecting business production. Many industrial companies do not renew the lease of some or all of their production items. Thus, the demand for housing decreases due to the impact on people’s income.
However, the housing market still mainly consists of high-end products that are too expensive compared to the average income of the population. In addition to the imbalance of the product structure, the total supply of housing is still not improved and remains scarce. The reason is that the mechanism is still in the process of being revised, many projects are blocked due to conflicting legal regulations, creating bottlenecks for a long time. Social housing supply cannot be implemented just because the laws are not open enough.
Furthermore, the Chairman of the Vietnamese Real Estate Association stated that the market still faces many obstacles such as regulations on planning that lack consistency and conflict with some related laws, making it difficult for localities to implement. Regulations on land and compensation cause difficulties in land transfer and compensation. Tax regulations make it difficult for localities to implement and attract investment.
In conclusion, the real estate market in Vietnam is facing many challenges and bottlenecks due to the impact of global economic fluctuations, scarce supply, and conflicting regulations.
Driving Force of the 2023 Real Estate Market
Despite 2022 being a challenging year for the real estate market, Mr. Nguyen Van Dinh still points out the bright spots of the large-scale economy and considers this to be the foundation and spark of the real estate market in 2023.
In terms of GDP growth, Vietnam’s GDP in 2022 reached 8.02%, the highest in the 2011-2022 period. In attracting FDI, the real estate business still ranks second in the largest FDI investment-attracting sectors in 2022 with a total investment of over 4.45 billion USD, accounting for 16.1%. The capital mainly focuses on the industrial real estate market and some large real estate projects.
The real estate M&A market records positive signals as it continues to heat up with foreign capital inflows. The market’s capital continues to be supplemented with a total of foreign capital flowing back to Vietnam that is predicted to increase from 2021, reaching 19 billion USD.
Regarding legal framework, Mr. Dinh said that the legal obstacles are in the process of being removed and improved. Specifically, the Government and National Assembly have made comprehensive solutions to remove obstacles for the real estate market, such as the establishment of the Prime Minister’s Task Force; the draft amendment to Government Decree No. 65/2022/ND-CP, amending and supplementing some provisions of Decision 153/2020/ND-CP dated December 21, 2020 on the sale, transaction of individual enterprise bonds in a more open direction, with a more appropriate process; the Government’s Resolution 1164/QD-TTg on removing obstacles for the real estate market and developing housing… These series of actions have and are igniting confidence among investors and buyers in reality.
Regarding market demand, Mr. Dinh said that the demand for housing in the period 2021-2030 will continue to increase, especially in urban areas. The urban population rate is currently around 40% and will increase to around 45% by 2030, requiring an additional 7 million m2 of housing per year. This is an opportunity for businesses to develop projects that are suitable for real-life demand.
Regarding finance, the Chairman of the Vietnamese Real Estate Association stated that the Ministry of Finance has issued Decree 65/2022/ND-CP, which amends Decree 153/2020/ND-CP regarding the sale and trading of corporate bonds in a more stringent control direction, providing a basis for companies to continue issuing bonds.
In terms of construction investment, by the end of 2022, 12 Ministries and 17 localities had an investment disbursement rate of over 80%, with some places even reaching 100%. Through the support package of 35 trillion VND, the development momentum of social housing was spurred. The policy of promoting investment disbursement in construction, in which infrastructure projects occupy a major proportion, will create many economic zones, tourist areas, cities… which will in turn create demand for housing, tourism, services, offices, especially the industrial real estate segment in the trend of transitioning the factories of multinational corporations. “All these changing factors will drive the Vietnamese real estate market to flourish in 2023,” emphasized Mr. Dinh.