Property

The Hanoi People’s Committee has issued a document on strengthening State management over land, including inspections and examinations of the management and use of land. It will receive dossiers to settle administrative procedures, ensure the timely return of documents, and review any unreasonable procedures in land transactions that create problems for businesses and individuals.

Analysts attending the Digital Transformation Promotion Conference for Vietnam’s real estate market on October 7 offered three reasons for the slow digital transformation in the sector: slow perceptions, complicated technology, and data not being optimized.

The VMI Real Estate Investment and Management Joint Stock Company (VMI JSC) was established on October 6, with Mr. Pham Nhat Vuong, Chairman of Vietnam’s largest private company, Vingroup, as the main shareholder. The VMI JSC was established to assist small capital investors with opportunities to invest in real estate, manage properties, and develop the secondary market to increase liquidity and the value of properties owned by Vingroup subsidiary Vinhomes.

According to Batdongsan.com.vn, demand to buy all types of real estate fell sharply in September, with the number of searches for land plots nationwide down by 50 per cent compared to March, apartments by 9 per cent, private houses by 25 per cent, and villas by 12 per cent. The market will continue to face many challenges. Prices are forecast to remain unchanged, while developers will boost sales policies to support and attract buyers.

The Hanoi People’s Committee has approved partial adjustments to the detailed planning for the central area of the West West Lake (Tay Ho Tay) urban area in order to harmonize it with the surrounding architecture and landscapes. Construction density will be reduced, the number of stories permitted cut, and office functions added.

Cushman & Wakefield believe that, compared to Indonesia, Malaysia, and the Philippines, the price of industrial land in Vietnam is still relatively low. Along with other factors such as a stable macroeconomic situation, low inflation, and advantages in infrastructure and transportation, Vietnam therefore has the potential to become a leading industrial center in the region.