The first quarter of 2024 paints a mixed picture for Vietnam's market, with profit growth tapering off amid lackluster performances from key sectors. While some industries show promise, others struggle to meet expectations, signaling potential challenges ahead.
There is significant potential in branded residences, which are increasing in number not only in holiday destinations but also in urban centers such as Ho Chi Minh City.
Predictions have been made that the market will gradually recover next year and become healthier and more transparent and standardized in the second and third quarters.
The Thanh Hoa Provincial People’s Committee has issued documents directing the strengthening of the management over and promoting the development of the local housing and real estate market, contributing to socio-economic development and ensuring social security and macro-economic stability. Besides the positive results, the development of the real estate sector still bears many shortcomings, limitations, and inadequacies, lacking sustainability and exhibiting risks. Thanh Hoa has therefore offered solutions to promote the safe, healthy, and sustainable development of the sector.
At the Real Estate Forum 2022 on October 28, with the theme “Supply of real estate in Ho Chi Minh City: Practical issues to be solved”, Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA), said transparency in the market has improved with clear mechanisms and policies. However, safety and stability are still of concern due to the overlap between the Land Law 2013 and the Law on Housing 2014 and other legal documents.
Vietnamese enterprises taking part in the internet economy face major challenges. The legal framework on intellectual property in the country is quite complex, and includes the Law on Intellectual Property, the Law on Competition, and the Law on Cybersecurity. Vietnam has also joined certain international conventions. However, effective tools to combat unfair competition are still lacking, which protect businesses in cyberspace, especially in terms of intellectual property rights.
The Hanoi People’s Committee has recently issued Document No. 2807/UBND-TNMT on strengthening land management. A plan for the 2021-2030 period and vision to 2050 is to be completed shortly and submitted to competent authorities for approval, with strict management and control over land auctions.