More than 800 new realty firms set up in two months
The real estate sector saw 840 new enterprises established in the first two months of this year, 5.3 percent of the country’s total new firms during the period.
Hanoi (VNA) – The real estatesector saw 840 new enterprises established in the first two months of this year,5.3 percent of the country’s total new firms during the period.
Economic growth coupled with high demand forproperty products has drawn capital into the Vietnamese real estate market.
Matthew Powell, director of property companySavills Hanoi, said the market is on foreign investors’ radar.
He added that many of Savills Hanoi’scustomers, particularly those from Japan, the Republic of Korea (RoK), China,Hong Kong and Singapore, have sought information on investment in Vietnam.
He anticipated the market would record morenew transactions this year.
In 2018, foreign direct investment (FDI)poured into property projects exceeded 6.5 billion USD, 21.3 percent of the totalFDI. The figure pushed real estate to the second place in the ranking ofbiggest FDI earners in Vietnam. Most of the capital came from Japan, followedby the RoK, Singapore and Hong Kong.
According to insiders, while foreigncompanies enter the market by buying projects that have already operated forquick profits, domestic firms focus on merger and acquisition deals to developmore projects serving housing, production and investment demand.
The thriving sector has also attractedseveral companies from other sectors. This has led to a high number ofregistered projects but a low construction completion rate due to weakfinancial and management capacity of contractors. Other problems include fraudand soaring land prices.-VNA
Real estate and retail giant Vingroup plans to sell 250 million private shares to a maximum of five foreign investors in the remaining months of the year.
More foreigners are buying apartments and investing in real estate in Vietnam, especially in Ho Chi Minh City, with most of them coming from mainland China, Japan, Singapore and the Republic of Korea.
The flow of foreign direct investment (FDI) into property in the first months of 2019 promises to bring many new opportunities for the real estate market.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative photo (Source: VNA) 
