Vietnam rises in JLL’s global real estate transparency index
Vietnam’s two major cities, Hanoi and Ho Chi Minh City, have contributed to the country’s higher rank in the 2020 Global Real Estate Transparency Index (GRETI).
Vietnam rises in JLL’s global real estate transparency index. (Photo: VNA)
Hanoi(VNA) – Vietnam’s two major cities, Hanoi and Ho Chi Minh City, havecontributed to the country’s higher rank in the 2020 Global Real EstateTransparency Index (GRETI).
Steadyadvances of the two metropolises have helped Vietnam reach the 56th place inthis year’s ranking released by market researcher Jones Lang LaSalle (JLL). Thecountry has become a “semi-transparent” real estate market for the first time.It is also named among top global improvers, alongside regional peers –Thailand, the Philippines and Indonesia.
Over the past10 years, Vietnam has become a top destination for manufacturing in SoutheastAsia and attracted significant foreign investment, said Stephen Wyatt, CountryHead of JLL Vietnam. “Vietnam will need to continue improving rising up therankings if it wants to attract more foreign investment.”
Following onfrom steady advances over the last two surveys, Ho Chi Minh City has madefurther progress on regulatory enforcement to enter the “Transparent” tier,according to JLL.
“Vietnam hasmade further progress on the regulatory front with government bodies tighteningtheir oversight to ensure rules and regulations are being adhered to in areassuch as land-use planning and lending standards,” the firm said in its GRETI.
“The country’sstrong economic prospects have drawn significant interest from both occupiersand investors, and this has led to increased competition and service offeringsfrom property management companies.”
“These changeshave helped to push Vietnam into the ‘Semi-Transparent’ tier,” it added.
The 2020 Indexis launched at a time of massive economic and societal disruption where theneed for transparent processes, accurate and timely data and high ethicalstandards are in closer focus.
The backdropof COVID-19 is also ensuringthat transparency within Asia Pacific’s real estate legal and regulatorysystems is more important than ever to global investors, as they look to deployapproximately 40 billion USD in dry powder capital into the region./.
The slowdown in 2019 and the arrival of the COVID-19 pandemic in the opening months of 2020 saw Vietnam’s property market hit “double trouble”, but experts have said the possibility of a quick recovery remains, especially as the outbreak has been largely brought under control in the country.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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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.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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Vietnam rises in JLL’s global real estate transparency index. (Photo: VNA)
