“We came to Vietnam 24 years ago, after the Vietnamese government issued a policy of innovation “to attract foreign investment. During that time, the real estate market has passed many ups and downs, but currently the market is developing well. The biggest “bottleneck” to improve is policies and laws to guide investors and protect home buyers, “said Chen Lian Pang, CEO of CapitaLand Vietnam.
Mr. Chen Lian Pang also commented: “I think that Vietnam’s real estate market will continue to develop positively for a few more years. From now to the end of 2019 the market is very good for the housing project segment.
“Besides, the overall picture of Vietnam’s economy is quite optimistic. According to the most recent update of World Bank, Vietnam has experienced a spectacular growth in the economy in 2018, GDP increased by 7.08%, the highest in 11 years ”
“The growth and macroeconomic stability will continue to be sustainable for the real estate market in the medium term. The growth rate of urbanization is an important sign that demand for real estate will increase. Another sign is that people’s income also increases in Vietnam. The growing middle class will also have more demand for housing in high-quality projects that are well designed. ”
From that point of view, Chen Lian Pang said: “Real estate is still a” young “industry in Vietnam. Maybe for real estate development in big cities like Ho Chi Minh like Shanghai 10-15 years ago.
“Every year, I observe that about 1% of people in other provinces go to Ho Chi Minh City, very similar to Shanghai 15 years ago. 15 years ago anyone who bought a house in Shanghai will now find themselves successful. So, whoever buys a house in Ho Chi Minh City now, the future 10-15 years will see it as a wise decision, ”said Chen Lian Pang.
However, Mr. Chen Lian Pang also suggested: The Government of Vietnam needs to improve real estate policies and laws with many guidelines for investors and help protect homebuyers.
“In order to promote the real estate market better, I think it is necessary to shorten the time for waiting periods and to have good planning and implementation,” said Mr. Chen Lian Pang.
Mr. Chen Lian Pang gave an example, as in Singapore, when urban development, usually planning to make infrastructure ahead of reality. For example, building a subway system, building Changi International Airport, the state estimates the future of the next 10 years. Because of planning ahead, Singapore’s urban face looks beautiful.
Sharing from the perspective of foreign investors, Mr. Chen Lian Pang said: As a foreign investor, one of the difficulties CapitaLand Vietnam faces is the land fund.
“However, because we have 24 years of experience in Vietnam and have learned how to overcome difficulties, we have developed 12 housing projects and 17 service apartments. We continue to overcome difficulties for sustainable development in Vietnam ”.