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Tuesday, June 25, 2024

On the road to recovery

By Hung Le

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Vietnam’s real estate market is now on the brink of a major transformation after a long challenging period induced by the supply-demand imbalance, legal issues, and wide disparities between housing prices and incomes. Despite the persistent headwinds, there are high hopes for a rebound. At the Finance – Real Estate Forum 2024, held on May 29 by the Saigon Times Group with the theme “Driving Capital Flows, Embracing Opportunities for Recovery,” experts and business executives discussed scenarios for the real estate market recovery. Will the market start bouncing back at year-end? Information gleaned from the forum indicates a promising uptick in credit in the real estate sector. Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s HCMC branch, said that total real estate credit in HCMC at the end of April rose by 1.6% compared to the end of last year. Notably, loans for residential purposes, such as home purchases, construction and repairs, made up a staggering 68% of the total real estate loans. Real estate credit growth aligns with market developments, fueled by supportive policies that address market problems. Phan Duc Hieu, a permanent member of the National Assembly Economic Committee, said that during his 24 years […]
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