The industrial real estate sector has also been attracting new supply sources. On November 12, investment was approved for developing infrastructure at Hai Long IP in the northern province of Thai Binh. Covering an area of 297ha, the project is funded by Bao Minh IP Infrastructure Investment JSC with total capital of VND2 trillion ($87 million).
They include the high-rise housing project N03-T3&T4 at the Diplomatic Corps Area in Bac Tu Liem District, with the Viet Nam Construction and Engineering Joint Stock Company being the investor; and the low-rise housing project in lot TT6-2 in Tay Tuu urban functional area (Xuan La Construction Investment Joint Stock Company).
Nguyễn Mạnh Hà, Deputy President of the Việt Nam Real Estate Association, said the digital transformation in the real estate market of Việt Nam was taking place slowly because not all market participants were fully aware of the importance of technology.
Although the domestic real estate market has faced certain difficulties in recent years, foreign investors have continuously poured capital into the field. In the first 10 months of 2022, foreign investors poured $3.87 billion into the real estate sector, bringing it to second position in total foreign direct investment (FDI) in Vietnam.
The real estate market remained unstable in January-September this year, with social housing and low-cost commercial apartments still in short supply, according to the Ministry of Construction.
Real estate sector attracted 3.5 billion USD in foreign direct investment (FDI) the first nine months of this year, accounting for mearly 19 percent of total FDI that the country lured in the period, coming second among sectors in terms of FDI attraction.
The Ministry of Construction (MoC) has proposed that real estate projects must sell their products on real estate trading floors, according to the draft amending the Law on Real Estate Business. The ministry has also suggested that individuals engaged in brokerage activities must have a practising certificate.
"This is a positive move to inject money into the domestic economy in the post-COVID-19 period, thereby energising the sectors, including services, production, business and real estate," said Su Ngoc Khuong, senior director of investment, Savills Vietnam.