Deputy chair of the Vietnam Confederation of Commerce and Industry (VCCI) Hoang Quang Phong said the actions by the government recently are hoped to not only help remove obstacles, but also serve as a remedy to lift investors’ worries.
However, Tran Dinh Thien, a respected economist, said the real estate market needs corrections, especially in speculation, which has a negative impact on the real estate market.
A good economy needs to shift from speculation to investment. The market needs to avoid excessive use of financial leverage. If so, the real estate market will have a future and be good in the long term.
Phan Duc Hieu, member of the National Assembly’s Economics Committee, noted that the Government has been proactive in perfecting the legal framework for the real estate market and the institutional environment. For example, it plans to amend the Land Law, the Law on Real Estate Business, and the Law on Housing to build a stable market.
Hieu predicted that the real estate market would see clearer changes from Q2 2023. However, he stressed that the changes would depend on certain conditions.
Meanwhile, Dinh thinks that in Q1/2023, the recession will end in the real estate market, but Tet holiday in late January will cause a slowdown. There will still be a supply shortage because realtors will need more time to prepare projects and follow legal procedures to implement their projects. The market would recover more strongly in Q2/Q3 and develop more healthily thanks to progress in the legal environment.
Tran Kim Chung, former Deputy Head of the Central Institute of Economic Management (CIEM) said that the industrial real estate market has had great opportunities. More foreign investors have poured money into this segment. In 2022, despite uncertainties in the world, Vietnam obtained GDP growth rate of 8 percent and kept inflation at 3 percent.
Duy Anh