Int’l real estate event promotes Vietnam as destination of chances

Addressing over 300 international guests and thousands of Vietnamese delegates, Minister of Construction Pham Hong Ha said the recent growth of the property market has actively contributed to the fast and sustainable development of Vietnam. 

He noted that the Vietnamese Government highly values the active role and efforts of domestic and foreign businesses in the country’s property market.

IREC 2018 is a chance to promote investment, share experience, and boost partnership between Vietnamese developers and foreign partners. It is also a good occasion to introduce the development potential of Vietnam, and in particular its real estate sector, to others, Ha added.

Vice Chairman of the Hanoi People’s Committee Nguyen The Hung said the capital city has the most vibrant property market in Vietnam. In the coming time, aside from developing the transport network, infrastructure, and new residential areas in a concerted way, Hanoi authorities will also step up the upgrade of inner areas and expanding new areas to turn the capital into a ‘livable city’.

Therefore, Hanoi requires many resources, including relevant experience exchanges, for development investment in order to become a magnet for domestic and foreign property investors, he said.

Deputy Minister of Construction Nguyen Van Sinh said that although the local real estate market is still young, it has recorded many positive developments, giving a facelift to cities and improving people’s living standards.

In the housing sector, more than 70 million sq.m of floor space has been developed each year since 1999. The country has about 2.1 billion sq.m of housing at present, raising the per capita floor area from 9.7 square metres in 1999 to 23.7 square metres in June 2018.

The official said that in the medium and long term, Vietnam will become an attractive destination for real estate investment and business because the demand for housing, industrial park infrastructure, shopping malls, and tourism property is still very big.

IREC 2018 will last until September 7 at the National Convention Centre and the National Exhibition Construction Centre. Its activities include a meeting of global real estate associations, forums on development trends of the world’s property market, investment promotion events, and the Vietbuild international exhibition.