The first Vietnam Real Estate Forum takes place in Hanoi on November 15. (Photo: VNA)

Hanoi (VNA) – Vietnam’s strong economic growth since 2015 has pushed the domestic property market into a thriving and stable development period, said President of the Vietnam National Real Estate Association (VNREA) Nguyen Tran Nam.

Nam, who is former Deputy Minister of Construction, made the comment at the first annual Vietnam Real Estate Forum jointly held by VNREA and financial-economic channel VITV in Hanoi on November 15.

Upbeat signs have been seen in the market index, he said, stressing that property inventories have fallen sharply due to growing housing demand while the flow of foreign direct and indirect investment into the sector has soared.

Besides making substantial contributions to the country’s sustainable economic and social security development, the property market’s recovery has provided an impetus for the financial-securities market and other related industrial sectors such as construction and building materials, Nam added.

At the forum, Minister of Construction Pham Hong Ha emphasised the importance of the real estate market in the market-oriented economy, noting that his ministry is working with relevant ministries, sectors and localities to build a project on evaluating the real estate market, forecasting mid-term trend and recommending solutions and mechanisms to promote stable development of the property market.

The forum gave investors and real estate businesses a chance to exchange opinions on market trends, thereby seeking market segments with high liquidity to invest in. Through discussions, they were expected to come up with proposals and recommendations for State management agencies on problems that need to be addressed.

Participants at the event provided a panoramic view of the market in 2017 and forecast trends in 2018 and the coming years.-VNA