In 2017, the real estate market in Vietnam saw positive changes in all segments (Illustrative image. Source: VNA)

Hano​i (VNA) –
The first Vietnam Property Awards 2018 will be held in Hanoi on April 14 to honour businesses and projects with outstanding contributions to the rapid, sustainable and transparent development of the real estate market in Vietnam.

Speaking at a press conference in Hanoi on April 10, President of the Vietnam Real Estate Association (VNREA) Nguyen Tran Nam said the awards were launched on December 12, 2017 with a view to encouraging domestic property firms to improve competitiveness and develop trademark to meet international standards.

The awards are co-hosted by the VNREA, the Management Agency for Housing and Real Estate Market under the Ministry of Construction and the VTV24 news centre.

The competition is open to all individuals and entities operating in real estate in line with Vietnam’s law, exclusive of wholly foreign-owned ones.

Participants compete in eight categories, including prestigious real estate developer, best urban area, best resort development, best office building for rent and shopping mall, best residential area, best green building, best real estate transaction floor and best social housing project.

The eight categories cover all aspects of the property market. Of these, the three criteria of green building, energy saving and highly valued by customers have been standards.

Vietnam’s real estate market will maintain mid-term stability in 2018, while merger and acquisition (M&A) in the sector will continue to see strong development, according to the report Top 10 Reputable Property Developers, Building Material Companies and Contractors 2018 announced by Vietnam Report last month.

In 2017, the real estate market in Vietnam saw positive changes in all segments. In the capital city of Hanoi and the southern economic hub of Ho Chi Minh City alone, there were 64,263 successful deals. A range of new products such as condotel, officetel and hometel were developed, making the real estate market in the Southeast Asian country more attractive.-VNA