Most industrial parks in the country, including in the southern key economic zone, lack housing for workers, said Phan Van Anh, Vice President of the Vietnam General Confederation of Labour.
Housing development is of paramount importance to Ho Chi Minh City as the city’s population is expected to see an increase of one million people every five years in the 2021-35 period, according to Vo Van Hoan, vice chairman of the city People’s Committee.
Real estate enterprises in Ho Chi Minh City are waiting for new measures to help them deal with difficulties related to policies and credit so as to grow more stably and sustainably.
Ho Chi Minh City’s realty sector experienced a hazy first half of the year, with dwindling supply of both high-end and pocket-sized apartments, according to insiders.
Lawmakers voiced their concerns about the high real estate prices which is about 25 times of average income, and the uncontrolled rising property prices in some localities during a question-and-answer session at the National Assembly on June 4.
Prime Minister Nguyen Xuan Phuc has recently issued Directive No.11/CT-TTg on several solutions to promoting stable and transparent development of the property market.
The Department of Construction of central Da Nang city has listed 17 commercial housing projects that allow foreigners to own homes, including eight in Son Tra peninsula and six in downtown Hai Chau district.
Hanoi’s property market will have more supply of social housing products for low-income people by 2020 in order to address the paucity of those products on the market combined with the over-supply of commercial houses.
The flow of foreign direct investment (FDI) into real estate in Ho Chi Minh City has followed the same trend as with the FDI movement into the country, with the property sector always among the top FDI recipients in recent years.
Japanese businesses commit to using advanced technologies to develop urban infrastructure in Ho Chi Minh City, said President of the Japan Conference on Overseas Development of Eco-Cities (J-CODE).
Hanoi sets a target of developing additional 11 million sq.m of housing in 2018, including 430,000 sq.m of social housing, nearly 348,000 sq.m of resettlement housing and more than 2.1 million sq.m of commercial housing.
Strong economic growth since 2015 has created a thriving domestic property market that is likely to continue next year, said Construction Minister Pham Hong Ha.
The Ho Chi Minh City People’s Committee has asked relevant departments to tackle problems in granting house ownership certificates to overseas Vietnamese to encourage their investment into the real estate market.
As many as 800 domestic and foreign investors, property businesses and experts are expected to attend the first annual Vietnam Real Estate Forum, which will be held on November 15.
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