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Week 47/2022 – Central Vietnam Real Estate News Summary

  1. Week 47/2022 – Central Vietnam Real Estate News Summary

    In this weekly or sometimes bi-weekly news flash – CVR: Central Vietnam Realty will provide a choice of articles from mainly Vietnamese media sources related to the real estate market in Vietnam.
    We will be focusing on issues related to Da Nang and Hoi An, while also looking at national news and their possible impact on Central Vietnam’s property market.
    You will find a summary, a link to the source as well as CVR’s take on the article.

    We believe that local knowledge is the key to making the best possible decision and that’s what we offer to all our clients.

    “CVR: Western Management – Local Knowledge”


  • 1. $104.77mn industrial park to take shape in central Vietnam


The People’s Committee of Thua Thien-Hue Province in central Vietnam and Gilimex Industrial Park Corporation kicked off the construction of a VND2.6 trillion (US$104.77 million) industrial park project on Friday.


The project covers an area of nearly 461 hectares in Huong Thuy Town, with its first phase expected to reach completion in the fourth quarter of this year. The new industrial park, which specializes in making electrical and electronic products, computers and optical products, spare parts and accessories for automobiles, and many others, is capable of employing up to 30,000 workers once in operation.


Thua Thien-Hue’s Index of Industrial Production (IIP) rose 7.72 percent year on year in the first ten months of the year, according to the Ministry of Planning and Investment, with the manufacturing and processing sector growing 5 percent.


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2. Is a 50% drop in real estate prices the bottom? Is it time to buy now?


Many investors are keeping their capital in reserve while they wait for the real estate market price to reach the bottom. However, many individuals are unsure of where to “get the lowest price” or when to make a financial sacrifice in order to make a profit.

According to many investors, at this time the interest rate is high, but this is only a temporary solution. I don’t know until the end of the deposit period, or whether should they continue to send or wait to buy cheap real estate.


“The issue is that there was no rule following the land fever period, so it’s hard to know if the price is low or just the price of the previous landowner’s “cutting interest” to get rid of the assets,” an investor said.


That is something that many investors nowadays worry about frequently. The “bottom” of real estate has also been established using specific figures, such as 30–50%.


“Transactions in the market are very low at the moment, prices tend to decrease in some places; large investors are looking to sell some real estate to raise cash; Large investors are having different promotional policies, the goal is to reduce prices, attract buyers… Professional investors will know which real estate is good to invest in today. Therefore, this is a good opportunity for investors in the coming November-December.


As for those who are new to the market and do not have much experience, they should follow up, after Tet Holiday (Lunar New Year), it is about February and March next year to decide. Maybe, after Tet, the real estate market will stabilize, and by the third and fourth quarters of next year, the market will grow stably,” said Mr. Quang.


However, it depends on the property’s location and recent price changes. Many investors are still afraid to invest money because they may believe that the price will continue to decline.


According to another investor, the macro economy and the market context are currently in a strong correction phase. Therefore, from now until the end of 2023, with issues related to amending the Land Law, tightening credit, and corporate bonds, investors should be cautious.


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  1. 3. Which Real Estate Segment Is The Landing For Cash Flow?


The market report recently published by shows that, in the first 10 months of 2022, the interest in real estate search across the country tends to increase by 5% compared to the same period in 2021. 

Two segments of the Real estate that recorded the strongest increase in search demand were apartments, townhouses, and villas with an increase of 11-21%. 


Particularly in October 2022, the demand to buy real estate also increased by 2% compared to the previous September. 

Considering each segment, in addition to project land, interest increased in all segments, in which, the strongest increase was still apartments and townhouses. Specifically, apartments in Ho Chi Minh City increased by 10%, private houses increased by 12%, and townhouses and townhouses increased by 47% and 34% respectively over the same period in 2021.


According to experts of, the growth trend in housing interest in the first 10 months of 2022 shows the recovery of the real estate market after a period of heavy influence from Covid 19. However, this figure is still quite modest compared to the same period in 2019. Besides, although the demand for real estate in the first 10 months of the year increased, it mainly increased in the first half of the year when there was some local land fever and tends to decrease sharply in the third quarter of 2022. Credit control policies, supply shortages, and interest rate fluctuations are heavily influencing market liquidity. 


However, the steepest decline mainly fell in the segment of land plots and high-end and luxury apartments. Some segments that meet safety criteria, serve real-life needs and have the ability to exploit commercial value still receive attention. This trend is clearly shown through the fluctuation of investors’ buying demand in recent months.


Another segment highly appreciated by experts in the current period of “difficult cash flow” is urban townhouses and townhouses in large urban areas. The nature of the land-house is a popular and safe investment channel and preserves capital flow. In addition, this product line has a limited supply, good commercial exploitation and is easy to transfer if the price is reasonable because of the high demand for ownership.

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  1. 4. From the time of “leaving the city for the farm” to the time of “selling your farm stay to return to the city”


The strongest explosion occurred during the time of the Covid-19 epidemic when the period of social isolation lasted for months, the frustration with the stuffy concrete wall in the city made many people “favor” buying land on the outskirts to build houses, and plant trees to live in harmony with nature. Along with the mandatory requirement to go to the office instead of working online, the trend of leaving the city to go to the forest is even more explosive.


However, since the time when the epidemic was basically under control, the trend of leaving the city to go to the forest gradually fell into a gloomy and quiet state. Up to now, instead of the trend of “leaving the street to the forest” is the underground wave “selling farm stay” to return to the city.


As surveyed by the group, many farm stays have basically completed the items of houses, gardens, and plant systems for sale. Even some farm stays are for sale to cut losses because owners need money urgently.


Another reason that many people sell for sale is because of the difficult economic situation, many investors, even business people, lack capital. They were forced to sell their farm stay or resort to pay off debt and recover cash flow.


The trend of selling farm stay to the street will still take place strongly in 2023 when the pressure of debt collection is large, the business is becoming increasingly difficult.


The economic expert predicted that the wave of people leaving the city to return to the forest would quickly fade because once they got used to the comfortable life on the street, leaving the desert made it difficult for urban people to do. get used to the new environment.

According to this expert, land purchased for a farm stay, and homestay will be the “freezing” segment soon because it does not meet the real demand.

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  1. 5. Withhold funds aside to look for real estate ventures.


Content: The real estate market (real estate) faced difficulties due to lack of capital, many investors could not stand it and were forced to sell part or the whole project to restructure finance; Investors holding money, especially foreign investors, have a large amount of cash to hunt for projects, but the list of legal projects that are “clean” enough to put down money is quite rare.


Talking to the reporter of Nguoi Lao Dong Newspaper, the deputy general director of a small-scale real estate company in Thu Duc City, Ho Chi Minh City said that the company has two real estate projects but cannot manage the capital to continue implementing. “We are looking for investors to offer 10%-15% of the enterprise value, about 30 billion VND to have money to deploy the project in Thu Duc City. Because one of the two projects has completed the procedures. , if we don’t continue to deploy, we will go bankrupt” – the representative of this enterprise shared.


A unit specializing in mergers and acquisitions (M&A) real estate projects said that there are many real estate businesses contacting to ask to sell properties. Most are large-scale enterprises.


On information pages, real estate buying and selling forums recently continuously updated information for the sale of projects, and real estate, including industrial parks such as: “Selling 30% cheaper than the market, land area 1,200 m2, price 128 billion dongs, the market price is 188 billion dongs, the price appraised by the bank for the loan is 150 billion dong… All land has residential land, prime location in the area near the center of Thu Duc city … “.


In addition, commercial banks are also racing to sell, trade, and auction real estate and projects that are collateral of businesses that borrow money but cannot repay.


The real estate market recently witnessed a lot of M&A activities, which is expected to bring benefits to all stakeholders thanks to its high potential, which will energize the market.


Importance: There are still big foreign investors who are still holding cash to buy or do M&A for the projects/properties, the developers in short of cash should finish the paperwork in case they want to sell



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