As a result of slow technology adoption in the sector, labour productivity and revenue growth moved at a much slower pace
Digitalisation, particularly in the realm of real estate, is becoming a necessity to overcome difficulties and contribute to promoting the formation of a healthy, transparent, and sustainable market, according to VietnamPlus.
In Vietnam, as pointed out by Nguyen Manh Ha, Vice President of the Vietnam Real Estate Association, market players have not been aware of the many benefits of technology, which was why digital transformation in the sector expanded at a slow pace.
As Hoang Mai Chung, Chairman of Meey Land Group, explained, property technology (proptech) is crucial for providing information, supporting transactions, and managing processes in the real estate industry.
There was, however, not enough user data available in Vietnam to support proptech.
As a result of slow technology adoption in the real estate sector, Chung said, labour productivity and revenue growth would move at a much slower pace. He also stated that to speed up the digitalisation in the property market, more drastic measures such as a comprehensive ecosystem and adequate capital resources were necessary, which would motivate enterprises to innovate.
“Digital transformation in the real estate sector is not only a purely technological revolution but also an institutional revolution to aim at positive and modern changes to improve policies, regulations, and working processes. The centre is the people, so whatever you do, you must create trust for the market,” said Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy.
Vietnam is currently concentrating on accelerating digital transformation, reported VietNamNet Global.
As a result, it is aiming to finish the legal framework and policies while also enhancing its performance and rankings in e-government, global innovation, and global competitiveness.
The country will also start focusing on improving the quality of online public services while creating solutions to develop and better the quality of digital human resources.
Finally, the nation will invest more in digital infrastructure, R&D, and international collaboration in digital transformation while encouraging businesses to speed up the digitalisation of manufacturing and commercial activities and building efficient digital service delivery channels.
The Property Report editors wrote this article. For more information, email: [email protected].
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