{"id":30093,"date":"2022-07-25T12:00:23","date_gmt":"2022-07-25T05:00:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=30093"},"modified":"2024-09-19T17:03:20","modified_gmt":"2024-09-19T10:03:20","slug":"30093","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/30093\/","title":{"rendered":"Vietnam sees steady economic growth, housing market gains momentum"},"content":{"rendered":"

It is steadily recovering after growing only 2.6 percent last year, which was the slowest climb in decades<\/span><\/p>\n

\"\"
A steady improvement in market confidence and demand is helping the country’s real estate sector to gain momentum. Huy Thoai\/Shutterstock<\/figcaption><\/figure>\n

Vietnam previously set its economic growth target to six to 6.5 percent, but according to Nguyen Chi Dung, the country\u2019s planning and investment minister, the nation is now aiming for a seven-percent expansion.<\/span><\/p>\n

It has reportedly experienced a GDP growth of 7.7 percent in Q2, backed by strong export growth. It is steadily recovering after growing only 2.6 percent last year, which was the slowest climb in decades.<\/span><\/p>\n

For this to be possible, the YoY economic growth for Q3 has to reach nine percent, and 6.3 percent in Q4, according to <\/span>CNA<\/span>.\u00a0<\/span><\/p>\n

More: Vietnam sees 7.7% economic growth in Q2 2022, the fastest expansion in 11 years<\/strong><\/a><\/p>\n

A steady improvement in market confidence and demand is helping the country’s real estate sector to gain momentum. This is in the wake of the COVID-19 pandemic, when house prices and rent have fallen by double digits.\u00a0<\/span><\/p>\n

Moreover, Vietnam has seen a significant increase in foreign homebuyers since 2015, reported <\/span>Global Property Guide<\/span><\/a>.<\/span><\/p>\n

The cost of apartments in Ho Chi Minh City went up 15.5 percent YoY in Q1 2022, in inflation-adjusted terms, compared to a 0.2 percent YoY decline in Q1 2021. House prices increased 5.2 percent QoQ in Q1 2022.<\/span><\/p>\n

On 14 July, Prime Minister Pham Minh Chinh emphasised the importance of removing \u201cbottlenecks\u201d in the real estate sector to make sure the property market is safe.<\/span><\/p>\n

VietnamPlus <\/span><\/a>reported that outlined the deficiencies, constraints, and inadequacies of the market and urged ministries, industries, and localities to foster a favourable environment for the real estate market, giving special consideration to the market segment that serves social security.\u00a0<\/span><\/p>\n

According to him, market regulations must be upheld, but the State must uphold its managerial responsibilities to stop market manipulation.<\/span><\/p>\n

He also emphasised the need to support strategic infrastructure development to create new development opportunities and boost the real estate market’s motivation.<\/span><\/p>\n

He tasked the Ministry of Construction with examining and improving the real estate-related legal system to remove bottlenecks and promote the steady and healthy expansion of the industry.<\/span><\/p>\n

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

It is steadily recovering after growing only 2.6 percent last year, which was the slowest climb in decades<\/p>\n","protected":false},"author":12,"featured_media":30094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[650,638],"class_list":["post-30093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-housing-market","tag-real-estate","news_country-vietnam","news_author-property-report"],"acf":[],"yoast_head":"\nVietnam sees steady economic growth, housing market gains momentum | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/30093\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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