return icon Vietnamnet.vn

Property developers race towards digital technology

Amid the fourth industrial revolution (Industry 4.0) many property developers in Vietnam are seeking to adopt digital technology both for enterprise management and in their projects.

{keywords}
The Q7 Saigon Riverside Complex project of Hung Thinh Corporation attracts many investors in HCM City.— Photo Hung Thinh Corporation

Hung Thinh Corporation is among them. The company is studying technologies available, including for smart homes and smart cities.

Smart home technologies, or home automation, involve the use of devices at home that connect via a network, usually a local LAN or the internet. It uses devices such as sensors and other appliances connected to the internet of things (IoT) that can be remotely monitored, controlled or accessed to provide services that respond to the perceived needs of users.

Smart city technology allows officials to interact directly with both the community and city infrastructure and to monitor what is happening in the city and how the city is evolving.

The company’s deputy director, Nguyen Nam Tien, said the fourth industrial revolution has not only helped enhance labour productivity and economic growth but also ushered in a new period for people-to-people connections.

Industry 4.0 has also created new industries and new modes for organisation of labour supply, he said.

“Therefore, the company wants to utilise all those advantages of the Industry 4.0”.

Sunshine Group has also become one of the pioneers in investing in technologies at property developments. The main technology platforms it has focused on are digital infrastructure, mobile applications on smart phones, sensors, artificial intelligence (AI) and IoT.

Analysts said real estate businesses’ use of Industry 4.0 technologies is expected to create drastic changes and bring sustainable value to the sector.

Pham Lam, general director of DKRA Vietnam, agreed with them, pointing out that the active application of technology in the real estate sector is flourishing in line with the growth of the domestic market.

It would efficiently support all operations of the market including investment, project development, marketing, product distribution, and leasing or buying projects, which would become a common trend and create transparency, he said.

Tran Hien Phuong, the CEO of Seaholdings, said Industry 4.0 would help project owners manage, operate and develop their projects in a smart and systematic manner and also improve the transparency of market information.

Speaking about the role of technology in finance in the real estate sector, many experts said the market is attracting five main sources of funding, namely bank loans, foreign investment, private capital, corporate bonds, and fintech services.

Fintech real estate companies use includes technology and innovation like blockchain.

Blockchain is a growing list of records called blocks that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Vietnam social networking sites continue to battle for survival

Vietnam had 455 homegrown social media apps licensed by authorised agencies as of 2019.

Those with the most users are Zalo with 60 million, Mocha with 8.7 million and Gapo with 2.62 million.

Three new networks, Lotus, Gapo and Hahalolo, were introduced within months in 2019, joining the race to attract users with networks like Zalo and Mocha as well as Facebook. The US social network has 60-65 million monthly active users.

Lotus made its debut in September with an investment of VND1.2 trillion (US$52.2 million).

With the ambition of taking on Facebook, VCCorp, its owner, co-ordinated with hundreds of content producers in various areas such as video, entertainment, newspapers, and television to supply information to users.

In July Gapo came into being with an investment of VND500 billion and the hope of attracting 50 million users by 2021.

Minister of Information and Communications Nguyen Manh Hung said recently that Vietnamese social networks are set to have 90 million users by the end of 2020 as the Government keeps trying hard to break the foreign monopoly in the country.

With the expectation that Vietnamese social media apps would have been able to compete with Facebook but the practical situation has turned out to be quite different.

Most homegrown social media sites had to quietly give up like their predecessors Zing Me, Yume-vn and Biztime.vn. Only a few like Zalo still have many users.

People are yet find Vietnamese sites attractive enough or different to switch to them from international sites, experts said.

Hung also said Vietnamese social networking sites should be developed with basic differences with foreign sites like Facebook since they would not be successful if they merely imitate them.
He also made it clear that Vietnam did not seek to replace foreign social media sites with homegrown ones since each app would have its own functions, space and customers.

A spokesperson for Gapo said the Government should have a legal framework in place for electronic information services to ensure fair competition between domestic and foreign social networks.

Foreign social media apps which provide cross-border services in Vietnam must comply with all conditions and complete the procedures as required of domestic ones, he said.

The existing legal regulations are not enough for authorised agencies to effectively manage international networks, he warned.

Analysts said homegrown social media apps offer a big advantage: they can ensure the security of data since their servers are situated within the country.

They said international social media sites are very strong but only distribute and do not produce content, and as a result, Vietnamese content producers are able to maintain information sovereignty, and those with a strong content strategy have the right to negotiate and prevail.

Information sovereignty refers to full legal equality with other states and the freedom from any external control with regard to the independent right to the production and use of information. VNS

Thien Ly

HCM City scales up smart city development project to all districts

HCM City scales up smart city development project to all districts

The HCM City People’s Committee has urged all districts to conduct programmes on smart city development, with specific targets, roadmaps and implementation measures suited to the characteristics of individual locality.

Smart city challenges Vietnamese Gov’t and localities

Smart city challenges Vietnamese Gov’t and localities

In efforts to embrace the fourth industrial revolution, Vietnam's cities and provinces are pushing smart city programmes, combining technology with internet-connected devices to enhance municipal management and economy.  

Smarthomes becoming more popular in Vietnam

Smarthomes becoming more popular in Vietnam

Smarthomes first appeared in Vietnam 10 years ago, but have only become popular recently.

MORE NEWS

French Development Agency pledges more support for projects in Vietnam

The French Development Agency (AFD) will increase its support and donations for projects funded by French non-governmental organisations and associations in Vietnam.

Vietnam seeks stronger education partnership with US

Minister of Education Nguyen Kim Son on September 25 concluded his US working trip that aimed to strengthen education partnership between the two countries.

VIETNAM NEWS HEADLINES SEPTEMBER 25

Central localities likely to be hit by typhoon Noru

AI integration the inevitable path ahead

Big Data and AI will be the optimal tools to run factories in the future and digital transition will help firms optimise costs and cut emissions.

Ministry to scrutinise VietGap certifications after fake labels found on vegetables

The Ministry of Agriculture and Rural Development is investigating reports of vegetables sold in supermarkets being marked with fake Vietnamese Good Agricultural Practices (VietGap) labels.

E-commerce sector in dire need of qualified candidates

The tight supply of qualified candidates in the labour market is a glaring issue facing e-commerce firms, according to insiders.

Unique green moss-covered homes of the Tay Con Linh mountain range

It is an ideal environment for plants to flourish and thrive, including thick green moss, which ethnic people use to cover the palm-leaf roofs of their homes.

Farmers save wild birds and the environment

Farmers in different provinces throughout Việt Nam have for years spent time and effort to save wild birds, giving them a home to nest and lay eggs.

Deputy PM highlights significance of int'l solidarity, cooperation at UN session

The strengthening of international solidarity and cooperation is key to addressing interlocking global challenges, affirmed Permanent Deputy PM Pham Binh Minh while addressing the general debate of the 77th Session of the UN General Assembly.

Huge potential for luxury real estate in Vietnam

The branded residence market is gaining a stronger foothold in the Vietnamese market with potential to further develop, shaping the lifestyle of the country’s elite, according to experts.

VIETNAM BUSINESS NEWS SEPTEMBER 25

Action plan to promote green growth in agriculture

Vietnam’s economic growth counts on high-tech FDI

Vietnam’s economic growth has been accelerating in 2022, with experts considering high-tech foreign investments as a driver.

The “seven-star” islands in Quang Ninh

Along with crystal blue sea and beaches, the 7 Sao (seven star) islands also have caves and primeval forests.

Customs you only see in Vietnam

The travel site Culture Trip has listed a number of Vietnamese customs that often surprise foreign tourists:

Investors and buyers play waiting game in credit switch

The State Bank of Vietnam finally created extra credit room for some banks on September 7. However, the extension is deemed low and may not help real estate businesses and homebuyers access feasible capital sources for their projects.
back_to_top