Can Van Luc, a senior economist, said the real estate market acts as a bridge between business fields and markets in the real estate value chain. There are 35 business fields related to the real estate market, including construction, tourism, accommodation services, and finance and banking.

Luc said digital transformation in real estate sector can bring great benefits. It increases opportunities for growth, cuts costs, improves the delivery speed and project profits, and optimizes environmental impact.

“Technological revolution is a fundamental change, an inevitable trend. Digital transformation brings more benefits than risks and it becomes a race for survival for Vietnamese businesses,” Luc said.

There are great challenges in digital transformation. Vietnam lacks high-quality workers and IT experts. Real estate firms operate in a traditional mode and don’t spend money on innovations, creation and digital transformation. Meanwhile, the legal framework is slow to change, and is not open enough, and information is lacking. 

Hoang Huu Hanh, Chair of the Scientific Council of the Vietnam Institute of Digital Transformation, said digital technology applications will help real estate businesses improve customers’ experiences; create new economic models; improve operation efficiency; differentiate products and services; and reduce business risks.

The analysis of real estate data is important. “Technology allows customers to access and experience real products and interact in reality,” Hanh said.

Economists, information technology and real estate experts all agree that becoming digitized helps make the market more transparent and sustainable.

Nguyen Van Dinh, Deputy Chair of the Vietnam Real Estate Association, said with digital transformation, it will be easier to manage business and control the operation effectively. Also, the risks that cause losses to the market will be eliminated.

Luc said that in Vietnam, real estate brokerage and training have an online presence. Some services run with new technologies and the proptech ecosystem has been developing rapidly. In 2021, Vietnam’s proptech received $40 million worth of investments, the highest level in the last five years.

According to Luc, real estate firms need to develop strategies and business models suitable to the digital era; have optimal plans for investment in information technology and integrate different distribution channels; change the pattern of recruitment, training and development of digital human resources; and strengthen connection and cooperation.

Ho Giap