Construction of the expansion of the feeder compartment at Pho Noi 500kV transformer station in the northern province of Hung Yen was completed on June 18, two days ahead of schedule set by the National Power Transmission Corporation (EVNNPT).

The expansion is part of Nam Dinh 1 thermal power plant – Pho Noi transmission line under the circuit-3 500kV transmission line linking Quang Trach in the central province Quang Binh and Pho Noi. It will help enhance power connectivity and improve the stability and safety of the power supply.

The nearly-519-km-long Quang Trach – Pho Noi power line has an investment capital of over 22.35 trillion VND (929 million USD), comprising four sections, namely Quang Trach - Quynh Luu, Quynh Luu - Thanh Hoa, Thanh Hoa - Nam Dinh 1 thermal power plant, and Nam Dinh 1 thermal power plant - Pho Noi.

Construction of the transmission line began in October 2023 for some sections and January 2024 for others, with a goal of completion and operation in June 2024./.

Low booking rate on domestic flights in peak summer time

Booking rates on domestic routes are unusually low, despite the fact that it is currently peak summer holiday time, according to Civil Aviation Authority of Việt Nam.

Statistics show that during the period from June 15 to July 15, the booking rates for flights from Hà Nội and HCM City to various localities and vice versa are only at an average low level, about 50 per cent on nearby dates and 20-40 per cent on further dates.

Some tourist routes from Hà Nội/HCM City have higher than average rates, such as Hà Nội-Quy Nhơn (80.7 per cent on June 15; 72.5 per cent on June 16), Hà Nội-Phú Quốc (74.9 per cent on June 15), Hà Nội-Nha Trang (73.3 per cent on June 15 and 64.9 per cent on June 16), HCM-Nha Trang (77.7 per cent on June 15), HCM City-Điện Biên (78.3 per cent on June 15).

During the peak summer period, ticket prices on domestic flights have slightly decreased compared to previous times, claimed the aviation authorities.

Passengers are advised to book their flights early and far in advance of their departure date to secure the best prices when there are still various seat options available.

"This is also a way to help airlines allocate their resources, optimise the operations of aircrafts, minimise the risks of flight cancellation and reduce pressures to the airlines when their fleet is being cut down like present," according to a representative from the aviation authority.

Amid complaints of high domestic airfares, airlines have pledged to organise more flights, especially late-hour ones, which bring in many more affordable seats for interested tourists.

However, travel agencies and would-be holidaymakers are not too thrilled about the night flights, as it would mean paying for another day at the hotel, inconvenient transportation options at late hours, or it simply doesn't work for households with elderly people or children.

The night flights are only really suitable during peak New Year holiday times when a lot of people need to return to their hometown.

The national carrier Vietnam Airlines themselves have said that their night flights are not selling well, and about 10 per cent of the night flights in May have been cancelled due to a lack of passengers.

In the first five months of 2024, the total passenger market is estimated to have reached 38.1 million, an increase of 6.7 per cent compared to the same period in 2023 and equal to 98 per cent of the same period in 2019 (pre-pandemic time).

Specifically, the international market reached 21.1 million passengers, up 44.3 per cent compared to the same period in 2022 and up 3 per cent compared to the same period in 2019; while the domestic market reached 17 million passengers, down 19.4 per cent compared to the same period in 2023 and equal to 92 per cent of the same period in 2019. —

Cát Linh-Hà Đông metro line transports more than 25 million passengers so far

Since its commercial launch in November 2021, Hà Nội's - also Việt Nam's first metro line running from Cát Linh to Hà Đông has transported 25,028,000 passengers as of June 16, 2024.

The convenience of the metro have led to a significant annual increase in both new passengers and monthly ticket users.

Operated by the Hà Nội Railway Company Limited (Hà Nội Metro), the Cát Linh-Hà Đông urban metro line is the first to be operational in the country.

The line stretches 13.05km and includes 12 stations. Each train, with a design speed of 80km per hour, has four carriages capable of carrying more than 900 passengers. The total travel time for the entire route is just over 23 minutes.

The introduction of the Cát Linh-Hà Đông metro line has transformed the traffic landscape of the capital. Nearly three years into its commercial operation, the metro has demonstrated its efficiency and appeal, attracting a growing number of passengers.

Vũ Hồng Trường, General Director of Hà Nội Metro, said that in 2023, passenger volume increased by 31.7 per cent compared to 2022. In the first five months of 2024, passenger volume grew by 7 per cent. Revenue from ticket sales remains stable, thanks to the rising number of monthly ticket users.

Trường also noted that currently, 4 per cent of passengers use free tickets, reflecting the capital's social welfare policies and demonstrating that the metro is easily accessible to the elderly. 

Vietnam remains Southeast Asia’s bright star: ASEAN specialist

Vietnam remains a “bright star” of the Southeast Asian region despite power shortages and a weakened realty market last year, according to Kai Wei Ang, an ASEAN economist at the BofA Securities Inc., which is previously the Bank of America Merrill Lynch.

In a recent talk on CNBC’s Squawk Box, he laid a stress on Vietnam’s advantages, including a competitive labour market, and a wide range of signed free trade agreements (FTAs) that facilitate its exports, describing them as fundamental support for the Southeast Asian country to lure investments.

Mentioning the power imbalance last year which was due to scorching weather, he said the Vietnamese authorities have learnt from the experience and made better preparations while carrying out more pre-emptive approaches with hope to prevent the repeat of the shortages.

The specialist highlighted that Vietnam has been a bright star in the region regarding foreign direct investment (FDI) attractions over the past decade, adding foreign investors funneled more than 11 billion USD into the country from the beginning of the year to May 20, and some 8.25 billion USD was disbursed during the time span, up 2% and 7.8% year-on-year, respectively./.

Five-month farm exports to Russia soar by 48.7%

Vietnam’s agricultural product exports to Russia increased by 48.7% over the past five months, of which coffee, seafood, cashew nuts, and fruit and vegetables were most imported by this lucrative market.

According to preliminary statistics from the General Department of Customs, up to late May 2024, agricultural export turnover to Russia reached US$ 331.3 million, an increase of 49.7% over the same period from last year.

Coffee recorded the largest export turnover to the Russian market, with US$ 161.6 million, up 39% on-year, trailed by seafood with USS$76.4 million, an increase of 87.7 %; cashew nuts with US$28 million, a rise of 81.8%; and fruit and vegetables with US$26.8 million, up 25.2%.

In addition, rubber exports to this market surged by 23.8%; wood and timber products increased by 47.6%; rice exports doubled; and pepper rose sharply by 96.9%. Compared to the same period last year, only tea products recorded a negative growth of 12%.

Russia is not a big export market for many types of Vietnamese agricultural products. However, the past five months of this year saw the export of agricultural products to the Russian market increase sharply.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), transporting goods from Vietnam to Russia has become more convenient. Russian transport corporations have opened direct transport routes from Ho Chi Minh City - Hai Phong - Vladivostok (Russia). In addition, there have been a number of other shipping companies running new routes, helping transport goods faster and with shorter transit times.

Furthermore, the railway transport system supports deliveries with Russia, thus diversifying freight transport models.

Tariff incentives after Vietnam signed the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) in 2015 also helped Vietnamese agricultural products sharpen their competitiveness in the EU market, including Russia.

RoK's medical devices shine at K-Med Expo Vietnam

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea (RoK) and the Korea Trade-Investment Promotion Agency (KOTRA) on June 17 announced the successful outcomes of the K-Med Expo Vietnam held in Ho Chi Minh City last week.

This marked the second year for the event, which was co-organised by the Korea International Exhibition Center (KINTEX) and the Korea Medical Devices Industry Association.

The expo, held from June 13-14, facilitated significant business interaction. As many as 84 Korean medical device companies conducted a total of 501 consultations with 306 Vietnamese clients, generating an estimated value of 91 million USD.

The Vietnamese partners showed strong interest in several product categories, particularly those related to dental care, diagnostic imaging and skincare. Given Vietnam's young population, with nearly half under the age of 35, there was also a keen focus on medical devices for cosmetic procedures and gynecology.

Attendees were also treated to presentations and academic seminars, including sessions on digital health, an emerging frontier for Korean medical device companies.

KOTRA President Yoo Jeong-yeol said KOTRA will continue to expand promotional activities through cooperation with various ministries and organisations, aiming to make medical devices a new engine of growth for Korean exports.

KOTRA is establishing K-Bio Desks in seven locations, including Ho Chi Minh City, to support Korean biomedical companies seeking to enter the Vietnamese market, he added.

The RoK is now the sixth largest supplier of medical equipment to Vietnam./.

Bac Giang’s lychee reaches out to choosy markets

The northern province of Bac Giang has exported more than 24,000 tonnes of lychees to many markets with fastidious requirements from the outset of this year, according to the provincial Department of Industry and Trade.

Shipments to the choosy markets have increased, with the US purchasing 23 tonnes, Japan 30 tonnes, the EU 53 tonnes and Australia 39 tonnes.

Around 43,000 tonnes of the staple have been sold domestically.

The fruits are fetching a tastier price, ranging 25,000-70,000 VND (0.98-2.75 USD) each kilogramme for early-ripened lychee and 55,000-85,000 VND for peak-harvest season one.

Bac Giang province suffers a fall of some 50% in its lychee productivity, however, the fruits are of the best quality ever as farmers have applied advanced technology into cultivation while competent sectors have made meticulous preparation for export, the department said.

An arsenal of trade promotion measures have been rolled out such as supporting enterprises and cooperatives to negotiate and sign agreement for lychee export.

The province is meticulously managing 223 planting area codes covering over 17,000 hectares, with an estimated output of 34,000 tonnes. This includes 130 codes for the Chinese market, spanning over 16,000 hectares and yielding about 30,000 tonnes. The remaining 4,000 tonnes are destined for high-demand markets such as the US, Japan, Australia, the EU and the Republic of Korea, with specific codes allocated for each.

Bac Giang is now home to 29,700 hectares of lychee, yielding more than 100,000 tonnes in 2024. The province plans to sell some 70,000 tonnes of the fruit abroad./.

Vietnamese exports forecast to grow by 10-12% in 2024

Vietnam’s exports are forecast to grow by between 10% and 12% in the year ahead, with a trade surplus reaching between US$21 billion to US$24 billion, according to June’s macroeconomic report released by MB Securities Company (MBS).

The report revealed that the country’s exports in May showed signs of recovery by raking in US$33.8 billion, up 5.7% compared to the previous month and up 15.8% against the same period from last year.

However, Vietnam recorded a trade deficit of US$1 billion in May due to a rise in importing equipment, machinery, and raw materials as many businesses moved to expand their operations to meet export orders from emerging markets through trade agreements struck between the country and international partners.

High export growth was recorded in products such as metals, up 111.6%; rice, up 56.4%; and textile fibers and yarns, up 52.7%.

During the five-month period, exports stood at an estimated US$156.7 billion, up 15.2% with impressive growth being reported in items such as cameras, camcorders, and components, up 61.1%; coffee, up 43.9%; and furniture products, up 34.2%.

With regard to export markets, the US remained the largest Vietnamese export market with US$44 billion, up 2%; followed by the EU with US$20.7 billion, up 16.1%; and Japan with US$9.4 billion, up 4.7%.

According to information given by MBS, the country’s exports are anticipated to grow by 10% to 12% this year due to inflationary pressures being eased, along with positive signs gained from foreign direct investment (FDI) in Vietnam.

However, there continues to be hurdles ahead for Vietnamese exports, including rising transportation costs due to escalating geopolitical conflicts; along with fierce competition from regional peers such as China, Indonesia, and Thailand.

The Government has decided to extend the deadline for special consumption tax payment for domestically manufactured or assembled automobiles.

Under the Government’s freshly-issued Decree No. 65/2024/ND-CP, the deadline for May, June, July, August, and September will be extended to November 20.

The document also stipulates some specific cases of taxpayers and procedures for the extension, saying the request can be sent online, by post or directly to tax agencies.

It takes effect from the date of signing (June 17) till the last day of this year, after which the payment will be carried out in line with current regulations.

Earlier, the Ministry of Finance has proposed the Government to impose the extension which, it said, is expected to help 14 local automobile manufacturers to tackle difficulties for recovery and growth./.

Vietnam Airlines launches Vietnam - Philippines route

Vietnam Airlines has inaugurated a route between Vietnam and the Philippines, making it the first Vietnamese carrier to establish a direct connection to the island nation.

The inaugural flight, VN648, departed from Ho Chi Minh City at 12:50 AM on June 17 and landed at Ninoy Aquino International Airport in Manila at 4:20 AM the same day.

The national carrier will operate seven flights per week between the two Southeast Asian countries, four on the HCM City-Manila route and the remainder on the Hanoi-Manila one.

Vietnam Airlines views the Philippines as a promising market and targets to serve tourists, business travellers, the community of nearly 30,000 Vietnamese residing in the Philippines and around 7,000 Filipinos living in Vietnam.

In recent years, Vietnam has become attractive for Filipino visitors thanks to its geographical proximity, affordable travel costs, and rich cultural heritage. The Philippines, meanwhile, is also an ideal destination for Vietnamese travellers.

As the strategic partnership between the two countries is growing soundly, Vietnam Airlines’s launch of direct flights is expected to open up numerous opportunities for the sides' tourism, trade, socio-economic, and cultural development./.

Textile, garment industry needs to adapt to changing order trends: analysts

While Vietnam’s textile and garment industry is recovering, it is facing new challenges such as customers preferring small, rapid orders and labour shortages, experts have said.

Speaking at a ceremony held to globally launch the Arus overlock machine from China-based Jack Technology in Ho Chi Minh City on June 16, Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said though businesses have large orders, they are facing new challenges.

For instance, customers are more likely to place low-priced small orders with quick turnaround times or demand a more diverse range of products to choose from.

Markets such as the EU and the US have strict requirements in terms of green production, she said.

The industry is also facing a labour shortage, needing around 500,000 people for manual labour, managerial and designing roles.

She said Vietnamese businesses need to streamline their operations, adopt new technologies and apply automation to enhance quality and be able to fulfil small orders.

According to Jack Technology, when textile and garment customers are placing small orders with rapid deadlines, businesses stuck with old production methods will struggle.

Tran Chi Gia, Director of Meko Garment Joint Stock Company, said his buyers are more likely to pay less for manually produced items, and his company has problems hiring young workers while the productivity of older employees is slowly falling.

His business is focusing on upgrading production, replacing old technologies with new, automating, and investing in product design to help it fulfil small high-value orders.

Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), said the industry targets exports of around 44 billion USD in 2024. As of the end of May, it had already exported over 15.8 billion USD worth, up 4.3% year-on-year, he said.

This was owed to large markets such as the US and Europe being able to control inflation, driving up demand, he said.

Vietnam’s textile and garment businesses have also been proactive in diversifying markets and finding new customers./.

New opportunities for Vietnam-Russia trade

The upcoming official visit to Vietnam by Russian President Vladimir Vladimirovich Putin is expected to open up new opportunities in bilateral relations, aiming towards the prosperous development for both sides.

The countries established bilateral diplomatic relations in 1950 and upgraded them to a comprehensive strategic partnership in 2012. Vietnam has also signed a free trade agreement with the Eurasian Economic Union (EAEU) – which groups Belarus, Kazakhstan, Russia, Armenia, and Kyrgyzstan.

In the first five months of 2024 alone, trade between Vietnam and Russia reached 1.96 billion USD, up 51.4% year-on-year. Vietnam's exports to and imports from Russia amounted to 955.6 million USD and 1 billion USD respectively, annual increases of 44.7% and 58.4%.

Notably, the value of Vietnamese seafood, cashew nuts, peppercorns, textile-garment, and machinery-equipment shipped to its Eurasian partner soared by between 87% and over 100% to 76.4 million USD, 28 million USD, 12.5 million USD, 320.8 million USD, and 90.1 million USD, respectively.

The Vietnamese Trade Office in Russia noted that recent efforts have connected Vietnamese agricultural exporters with suppliers for supermarket chains in Russia. However, for sustainable shipments to the market, Vietnamese businesses need strategic planning to develop supply systems there. Moreover, proactive participation in thematic exhibitions and trade fairs is crucial to understand the market and seek partnerships.

Last year, while participating in the Russian Energy Week Forum, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Russian Minister of Energy Nikolai Gregorievich Shulginov signed memoranda amending the government-to-government agreement on the operation of joint ventures Vietsovpetro and Rusvietpetro, reflecting the sides’ strong support for bilateral cooperation in the energy and oil sectors.

Meanwhile, on the sidelines of the forum, the Vietnamese Minister engaged with representatives of Russian major oil and gas companies such as Zarubezhneft, Gazprom, and Novatek, with discussions focusing on project implementation to enhance collaboration between the two countries and their businesses in the near future.

To boost trade with the Russian market, the ministry announced plans to study measures supporting businesses in organising their own trade promotion activities. Additionally, local authorities, associations, and enterprises are encouraged to send delegations to specific sectoral exhibitions in Russia, aiming to foster market penetration and sustainable commercial growth./.

MoIT launches anti-dumping probe into galvanised steel originating from China, RoK

The Ministry of Industry and Trade (MoIT) has requested an investigation and application of anti-dumping measures against some galvanised steel products originated from China and the Republic of Korea (RoK).

The decision to conduct an investigation was issued based on the results of the appraisal in accordance with the provisions of the law on trade defence for the dossier requesting investigation to apply anti-dumping measures, which was submitted on May 3 this year by enterprises representing the domestic manufacturing industry, including five companies.

They are Hoa Sen Group, Nam Kim Steel Joint Stock Company, Southern Steel Sheet Co. Ltd., Dong A Steel Corporation, and China Steel and Nippon Steel Vietnam Joint Stock Company.

The domestic manufacturing industry has accused China and the RoK of dumping galvanised steel products into the Vietnamese market, causing significant damage to the domestic manufacturing industry.

The MoIT is to send an investigation questionnaire to all relevant parties to collect information to analyse and evaluate the allegations.

Based on those preliminary results, the MoIT can apply temporary anti-dumping measures. It will then conduct an examination and re-verification of information provided by relevant parties before completing the official conclusive investigation.

At the same time, the MoIT will arrange public consultation so that relevant parties can directly exchange, provide information and express their views on the possible anti-dumping case.

The MoIT recommends that all organisations and individuals who import, export, distribute or trade in the goods being investigated, register as related parties and provide necessary information to the ministry to ensure their rights and interests in accordance with the provisions of law.

They can register as related parties in the case on the registration form issued in Appendix 1 attached to Circular No 37/2019/TT-BCT dated November 29, 2019 of the Minister of Industry and Trade detailing a number of contents on trade defence measures and send it to the investigation agency via official dispatches or emails.

The deadline for registering is September 8, 2024./.

2nd section of circuit-3 500KV transmission line completed

Construction of the expansion of the feeder compartment at Pho Noi 500kV transformer station in the northern province of Hung Yen was completed on June 18, two days ahead of schedule set by the National Power Transmission Corporation (EVNNPT).

The expansion is part of Nam Dinh 1 thermal power plant – Pho Noi transmission line under the circuit-3 500kV transmission line linking Quang Trach in the central province Quang Binh and Pho Noi. It will help enhance power connectivity and improve the stability and safety of the power supply.

The nearly-519-km-long Quang Trach – Pho Noi power line has an investment capital of over 22.35 trillion VND (929 million USD), comprising four sections, namely Quang Trach - Quynh Luu, Quynh Luu - Thanh Hoa, Thanh Hoa - Nam Dinh 1 thermal power plant, and Nam Dinh 1 thermal power plant - Pho Noi.

Construction of the transmission line began in October 2023 for some sections and January 2024 for others, with a goal of completion and operation in June 2024./.

Shrimp exports likely to maintain growth momentum

Vietnamese shrimp exports between the beginning of the year and mid-May surged by 8.3% to reach US$1.1 billion against the same period from last year, according to data released by the Vietnam Association of Seafood Exporters and Producers (VASEP).

Specifically, Vietnamese shrimp exports to the EU market during the reviewed period reached US$134 million, up 1.2% on-year.

Meanwhile, the country grossed US$161 million from exports to Japanese market, posting a slight annual fall of 3%.

Insiders pointed out that export orders from the EU and Japan are anticipated to increase in the second quarter of this year. In fact, there is rising demand in the EU market, especially for certified shrimp products.

Furthermore, although export orders are slower due to the devaluation of the JPY and the Golden Week taking place in Japan, there are also positive signs ahead in the Far East country. 

Elsewhere, Vietnamese shrimp exports to China and Hong Kong (China) soared by 31% to US$223 million on-year.

According to experts, shrimp exports to the market in the second quarter are unlikely to record robust growth due to a reduction in Chinese demand for frozen shrimp.

Moreover, the country has to face fierce competition from Ecuador, specifically as China reduced import tax to 0% on Ecuadorian shrimp from May 1 under the bilateral free trade agreement.

In addition, shrimp suppliers to China have also encountered strong competition from growing domestic shrimp production, a factor exerting a great pressure on imported shrimp prices.

Most large processing factories that have exported their products to the China and Hong Kong markets have been forced to adjust raw material prices by between 1% and 3%.

The average export price of Vietnamese white-leg shrimp to the United States in April inched up by 1% to US$9.8 per kilo against the same period from last year.

The export price of frozen white-leg shrimp to China remained stable at US$6.44 per kilo, marking the lowest level since the beginning of 2023 and being higher than the price seen back in 2021 and 2022.

April alone witnessed the average export price of frozen white-leg shrimp to Japan decrease by 1.2% to US$8.5 per kilo, while the product was sold at US$7.4 per kilo in the Republic of Korea, up 4.1% on-year.

This comes as the export price of Vietnamese black tiger shrimp to China in April stood at US$9.5 per kilo, down 11.2% on-year.

The average export price of the product in the US stood at US$18.8 per kilo to record the highest level in a year.

According to VASEP experts, the Vietnamese shrimp sector continues to encounter numerous challenges, including strong competitive pressure from regional peers, rising transportation costs and input prices, geo-political conflicts and a global economic recession.

Shrimp export businesses are therefore required to map out development strategies aimed at increasing product quality and applying science and technology to both production and farming stages in a bid to increase overall efficiency and reduce production costs.

However, shrimp exports are predicted to maintain growth momentum due to a fall in inventories, positive signs in export prices, and demand in major markets.

HCM City to host greenovation forum later this month

The Vietnam Independent Directors Association (VNIDA) is set to host the Vietnam Greenovation Forum 2024 in Ho Chi Minh City on June 26 amid the growing demand for sustainable development and the associated business opportunities.

The event running the theme "Opportunities and Pathways for Vietnamese Businesses,” will give businesses the chance to demonstrate their commitment to both economic interests and environmental responsibility.

It will serve to guide them in accessing green financing, attracting new customers, and exploring resource-efficient solutions for green investment. 

By fostering a spirit of collaboration and driving comprehensive changes, the forum aims to position businesses as leaders in the transition towards a low-carbon economy.

The forum will also feature the participation of around 150 pioneering firms which have made remarkable contributions to the journey towards sustainable economic development by the southern city and the nation as a whole.

It will serve to bring together representatives from financial institutions, technology enterprises, investment funds, and leading consulting companies to discuss the role of businesses in the green transition and the impact of green energy. 

Key discussions include the green transformation of Vietnamese businesses, technological advancements, funding for small and medium-sized enterprises, and global ESG standards. 

The event is designed to provide a comprehensive overview of the green economy's current state and future in the nation.

Nguyen Sinh Dung Thang, chairman of VNIDA, stated that the Vietnam Greenovation Forum 2024 will be an important platform for businesses already engaged or planning to become involved in the green economy and the process of sustainable development.

Vietnamese businesses will be able able to grasp real opportunities by embracing the green trend as a contribution to boosting the country’s overall sustainable economic growth.

Property market sees many driving forces for growth

The real estate market is widely expected to attract more investment in the near future due to many important driving forces, according to economist Can Van Luc.

Since savings interest rates are still low and gold investment is no longer attractive due to a fall in prices, the stock market and the real estate market could be destinations for investors, Luc said.

The stock market is recovering thanks to investors anticipating market upgrades, while the real estate market gradually recovers.

In particular, Luc said, from the second quarter of this year, the real estate market has regained growth momentum due in part to amendments to real estate market laws that will effect from August 1.

The Land Law, Housing Law, Real Estate Business Law and Credit Institutions Law coming into effect will promote the recovery of the real estate market as corporate bonds and financial or banking activities become healthier and more sustainable, Luc said.

Three of these laws, namely the Land Law, the Housing Law and the Real Estate Business Law, have been amended to promote healthier, more transparent and sustainable development in Vietnam's land, construction and real estate markets.

Le Hoang Chau, Chairman of the HCM City Real Estate Association (HoREA), said the three laws will help businesses on the property markets remove legal problems for projects, creating motivation for the market to grow again from the end of 2024.

Luc also pointed out other future growth drivers of the real estate market, including higher overall economic growth this year (currently at 6-6.5%, up from 5.05% in 2023). Interest rates have also dropped quite sharply for both old and new debts, creating suitable loans for buyers and investors.

Investor and market confidence is gradually being restored, shown by a slow increase in real estate supply, real estate transactions and corporate bond issuance.

Batdongsan.com.vn's Consumer Sentiment Study (CSS) shows that in the first half of 2024, 65% of 1,000 survey participants would continue to buy real estate in 2024. One third of that 65% are interested in land.

Land appears to still be a favourite property segment for investors, because this segment is easy to invest in and has high profit potential.

So far this year, investors have been flocking to buy land in the South Central region in areas like Da Nang and Hoi An (Quang Nam), particularly land near industrial and resort urban areas, which have the potential to be exploited for rent or business.

This is in addition to the ever-popular demand for real estate in localities near Hanoi, such as Hung Yen, Bac Ninh, Bac Giang, Hai Phong, and Quang Ninh.

Meanwhile, some real estate companies are also promoting the sale of apartments from now until the end of the year due to the prospect of market recovery.

In the third quarter, the Phat Dat Real Estate Development Joint Stock Company will market units at its Thuan An 1 high-rise residential complex project, according to Bui Quang Anh Vu, General Director of Phat Dat.

The company is only focused on developing projects that meet the real needs of customers in order to achieve the highest level of market absorption. The Thuan An 1 high-rise housing complex project will be one of the key large-scale projects in Binh Duong province to meet the increasing demand for local housing, Vu said.

Meanwhile, the Phu Dong Group, in the third quarter, will continue to offer 780 apartments at an average selling price of 31.5 million VND per sq.m in the second phase of the Phu Dong SkyOne project in Di An city.

The Khai Hoan Land Group will offer 1,296 apartments in the Khai Hoan Prime Project in Nha Be district, Ho Chi Minh City on the market next quarter.

In the third quarter, the Tran Anh Group, Gamuda Land and PiGroup will also continue to sell properties in existing projects./.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes