Over the last twenty-odd years, several real estate brands in Vietnam have lost their high credibility due to various unpredictable circumstances that have affected their reputation. Currently, too, many big brands are doing everything possible to fight the factors affecting their businesses and save and protect their brands in the current crisis situation.
Recently, at the annual general meeting of shareholders of Hoa Phat Group Joint Stock Company (HPG), Mr. Tran Dinh Long, Chairman of the Board of Directors, informed that HPG's daily revenue is VND500 billion. The company has 161,000 shareholders, the largest scale on the Vietnamese stock market. In 2021, HPG's post-tax profit was VND35 trillion, and tax payment was VND12.4 trillion. This is a huge profit level, leading the private sector in Vietnam.
Since last weekend, along with strict control on the Covid-19 pandemic, the Government launched several measures on welfare benefits and business support, helping the stock market to rebound strongly, jumping 22.5 points on April 3 and rocketing by nearly 35 points on April 6.
The Ministry of Construction has recently requested the Departments of Construction in cities and provinces to urge enterprises in the real estate sector to report suspicious transactions and cash transactions worth VND300 million (US$13,000) and above.
This year is expected to be an extremely difficult year for real estate sector in Ho Chi Minh City as there are a few projects approved; credit pumping into real estate is tightened; projects originated from public land are halted or their legal procedures are rechecked. As a result, debts of real estate firms have become greater with a large amount of inventories.
Vietnam’s real estate sector has witnessed significant participation from Japanese investors through cooperation with Vietnamese businesses recently, promising to bring benefits to the real estate market.