Construction, property expected to thrive on economic development
Strong economic growth, rapid urbanization and huge demand for housing are expected to create favourable conditions for the property and construction sectors to thrive in the time to come.
Hanoi (VNA) – Strong economic growth, rapid urbanization and hugedemand for housing are expected to create favourable conditions for the propertyand construction sectors to thrive in the time to come.
Vietnam’s gross domestic product (GDP) is estimated at 6.81 percent in 2017,placing great demand on industrial construction. Alongside, infrastructureinvestments have scaled up to serve urban development.
Vietnam currently has 772 urban areas, including two special urban areas, 15first-grade urban areas, 47 third-grade urban areas, 64 fourth-grade urbanareas and 630 fifth-grade urban areas.
Red carpet has been rolled out for the construction and real estate sectors asthe robust development of tourism, education and culture in the last two years haspushed demand for office space in big cities, according to Jones Lang LaSalleIncorporated, an American investment management company specialising in real estate.
The construction sector has grown by an average of 12 percent per year in thepast 10 years and the value of the sector is forecast to hit 14 billion USD by2021. Stable macro-economic policies also create help real estate companiesdevelop.
The Vietnam Report Company said the property market will experience stronggrowth and merger and acquisitions are like to boom from now until 2020.
Statistics from the Ministry of Planning andInvestment showed that as of November, the number of property businesses surged60.5 percent to 4,534 while that of construction firms rose 9.1 percent to14,695, up 9.1 percent year on year.
According to the Housing and Real Estate Market Management Agency under theMinistry of Construction, property transactions increased 5 percent per month,resulting in a substantial hike in revenue of property businesses like Phat DatReal Estate Development Corporation (252 percent), Dat Xanh Group (219.1percent) and Thu Duc Development Corporation (87 percent).-VNA
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Illustrative image (Source: VNA) 
