The weather in Nha Trang in October

Since Vietnam joined the WTO in 2006, the industry that attracts the most foreign investment is real estate. On the other hand, Vietnam was also eager to help state-owned enterprises when it joined the WTO. Banks put a lot of money into some state-owned enterprises, but these state-owned enterprises put a lot of money into real estate. Too much money pushed up the market with weak demand, which made Vietnam's real estate industry, which is still in its infancy, suddenly "have a high fever".

At present, developers have slowed down the development of real estate. First, because banks raise interest rates sharply, financing costs increase; Second, buyers wait and see, resulting in reduced demand. Under the dual effects of policy and market, housing prices in some cities in Vietnam have continued to fall, and the government's control measures on the property market have achieved initial results.

The Vietnamese government has realized that there are too many high-end houses developed by real estate developers and fewer houses for low-income people. Therefore, the development of affordable housing has also been encouraged this year.

Yan Sun, vice-president and secretary-general of Ho Chi Minh City Branch of China Chamber of Commerce in Vietnam, believes that Vietnamese people have lived in two or three-story buildings under the same roof for generations. Now, there are many people and few resources; Second, independent small buildings are also expensive, so the future urbanization of Vietnam can only take the road of "large-scale development". Because it is difficult to demolish a big city like Ho Chi Minh City, large real estate developers are planning along the city and laying out in the new district. "Urbanization will accelerate the development of Vietnam's real estate industry."

Yu Suo, general manager of China State Construction Engineering Corporation Vietnam Branch, believes that the impact of this "financial storm" in Vietnam has mainly hit real estate speculators, which is good for the long-term development of Vietnam's property market and can make buyers and developers look at the property market more rationally. "In the long run, Vietnam has great real estate potential, which is determined by demand. Ho Chi Minh City alone has 7 million to 8 million permanent residents. "