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The main objective for Vietnam in 2023 remains to ensure stable macroeconomic fundamentals, contain inflation, and boost growth.

The recovery process may start from the third quarter of 2023 onwards.

The prime minister called for joint efforts from the authorities and businesses to help the real estate market prevail over current woes and stay on a healthy development path.

In recent months, the market has experienced a significant decline in transactions, as many projects have not been able to proceed due to lack of capital.

The lack of mid-and long-term investment in the real estate market and ambiguous regulations related transactions are hampering its healthy development.

Such measures would help minimize the risk of money laundering and ensure transparency.

The real estate market is expected to heat up in the remainder of the year, thanks to the bright economic outlook, the Government’s push for major infrastructure projects, and high demands for housing.

Vietnam will not sacrifice social advancement and equality in the pursuit of mere economic growth.

The credit quality of real estate firms is at a good level with financial leverage below 1.5x.

Office, industrial, and project development land account for 39%, 35%, and 26% of the total invested capital in Vietnam, respectively, in the first six months of 2022.

The Ministry of Construction will submit to the National Assembly for approval of regulations and laws related to real estate.

This is a key change in the revised Law on Insurance Business, which is scheduled to take effect on January 1, 2023.

Total outstanding loans from banks in the real estate market were estimated at over VND2,280 trillion (US$98.32 billion), up 10.19% against late 2021.

Reopening the economy is key to keeping the strong inflow of FDI into economic sectors.

Industrial and leisure properties are expected to keep drawing investors this year.

Prime Minister Pham Minh Chinh has called for swift actions against any irregularity in the stock and corporate bond market.