At a seminar on real estate taking place in Hanoi on October 6, Mr. Can Van Luc said that in the context of the Covid-19 epidemic, world remittances have decreased by about 7% in 2020.
However, in the same year, Vietnam’s remittances still grew by 3%, reaching $17.2 billion.
In 2021, the World Bank (World Bank) forecasts that Vietnam’s remittances will from a year earlier.
This abundant source of remittances is expected to be an important resource to help restore purchasing power in the real estate market. According to Dr. Vo Tri Thanh, about 30% of remittances flow into the real estate channel in Vietnam.
Talking more about the demand of the real estate market in 2021, Mr. Can Van Luc said that the market will receive the support of the macro context. “The resilience will strengthen from the fourth quarter, because the third quarter is already the bottom of GDP growth.
We forecast 2 GDP growth scenarios this year. Scenario 1 is GDP growth of 2.5%, corresponding to the fourth quarter increase of 4%. Scenario 2 is an increase of 3%, corresponding to an increase of 5.3% in the fourth quarter. In 2022, GDP could grow by 6% – 7%.”
Mr. Luc also noted 2 points. The first point is that at the end of 2020, the Government has issued Decree 148. This Decree has paved the way to solve the problem of public land interspersed with housing projects, a painful problem in Ho Chi Minh City for more than 2 years.
The second point is that the Securities Law, which took effect earlier this year, allows for more real estate trusts to be established. These two legal documents are considered to support the development of real estate projects and transactions in the coming time.
Mr. Nguyen Van Dinh, Deputy General Secretary of the Vietnam Real Estate Association, provided more information that in the third quarter of 2021, this unit has made statistics at 12 demand points and found that there are still tens of thousands of real estate transactions. Translate.
Although consumer demand has decreased, the demand of investors has not decreased. Therefore, Mr. Dinh affirmed, real estate has been negatively impacted on “health” but this market is still alive.