Defying the global slowdown,
However as Vietnam reaps the benefits of its new found success, the lessons of the 1997 Asian Financial Crisis are not lost on it. In addition, the recent global economic recession and the experience on regulating the real estate market of neighboring countries - especially in
Maintaining a steady growth GDP pattern of 7% annually since the adoption of the Doi Moi and open-door policy 20 years ago,
With a GDP growth rate in 2009 of 5.2%, rapid urbanisation is taking place and Vietnamese cities are inevitably facing housing challenges in line with other global ‘tiger economies’.
Nguyen Manh Ha, Director of the Housing and Real Estate Management Department, Ministry of Construction, Vietnam is a speaker at the marcus evans Affordable Housing Projects conference taking place in Singapore.
Thanks to economic development, the country’s urban population increased from 23.7% in 1999 to 29.6% in 2009, according to Nguyen.
“There are now nearly 25.5 million people living in urban areas and 46 million or more are expected in the year 2020. Like in other developing countries,
Measures have been taken by Vietnamese government to stabilise the real estate market, says Nguyen. “Firstly, we are speeding up the social and low-cost housing program to quickly address low-income families’ housing needs. Developers have been requested to develop social and low-cost housing within their commercial housing projects. Secondly, the credit to commercial housing developers, developer’s equity capital requirement and restriction of credit growth rate of commercial banks to be put in severe supervision. Finally, since
In line with this urbanisation trend, there has been a large relocation of households from rural areas to big cities such as
The marcus evans Affordable Housing Projects conference will take place in
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