Speaking at the 2019 Members Meeting Conference of VNREA on July 27, Chairman of Hanoi People’s Committee Mr. Nguyen Duc Chung said that in recent years, Hanoi is one of the cities with the fastest urbanization rate in Vietnam. The face of the Capital has changed drastically, becoming increasingly civilized and modern. Associated with the strong development of Hanoi is the outstanding growth of the property market and the great contribution of real estate investors and developers.

Chairman of Hanoi People’s Committee Mr. Nguyen Duc Chung speaking at the conference.

Chairman of Hanoi People’s Committee Mr. Nguyen Duc Chung speaking at the conference.

Per Chairman Nguyen Duc Chung, Hanoi is chosen by investors because of its good infrastructure, completed industrial parks and convenient transportation, etc. Especially, Hanoi’s population is growing strongly, creating a large demand for housing. Therefore, real estate with its good liquidity still remains an attractive channel for domestic and foreign investors.

Hanoi expresses deep appreciation towards the recent activities of VNREA, not only serving the legitimate and justified needs of its members, but also creating an engaging and highly beneficial ‘playground’ for the real estate business community.

In particular, the Association plays an important role in pushing Hanoi’s estate market to develop more sustainably and diversified, especially in attracting global investors.

In 2018, with the slogan “Vietnam – A World of Opportunities”, the International Real Estate Conference (IREC) held by VNREA in Hanoi has become a great ‘playground’, promoting the image of the Capital to international friends, at the same time, opening up investment and business opportunities for Hanoi.

The Vietnam National Real Estate Award 2018 is another great example. The award not only honors excellent individuals and projects in the Capital, but also encourages and inspires businesses to make efforts and contribute to the property market.

The 2019 annual Members Meeting Conference of VNREA is an excellent opportunity for Hanoi to introduce and promote its potential and strengths to real estate investors.

Hanoi urban and real estate market in the coming years still possess vast room for development. Currently, Hanoi’s urbanization rate is only at 53%; towards 2030 and with vision to 2045, Hanoi will have an urbanization rate of over 70%.

According to Mr. Nguyen Duc Chung, the city of Hanoi was officially assigned by the Prime Minister to join ASEAN’s urban network, thus Hanoi’s orientation is to construct a smart urban area. Therefore, new urban areas will soon be built. Hanoi hopes that investors will pay attention to forming smart buildings and urban areas, to further develop and better serve the people and their customers.

Hanoi authorities expect the VNREA to be the bridge connecting members to participating in building Vietnam’s real estate market in general and Hanoi in particular. From there, developing the association to join the common network of ASEAN Real Estate Association as well as Internation Real Estate Association.

At the same time, it is a bridge connecting members with the city authorities, the government, ministries and departments. On that basis, the Association is the bridge delivering thoughts and aspirations of investors to the city government; thereby making further adjustments and simplification to procedures, promoting administrative reform and creating a favourable investment environment for all sectors including real estate, to meet the aspirations and demands of the people and businesses.

The city authority also suggests the Association to propose recommendations and policies to the city and the Government, so that the Government can make supportive decisions for investors, on the ground of “putting people at the center”. The VNREA in due time will strengthen the connection and exchange between members of the Association and city authorities, central ministries and departments.

The Chairman of Hanoi People’s Committee said that the city’s standpoint on investment attraction is that State budget should only concentrate on technical infrastructure projects, key projects that drive socio-economic development, and specific projects requiring State capital.

For other fields, the city prioritizes attracting high-tech projects and new technologies, as well as using and generating clean energy, through different methods of calling for investment. Accordingly, Hanoi will renew policies to attract investment and implement solutions to support existing investors in expanding production and business.

In addition, the city calls for investment projects in the form of public-private partnership, socialization projects in the areas of infrastructure, urban services and social security, with priority being given to green growth such as parks and recreation areas, social and affordable housing, old apartment renovation, and rural clean water.

Consequently, the Capital of Hanoi will require numerous resources and experiences for development, and will surely become a hotspot attracting domestic and foreign real estate investors.

Phuc Nguyen