Vietnam News

2,000 real estate businesses In Vietnam stop operating in January

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Two thousand real estate businesses temporarily ceased operations at the beginning of the year, equal to 138 per cent over the same period.

The General Statistics Office presented this data in the report on the socio-economic situation in January 2024.

The number of dissolved enterprises was 149, equal to 97.4 % year-on-year.

Also in January, the whole country saw 342 newly-established real estate businesses, equal to 101.2 % compared to the same period in 2022.

The number of real estate businesses returning to operation is 645 enterprises, equal to 129.3 % year-on-year.

Real estate businesses faced many difficulties last year. The number of newly established businesses operating in the real estate sector was only 4,725, a decrease of more than 45 % compared to 2022.

Meanwhile, the number of dissolved and discontinued businesses with a fixed term was 1,286 businesses (up 7.7 %) and 3,705 businesses (up 47.4 %) compared to the previous year.

Along with that, staff reduction at real estate businesses is still happening in both small and large businesses. However, many said that the market had passed the most difficult time.

Laws officially passed by the National Assembly are a major step forward in policy and important legal frameworks, with many regulations that will have good impacts on the market, investors and customers.

Regarding the situation of attracting foreign investment capital, a report by the Foreign Investment Agency, Ministry of Planning and Investment, said that the real estate business industry ranked first with total investment capital reaching more than US$1.27 billion as of January 20, accounting for 53.9 % of total registered investment capital and two times higher than the same period.

The real estate industry only ranked second in attracting foreign capital last year with a total investment capital of nearly $4.67 billion, accounting for more than 12.7 % of total registered investment capital, up 4.8 % year-on-year.

Foreign capital inflows continuously declined from the same period during the 11 months of last year. However, entering December, the capital flow grew suddenly, ‘saving’ the real estate industry for the whole year.

Viet Nam News – February 5, 2024

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