Difficulty on top of difficulty
Mr. Nguyen Quoc Hiep - Chairman of GP Invest, Chairman of the Vietnam Contractors Association - pointed out the reality that construction contractors are at risk of disappearing. " There has never been a year when construction contractors have had to go through such a dire situation as this year. According to the report of the Ministry of Construction, in the first quarter of 2023, the construction industry grew by negative 3% compared to the same period last year, and according to the Vietnam Contractors Association, in the first quarter of 2023, only 8% of the annual plan was achieved. This is the most tragic situation ever ."
The real estate market is sluggish, many businesses are struggling to find new directions.
“ There have been many opinions related to removing obstacles for the real estate market, but no one has said anything about the construction industry, while the connection between real estate and construction is very close. The construction industry contributes 6% to Vietnam's GDP in 2022. The real estate market needs construction, without construction there are no projects, no urban appearance, ” Mr. Hiep emphasized.
About 40 businesses belonging to the Central Contractors Association are out of work. In the South, a group of contractors led by Hoa Binh has “called for help” to the Prime Minister with 21 signatures. In the North, only a few large businesses with the capacity to implement public investment projects have jobs.
Save yourself before God saves you
Besides a series of incompetent businesses that had to "leave the game", there are still many businesses that firmly stay, accepting the new context and rules of the game.
Mr. Dao Anh Tuan - Director of TAT Garden House Development Investment Consulting Joint Stock Company - shared that, in the midst of a difficult market, his company "contradicted" by accepting to invest more capital to develop infrastructure, trees, and utilities, creating a closed ecosystem. " If when the market was good, the capital for infrastructure was only one, now that the market is difficult, we accept to invest twice as much. When customers see that our products are beautiful and of good quality, they are more likely to spend money. This is the reason why, although the market is quiet, my company's products still have liquidity ," said Mr. Tuan.
This is an opportunity for us to look at and purify the market. Businesses that are not "healthy" enough will be eliminated. Businesses with real strength and strong resources will re-plan a new direction.
Ms. Nguyen Kieu Oanh - Marketing Director Sun Property (Sun Group)
Mr. To Duy Chinh - Sales Director of Kim Oanh Group - shared that Kim Oanh Group is implementing and distributing projects to meet the real purchasing needs of customers in Dong Nai and Binh Duong. In order to stimulate demand, the company has launched preferential policies such as: With a payment of only 166 million VND, customers can receive the house and have the principal debt deferred for 1 year. In addition, customers also enjoy a 9.9% interest rate policy within 36 months. Thus, with an apartment of 1 billion VND, you only need to pay an initial 10% to own the house.
Mr. Chinh also said that the company is currently targeting customers with real needs, who want to buy houses, and are interested in the social housing segment. The current real estate market is also moving closer to real value, with less speculation than before.
Therefore, Kim Oanh Group has prepared land funds to implement low-rise and high-rise social housing projects that are systematically and professionally built in the two provinces of Dong Nai and Binh Duong. It is expected that in June 2023, the company will launch about 4,000 - 5,000 apartments at reasonable prices.
Invest in building infrastructure and utilities to attract investors and be able to rent out apartments.
A representative of a real estate company in Ho Chi Minh City also shared that the company is starting to research new product models, aiming at experience, bringing positive living values to residents. “ I have researched the market and found that urban areas with closed ecosystems, diverse and modern living experiences for residents still have customers looking to buy. Because residents buy properties not only to live but also to explore and relax. We will have to find ways to re-plan products to attract customers in a similar way ,” this leader analyzed.
Sharing the same view, Ms. Nguyen Kieu Oanh - Marketing Director of Sun Property (Sun Group Corporation) - shared that the quiet and difficult context is the time to prove the strength and health of real estate businesses. “ I think this is an opportunity for us to look at and purify the market. Businesses that are not "healthy" enough will be eliminated. Businesses with real strength and strong resources will re-plan a new direction to adapt to current market conditions. At the same time, businesses will have to allocate resources reasonably to go the long way through the projects they develop ,” Ms. Oanh affirmed.
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