Thị trường kinh doanh bất động sản Việt Nam: Thực trạng và đề xuất

The Vietnamese real estate market in 2024 is witnessing significant positive transformations following a prolonged period of stagnation attributed to the COVID-19 pandemic and inherent market inefficiencies. Despite its potential as a high-yield investment channel, the sector has grappled with an array of challenges, including an intricate legal framework, credit system instabilities, and fluctuating property prices. Recognizing these complexities, the Vietnamese government has actively introduced and reinforced new laws and policies, notably the Real Estate Business Law effective August 1, 2024, aimed at fostering stability and sustainable growth. This academic paper provides a crucial assessment of the market's current state in the first half of 2024, highlights key legal reforms, and draws upon international management experiences to propose effective solutions for the market's recovery and long-term development.

Investors, real estate developers, policymakers, government agencies, legal professionals, and academic researchers interested in the Vietnamese real estate market, its legal framework, and sustainable development.

The Vietnamese real estate market, following a challenging period marked by the COVID-19 pandemic and lingering legal and financial obstacles, has entered a new recovery phase in the first half of 2024, exhibiting renewed vigor and increased transaction flexibility. While new projects have improved supply and prices, significant issues persist, including persistent price volatility, delays in the effective implementation of new legal frameworks, and high transaction costs for intermediaries. The market’s supply side has been dynamic, with over 27,000 new products introduced, predominantly in the housing segment, although high-end apartments still dominate the supply structure. Transaction volumes have tripled compared to the previous year, with improved absorption rates, particularly for apartments, reflecting a resurgence in buyer confidence and smoother capital flow. However, the market faces structural imbalances, with a continuing mismatch between supply and demand, an irrational product structure, and ongoing challenges in corporate access to finance and bond issuance. Pricing remains a complex issue, with land plots and high-end apartments experiencing notable growth, while social housing, despite urgent need, struggles with supply shortages and inefficient eligibility verification. In response, the government has swiftly enacted crucial legal reforms, including the new Luật Đất đai, Luật Kinh doanh bất động sản, and Luật Nhà ở, all effective from August 1, 2024. These legislative changes aim to streamline administrative procedures, enhance market transparency, ensure market-based land pricing, and provide stronger incentives for social housing development, while also protecting buyers' rights and filtering unqualified investors. By examining international Kinh nghiệm quản lí from countries like Australia and New Zealand, the paper suggests adopting best practices in centralized transaction management to further refine Vietnam's legal and policy frameworks. The ultimate goal is to facilitate a transparent, efficient, and sustainably growing Thị trường bất động sản Việt Nam that supports both Đầu tư bất động sản and social welfare.