Real estate business in Ho Chi Minh City decreased by 5.82% in the first 6 months of the year

DNHN - During the first half of the year, the only industry in Ho Chi Minh City declined, namely the real estate business, which declined by 5.82%. Three out of nine industries grew by less than 6%, including wholesale and retail, which increased by 3.10%; accommodation and food services, which increased by 2.08%; and education and training, which increased by 4.99%.

The People's Committee of Ho Chi Minh City's report on the socioeconomic situation in the first 6 months of 2022 estimates the gross domestic product (GDP) to be 728,706 billion VND, an increase of 3.82% over the same period. Thus, after a steep decrease in the third and fourth quarters of 2021, Ho Chi Minh City's GRDP has recovered by 3.82% in the first half of the year, resuming growth in a V-shape and being stable thus far.

In which, there are 5/9 service industries with a growth rate of over 6% over the same period, including: Transportation, warehousing increased by 7.51%; information and communication industry increased by 8.18%; the finance and banking sector increased by 9.91%; professional activities, science and technology increased by 6.46% and the health sector increased by 6.85% over the same period.

Real estate business in Ho Chi Minh City decreased by 5.82% in the first 6 months of the year.
Real estate business in Ho Chi Minh City decreased by 5.82% in the first 6 months of the year.

Notably, there is only one industry decreased, real estate business decreased by 5.82%, and 3/9industries with growth rates of less than 6% were wholesale, retail increased by 3.10%; accommodation and food services increased by 2.08%; and education and training increased by 4.99% over the same period last year.

According to HoREA, impediments in housing development projects have existed for many years, but Ho Chi Minh City has not fully addressed and remedied them. Due in part to the law's overlap, particularly the complicated restrictions on paying land use fees and the procedures for investment, building, and land, a number of real estate projects are underway in the area. Because the city is at a halt, many businesses have a poor reputation among clients.

In addition, relevant departments and agencies and localities have the idea of ​​"fear of signing, fear of submission", leading to prolonged project documents or being "kicked back and forth" between agencies without either party willing to fully resolve them.

PV

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