Afternoon Tea at Ru Nam with Nguyen Quoc Bao: "Vietnam's Real Estate is Creating 'Bright Spots'"

...In a conversation with me, Nguyen Quoc Bao, Chairman of Thanh Cong Investment Joint Stock Company (TCC) and also Chairman of the Vietnam Real Estate Club (VREC) and the Ho Chi Minh City Real Estate Club (HREC), affirmed that Vietnam's real estate market promises much potential for recovery, creating "bright spots" thanks to economic stability, infrastructure investment, and increasing housing demand. Bao believes that technology and digital transformation will play a crucial role in optimizing management processes and improving customer experiences, creating a sustainable and efficient business environment.

Hello Quoc Bao, can you briefly share some insights about VREC and HREC?

Mr. Nguyen Quoc Bao: The Vietnam Real Estate Club (VREC) and the Ho Chi Minh City Real Estate Club (HREC) are voluntary organizations that have gathered over 250 entrepreneurs, including individuals, organizations, and experts working in the real estate business sector.

The Executive Committee of the Club consists of 25 members, chaired by Bao. The Club's activities are based on non-profit principles, combining the capabilities of its members to implement and develop activities.

According to Bao, what are the main trends in the current Vietnamese real estate market, and how do they affect investors and consumers?

Mr. Nguyen Quoc Bao: In the Vietnamese real estate market, several important trends are emerging, such as the booming social housing issue. It is expected that 2024 will be a good time for the social housing segment to recover, helping to address the housing needs of low-income people. Next is the green living trend, which is rapidly changing and attracting customers. Another issue is digital technology. The Covid-19 pandemic has contributed to accelerating the digital transformation in the real estate sector, creating online transactions and solving transaction problems.

Of course, there are many more trends and factors, but the mentioned trends will create opportunities and challenges for investors and consumers in the current and future Vietnamese real estate market.

Regarding the development potential of the real estate market in major cities like Hanoi, Ho Chi Minh City... in the coming years, what do you think?

Mr. Nguyen Quoc Bao: The real estate market in Vietnam promises many potentials and recovery opportunities. Here are some positive aspects: Stable economy will drive housing demand and real estate investment projects; The government is focusing on infrastructure investment, creating new development areas that attract investors; The young population and increasing income generate housing demand, especially for social housing and affordable housing projects.

What is the role of real estate clubs like VREC and HREC in supporting and promoting the development of Vietnam's real estate industry?

Mr. Nguyen Quoc Bao: The roles of these two clubs can be recognized through issues such as: Raising awareness to provide knowledge, information, and advice to help businesses understand the market, legal regulations, and new trends. Connecting and supporting members to create opportunities and a sharing environment, cooperating and helping each other in the business process. Organizing seminars and events so businesses can grasp the latest information on regulations, policies, and changes in the industry. Helping businesses seize opportunities and face challenges in integrating into the global economy.

As the leader of TCC, what is the long-term development strategy of the business in the real estate sector and what specific goals has the company set for the coming years?

Mr. Nguyen Quoc Bao: TCC invests strongly in the real estate sector and building management services, committing to providing professional, consistent, and transparent services. One of the prominent projects is Vani Villas Binh Duong, expected to launch at the beginning of 2025, serving as a resort for the elderly, meeting international standards.

In the current competition, what measures has TCC adopted to maintain its advantage and enhance its position in the Vietnamese real estate market?

Mr. Nguyen Quoc Bao: On this issue, Bảo believes there are four main issues. Firstly, attracting private and selective foreign direct investment (FDI). Secondly, improving production capacity and product quality. Thirdly, leveraging advantages in supply and distribution. Fourthly, policy impact, urging the government to create a healthy business environment, reduce input costs, and increase business resilience.

Can you share about the notable real estate projects that TCC is currently implementing or has completed?

Mr. Nguyen Quoc Bao: TCC has developed many real estate projects, including Vani Villas Binh Duong, Vani Binh Thuan, Cong Hoa Garden Apartments, Mimosa Garden Project, and Vienna Town - Vung Tau. The company focuses on three business segments: residential real estate, rental real estate, and dispersed business activities.

In your opinion, what is the most important factor for success in real estate investment?

Mr. Nguyen Quoc Bao: Bao thinks, firstly, the location of the real estate - related to amenities like green spaces, beautiful views, proximity to markets, schools, and roads; Secondly, property valuation - providing information about listed prices, investment analysis, insurance, and taxes; And thirdly, investment purpose - clearly defining the purpose to avoid undesirable outcomes.

How can Vietnamese real estate investors maximize opportunities from government development policies and the new Land Law?

Mr. Nguyen Quoc Bao: Increasing opportunities for real estate businesses as the revised Land Law may create significant opportunities for professional and financially capable businesses. Sustainable land price increases with the removal of the land price framework help land prices closely align with the market. The new Land Law's transparency will enhance public participation in land use planning.

Regarding the commercial and industrial real estate segments in Vietnam, what is your assessment of the development situation?

Mr. Nguyen Quoc Bao: The real estate industry remains an effective investment channel with rapid urbanization and Vietnam's economy expected to grow steadily. FDI in real estate is increasing, mainly focusing on industrial real estate and some large projects.

What is the role of technology and digital transformation in the current real estate industry, and how have they impacted the market?

Mr. Nguyen Quoc Bao: Regarding the role of technology and digital transformation, Bao thinks it's an inevitable trend with some easily recognizable issues:

- Increasing efficiency and productivity: Technology helps optimize business processes and data collection.

- Improving customer experience: Mobile applications and websites help customers easily access real estate information.

- Expanding markets and increasing revenue: Online advertising and data usage help reach potential customers.

- Optimizing management processes: Real estate management systems help track projects, assets, and contracts.

What are your management and leadership experiences in simultaneously managing two real estate clubs, VREC and HREC?

Mr. Nguyen Quoc Bao: It involves planning and monitoring progress to set goals and make adjustments when needed. Delegating and empowering the team within the club while supervising. Promoting communication and listening to create an open, empathetic working environment within and outside the club. Finally, creativity and flexibility in adapting to changes, and creating strong links between relationships.

What is your view on the development of the resort real estate market in Vietnam and its potential in the future?

Mr. Nguyen Quoc Bao: The resort real estate market in Vietnam is in its early stages and has great development potential. However, there are still many difficulties and barriers that need to be overcome to attract foreign investors and expand the market.

What do you think are the factors that make Vietnam's real estate market different from other countries in the region?

Mr. Nguyen Quoc Bao: Regarding differences, Bảo sees two main issues: we have FDI capital, so Vietnam's real estate market benefits from positive economic growth and continues to attract FDI. Next is the increasingly open real estate finance issue, with increased capital for real estate and bank credit, and reduced interest rates. Positive changes in the financial market make the real estate market more abundant.

Regarding the quality of human resources in Vietnam's real estate industry, how do you think it can be improved?

Mr. Nguyen Quoc Bao: Focus on investing in training and skill development. Ensuring that workers in the real estate industry have sufficient knowledge and develop skills related to their field of activity. Providing courses, certificates, and specialized training programs on project management, market analysis, transactions, and asset management is essential. At the same time, creating an attractive working environment that promotes creativity and flexibility, and fosters interaction among team members. Paying attention to improving working conditions, creating opportunities for advancement, and promoting team spirit. Encouraging employees to engage in learning and self-development activities. Supporting them in learning foreign languages, soft skills, and specialized knowledge about the real estate industry.

However, we also understand that improving the quality of human resources is a continuous process that requires cooperation, collaboration, and leadership from both the education sector and related government agencies to achieve the desired results.

Le Van Hy Executes