Hanoi (VNA) – The InternationalReal Estate Conference (IREC) 2018 opened in Hanoi on September 6 under thetheme “Vietnam: A World of Opportunities”.

Addressing over 300 international guests andthousands of Vietnamese delegates, Minister of Construction Pham Hong Ha saidthe recent growth of the property market has actively contributed to the fastand sustainable development of Vietnam. 

He noted that the Vietnamese Government highlyvalues the active role and efforts of domestic and foreign businesses in thecountry’s property market.

IREC 2018 is a chance to promote investment,share experience, and boost partnership between Vietnamese developers and foreignpartners. It is also a good occasion to introduce the development potential ofVietnam, and in particular its real estate sector, to others, Ha added.

Vice Chairman of the Hanoi People’s CommitteeNguyen The Hung said the capital city has the most vibrant property market inVietnam. In the coming time, aside from developing the transport network,infrastructure, and new residential areas in a concerted way, Hanoi authoritieswill also step up the upgrade of inner areas and expanding new areas to turn thecapital into a ‘livable city’.

Therefore, Hanoi requires many resources,including relevant experience exchanges, for development investment in order tobecome a magnet for domestic and foreign property investors, he said.

Deputy Minister of Construction Nguyen Van Sinhsaid that although the local real estate market is still young, it has recordedmany positive developments, giving a facelift to cities and improving people’sliving standards.

In the housing sector, more than 70 million sq.mof floor space has been developed each year since 1999. The country has about2.1 billion sq.m of housing at present, raising the per capita floor area from9.7 square metres in 1999 to 23.7 square metres in June 2018.

The official said that in the medium and longterm, Vietnam will become an attractive destination for real estate investmentand business because the demand for housing, industrial park infrastructure,shopping malls, and tourism property is still very big.

IREC 2018 will last until September 7 at theNational Convention Centre and the National Exhibition Construction Centre. Itsactivities include a meeting of global real estate associations, forums ondevelopment trends of the world’s property market, investment promotion events,and the Vietbuild international exhibition. –VNA