More realty businesses established, resume operations in 2022
The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise last year, said the Ministry of Construction.
Hanoi (VNA) – The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise lastyear, said the Ministry of Construction.
As per statistics from the Ministry of Planning andInvestment’s Business Registration Management Agency, there were 8,593 newenterprises and 2,081 businesses resuming operations in 2022, up 13.7% and 56.7%year-on-year.
Meanwhile, the number of firms declaring bankruptcy or dissolution also grew by 38.7% against 2021.
The Ministry of Construction said 2022 still saw manychallenges facing realty firms and forcing them to change their business andmanagement plans. The changes included debt restructuring, scaling down productionand investment, streamlining apparatus, and suspending new projects,among others.
In the face of complicated economic developments, from themiddle of the third quarter to the end of last year, the operations of realestate exchanges also showed signs of difficulties. Less transactions were conducted compared to the beginning of the year, leading to a decrease in the scaleof the trading floors, whose number is now more than 1,100.
According to the Foreign Investment Agency under theMinistry of Planning and Investment, 103 transactions of capital contributionand share purchase were recorded in the sector in the year as of December 20, with their accumulativevalue reaching some 1.6 billion USD./.
Many large enterprises are signing M&A deals for projects that are currently on hold, and then quickly finishing construction to bring the products to market in a short time frame.
Vietnam will see more realty projects invested by businesses from the Republic of Korea (RoK) in the coming time as they are seeking opportunities to enter and expand operations in the country, according to Andrew Lee, Korean Desk Manager at real estate consultancy Savills Vietnam.
Real estate enterprises should actively find alternative funding sources such as foreign direct investment (FDI) capital flow to curb their capital shortage as popular capital mobilisation channels for the realty industry have been tightened.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
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In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
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Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative photo (Source: VNA) 
