Although the real estate market of Vietnam has been largely adjusted to catch up with the world’s realty market over the past years, shortcomings in management as well as activities have curbed relatively the market’s professionalism. A large number of real estate consultancy and management companies are limited in capital and skills to access to clients.
According to real estate experts, Vietnam’s realty market is full of advantages for development such as young population, the developing economy and the government’s appropriate policies. However, the management, exploitation and operation of real estates are mostly left open. The limits make domestic companies find difficult in taking command of the market, as a result conceding it to foreign companies and groups.
The Real Estate Association said that domestic realty companies are currently able to receive only small and separate works. The weakness of domestic real estate service providers is also reflected in management, operation and contact with clients. In addition, their prestige is not enough to lure and create faith for investors.
About that, Mr Vu Quoc Thai, research director of the VietRees Company said that one out of factors leading to the real situation is due to the limitation in capitals. Apart from that, domestic companies hesitate to spend time and expense to make maker research professionally. Particularly, Vietnam is facing serious lack of real estate experts. Almost all talents have gone to foreign companies while employees of real estate brokerage companies have not yet been trained carefully.
During the prosperous period of Vietnam’s realty (2003-2006), real estate companies mushroomed. However, almost all of them were land and housing consultancy offices and owners were fresh from school. By the time the form of land and housing consultancy office closed, they opened real estate companies. Thus, their capacity is very weak particularly in foreign langue, analysis and communication skills. Many analyzers said that the fluctuations and deviatory development of Vietnam’s real estate market during the past time are attributed to the weak qualifications of manpower, who have not been trained professionally and have no long-term business strategy.
Otherwise, investors have not been interested in services of private price assessment units. The reason is due to the unprompted training as well as price assessment during the past time. Real estate businesses offer prices by themselves and don’t care any rule or standard. The prices later are raised by real estate brokers, resulting in the continuous hike of land and housing prices.
Associate professor and Doctor Dinh Quang Cuong of the University of National Economy, however, said that in the context of market economy, the development trend is completely reasonable. That the country has not yet made timely preparations while the economy is continuing to develop will naturally emerge shortcomings. In fact, the real estate is still a new field in Vietnam. As a result, the sector is facing lack of both workforces and information. Thus, the sector’s training is based on experiences and foreign documents while Vietnam’s real estate market represents many characters and differences compared with the world’s real estate. The translation and application of foreign experiences as well as documents into the Vietnamese market is very difficult and complicated.
Experts affirmed that these difficulties are impossible to be overcome immediately. Instead of this, they will be overcome gradually during the application process. Thus, the training in real estate field needs to be combined between the theory research and study of experiences and practical reports.
Luong Tuan
Vietnamese
