Delegates at the seminar “Long An-HCMC: Connection for Development”. (Photo: Tran Linh)
At the seminar, entitled “Long An-HCMC: Connection for Development,” jointly held by the Saigon Times Group and the Saigon Times Real Estate Club, Pham Lam, CEO of real estate service firm DKRA Vietnam, said Long An has seen strong housing supplies in recent years, with 12,000 and 11,000 property products being put up for sale in the last two years, respectively.
However, the supply tends to decrease lately. In the first half of this year, the number of projects launched into the market was lower than half of that in the same period last year.
Long An is resolved to develop its Tam An City into a satellite city. However, both local and foreign investors have focused on projects in Duc Hoa, Can Giuoc and Ben Luc districts, which are adjacent to HCMC. This means HCMC as the country's biggest economic hub still has a commanding influence on neighboring localities.
Real estate prices in the province have surged, but its infrastructure remains underdeveloped, reducing the attractiveness of the provincial property market.
According to Su Ngoc Khuong, a finance and investment expert, Long An should boost the investment in traffic infrastructure to assist the flow of traffic from HCMC, as well as to other localities in the Mekong Delta region.
Regarding the potential of Long An’s real estate market, Nguyen Thiem, vice chairman of the HCMC Urban Planning and Development Association, said land funds for real estate projects in HCMC and Binh Duong Province have been used up, while Dong Nai and Ba Ria-Vung Tau provinces remain far from HCMC.
Therefore, many investors have focused on Long An, especially HCMC’s neighboring districts.
To retain investors, Long An should improve its connections with HCMC by developing traffic infrastructure.
The province should also issue preferential policies to attract more investors and encourage innovative startups, improve the lives of local residents and ensure a healthy and transparent business environment, Thiem added.
Dang Thi Thuy Ha, deputy director of the Long An Department of Construction, agreed that investors are enthusiastic about property projects in HCMC’s adjacent areas. However, Long An has invested heavily in Tam An City.
Long An’s real estate market has also displayed numerous shortcomings, such as the development of small and scattered residential areas, which affects the province’s planning.
The province will intensify the management of property projects, while prioritizing large ones, Ha noted.
