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C9 Hotelworks Founder and Managing Director Bill Barnett is a noted columnist, author and leading authority on travel trend, hotels and property.View all the books from C9
No doubt a harsh statement but talking to property firms and developers the Vietnam property sector continues to flounder at rock bottom.
Hard hit by the GFC, currency devaluation, and hyper-inflation has plagued the country for a sustained period of time.
Bank lending rates have pushed up close to an average of 20%; and there is considerable exposure by institutions to defaults.
Stressed property developers have resorted to repeatedly slashing prices which have plunged values.
Vietnam's long journey into a broader free market economy looks to face many challenges pricing simply outpaced demand and speculation drove the market to unsound levels.
Reading this you might ask is this the right time to buy? Hard to say, but certainly there is value given overall the situation. Though on a broad basis any market recovery could be years in the making.
This saga provides a great case study for another boomtown called Myanmar.