Private sector vision poised to reimagine real estate

May 28, 2025 | 15:58

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A new vision for the private sector in Vietnam highlights the pivotal role of real estate enterprises, a key component in driving development across urbanisation, infrastructure, industry, trade, tourism, and services.

Speaking at the annual conference of the Vietnam National Real Estate Association on May 9, many experts and business leaders stressed that Resolution No.68-NQ/TW serves as a crucial institutional push, providing a robust legal framework for the private real estate sector to solidify its role in the economy.

Private sector vision poised to reimagine real estate, Photo: Le Toan

According to Tran Ngoc Chinh, chairman of the Vietnam Urban Planning and Development Association, this resolution holds particular significance for its comprehensive scope and also for its strategic importance in repositioning the role, stature, and developmental momentum of the private sector in the new era.

“In reality, the private sector currently contributes around 42 per cent of GDP and accounts for more than 80 per cent of the national workforce. These figures reflect not only its scale but also its vitality and leadership role in the economy,” Chinh said.

In a rapidly developing economy like Vietnam’s, the private sector is essential for mobilising investment into urban development projects and also for driving innovation in the design and execution of real estate ventures.

“Resolution 68 is a timely opportunity for the private sector to take the lead in addressing pressing challenges such as affordable housing, social housing development, and integrated industrial parks, meeting the demands of urban modernisation and sustainable growth. More importantly, it breathes new life into the market by targeting its most entrenched bottlenecks, particularly land access, which has long hampered project implementation,” Chinh added.

As the real estate market undergoes restructuring and recovery, and searches for new growth engines, Resolution 68 is not just another policy direction, it represents an institutional turning point, signalling a shift in mindset towards more progressive governance and development management.

“This is a resolution that resonates with the people, not only because it reflects the voice of the business community, but also because it responds to the country’s practical development needs, especially in real estate, where a supportive, long-term policy environment is critically needed,” Chinh stated.

Pham Lam, CEO of DKRA Group, called the resolution a strategic milestone that lays the foundation for a developmental mindset and paves the way for real estate businesses to enter a new growth phase with greater creativity and resource optimisation.

“With a clear policy direction, enterprises will have stronger confidence to restructure operations, adjust business strategies in line with market trends, and meet sustainable development goals,” Lam noted. “Resolution 68 removes institutional barriers and establishes a solid legal corridor, enabling real estate companies to create long-term value.”

Dr. Nguyen Van Dinh, chairman of the Vietnam Association of Realtors, noted that the resolution unlocks institutional thinking and sets out specific and measurable goals. “For example, by the end of 2025, the time for handling administrative procedures, business conditions, and legal compliance costs must be reduced by at least 30 per cent, with continued reductions required in subsequent years. These are unprecedented targets not explicitly addressed in previous resolutions,” Dinh said.

He also highlighted the resolution’s ambitious directive to build and complete a national land database, integrated with the national data centre and other relevant systems. “Resolution 68 aims to digitalise land-related transactions, thereby minimising time and risks in land clearance, land-use rights certification, leasing, and allocation. These are key bottlenecks for project deployment. Addressing them will reduce financial, administrative, and opportunity costs, allowing businesses to offer more affordable pricing, particularly in segments such as social and affordable housing,” he added.

When procedures are transparent, the market can be accurately priced. Lower costs mean lower selling prices, critical for the segments prioritised by the government, added Dinh.

Ngo Quang Phuc, CEO, Phu Dong Group The most compelling part of Resolution 68 is its directive that the private economy be regarded as the most important driving force of the national economy. This statement reflects strategic vision, it recognises the private sector not just as a component of the economy, but as a principal engine of national development. The private economy must be the economy of the people and of the entire nation. While the state economy should focus on core, essential sectors such as power and oil and gas to maintain overall stability, the private sector holds a natural advantage in engaging across diverse industries, demonstrating flexibility, innovation, and adaptability to market shifts, thus generating vitality and driving momentum throughout the economy. When everyone in society is involved in economic activity, we can truly become an economically empowered nation. Given that the private sector is now recognised as a vital force for national growth, it is necessary for the entire policy system and administrative approach of government agencies to evolve accordingly. Public authorities must treat business concerns as their own, and create improvements for enterprises to grow. The Politburo’s new stance helps transform societal perceptions, particularly among state management agencies, towards private enterprises, thereby strengthening entrepreneurs’ confidence and encouraging them to think big, take risks, invest, and commit long-term to economic development. For real estate businesses in particular, one of the most pressing barriers is legal and administrative bottlenecks. Prolonged delays in licensing procedures lead to serious financial waste, drive up product costs, and slow down project timelines. A bold reform of administrative procedures is urgently needed to allow real estate projects to move forward in a more transparent, efficient, and timely manner. In addition, building a fair and transparent competitive environment under a clearly defined legal framework is crucial for the sustainable development of the private sector. I would like to call for supportive policies on interest rates and access to credit, which would serve as critical levers for businesses to expand operations, enhance competitiveness, and contribute meaningfully to the country’s broader economic growth. Tran Hien Phuong, CEO, Sea Holdings I welcome the shift in perspective that places private enterprises at the core of economic development. This is a highly encouraging message that energises the business community and inspires those working tirelessly to drive the country’s economic progress. A standout feature of Resolution 68 is its direction to improve the economic institutional framework, foster a healthy competitive environment, and most importantly, ensure property rights and the freedom to conduct business. These are foundational to the sustainable growth of the private sector. In real estate, a sector deeply interconnected with urban development, infrastructure, and social welfare, such reforms are particularly critical. Currently, real estate businesses face multiple challenges: prolonged administrative procedures, land access hurdles, delays in planning approvals, and limited credit access. Resolving these bottlenecks would not only boost the real estate sector, but also have a ripple effect on dozens of other industries, such as construction, materials, interior design, finance, and services. That sweeping administrative reforms could significantly reduce operational costs. If a real estate project that used to take 3–5 years to implement could now be completed within 6–12 months, the cost savings, from investment and loan interest to operations and opportunity costs, would be substantial. I hope that the spirit of Resolution 68 would soon be institutionalised into law and then detailed in specific decrees and circulars so that it could be swiftly implemented and deliver tangible improvements for the business community.

Ngo Quang Phuc, CEO, Phu Dong Group

The most compelling part of Resolution 68 is its directive that the private economy be regarded as the most important driving force of the national economy.

This statement reflects strategic vision, it recognises the private sector not just as a component of the economy, but as a principal engine of national development. The private economy must be the economy of the people and of the entire nation.

While the state economy should focus on core, essential sectors such as power and oil and gas to maintain overall stability, the private sector holds a natural advantage in engaging across diverse industries, demonstrating flexibility, innovation, and adaptability to market shifts, thus generating vitality and driving momentum throughout the economy.

When everyone in society is involved in economic activity, we can truly become an economically empowered nation. Given that the private sector is now recognised as a vital force for national growth, it is necessary for the entire policy system and administrative approach of government agencies to evolve accordingly.

Public authorities must treat business concerns as their own, and create improvements for enterprises to grow.

The Politburo’s new stance helps transform societal perceptions, particularly among state management agencies, towards private enterprises, thereby strengthening entrepreneurs’ confidence and encouraging them to think big, take risks, invest, and commit long-term to economic development.

For real estate businesses in particular, one of the most pressing barriers is legal and administrative bottlenecks. Prolonged delays in licensing procedures lead to serious financial waste, drive up product costs, and slow down project timelines.

A bold reform of administrative procedures is urgently needed to allow real estate projects to move forward in a more transparent, efficient, and timely manner.

In addition, building a fair and transparent competitive environment under a clearly defined legal framework is crucial for the sustainable development of the private sector. I would like to call for supportive policies on interest rates and access to credit, which would serve as critical levers for businesses to expand operations, enhance competitiveness, and contribute meaningfully to the country’s broader economic growth.

Tran Hien Phuong, CEO, Sea Holdings

I welcome the shift in perspective that places private enterprises at the core of economic development. This is a highly encouraging message that energises the business community and inspires those working tirelessly to drive the country’s economic progress.

A standout feature of Resolution 68 is its direction to improve the economic institutional framework, foster a healthy competitive environment, and most importantly, ensure property rights and the freedom to conduct business. These are foundational to the sustainable growth of the private sector.

In real estate, a sector deeply interconnected with urban development, infrastructure, and social welfare, such reforms are particularly critical.

Currently, real estate businesses face multiple challenges: prolonged administrative procedures, land access hurdles, delays in planning approvals, and limited credit access. Resolving these bottlenecks would not only boost the real estate sector, but also have a ripple effect on dozens of other industries, such as construction, materials, interior design, finance, and services.

That sweeping administrative reforms could significantly reduce operational costs. If a real estate project that used to take 3–5 years to implement could now be completed within 6–12 months, the cost savings, from investment and loan interest to operations and opportunity costs, would be substantial.

I hope that the spirit of Resolution 68 would soon be institutionalised into law and then detailed in specific decrees and circulars so that it could be swiftly implemented and deliver tangible improvements for the business community.

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