Real estate market gains momentum from a positive macro outlook.

Real estate market gains momentum from a positive macro outlook. The recovery of production, trade, and services is spreading, providing substantial support to the real estate market. In parallel, accelerating infrastructure development and progressively improving policies continue to enhance expectations, reshaping the market's momentum. In Q1 2026, Vietnam's GDP reached about 1.6 quadrillion dong, growing 7.83%. Growth is driven by two major pillars: services (44%) and industry - construction (36%), while domestic consumption and tourism continued to rebound strongly. Retail sales of goods and services rose 10.9%, and international tourist arrivals reached 6.8 million, the highest in many years. On the backdrop of a sustained positive macroeconomic environment, the real estate market entered a phase of clear support from planning, infrastructure investment and legal policy. These factors not only provide short-term momentum but also help reorient the market toward more stable and sustainable growth. INFRASTRUCTURE BEING DEPLOYED IN A COORDINATED AND DECISIVE MANNER Mr. Đồng Quang Cảnh, Senior Business Manager at Batdongsan.com.vn, described this as a period when infrastructure is being implemented in a coordinated and decisive manner in Hanoi and Ho Chi Minh City. In Hanoi, planning aims to develop along nine spatial corridors, not only in the inner city but also extending to satellite urban areas in four directions — East, West, South and North. Projects for the 3.5 and 4 rings and the system of river crossings across the Red River are progressing very quickly to complete Hanoi's transportation backbone. Similarly, in Ho Chi Minh City, the focus is on upgrading regional connectivity to link three growth poles: industry (the old Binh Duong), finance (Ho Chi Minh City) and logistics (the old Vung Tau). Expressways Ben Luc–Long Thanh, Bien Hoa–Vung Tau, and Rings 3 and 4 are being pushed forward strongly to transform the southern region's transportation landscape. In addition, key projects such as Long Thanh International Airport (commercial operations expected in June 2026) and the North–South high-speed rail (expected to start in Q4 2026) are positive news for the real estate market. Alongside infrastructure, new policy measures also help unlock the market. The annual land pricing schedule, resolving project legal bottlenecks, and reducing land-conversion costs are expected to help increase supply and improve transparency. The current policies are not only supporting market recovery but also reshaping the sector toward a more sustainable, real-demand-driven orientation, according to a Batdongsan.com.vn representative. Amidst the infrastructure and policy backdrop that is laying a foundation for the market, investment activity has become more diverse. According to Sử Ngọc Khương, Senior Director, Investment, Savills Vietnam, on the market reality, Q4 2025 in Ho Chi Minh City saw deals in large-scale coastal-complex developments with an estimated value around USD 664.5 million, indicating investors' long-term view of tourism potential and connectivity infrastructure. In Hanoi, capital moved strongly toward retail and commercial assets in core urban locations, with notable deals around USD 138 million. In particular, the active participation of major developers in housing and many mixed-use projects reflects clear expectations for market growth in the new cycle, where high-quality assets with strategic locations will lead the game. CREDIT AND MARKET SENTIMENT However, alongside positive factors, credit conditions have made buyers more cautious. In Q1 2026, deposit rates rose to about 5.9–6.5%, and at times hovered around 8–9%, but recent policy signals show an initial cooling trend as the banking system is asked to cut rates by 0.5–1%. The move is positive for supporting growth objectives and reducing the cost of funds for the market, according to Quang Cảnh. He also emphasised the cyclical relationship: historical data show GDP growth typically lags credit growth by 1–2 quarters. When credit recovers, the real estate market will experience a lag but still benefit. From these developments, market sentiment is clearly reflecting a shift. According to Batdongsan.com.vn, 60% of participants say they are cautious ahead of volatility; but 40% are willing to invest if they find a suitable product. The difference lies in criteria: those planning to buy prefer products that can be immediately occupied or cash-flow generating, accounting for 64%, while 25% are interested in assets with more affordable prices. In terms of product types, apartments are leading in interest and growth potential due to meeting real demand and cash-flow operation. Vietnam Real Estate Brokers Association also assesses that the market is entering the strongest screening phase in many years. This process is driven not only by internal factors but also by macro variables such as interest rates, exchange rates, inflation, and geopolitical instability worldwide. Yet, in this screening, the market structure is gradually reshaped toward quality, safety, and sustainability. Looking ahead, the market is expected to continue to be influenced by macro factors and financing pressures, but that environment also opens clearer opportunities for capable players with clear strategies and strong adaptability. In the long term, the sustainable development prospects for the real estate market are well-founded as the economy continues to be steered toward positive growth, infrastructure continues to expand, and a solid foundation is built for development. In particular, with the government's policy direction and proactive involvement from the business community, the real estate market is expected to inherit the achievements made and be ready to enter a new phase of efficient, stable, and sustainable development.