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FDI flows into property down 61%

FDI in the property sector fell by 61% year-on-year in the first five months to US$1.16 billion amid a frozen market and large layoffs in the industry.

FDI flows into property down 61%

The industry ranked third in FDI with 10.7% of the total amount and behind manufacturing and finance-banking.

In the first quarter it had been in second place.

The number of newly registered real estate businesses fell by 61% year-on-year to 1,744 in the first five months. More than 550 companies were dissolved, a 30% increase.

Legal challenges and lack of agreement on acquisition prices were among the main reasons for the fall in FDI, consultancy Savills Vietnam had said in a report at the end of last year.

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