Mr. Lawrence Peh, CEO of the Vietnam International Township Development JSC, the investor of the ParkCity Hanoi project, spoke with VET's Quynh Nguyen about winning a Golden Dragon Award and also about his thoughts on the local real estate market.
■ How do you feel about ParkCity Hanoi winning a Golden Dragon Award?
We are very happy and honored because we are relatively new in Hanoi and I think winning the award is recognition of our efforts and of what we have accomplished in Hanoi within such a short time.
■ What achievements has the company recorded since being established in Hanoi?
We were established in Vietnam in 2008 when Vietnam’s real estate market was very hot, but unfortunately after that it went down. That was a difficult time for everyone. Fortunately we are a long-term investor with the necessary experience and capital to overcome difficult market conditions and deliver customers what we promised and what we are determined to do. I believe ParkCity Hanoi has proven to customers and also assured the market that we are a genuine investor that is fully committed to delivering good quality products and services. We are happy and proud of the level of confidence that our customers now have towards ParkCity Hanoi.
■ What are your thoughts on Hanoi’s real estate market in particular this year and the prospects for Vietnam’s real estate market in general?
I think Hanoi’s real estate market is improving and maturing fast. Consumers are also learning very fast. They are now very perceptive - they know what they want and they know the quality of product that they want. Among foreign-invested companies and other companies, especially local companies, competition is very high. When competition is high, quality will improve. Quality is not only in terms of services but also in products and maintaining the products. In general, the quality and the standards of the real estate market in Hanoi is maturing very quickly and I think this is good for the market in the long term.
The last downturn was very difficult for many companies as well as buyers and investors. Buyers and investors are now generally more careful; they don’t speculate so much and this will create a more stable market and is good for everyone. I think that, in general, Vietnam’s market is good. The market this year is certainly stabilizing and will get better not just in Hanoi but also in other major cities. Overall, Vietnam’s real estate market has a bright future.
■ What would you recommend the Vietnamese Government do to improve the real estate market?
In terms of development and improvements there are still many things the government can do. For the market to progress more smoothly and quickly we need to have clearer policies and guidelines. The government has introduced many new policies to attract foreign investment and buyers, but the implementation and guidelines are lacking and not sufficiently clear. In terms of property management, rules and regulations are still lacking, especially in the management and maintenance of low-rise housing developments. I believe the government is making an effort to introduce improvements in all of these areas.