Real estate firms recorded total registered capital of VND25,281 trillion (USD10.66 billion) during the two months, down 68.9 percent against the same period of last year. They employed a total of 3,073 staff, down 64.5 percent on-year.
During the phase, 608 property companies resumed their operations, down 18.8 percent on-year.
Meanwhile, as many as 1,895 companies in their real estate sector closed between January and February, equal to 30 per day.
Vietnam pulled in USD154.3 million into the property sector from January to February, accounting for 6 percent of the country’s total FDI during the period.
Le Hoang Chau, chairman of the HCM City Real Estate Association, said last year was the toughest time for property firms and 2022 would be a make-or-break year for them.
Many companies have had to restructure and scale down their operation. Lots of them have cut staff numbers by half and offered discounts of 45-50 percent on their properties.
The government has issued Decree 8, which came into effect on March 5, allowing enterprises to extend the term of bonds by up to two years, in contrast to previous regulations. Enterprises have a duty to negotiate to protect the interest of their investors if a bondholder objects to the change.
