Nearly 11,000 real estate firms established in eight months

The HCMC Department of Planning and Investment reported that 26,614 businesses were established during the first eight months this year with the total registered capital of VND148,396 billion (US$6.53 billion).

Apartment blocks in HCMC (Photo: SGGP)

Apartment blocks in HCMC (Photo: SGGP)

The newly established companies concentrate in Districts 1, Go Vap, Tan Binh, Binh Thanh and Binh Tan.
Of the number, there are 10,912 real estate companies accounting for 41.4 percent. Notably, 95 percent are brokerage firms. The remaining number are subsidiaries of big property companies, they were set up to develop new projects.
The real estate market is now developing strongly again, investors have implemented a slew of projects with thousands of apartments. They need a big sales team to sell these products. Therefore, many companies have just paid attention to developing projects and let brokerage companies undertake sales.

By DUC TRUNG – Translated by Hai Mien

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