enCity’s Co-founder and CEO, Dzung Do Nguyen was invited to share his perspective on drawing on local development opportunities at Urban Land Institute (ULI) Vietnam’s launch event on April 21, “2022 Emerging Trends in Real Estate Asia Pacific”.
As an international, nonprofit research and education organization, the institute represents land use and real estate development disciplines across private and public organizations—offering open exchange of ideas, information, and experience dedicated to creating better places. ULI Asia Pacific has more than 2,500 members, with a particularly strong presence in Australia (Brisbane, Melbourne, and Sydney), China Mainland (Beijing, Shanghai and Greater Bay Area), Hong Kong, Japan, Philippines, Singapore, South Korea.
Dzung shared that infrastructure development in Vietnam such as roads encourage new investments. He pointed out that ring road 2 in Ho Chi Minh City and ring road 4 in Hanoi open up the land bank in the outskirts of these major cities. Older apartments with poor conditions in inner-city areas also afford ground for redevelopment and upgrades which is also critical in order to address the lack of land supply in inner city areas.
Speakers at the ULI Launch panel in Vietnam (from right to left: Thuy Hoang, Dzung Do Nguyen, Vo Sy Nhan, Marc Townsend, Caleb Lau and Edward Clayton)
Dzung also highlighted that the wait for new master plans at investment hotspots such as Thu Duc City pose an upcoming challenge for the urban development of the country. enCity has been working on planning for Thu Duc City since 2019 after winning the first prize at the International competition on the Planning Concept of Highly Interactive Innovative Districts (HIID).
Another issue is that there is a need for prime land that is presently owned by well-connected developers to be strategically designed and launched to the best of the regions’ benefit. Concerns of affordable housing were also discussed, as they are not financial or market-based but wrapped rather in legal circumstances. Dzung also went on to elaborate that the legal framework should provide more incentives to the private sector, and encourage rewarding developments.
Other panelists who are notable leaders in the field also shared their invaluable thoughts. The panel, created in partnership with PwC, presented an opportune look at the evolving real estate trends, the challenges across the region, and investment and development opportunities in Vietnam. enCity looks forward to joining hands with ULI for further headway in urban development and building better communities.
enCity’s CEO at the panel discussion at the ULI Launch Event in Vietnam