In 1986 when Doi Moi was instituted, the Communist Party overturned its policy on collective farming and recognized private land use rights as well as encouraged privately owned enterprise.
Almost 40 years later, the real estate market has gone through several cycles of boom and bust. Some experts believe a new cycle will emerge after 2023 following the end of the pandemic and the purging of those involved in corruption. They hope a new dawn will emerge in which a more transparent system that has good governance and enforcement at its core will prevail.
On the other hand, there are sceptics who cite, among others, the repeated delays of numerous infrastructure projects such as HCMC’s first metro. It was supposed to have been completed within six years from 2012 but until today, it’s still not completed though the 93% complete Line No: 1 is expected to be fully completed by this year.
To be fair, Hanoi’s first metro which is also Vietnam’s first, has been operational since November 2021.