Vietnam’s Proptech Startups to Attract More Investors

May 2022

Since the epidemic, many real estate companies have turned to technology to promote their sales, and investments are pouring into these proptech startups to capitalize on the potential.

A real estate company, Jones Lang LaSalle (JLL), evaluated that Vietnam has been witnessing a rising wave of technology use, particularly in the residential and commercial sectors.

With social distancing measures in place, proptech has proven its advantages and efficiency in encouraging sales and increasing interactions between buyers and developers during the Covid-19 pandemic. According to JLL, foreign-owned enterprises have currently dominated the ecosystem in Vietnam, accounting for 80% of the total number of proptech firms. Since the beginning of 2022, many proptech companies have emerged.

In early April, the Vietnam Golden Land Technology and Real Estate Investment JSC launched an application called Golden Land Vietnam, with a USD 500,000 investment from SGROUP. The app is expected to become an online real estate platform in the next three years, incorporating advanced technologies such as GIS and 360-degree virtual tours.

There are more than 50 proptech businesses in Vietnam. According to the Technology Director of Vietnam Golden Land, the creation of real estate e-platforms was unavoidable, and this trend will be supported by the country’s young and tech-savvy population. ECOE, Propcom, Gaapnow, Meey CRM, and Meey Land are among the proptech systems that have recently emerged.

Savills Vietnam forecasts that the industry will continue thriving in the country, especially in metropolitan areas like Hanoi and Ho Chi Minh City. The property market is anticipated to reach USD 1.23 trillion by 2030, representing 22% of Vietnam’s total assets.

(Source: The Star)

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