Mr. Le Hoang Chau, Chairman of the HCMC Real Estate Association Ho Chi Minh City (HoREA) said that seeing the whole real estate market from 2007, there are two times the market is "bubble", 2007, early 2008 and 2010. The frozen period is between 2008-2009 and 2011-2013, which is about 3 years apart. By the end of 2013, the real estate market has recovered and returned to growth. Particularly, in 2015, the market has achieved high growth. In 2016, the market has seen a slight decline, while in 2017, the market has slightly increased. However, in the first 6 months of 2018, the market has shown signs of decline, markedly compared to the same period last year.

With concerns about the 10 year cycle of recurrent real estate crisis, Le Hoang Chau confirmed that there is no possibility of "bubble" real estate in 2018. The State has a lot of experiences on the timely and effective use of tax tools; credit tools; tools on land use planning and planning, investment policy of the project to regulate market efficiency right after the appearance of "bubble" sign. Meanwhile, investors, banks, secondary investors and consumers are smarter than before. Statistics of CBRE said, Ho Chi Minh City will welcome more than 400,000 square meters of retail space in the next three years, so the vacancy rate will increase significantly and most of it is located outside the center.

The difference in rent as well as the vacancy between the regional areas and the center is a paradox of many years in Ho Chi Minh city and will grow in the next two years.

According to experts, in the last few months of the year, real estate market will be "gloomy" in terms of supply, but the transaction is still optimistic in the land market and apartments with the price of 2 billion per unit. In particular, according to forecasts of many analysts, in the next time the segment of industrial real estate will be the trend of choice of investors.

HCMC has approved housing development program for 2016-2025, which clearly states that no more high-rise residential buildings (districts 1 and 3) will be licensed. This is expected to have a positive impact on the promotion of high-end apartment projects in the new urban area, prompting investors to develop projects in the planned urban and new areas as Thu Thiem new urban area and district 2. Some experts said that the number of foreign tourists, mainly from Asian countries, continues to find their way to the Vietnamese market, contributing to the development of high-end and luxury real estate projects. However, looking at the coming months, real estate transaction segment is still not very good.

JLL Vietnam's real estate market report for the second quarter of 2018 shows that real estate in Vietnam's industrial parks is attracting strongly with foreign investors wishing to shift their production from other countries to Vietnam. The reason is that Vietnam has low production costs. Also in an analysis of the Savills Research Division, the real estate and logistics industry in Vietnam is receiving a lot of attention from potential development in recent times.

In the context of the world economic uncertainty and lack of safe and high potential investment opportunities, Vietnam's economy in general and the real estate market in particular is becoming one of the sectors attracting cash flow from investors, especially investors from Asia to Europe thanks to the positive and stable macroeconomic growth.

In the first 6 months of the year, many economic development indicators showed positive changes. In particular, export turnover is estimated at nearly 114 billion dollars, up 16% over the same period last year. Participation in the World Trade Organization (WTO) as well as FTA free trade agreements is opening up new market opportunities for Vietnamese enterprises, both for smallholders and large companies. Economic experts said that although the export growth rate is quite satisfactory, the market still has some risks and uncertainties. Small and medium enterprises are always lacking and weak in forecasting supply and demand, lack of information on export policies and markets.

The products, sectors are trending stable growth are textiles, vegetables, cashew nuts, coffee, rubber, plastics, wood and software exports. Raw rice exports have been stagnating in recent years and accordingly, rice processing companies want to develop sustainable rice to be refined rice, rice preparations.

The Ministry of Industry and Trade has issued a decision approving the list of "prestigious exporters" in 2017. Accordingly, the number of enterprises on the list is most concentrated in commodities such as coffee, rice, rubber, textiles, wood, plastics, representing these sectors are the export strength of Vietnam.

Nguyen Viet Hung, representative of the General Department of Customs, said that the trend of import-export turnover will increase in 2017 as well as in the first half of 2018, along with the Vietnam-EU free trade agreement (EVFTA ) completing legal procedures, preparing to be signed and putting into practice in the future.

Recently the Federal Reserve Bank (FED) has presented to the Senate on US economic activity over the past time as well as trends in the coming time, including impact assessment on stress US-China trade. Fed Chairman stressed that stress does not affect the US economy, so US stocks rose. This also had a positive impact on Vietnam stock market in July 18th session (VN-Index increased 2.29%, the highest increase rate in nearly 2 months).

The stock market will be a channel to finance the real estate market. Lawyer Bui Quang Tin, University of Banking of Ho Chi Minh said that the total value of real estate is about $25 billion, of which more than 80% of capital are from banks, equivalent to 450 thousand billion. The expert said that instead of relying on capital flows from the banking system, real estate firms need to seek long-term capital from other channels, including the stock market.

In the past three months, the growth of the stock market has reversed sharply but Tin said that in the coming time, when the global stock market prospered, the Vietnamese stock market will also grow well.

According to Nguyen The Minh, Director of Yuanta Securities Research, the market has significantly improved both in terms of scores and liquidity, especially the short-term trend of major indices has remained increasing. Therefore, he holds the view that the market will continue to maintain its uptrend in the coming week and the cash flow will continue to improve.

According to Mr. Ngo Quoc Hung, senior researcher, MBS Securities Market Strategy Division, there opportunities for small cap stocks, however only high liquidity shares. Business results that exceed expectations or are not included in net sales will also be the preferred shares, in addition to "speculative" and speculative stocks.