Real estate M&A market 'exciting' amid pandemic normalization
Cen Group is one of Vietnam's top real estate brokers, with the prominent role of Vice Chairman Pham Thanh Hung. The Investor talks with Hung about the opportunities in the Vietnamese property market and Cen Group's prospects.

There are concerns over the imbalance of housing supply in Hanoi and Ho Chi Minh City. High-end products are said to be excessive in supply, while there is a serious dearth of affordable alternatives. More often than not, foreign investors seem more interested in developing villas and high-end apartments. How do you assess foreign investment opportunities in this segment this year and in future, given the supply concern?
The imbalance of housing supply is due to many factors. High construction and land costs, among others, along with prolonged legal processes force investors toward the high-end segment. With the current investment climate in Hanoi and HCMC, there is little to no opportunity to invest in affordable housing. Yet, there are plenty mid-end projects available in the market.
The country is reportedly on the radar screen of many multinational companies with economic recovery well on track. What is your forecast on office space demand from foreign direct investment (FDI) companies? Can the market supply catch up with demand?
The pandemic pushed companies to adopt technology for more efficient and bigger operations. Hence, we are seeing demand for office space decentralizing from the central business district (CBD) toward other areas. As the market recovers, we can see the demand from FDI companies soar away from the CBD.
The country fully reopened its tourism market on March 15 and Covid-19 is gradually becoming an endemic disease like flu. How will the hotel and resort market change given the context, after the pandemic-induced depression over the past two years?
We can expect a short-term boom in the hotel and resort market after the Covid-19 pandemic. We can also expect new products that involve technology to be introduced onto the market. However, buyers and investors in this sector will be more cautious.
How do you assess opportunities for M&As in the Vietnamese real estate market as the pandemic shifts toward “normalization”?
Vietnam is still a very attractive market to investors considering how quickly the country acted to battle the pandemic. China is still pursuing “zero-Covid” policy. The M&A market during the pandemic was quite exciting, presenting investors with opportunities that would have likely not been available during other times. And we can expect more excitement as the market becomes more normalized.
What kind of opportunities could foreign companies enjoy should they seek to partner with Cen Group?
As one of the top brokerage companies in the country, Cen Group are presented with many investment opportunities. We are glad to share these opportunities with our partners as well as help them grow in Vietnam through our extensive network.
Cen Land recorded an after-tax profit of nearly VND451 billion ($19.64 million) last year, an all-time high. Apart from distributing property products, the company also invested in many new projects like Louis City Hoang Mai, Hinode Royal Park, C-Sky View, and Trinity Tower. What is your profit structure, and will it change in future?
Approximately 70% of our profit comes from investment and 30% from services we provide. We expect to maintain this in the next few years but also scale up in terms of deal numbers and size.
How do you define “a successful property brokerage company”? How do you respond to failures as a broker?
The expectation for a brokerage company is no longer just connecting buyers and sellers. Developers need us to provide market insights and solutions to enhance their project liquidity. On the other hand, buyers expect us to screen projects and developers for potential risks. “A successful property brokerage company” can provide such solutions to both sides.
Failures are common as an “in between” party. Many factors like prices, timeline, and more are beyond the control of a broker. In such situations, a broker needs to be patient and produce new solutions.
- Read More
Vietnam's giant Vingroup eyes mullti-billion-dollar renewable, LNG power projects
Vietnam's leading private conglomerate Vingroup is seeking the government's permission to develop seven renewable energy projects worth $20-25 billion and a $5.5 billion LNG-fired power project from 2025-2030.
Energy - Fri, March 28, 2025 | 1:09 pm GMT+7
While the buzz around a market upgrade is back, who is this milestone for?
A key issue for the Vietnamese stock market is the underdevelopment of the institutional investor base. The dominance of retail investors can create heightened volatility, which, in turn, reduces the incentive for high-quality companies to list on the stock exchange, writes Gary Harron, head of securities services at HSBC Vietnam.
Consulting - Fri, March 28, 2025 | 10:31 am GMT+7
Vietnam's private lender VIB seeks strategic shareholders: chairman
Vietnam International Bank's (VIB) board of directors is now in discussions with banks and investment funds to find suitable partners for the lender, ensuring a mutually beneficial partnership that goes beyond finance.
Banking - Fri, March 28, 2025 | 8:31 am GMT+7
Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam
Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.
Industries - Fri, March 28, 2025 | 8:00 am GMT+7
HCMC's international financial center development to be phased out: city leader
Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.
Economy - Thu, March 27, 2025 | 11:11 pm GMT+7
Car producers in Thailand postpone export models
Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.
Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7
Indonesia approves $7 bln budget for food security in 2025
Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.
Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7
Honda Vietnam rolls out first domestically produced electric scooter
Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.
Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7
Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030
The seaport system in the central Vietnam province of Quang Ngai will need about VND10.83 trillion ($423.54 million) in investment by 2030, according to the detailed 2021-2030 development plan for local seaport land and water areas, with a vision to 2050.
Southeast Asia - Thu, March 27, 2025 | 10:06 pm GMT+7
Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant
Hoa Phat Group, Vietnam’s top steelmaker, targets a record-high revenue in 2025, driven by the expected partial operation of a steel and iron complex in the central region this year.
Companies - Thu, March 27, 2025 | 8:10 pm GMT+7
Offshore wind power developer CIP seeks long-term cooperation with Vietnam
Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking to reach long-term cooperation with Vietnamese businesses in the offshore wind power sector.
Energy - Thu, March 27, 2025 | 4:16 pm GMT+7
Vietnam giant VinFast moves to expand EV service in Philippines
VinFast, Vietnam’s largest electric vehicle (EV) manufacturer, has partnered with MGA.414 Corporation, the operator of the JIGA automotive service chain, to expand its EV service network in the Philippines.
Southeast Asia - Thu, March 27, 2025 | 3:48 pm GMT+7
Vietnam's MobiFone officially launches 5G services
MobiFone, one of Vietnam’s leading telecommunications providers, has officially commercialized its 5G services, becoming the third network operator in the country to do so.
Southeast Asia - Thu, March 27, 2025 | 3:45 pm GMT+7
Thanh Cong Group inaugurates first automobile manufacturing plant in Vietnam's Quang Ninh province
Vietnamese automaker Thanh Cong Group officially inaugurated its Thanh Cong Viet Hung automobile manufacturing plant on Wednesday at the Viet Hung Industrial Park in the northern province of Quang Ninh.
Southeast Asia - Thu, March 27, 2025 | 3:32 pm GMT+7
Vietnam willing to open doors to US agricultural products: minister
Vietnam is actively preparing to open its market to U.S. agricultural products such as tangerine, plum, and lemon, Vietnamese Minister of Agriculture and Environment Do Duc Duy said on Wednesday.
Economy - Thu, March 27, 2025 | 3:08 pm GMT+7
S Korea chaebol Lotte eyes hypermarket in northern Vietnam
South Korean conglomerate Lotte is eyeing projects in Thai Nguyen province, an industrial hub in northern Vietnam, firstly a hypermarket.
Industries - Thu, March 27, 2025 | 12:15 pm GMT+7