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.
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