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Summary

24 BANKING - FINANCE

9 OP EDS
Focus on demand-side policies, COMPLETING THE LEGAL

achieving growth goals by 2024 FRAMEWORK FOR VIRTUAL
ASSETS AND THEIR PROVISION

G rowth results in 2023 clearly reflect a weakening in both he government has just issued a national action plan
aggregate demand and aggregate supply, triggering many
concerns. Monetary policy is also gradually running out T to implement Vietnam’s commitments on preventing
of space, and fiscal policy to support growth has fallen short of and combating money laundering, terrorist
expectations in the context of businesses facing a host of financing, and the financing of the proliferation of weapons
disadvantages. The challenges are overwhelming, but the of mass destruction with the Financial Action Task Force
economic recovery in the first two months of the year has (FATF), in order to quickly remove the country from the
fostered expectations over achieving 2024 growth targets, which Increased Monitoring List (Grey List) on the basis of
would create momentum to complete the five-year plan. To ensuring maximum national interest. The plan provides 17
achieve the high growth target in 2024, the government will specific actions to implement commitments to FATF. In
have to rely primarily on demand-side policies. Growth drivers particular, the government requires that the Ministry of
on the aggregate demand side need to be recovered quickly and Finance and relevant ministries / sectors complete the
further strengthened. The government should stimulate private development of a legal framework to ban or regulate virtual
consumption by stabilizing macro-economic factors, adjusting assets and organizations providing virtual asset services by
income taxes, ensuring healthy asset markets, and promoting May 2025, and at the same time demonstrate enforcement
social security policies. of regulations, including measures to ensure compliance.

29 PROPERTY 46 TRADE - MARKET
HANOI RESIDENTIAL Hydrogen energy

PROPERTY PRICES MAY ISSUES TO BE RESOLVED

CONTINUE UPWARDS V ietnam’s hydrogen energy development strategy
to 2030 and vision to 2050 (Hydrogen Energy
Strategy) was approved by the Prime Minister in
Decision No. 165/QD-TTg dated February 7, 2024.
Hydrogen is the energy source of the future but also a
new investment field for Vietnam. Developing the
energy source will therefore face many difficulties and
challenges. Some analysts believe that investors face
issues with procedures and completing documents to
H anoi’s real estate market has become more positive since the build projects, while others believe that green
hydrogen is a new energy source produced from
end of 2023 but there remain difficulties and inadequacies
that need time to overcome. The scarcity of new project renewable energy, so the investment cost will be
supply and the high demand for housing has led to average selling significant and the selling price quite high compared
to other renewables. Vietnam also currently lacks a
prices in the primary housing market continuing to rise sharply.
The residential segment will continue to grow in price in the technology platform to produce green hydrogen. From
immediate future due to increased land and construction costs, now to 2030, it is necessary to research the step of
developed infrastructure, and improved quality. If transportation mixing fuels such as coal with ammonia and liquefied
infrastructure can provide easy links, the trend of moving to petroleum gas with hydrogen for effective deployment
in the 2030-2050 period.
projects to the outskirts of the inner city, where there is fresh living
space and synchronous and modern infrastructure and utilities,
is inevitable. Developers need to carefully research market needs
to adopt appropriate development orientations, ensure quality
commensurate with the selling price, and fulfill their
responsibilities and commitments in infrastructure construction.

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