Hundreds of Vietnam property firms have shut down as crisis in sector still persists

HANOI, April 25 (Bloomberg): More than 1,800 companies engaged in developing and selling properties in Vietnam have suspended operations in the first quarter in signs of a lingering strain in the sector beset by funding woes.

That number has jumped 61% from a year earlier while the new property companies that opened in the first three months of 2023 plunged 63%, according to the country’s construction ministry. Some 340 other companies were dissolved in the same period, it said.