ASEAN KEY DESTINATIONS
Vietnam real estate slump hits construction industry
9 April 2012
Sales was down by 40 per cent now compared with the same period last year, said Hoang Van Tieu, deputy director of the Hoang Thien Phat Ltd company, which sells luxury interior materials.
"Many importing companies like us are offering big promotions but we still cannot sell because construction has no hope in the near future," he said.
Nguyen Kim Thuy, director of the Hoang Son Ltd company, said: "We are looking at other markets like Malaysia, Cambodia and Laos, but if the local market remains at a standstill, we will have to trade other products."
According to figures from the General Statistics Office, unsold stocks in the construction materials industry have increased by 21 per cent this year.
There are also 30 million sq. metres of flowered enamelled tiles worth VND2 trillion (US$100 million) and 400,000 tonnes of steel in stock.
The construction materials industry wants the Government to tighten control over imports and help them tide over this difficult period.
For their part, it is vital to restructure production, work together within other industry players, build strong brands, cut costs, and improve their competitiveness.
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