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Proptech In Vietnam Set For Strong Growth

As technology develops and demand keeps increasing in the property sector, property technology, or proptech, will develop similarly to fintech, experts have said. Proptech has developed strongly in Vietnam with many start-ups being launched and attracting investment from major players and many services being developed to meet market demand.

According to a news report, there are certain reasons for the market’s rise: the country’s huge population, the problems it faces, which could be resolved by proptech, and the Vietnamese people’s ability to use technology. Experts predict that proptech will develop in a similar way to fintech, which is mostly based on how technology stacks are developed and evolve to resolve structural pain points and inefficiencies and positioned at the intersection of all market stakeholders.

An expert noted that the trendsetters and growth drivers will be companies that create and offer disruptive solutions that optimise and aggregate resources and financing, improve industry standards and customer experiences, and ensure transparency and data security. The growth of the market has been attributed to the strong economy, accelerating urbanisation, and rising incomes which continue to drive demand in the property market.

Hundreds of proptech start-ups and traditional real state firms are aiming to leverage technology to improve their operations and competitive edge by providing effective solutions to enhance home buying, selling, renting, and living experiences. Some of the famous apps and proptech products in the market include Saas, Propzy, Go2Joy Vietnam, Citics, Homebase, and A.Plus Home. They have successfully raised capital from foreign investors. For instance, Propzy, a leader in the proptech industry and provides transparent online property services, raised US$37 million.

Speaking about the reasons for investing in proptech, the senior investment manager at VinaCapital Ventures explained that the organisation has been monitoring the development of the proptech sector and see its enormous potential, given the continuing growth of the real estate market and increasing digitisation trends. VinaCapital’s first investment in the sector was in Rever, which has built infrastructure to make the transaction process smoother. Its solution has outpaced the industry’s benchmarks related to data accuracy, the number of days a property is on the market, and agent efficiency ratio.

Firms are investing in proptech companies because they possess operational know-how blended with superior technology stacks that aim to serve homebuyers throughout the transaction journey, from screening and touring properties, conducting legal checks, arranging financing and related paperwork that comes with owning a home. These services are provided affordably and transparently, enabling these companies to provide a higher level of customer service. Another technology in the field is Propzy Vietnam’s SAM, which allows the sales team to be connected, engage with one another, and collaborate to get the best outcome possible, which is a real estate transaction from buyer to seller. It has ensured certain business processes that otherwise could not have been done because it is not possible to manually get 300 salespeople to collaborate.

The participation of small and medium-sized enterprises in Vietnam in the digital transformation process could contribute US$24-30 billion to the country’s GDP by 2024, and significantly help with post-pandemic recovery. According to the Vietnam Logistics Association, 50%-60% of logistics enterprises are applying technology in their operations.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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