HO CHI MINH CITY -- Record criminal cases in Vietnam's property sector hit investor confidence, but demand for factory land is booming amid supply chain shifts, with the real estate industry seen recovering in 2024, said an international property services company.
Allegations that emerged last month of real estate-linked bribery and embezzlement, at a level exceeding 3% of gross domestic product, have reverberated through the economy in a sweeping corruption crackdown. But companies shifting their manufacturing processes to Vietnam from China continue to drive demand for local industrial parks, which will expand by more than a third in some places, said Stephen Higgins, executive director in Vietnam of Cushman and Wakefield.
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