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 Real estate inflation may hurt economy

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PostSubject: Real estate inflation may hurt economy    Mon Aug 22, 2011 1:01 am

The real estate sector may overheat Viet Nam’s economy if left to inflate, experts warned in a conference in Ha Noi yesterday.
Ambassador for Ireland Maeve Collins urged caution in regards to Viet Nam’s growing real estate, citing Ireland’s financial problems of 2008.
“When housing bubbles burst, they can cause substantial damage to the affected economies – on some occasions when housing bubbles have burst, they have also been associated with significant disruption to the domestic financial system,” Ambassador Collins said.
“There is a risk of overheating in the property market – Viet Nam has a big population with high density and growth in urban areas exceed 35 per cent, while the Government has not yet developed a strategy for housing,” Ambassador Collins said.
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