I am quite familiar with Vietnam, and many people around me are investing in Vietnam, with real estate being one of the options. Let me briefly discuss the reasons for the rise in housing prices in Vietnam.

It's actually quite simple; it's benchmarked against China, but not against China's real estate industry, rather against China's manufacturing industry. Due to some well-known reasons, many foreign companies have relocated their production bases to Vietnam, with different targets in Ho Chi Minh City, Hanoi, and even Da Nang.

We often say that Ho Chi Minh City is benchmarked against Shanghai, Hanoi against Beijing, and Da Nang against Chengdu.

Ho Chi Minh City is the leader in manufacturing and also the headquarters for many foreign companies in Vietnam, serving as the center for financial services, playing the role of an economic engine. This is why I say Ho Chi Minh City is like Shanghai.

Hanoi is the center for political administration, state-owned enterprises, and basic industries, leaning more towards power and resource centers, making it more like Beijing.

Da Nang has recently seen a lot of "OEM" in the technology sector, which is very similar to Chengdu.

In terms of geopolitics, South Korea currently dominates in Vietnam, with Samsung alone accounting for about 15% of Vietnam's GDP, and this is after a decline; a few years ago, Samsung could account for 25% of Vietnam's GDP at its peak.

South Korea is the largest foreign direct investor in Vietnam historically, so much of Vietnam's economy and development is influenced by South Korean operations. Many may not know that North Vietnam is not very friendly towards China due to historical reasons, while South Vietnam is relatively more open.

Back to the main topic, the rise in housing prices in Vietnam is not benchmarked against China's real estate itself, but rather against the phase of manufacturing migration that China experienced years ago. The fundamental reason for the significant rise in China's housing prices over the past two decades is not just the imagination of real estate but the development of manufacturing, foreign investment, urbanization progress, and the absorption of employment gaps, which formed a long-term, stable, and replicable model of population and income growth. Today, Vietnam is in a similar phase of rapid development as China once was.

Therefore, the underlying logic for the rise in housing prices in Vietnam is not real estate but the acceptance of OEM. The rise in housing prices in South Vietnam comes more from genuine demand and population inflow. It's similar to Shanghai; many may not know that houses in Shanghai were not worth much in the 1980s. The rise in housing prices in North Vietnam relies more on policies, resources, and phased expectations, making it more like an administrative center.

For those who are familiar with Vietnam, it should be known that housing prices are not rising uniformly but are structurally rising, with the rising structure mainly in economic and political centers.

What truly determines the trend of housing prices in Vietnam is not the current theory of China's real estate bubble but whether foreign capital continues to keep the supply chain and middle-class living in Vietnam. This is quite similar to Shanghai; many know that the fiercest buyers in Shanghai are not locals but outsiders, and wealthy outsiders are the main reason supporting Shanghai's real estate.

The same applies to Vietnam; however, not all supporters of Vietnam's real estate are Vietnamese, but many are foreigners. These foreigners are in Vietnam more for "work and life" rather than purely for speculation. As long as Vietnam's pillar industry remains OEM, there will still be opportunities for housing prices in Vietnam, albeit with local prices becoming increasingly expensive, but the rate of increase may slow down.

PS: The Vietnamese stock market is worth paying attention to!

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