Press room | 29-09-2021

According to the leader of Hung Thinh Corporation, many people still doubt the transparency of real estate when transform from the traditional model to digitization model.


The wave of technology is gradually changing the face of the real estate market. From a relatively conservative industry in adapting to new technology models, many real estate enterprises have flexibly changed their business models to maintain and develop sustainably, especially in the context when the epidemic is hard to control.

Talking to VnExpress, Mr. Vo Van Khang - Deputy General Director of Hung Thinh Corporation shared his viewpoint on digital real estate transformation and how the enterprise step by step bring technology into business.

- Many real estate enterprises are gradually applying technology, but only few succeed or just solve a small part of the transaction process. In your opinion, what is the reason?

Although real estate enterprises are slow, most of them have been in the process of digital transformation. And the application of information technology in the real estate business is only an incomplete emerging part of that overall picture. In fact, there are many reasons why many enterprises have been not really succeeded in digitization even though they really want related to the transaction processes, specifically as follows:

Firstly, real estate products have a great value, require authenticity and high enough trust from participants such as buyers, sellers, investors as well as brokers and customers need more time to adapt to the online trading market.


Chuyển đổi số bất động sản

Mr. Vo Van Khang - Deputy General Director of Hung Thinh Corporation.


The second is the legal issue. Real estate products are regulated by many applicable legal regulations, including processes that cannot be completely solved by technology such as (contracting, notarization, mortgage...). Therefore, the implementation of digital transformation solutions on a mass basis without considering the specificity of the industry will make the "digital" experience of customers easily interrupted and sometimes inconvenient when using the service.

The third is the human and financial potential of the enterprise. Some enterprises want to use information technology as a competitive force, however limited human and financial resources lead to the transformation of only a small number or only a few key processes, which makes quality and quantity of services become really unclear.

- So how to solve this problem sir?

It is necessary to gradually build trust and create transparency with digital transformation processes in real estate transactions. For customers, first of all, it is necessary to help them feel excited and comfortable when experiencing technology. In the current context of the outbreak of Covid-19, when people are often advised to stay at home and avoid direct contact, cyberspace is the ideal place for people to communicate, work and study. The demand for online interaction will increase, enterprises will also have to change their human resource management form and customer approach to better suit the new situation. In fact, companies can perform better than expected if they focus on improving something so fundamental: user experience.

For enterprises, the creation of an ecosystem is considered a strategic move to help increase competitive advantage, optimize resources and costs. Therefore, in parallel with catching up with technology real estate trends, enterprises need to create a close link with existing surrounding ecosystems or change business model to adapt and develop. In addition, to take advantage of market opportunities, real estate enterprises need to master technology and build a strong and professional staff.

For this problem to be solved faster and more thoroughly with the support of the legislative and executive bodies. The guiding role of the state will play an important role in the process of digital transformation in general and especially real estate transactions. Currently, the management authority is researching and allowing tests in new areas with the deep application of technology, we hope these tests will soon come into practice to bring effective results for the society.

Hung Thinh Corporation is also not out of this race when it is gradually building its own roadmap for technology application and digitization for all business activities.

- Can you share more about the technology application experience of Hung Thinh Corporation?

For the past two years, Hung Thinh has carried out a comprehensive digital transformation, in addition to applying information technology in management and operation to improve working efficiency, Hung Thinh has been researching and investing in construction and development of its own proptech platform, towards consulting, brokerage and online trading. In addition, the creation of an ecosystem of finance - technology, insurance, joint investment, health, on the same trading platform is also a step marking the digital transformation of Hung Thinh Corporation.

Currently, we are implementing a strategic project called TopenLand. This is a key project, invested in financial resources and highly specialized human resources. Not only being a proptech, TopenLand is in the ecosystem (Ecosystem) carrying the Corporation's strategic vision based on the core value of real estate. This project also affirms the management and development capacity of a proptech technology system completely deployed and owned by the Vietnamese.

- What makes TopenLand different to compete in the market?

TopenLand is a comprehensive real estate transaction platform that helps connect many participants on a sharing economy platform. The goal of this platform is to provide real estate information quickly and transparently, support users with diverse added services, support legality securely, transact quickly and share real estate knowledge with everyone.

With the application of artificial intelligence (AI), big data and other advanced technologies, TopenLand is expected to improve many limitations in traditional real estate such as shortening all transaction processes, simplifying procedures, saving time, optimizing costs, bringing a lot of value to real estate investors, buyers and sellers. We expect TopenLand to become an indispensable application, comprehensive integration platform and satisfy all real estate needs for users..





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