Overview of a market with huge potential
Almost seven months have past since m last update on Vietnam, I’d say one of the most interesting markets in SEA. So let’s go for it, traffic estimation by Similarweb as usually, so please take it just as a reference:
Batdongsan (acquired by Property Guru in 2016) is the clear leader with more than 6 million estimated visits and 45 million page views, pretty impressive figures. But I believe the property market in Vietnam is big enough for many players to take a good piece. And there we have Alonhadat as the runner-up, with 2.1 million visits and a 13% increase since December 2018. And finally Dothi completing the top three with almost 1 million visits.
Behind them there are many players pretty close from each other. Among them I would highlight the most modern looking local portals: Homedy and Propzy. I have the feeling that they will gain relevance in the upcoming years. And worth to keep an eye on DotProperty with an increase in estimated traffic of a 17%.
No REA Group representative in this market and the presence of the leading aggregators Trovit and Mitula is just testimonial. On the other hand, classified websites are still relevant with Cho Tot ranking high in organic search and investing heavily in Google Ads.
Vietnam: Huge opportunity for the brave
The Vietnamese property market seems to be pretty young and dynamic, while the digital space is already huge with more than 64 million internet users. So I’m sure the online property search is very alive and probably growing as well. Check out the interesting digital stats published by Hootsuite and We Are Social in January 2019:
Pretty impressive figures with 62 million mobile users and another 62 million active social media users (64% percent of the total population). With Youtube and Facebook as the most active platforms, ideal for advertising.
It’s obviously a challenge to enter such a market, but also a big opportunity for those who venture first. While the requirements to open a business in Vietnam are not the most difficult ones in Southeast Asia. So what are we waiting for? ;)