From 2022-2023, most real estate businesses will face difficulties due to the market downturn. Some large real estate companies have even cut thousands of employees, an unprecedented event.
A few years ago, if many real estate businesses offered Tet bonuses of billions of dong worth of luxury cars or bonuses of hundreds of millions of dong, this year, any business that offers a 13th month salary bonus is a great effort.
Speaking to VietNamNet reporter, Mr. Vu Cuong Quyet, General Director of Dat Xanh Mien Bac said that many real estate businesses in 2023 had to cut staff quite a lot to maintain operations. The story of Tet bonuses this year is really difficult.
“However, we still have to try to retain people and troops because the remaining people are a select group who have been with the company for many years. The company will try to have a 13th month salary and Tet bonus at a level appropriate to the company's financial situation.
Over the past two years, the cash flow of real estate businesses has also "dried up", so the brothers have been very supportive of the company," Mr. Quyet shared.
Given the general economic difficulties, maintaining full salary payments and limiting staff cuts is a great effort for businesses; Mr. Pham Duc Toan, General Director of Real Estate Investment and Development Joint Stock Company (EZ Property) said that businesses must be effective in business before considering bonuses; if revenue is low or business is at a loss, they do not know where to look for bonuses.
At EZ Property, it has been a tradition that employees with at least 2 years of service will receive a 13th month salary.
“There are no Tet bonuses this year, revenue is low, almost no one has achieved sales targets, all departments have not met KPIs, so it is very difficult for businesses. The vast majority of businesses are having a hard time this year, worrying about supporting their employees is already making them sweat,” Mr. Toan shared in a sad voice and said that in 2024, the difficulties will not end, forcing businesses to continue to calculate, balance and make efforts.
Once a business with many years of attractive Tet bonuses such as billion-dollar cars, or bonuses from tens of millions to hundreds of millions of VND for employees with high revenue, but this year Khang Land Group also does not have such a big Tet bonus anymore.
Mr. Nguyen Vu Cao, Chairman of Khang Land's Board of Directors, said that the company not only had to cut staff but also cut branches due to the general difficult market and low real estate liquidity.
The leader shared that this year the company does not have high bonuses like every year, but only has a 13th month salary bonus to encourage the spirit of the employees.
Meanwhile, sharing with VietNamNet, Mr. Nguyen Van Hau, General Director of Asian Holding Real Estate JSC, had to exclaim that this was the first year the company did not have a Tet bonus.
Mr. Hau said that in 8 years of business, for the first time the company's sales decreased by 90%, but the company's leaders still tried not to pay late salaries and paid full salaries to employees, and did not give Tet bonuses.
“Because of the difficulties, this is the first year the company only has gifts and bus tickets for employees who live far away to go home for Tet. However, everyone is happy and sympathizes with the company.
If the inventory is 20-30%, all the profit is there. We hope that you will share and accompany the company. In 2023, we tried to "bear the burden", so in 2024, we must work harder together to have a Tet bonus next year", said the CEO of Asian Holding.
Affirming that 2024 is a year of many opportunities and bright spots, Mr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association, said that from the beginning of the year, the Government has had working sessions with local authorities, ministries, businesses and associations to develop plans for 2024. He believes that there will be positive impacts on the real estate market.
According to Mr. Dinh, the problem for businesses is to improve their own resistance, to better absorb policy mechanisms, especially capital. Solutions from the Government and management agencies also need to be more synchronized to create good movements and positive signals in the real estate market in the coming time.
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