Vietnam's real estate transaction data is currently distributed on at least 4 layers
A private investor in Hanoi wants to spend money on a suburban land plot introduced as "clean land, residential planning, reasonable price". After a week of surveying through regional brokers, online advertisements and local acquaintances, he collected 5 different prices for the same type of land, the difference margin is up to 40%. A commercial bank branch appraises the value of mortgaged apartments in the suburban district of Ho Chi Minh City to compare with the asking price on classifieds sites. The appraisal error ranges from 15-20% and no one knows which side that number is.
Two situations reflect the same reality. Thousands of buying and selling and credit decisions are being made every day on a basisless data platform. Accumulated errors become systemic risks without any early warnings.
Vietnamese real estate transaction data is currently scattered on at least 4 layers, but no layer has a panoramic view. The notary system stores transfer contracts, however, the price shown on the contract in many cases does not fully reflect the actual transaction value because it is still affected by financial obligations and taxes. Land registration agencies hold ownership fluctuation data but are not linked to the price. Exchanges have offering prices and closing prices, but only reflect the transactions that go through the exchange. Finally, individual brokerage forces are the group that holds the real closing price, but that is their vital competing asset.
The problem is not that the parties do not have data, but that neither party has the motivation to share. International experience shows that this standard data layer rarely comes from the public sector, which lacks speed and market mechanisms to maintain continuous updates. It also does not come from a competing party in the market because no one trusts the data of the competitor. The intermediate data layer is all created by a neutral and large-scale third party.
Meey Group's approach
Unlike the majority of domestic proptech businesses currently choosing a buyer-seller connection model, Meey Group positions itself from the data infrastructure layer below. The three key products of the ecosystem, Meey Land, Meey Map and Meey CRM, are designed to solve 3 different blind spots of the market, while complementing each other in the data layer.
Meey Land approaches the problem from the source of information. Meey Land requires each real estate to be described according to a unified information field including area, type, direction and legal status, and allows uploading legal documents for verification.
Meey Map solves the spatial data layer. Meey Map integrates 3 data layers including land use planning, construction planning and information on each land plot on the same map covering 34 provinces and cities, standardized according to VN-2000 coordinate system.
Meey CRM focuses on the demand data layer. The entire brokerage workflow including customer management, source of goods, appointment schedule and interaction history is put on a unified platform. The demand comparison feature automatically reviews all customers being tracked every time new real estate enters the system.
These three products do not operate independently. Standardized data from Meey Land is input for a valuation model with statistical basis. Planning information from Meey Map adds a layer of spatial data to help valuation reflect the true value of planning. Behavior and demand data from Meey CRM creates a real demand signal. When these 3 layers meet, the data infrastructure forms.
Mr. Hoang Mai Chung, Chairman of Meey Group's Board of Directors, said: "When transaction data, planning and demand are standardized on the same infrastructure, asset valuation methods, credit risk management and real estate policy planning can all operate on a different basis. That is the long-term goal that Meey Group aims for.
Beneficiaries from a standardized data infrastructure are expanded. Investors have an independent price reference point before depositing. Banks appraise collateral assets based on aggregated data from thousands of similar transactions, reducing errors and bad debt risks. Exchanges identify which areas have real demand and which segments demand is located in. Management agencies have tools to monitor the market in real time.
Meey Group's level of ambition is directly proportional to the difficulty of the problem. Building data infrastructure for a market that does not have the motivation to share information needs more than just a good product. It needs to be large enough to become a standard that the market is forced to refer to. Zillow in the US and KE Holdings in China took nearly a decade to reach that position.
