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The relationship between regional urban development factors and land price crises in Vietnam
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School of Business |
Bachelor's thesis
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en
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42
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This thesis investigates the relationship between regional urban development and land market crises, in terms of land unaffordability, in Vietnam. While empirical studies focus on macroeconomic factors to explain the existence of land price instability and bubbles in some major provinces, those studies provide a conflicting result regarding impacts of those factors. Most of the empirical research overlooks the uneven distribution of land price crises across regions, when land price crises mostly appear in advanced areas. This thesis aims to fill this gap by constructing a regional urban development model and examining the role of each development factor in the land market crisis. Using panel data from 12 provinces over five-year period (2017-2021), the study employs fixed effects panel regression to examine the impacts of different regional development dimensions on land price-to-income, a measure of land unaffordability. Five variables, which are proxies for five main regional development dimensions, include Gross Regional Domestic Product (economic factor), Public Service Delivery score (social factor), population density (demographic factor), Basic Infrastructure score (Infrastructure factor), and quality of water (environmental factor). The results show that population density, quality of water, Basic Infrastructure score, and Public Service Delivery score have statistically significant positive correlation with the land unaffordability, while population density has the largest impact. In contrast, GRDP is not statistically significant. The findings highlight the importance of regional development factors and suggest that more balanced urban development is essential for improving land market stability in Vietnam.