Is Vietnam Headed for a Property Market Crisis?

and an expansionary monetary policy that fuels demand for housing and encourages property speculation. In addition, there is a lack of efficient tax regimes to counter speculation and a scarcity of affordable housing due to developers’ focus on expensive high-end projects.

This seems to be an issue where-ever there is housing scarcity. The root cause is landlords capturing the government. The answer is to decriminalize squatting. Cities with significant squat movements are more affordable to live in even for those who don't squat, because landloards know that if they don't find tenants quickly, they will have to deal with non-paying occupants, and may even lose their property due to adverse possession.

Without squatting movements, landlords will hold onto empty buildings for decades, creating neighborhood blight, and the costs of continued ownership of empty properties is offset by two factors. First, the ability to raise rent on their artificially scarce apartments that do get occupied, driving gentrification as only wealthier working people are able to afford to live. The second is the huge windfall from selling property as an investment that comes from the government forcing most of the externalities like the health and security crisis created by unhoused people, longer commutes (pollution, wasted time) experienced by workers who have to travel farther from the places where they are productive to find resonable rents, and police protecting their capital investments and evicting tenants for them.

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and an expansionary monetary policy that fuels demand for housing and encourages property speculation. In addition, there is a lack of efficient tax regimes to counter speculation and a scarcity of affordable housing due to developers’ focus on expensive high-end projects.
This seems to be an issue where-ever there is housing scarcity. The root cause is landlords capturing the government. The answer is to decriminalize squatting. Cities with significant squat movements are more affordable to live in even for those who don't squat, because landloards know that if they don't find tenants quickly, they will have to deal with non-paying occupants, and may even lose their property due to adverse possession.
Without squatting movements, landlords will hold onto empty buildings for decades, creating neighborhood blight, and the costs of continued ownership of empty properties is offset by two factors. First, the ability to raise rent on their artificially scarce apartments that do get occupied, driving gentrification as only wealthier working people are able to afford to live. The second is the huge windfall from selling property as an investment that comes from the government forcing most of the externalities like the health and security crisis created by unhoused people, longer commutes (pollution, wasted time) experienced by workers who have to travel farther from the places where they are productive to find resonable rents, and police protecting their capital investments and evicting tenants for them.