PM calls for safe, healthy development of real estate market

Jul 17th at 09:37
17-07-2022 09:37:32+07:00

PM calls for safe, healthy development of real estate market

Prime Minister Pham Minh Chinh underlined the need to remove "bottlenecks" in the real estate market while chairing an online conference on Thursday on measures to ensure safe, healthy and sustainable development of the property market.

 

The conference was connected with the People's Committees of five centrally-run cities of Ha Noi, HCM City, Da Nang, Hai Phong, and Can Tho.

In his remarks at the event, the PM emphasised the viewpoint of persistently and firmly developing a safe, healthy and sustainable real estate ecosystem without unreasonable credit tightening but strengthening inspection and supervision and State management.

Economic-civil relations will not be criminalised, but legal violations will be severely punished to protect those who adhere to the law and protect and harmonise the interests of the State, businesses and people, he stated.

Pointing out shortcomings, limitations and inadequacies of the market, the PM asked ministries, sectors and localities to create a healthy environment for the property market, with priority given to the market segment serving social security. He said market rules should be respected but the State should uphold its management role to prevent manipulation of the market.

The Government leader underlined the need to promote strategic infrastructure development, thus creating new development space and motivation for the real estate market.

He assigned the Ministry of Construction to research and fine-tune the legal system related to real estate with a view to removing obstacles and facilitating the sector's stable and healthy development. The ministry should quickly submit to the National Assembly for consideration and approval the Housing Law (revised) and the Law on Real Estate Business (revised) to create a legal framework for real estate trading and enhance the effectiveness of management of the property market.

The ministry was also told to report to the PM on the real estate market every quarter.

The State Bank of Vietnam (SBV) was tasked with monitoring, controlling and restructuring credit for the real estate sector to ensure proper use of capital and prevent risks to the market.

The PM required the Ministry of Natural Resources and Environment to coordinate with the Ministry of Finance and the Ministry of Justice to study, review and amend current law provisions related to the auction of land use rights in order to ensure consistency and suitability with reality.

The agencies were also requested to strengthen inspection and examination, and coordinate with localities to detect, stop and strictly handle violations in land use right auction activities.

PM Chinh assigned the Government Office to coordinate with the Ministry of Construction and related ministries and sectors to compile a Prime Minister's directive on solutions to ensure the healthy and sustainable development of the real estate market.

A report by the Ministry of Construction said the real estate market contributed 4.5 per cent to GDP both directly and indirectly. The sector fell into difficulties in 2021 due to the pandemic, but it has joined the trend of recovery from early 2022.

The ministry was of the view that the legal system related to real estate investment, building and trade has revealed some flaws that call for correction. Property prices have risen too high compared to people's incomes.

Participants focused on assessing and forecasting Viet Nam’s real estate market, proposing orientations and solutions on product structure and supply for the safe, healthy and sustainable development of the market.

Macro policy and the impact of land policy on the real estate market; the impact and influence of the capital and stock markets and policies related to the auction and valuation of land use rights on the real estate market were also put on the table. 

bizhub



RELATED STOCK CODE (2)

NEWS SAME CATEGORY

HCM City’s office space market rebounds strongly

Office space for lease in Ho Chi Minh City in the first half of 2022 continued to make a recovery with a total net absorption area of about 21,000 sq.m, equivalent...

PM demands removing bottlenecks in real estate market for safe, healthy development

Prime Minister Pham Minh Chinh underlined the need to pay special attention to removing "bottlenecks" on the real estate market while chairing an online conference...

Removing barriers to boost real estate development in Vietnam

The Ministry of Construction will submit to the National Assembly for approval of regulations and laws related to real estate.

Hung Thinh Land signs MoU with Centara Hotels & Resorts

Hung Thinh Land JSC and Centara Hotels & Resorts Group signed an MoU to cooperate with the operation of the FiveSeasons Homes Vung Tau Central Beach project on July...

CapitaLand Development acquiring prime mixed-use site

CapitaLand Development (CLD) – the development arm of CapitaLand Group – is acquiring a prime mixed-use site in Thu Duc city in Ho Chi Minh City, with an estimated...

Regional connectivity advantage transforms Ba Ria-Vung Tau into tourism hotspot

With a convenient location in the southern key economic region and only one hour and 30 minutes away from Ho Chi Minh City, Ba Ria-Vung Tau has much potential in...

Hanoi to build regulations on renovating and rebuilding old apartments

The study of the situation of the old apartment buildings in Hanoi will conclude in the third quarter, laying the groundwork for the issuance of regulations on...

Ixora Ho Tram by Fusion: A rare investment opportunity in Southeast Asia’s biggest world-class integrated resort

Within a two-hour drive from Ho Chi Minh City and 50 minutes from the future Long Thanh International Airport, Ho Tram is a perfect destination in southern Vietnam...

Real estate firms facing new challenges

Limited capital and scarce supply, along with new regulations on property tax, are putting pressure on real estate businesses.

Real estate market to heat up along Ring Road 3

The real estate market along under-construction Ring Road No. 3 is expected to heat up as HCM City and the provinces where the road passes through ramp up efforts...

Real estate stocks

Construction stocks


MOST READ


Back To Top