'Unprecedented' policies have helped the real estate market 'get out of the bottom'

To support the recovery and growth of the real estate market, from the end of 2022 until now, the Government has issued nearly 10 Resolutions, Decrees, and Circulars. Not to mention, the Ministry of Construction , the State Bank, and the Ministry of Finance have also introduced many specific solutions that have had a positive impact on the market.

Mr. Tran Minh Tien, Director of the Center for Market Research and Customer Understanding of One Mount Real Estate, said that the real estate market has never received as much attention to solving difficulties from the Government and state management agencies as in recent times.

Unprecedented policies have helped the real estate market escape this crisis. — Strong mechanisms, policies and solutions from the Government are creating positive impacts on the real estate market. (Photo: LD)

Sharing the same view, Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, said that the above mechanisms and policies are creating positive impacts on the supply of the real estate market.

According to Mr. Dinh, thanks to solutions to remove difficulties for the market, a number of projects stuck in the final legal stages were resolved and promptly brought to the market.

In addition, some projects were previously eligible for sale but investors delayed the launch due to concerns that the sluggish market would affect sales plans.

"With the drastic actions of the Government and ministries, investors are reassured and have more confidence to decide to open for sale," Mr. Dinh commented.

Meanwhile, according to batdongsan.com.vn, in the first 8 months of the year, mechanisms and policies have been affecting the real estate market, aiming to resolve the difficulties that the market has been facing over the past time.

A series of central level meetings were held. Along with that, many mechanisms and policies were issued. All management agencies at all levels and the entire banking system were involved.

For example, on February 17, 2023, the Prime Minister chaired a national online conference to remove difficulties and promote the safe, healthy and sustainable development of the real estate market.

On March 5, 2023, the Government issued Decree No. 08/ND-CP to help relieve the pressure of bond payment for businesses.

On March 11, 2023, the Government issued Resolution No. 33/NQ-CP on a number of solutions to remove obstacles and promote the safe, healthy and sustainable development of the real estate market in 2023. Then, on March 23, 2023, in Directive No. 08/CT-TTG dated March 23, 2023, the Prime Minister assigned the task: "Strive for the disbursement rate of state budget investment capital in 2023 to be over 95% of the plan assigned by the Prime Minister".

On April 21, 2023, Resolution No. 58/NQ-CP dated April 21, 2023 of the Government on a number of key policies and solutions to support businesses to proactively adapt, recover quickly and develop sustainably by 2025.

On March 31, 2023, the State Bank of Vietnam issued decisions to reduce operating interest rates, effective from April 3, 2023, to continue implementing the policy of the National Assembly, the Government, and the Prime Minister to reduce lending interest rates to remove difficulties for the economy, businesses, and people.

On April 3, 2023, the Prime Minister issued Decision 388/QD-TTG approving the Project to invest in the construction of 1 million social housing units; along with that, the State Bank was assigned to preside over a credit package of 120,000 billion VND to support loans for investment and purchase of social housing.

On April 23, 2023, the State Bank of Vietnam issued Circular 02 and Circular 03 related to the operations of commercial banks and corporate bonds. Then, on May 25, the Deputy Prime Minister signed Official Dispatch 469/CD-TTg requesting the assignment of specific tasks to each ministry and branch to guide localities on regulations in their respective fields.

In June 2023, Resolution No. 105/NQ-CP of the regular Government meeting in June 2023, the Prime Minister requested the State Bank to continue to reduce interest rates, especially reducing lending interest rates (striving to reduce by at least 1.5 - 2%) and study and apply it to both new and outstanding loans.

Among the issued mechanisms and policies, Resolution No. 33/NQ-CP is considered a "compass", clearly demonstrating the viewpoint and determination to restore the real estate market from the Government and ministries. Decree No. 08/ND-CP is showing relatively positive results. Decision No. 388/QD-TTg is still a big challenge for real estate enterprises as well as agencies and departments.

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