Real estate market facing difficulties, Prime Minister directs to resolve

Deputy Prime Minister Tran Hong Ha has signed and issued Official Dispatch 469/CD-TTg on removing obstacles and promoting the safe, healthy and sustainable development of the real estate market.

Thủ tướng Chính phủ chỉ đạo tháo gỡ và thúc đẩy thị trường bất động sản phát triển an toàn, lành mạnh, bền vững

Deputy Prime Minister Tran Hong Ha has just signed an official dispatch to remove obstacles and promote the real estate market. (Photo: Tran Khang)

The telegram stated:

The real estate market plays an important role in the economic "ecosystem" and is directly related to many economic sectors: construction industry, services, tourism, accommodation, material production, finance, banking, etc., affecting the production chain such as materials, iron and steel, household appliances, capital market, credit, labor market, etc., affecting macroeconomic stability, growth, social security, and employment. Good management and development of the real estate market will create favorable conditions to attract investment, mobilize huge internal resources, and contribute to promoting the country's socio-economic development.

However, in recent times, the real estate market has faced many difficulties due to objective reasons such as: epidemics, market growth cycles, reduced economic growth, and market difficulties.

Besides, the main causes are subjective, such as: planning establishment, approval and adjustment are still slow; investment project adjustment is still stuck; project implementation is slow and prolonged; access to credit capital, bond capital, and securities is still difficult;

The construction of social housing, renovation and reconstruction of apartment buildings have not met requirements; land prices have been determined; some localities have lacked initiative and determination in directing and resolving difficulties and problems within their authority, as well as in coordinating with central agencies to resolve difficulties; market information is not transparent enough; the structure of real estate products is not reasonable; laws are overlapping, and the application of laws is not unified and consistent.

Faced with that situation, the Prime Minister requested:

Ministries, branches, localities and enterprises shall strictly and effectively implement the tasks and solutions assigned by the Government and the Prime Minister in Resolution No. 33/NQ-CP dated March 11, 2023, Official Dispatch No. 1164/CD-TTg dated December 14, 2022, Official Dispatch No. 178/TTg-CN dated March 27, 2023, Official Dispatch No. 194/CD-TTg dated April 1, 2023, Notice No. 133/TB-VPCP dated April 16, 2023 and in previous decisions and directions of the Prime Minister.

Ministries, sectors and localities must consider this an urgent and important task that needs to be focused on resolving according to the principle that the problem falls under the authority of the level at which it is located. Ministries and sectors should focus on guiding localities on regulations in their fields to resolve current problems, not answering evasively.

The Prime Minister requested: The Ministry of Construction, the State Bank of Vietnam, the Ministry of Natural Resources and Environment, the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Public Security, the Ministry of Justice, the Ministry of Information and Communications, the Government Inspectorate, the People's Committees of provinces and centrally run cities... according to their authority to inspect and urge the implementation of the telegrams and conclusions of the Prime Minister, and report to the Prime Minister on the situation and implementation results to the Government Office on the 25th of each month.

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