Prime Minister: Must control, not let speculation and real estate price inflation continue

On the morning of October 11, Prime Minister Pham Minh Chinh chaired the Second Session of the Central Steering Committee on Housing Policy and Real Estate Market (Steering Committee) with the theme Breakthrough Development of Social Housing.

The conference was held directly at the Government Headquarters and online with 34 provinces and cities.

Attending the meeting were Deputy Prime Minister Tran Hong Ha; Ministers, Heads of ministerial-level agencies; leaders of ministries, branches, and central agencies who are members of the Steering Committee; leaders of banks, associations, and enterprises in the real estate and related sectors.

In his opening speech, Prime Minister Pham Minh Chinh, Head of the Steering Committee, emphasized that we are at the peak of the emulation movement to achieve achievements in celebration of the 14th National Party Congress; accelerating, breaking through, completing the goals and tasks set by the 13th National Party Congress, and firmly advancing towards socialism.

Among them, the key political task is to achieve social progress and equity, improve people's lives, ensure harmonious connection between economic and social development, and harmony between humans and nature.

To operate the housing real estate market synchronously, it is necessary to develop and expand housing types, promote the development of social housing, rental housing, low-cost housing, housing for workers in industrial parks, and create conditions to encourage economic sectors to participate in housing development according to market mechanisms for social policy beneficiaries.

Prime Minister Pham Minh Chinh chairs a meeting on social housing development. (Photo: Duong Giang/VNA)

Resolution 01/NQ-CP dated January 8, 2025 of the Government has determined to focus on effectively implementing the national housing development strategy, specifically the Project to build at least 1 million social housing units for low-income people, science and technology workers in the period of 2021-2030 and local housing development programs and plans. We strive to complete over 100,000 social housing units by the end of 2025.

In recent times, the Government and the Prime Minister have directed strongly and implemented many synchronous solutions to remove difficulties, promptly promote investment projects, increase the supply of housing and real estate products in all segments, especially the segment of affordable housing and social housing; strengthen control and rectify the management, use of land valuation and auction, promptly handle manipulation and speculative price increases to stabilize the real estate market with more synchronous institutions, more preferential mechanisms and policies, more convenient administrative procedures, create a larger supply of housing with more reasonable segments, lower prices, thereby ensuring the people's right to housing.

Since the beginning of the year, the Government and the Prime Minister have issued 3 Resolutions, many telegrams, and 12 documents directing and operating the housing sector and the real estate market, assigning 41 specific tasks to ministries, branches, and localities to remove difficulties and obstacles, promote the development of social housing, and develop a safe, healthy, and sustainable real estate market.

Notably, in Decision No. 444/QD-Prime Minister dated February 27, 2025, the Prime Minister assigned the target of completing social housing in 2025 and the following years until 2030 for localities to add to the socio-economic development target.

The Prime Minister said that up to now, the whole country is investing in 132,616 social housing units, of which in the past 9 months, 73 projects with a scale of 57,815 apartments have been started, with 22/34 localities achieving and exceeding the assigned social housing development targets.

The Prime Minister also frankly pointed out a number of limitations and shortcomings, namely: a number of mechanisms and policies for developing the real estate market and social housing have not been amended or supplemented to suit reality; the Project on real estate transaction centers and land use rights managed by the State has not been implemented; there is a lack of supply of social housing at suitable prices, while the progress of implementing social housing investment projects is still slow; housing prices, especially urban housing, exceed people's ability to pay.

In addition, there is a situation of pushing up prices, creating high prices, virtual prices, causing information and market disturbances for profit; the number of real estate project investors offering prices much higher than the average demand of society; the operation of real estate transactions is not unified, still has potential risks, lacks transparency; information on housing and the real estate market is not complete, timely, and lacks transparency; it is necessary to control risks, control the flow of money into speculative places, hoarding, and real estate "bubbles".

At the meeting, the Prime Minister requested delegates to exchange frankly and sincerely, accurately reflect the situation, propose breakthrough and specific solutions, implement the work of deploying real estate trading floors with a number of price control requirements, promote the development of a stable, fair, healthy and sustainable real estate market, and not allow speculation, price inflation and profiteering to continue.

Along with that, increase accessibility to home buying, ensure the right to housing for people, especially workers, low-income and middle-income earners, and disadvantaged people.

Emphasizing that the goal of completing 100,000 social housing units by 2025 is a big challenge, requiring breakthrough solutions, in which 8/34 localities are having great difficulty in completing the assigned targets, the Prime Minister noted that developing social housing is not only developing high-rise buildings in urban areas, but also any place where people who are eligible to buy or rent social housing have a need, social housing must be developed, especially in the context of arranging administrative units and operating 2-level local governments, many officials, civil servants and workers move their workplaces.

Prime Minister Pham Minh Chinh asked delegates to focus on discussing issues such as: solutions to increase the supply of commercial housing, especially social housing at suitable prices; solutions to reduce investment costs and input costs to reduce housing prices; appropriate policies to prevent "hoarding", price inflation, speculation and profiteering; credit policies aimed at developing social housing; the feasibility of assigning social housing construction projects to businesses; and the construction of real estate trading floors.

Raising the question of why, with the same general legal mechanisms and policies, some localities do well while others do not, the Prime Minister asked delegates to state the reasons and lessons learned; along with that, propose institutions, policy mechanisms to promote the development of social housing, as well as policies to create conditions for people to access housing such as policies on renting and hire-purchasing social housing./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/thu-tuong-phai-kiem-soat-khong-de-tiep-dien-nan-dau-co-thoi-gia-bat-dong-san-post1069638.vnp