Ensuring the stable development of the real estate market

VCN - The Government has just issued Resolution No. 33/NQ-CP dated March 11, 2023 on a number of solutions to remove and promote the safe, healthy and sustainable development of the real estate market. The Government requires regular monitoring and effective supervision of the market situation in order to promptly take appropriate measures and solutions to prevent the market from "hot development" or "freezing", the situation of launching rumors spread, and speculation blew up real estate prices to make a profit, the imbalance between supply and demand and ensure healthy operation according to the market mechanism.
Need to control real estate prices Need to control real estate prices
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The resolution clearly states that it is necessary to focus on solving problems for ongoing projects.
The resolution clearly states that it is necessary to focus on solving problems for ongoing projects.

Highly focused on solving problems for ongoing projects

The real estate market plays an important role in the economy and affects many industries, professions and fields. However, in 2022 and especially in the second half of 2022, the real estate market faces many difficulties for many objective and subjective reasons.

In order to remove difficulties for the real estate market, the Prime Minister established a working group and issued many public notices (No. 1156/CD-TTg, No. 1163/CD-TTg, No. 1164/CD-TTg), directing ministries, branches and localities to carry out many tasks and solutions in the short term as well as in the long term to remove and promote the safe, healthy and sustainable development of the real estate market.

The working group, the Ministry of Construction, the Ministry of Finance, the State Bank of Vietnam and the ministries, branches and localities have urgently and actively implemented and performed the assigned tasks and achieved a number of specific results.

Currently, the situation of the real estate market has changed, but the market still has many difficulties in terms of institutions, credit sources, bonds, and local enforcement organizations need to be focused on solving and promoting.

Accordingly, the resolution clearly states that the purpose is to remove difficulties and obstacles, especially in terms of institutions, implementation organization and capital sources for the real estate market, in which, to remove obstacles in legal regulations. and the order and procedures as well as organizing the implementation of real estate projects, especially related to investment, land, construction, auction; highly focused on removing obstacles for ongoing projects to complete soon, creating supply for the market; remove difficulties in credit sources, bonds, investment funds to clear capital flows for the real estate market, contributing to increasing market liquidity.

Along with that, promoting the development of the real estate market, increasing the supply, and at the same time adjusting the product structure of the real estate market more rationally, focusing on the development of social housing, housing for workers.

Speeding up planning approval, investment policy approval, investor selection and timely settlement of land and construction procedures of real estate projects to increase supply to the market; promoting the real estate market through policies to support capital sources for the implementation of feasible and effective projects; promoting the development of social housing, housing for workers, striving to complete at least 1 million social housing units by 2030.

At the same time, regularly and effectively monitor the market situation to promptly take appropriate measures and solutions to prevent the market from "hot development" or "freezing", the situation of spreading rumors and speculations to raise real estate prices to profit, imbalance supply - demand and ensure healthy operation according to the market mechanism.

Expeditiously develop and submit to the National Assembly for consideration and approval the Law on Land (amended)

Regarding tasks and solutions, the Government proposed 5 groups of specific tasks, including perfecting institutions; promoting the development of social housing; credit funds; capital source of corporate bonds; implementation organization of the localities; Information and communication to restore trust, support the market and the operation of real estate enterprises.

Regarding the group of tasks to perfect institutions, the Government continues to study and perfect the institutions, and build a legal system related to construction investment, housing and real estate business to ensure synchronization and feasibility, with a focus on urgently building and submitting to the National Assembly for consideration and approval the Law on Land (amended), Law on Housing (amended), Law on Real Estate Business (amended), Law on Bidding (amended), Law on Auction (amended), Law on Prices (amended), and Law on Credit Institutions (amended).

Actively research, develop and submit to the National Assembly for consideration and promulgation "Resolution of the National Assembly on piloting a number of policies to promote social housing development".

Urgently amend and supplement Decrees guiding the implementation of the Law in order to remove current shortcomings, limitations, obstacles and difficulties related to the implementation of construction investment, business, and real estate projects transferring, more suitable to the actual situation and ensure the consistency and synchronization of the legal system.

Research, develop and promulgate the "Decree stipulating the process, order and procedures for implementing investment projects on construction of commercial houses and urban areas" so that localities can conveniently and unify them.

Completing mechanisms and policies to exploit and mobilize maximum financial resources at home and abroad for housing development in particular and the real estate market in general.

Deploying a credit program of about VND 120,000 billion for social housing development

Regarding solutions to promote social housing development, while waiting for the National Assembly to pass the Law on Housing (amended) to comprehensively and synchronously remove current difficulties and obstacles in housing development in general and social housing development in particular, the Government formulates and proposes to the National Assembly to consider and issue a "Resolution of the National Assembly on piloting a number of policies to promote social housing development" to immediately remove a number of specific difficulties and obstacles to create a driving force for the development of social housing in the future.

In which, special attention is paid to the content of major problems, such as land allocation for investment and construction of social housing projects; on planning and arrangement of land funds for social housing development; on the selection of investors for social housing projects; on the rights and preferences of investors; on determining the selling price, rental price, and rental purchase price of social housing; about the beneficiaries and conditions of the policy.

Urgently complete, promulgate and effectively implement the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the 2021-2030 period" to immediately remove a number of specific difficulties and obstacles in the development of social housing, increase the supply in line with demand, and the ability of low-income people with high demand for accessible housing.

The Government defines the investment in social housing development for low-income workers as an investment item in the medium and long-term capital sources of localities.

To support capital for social housing development, it is proposed to implement a credit program of about VND 120,000 billion (equivalent to about 12% of capital needs to promote the realization of the goal of completing at least 1 million social housing apartments and houses) to lend to investors and homebuyers of social housing projects and workers' housing with interest rates about 1.5-2% lower than the average medium and long-term VND lending rates of state-owned commercial banks in the market from time to time and eligible non-state commercial banks for each specific credit package.

As for the solution of credit capital, the Resolution clearly states that the monetary policy tools are flexibly and synchronously operated to meet the needs of credit capital flows for socio-economic development; perfecting mechanisms and policies to exploit and mobilize maximum financial resources at home and abroad for housing development in particular and the real estate market in general.

Creating conditions for businesses, home buyers and investors to quickly access credit capital; take appropriate handling measures for difficult real estate enterprises (such as rescheduling principal, interest, restructuring debt groups, etc.); focusing on feasible projects and loan plans, customers with financial capacity, ability to repay debt in full and on time; prioritize residential real estate projects that meet people's real needs, are effective and have good liquidity such as social housing, renovation of old apartments, offices for lease, real estate for production, industry and tourism.

Along with that, take appropriate and effective measures to reduce lending interest rates and support the real estate market.

By Hoai Anh/ Huu Tuc

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