Gov’t to help ensure sustainable development of real estate market

September 10, 2022 - 11:00
Prime Minister Phạm Minh Chính has ordered relevant agencies not to tighten bank loans to the real estate industry irrationally, but inspections must be intensified.


A land plot under development in the capital city Hà Nội. VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính has ordered relevant agencies not to tighten bank loans to the real estate industry irrationally, but inspections must be intensified to detect and strictly handle violations in accordance with the law.

It was among several solutions in Directive No. 13/CT-TTg released this week by the Prime Minister to ensure the stable, healthy and sustainable development of the real estate market.

The move was made after the development of the real estate industry revealed shortcomings and inadequacies, which caused the industry to not really grow sustainably and pose potential risks.

Meanwhile, the real estate market plays an important role in economic stabilisation, inflation control, and growth. 

Under the directive, the PM has also required attention to preventing tax avoidance and ensuring the harmony of interests of the State, people and businesses in the real estate industry.

The PM has emphasised the need to step up decentralisation and pilot mechanisms and policies to create new momentum for the real estate market.

It is also key to combine fiscal and monetary policies harmoniously and effectively, implement monetary policy flexibly, safely and cautiously, and reasonably use fiscal policy measures to support the development of the real estate market.

Other tasks include assessing the supply and demand precisely and accurately, identifying market segments to devise suitable policies, and stepping up communications work.

According to the directive, the Ministry of Construction was asked to quickly study and perfect relevant legal regulations, develop an information system, and accelerate cashless payment in property transactions.

According to the directive, the amended Housing Law and the amended Law on Real Estate will be submitted to the National Assembly for approval to create a legal framework for the real estate business.

The Ministry of Construction was tasked with presenting quarterly reports on the domestic market to the PM and proposing solutions to develop the market healthily.

The leader asked the Ministry of Finance to control the capital mobilisation of real estate firms in the stock market to prevent speculation and consolidate tax policies, making them match the present situation.

The Ministry of Planning and Investment will instruct localities to streamline administrative procedures and work to attract more investment in the sector.

At the same time, the Ministry of Natural Resources and Environment will coordinate with the Ministries of Finance and Justice to study and review legal regulations on land-use rights auctions.

The State Bank of Vietnam has been urged to monitor credit for real estate and prioritise social housing projects.

The PM said cities and provinces should publicise lists of projects, land funds, and procedures to lure investors and facilitate their operations. — VNS