A forum on developing the real estate market to boost GDP growth held on September 26 by the Xây dựng newspaper. Photos tapchixaydung.vn

HÀ NỘI — Unlocking the full potential of Việt Nam's real estate market must start with reforming institutional frameworks, experts said at a forum on developing the real estate market to boost GDP growth held on September 26 by the Xây dựng (Construction) Newspaper.

The event brought together policymakers, economists, business leaders and industry stakeholders, all echoing a common message: without institutional reform, efforts to revitalise the real estate sector and, by extension, the broader economy, will fall short.

According to Nguyễn Xuân Bính, Deputy General Director of Cienco 5 Land, recent policy developments - such as Resolution 68-NQ/TW on private economic development - are injecting optimism into the market. 

“The resolution has upheld the role of the private sector, including real estate enterprises, and provides investors with the confidence to deploy capital into new projects,” he said.

In addition, the Government is drafting and amending several critical laws aimed at protecting investor rights and improving market transparency. However, despite these promising signs, systemic issues continue to hinder the market's recovery.

One of the most persistent challenges remains the lack of synchronisation within the legal system. Unclear regulations, overlapping jurisdiction and sluggish approval processes have left numerous real estate projects stuck in limbo.

“This is the bottleneck of bottlenecks,” said Associate Professor Dr Trần Đình Thiên, a member of the Prime Minister’s Advisory Group and former Director of the Vietnam Economic Institute. 

“A distorted market structure currently leaning toward speculation and group interests only worsens the problem. If we want real breakthroughs, we must start by clearing legal obstacles for long-delayed projects,” he said.

Thiên also called for a thorough review of recent and upcoming legal reforms, including the 2023 Real Estate Business Law, the revised Land Law and the operational framework under the new two-tier government model. These changes, he argued, must be aligned to ensure clarity in project authority and streamline investment processes.

From a policy standpoint, Tống Thị Hạnh, director of the Department of Housing and Real Estate Market Management, emphasised the need to strengthen the legal foundation across construction, land, investment and finance sectors.

“The core issue is institutional,” Hạnh said. “We must pinpoint exactly where the problems lie in the legal framework and resolve them there. If we succeed, the market will move in a positive direction.”

She also highlighted the importance of introducing bold, innovative mechanisms to attract social capital. A transparent and well-regulated market would minimise risks, boost investor confidence and support long-term sustainability.

Beyond legal reform, experts also pointed to infrastructure as a crucial driver of real estate development.

Architect Trần Ngọc Chính, chairman of the Việt Nam Urban Planning and Development Association, said that “a nation’s growth begins with a synchronous transportation system.” 

Efficient transport infrastructure enables population redistribution, eases urban congestion and lays the groundwork for modern urban planning, according to Chính.

This view was echoed by architect and deputy director of the Academy of Strategy and Training for Construction Officials Nguyễn Vũ Phương. 

“Today’s transport systems determine housing opportunities for millions,” said Phương. “Integrating models like Transit-Oriented Development (TOD) and ‘rail and property’ can transform infrastructure into a tool for developing a transparent and sustainable real estate market.”

Experts agreed that while businesses play a vital role in market development, State intervention would remain indispensable. Removing institutional, legal, capital and infrastructure bottlenecks would be essential not just for market recovery, but for propelling Việt Nam toward its goal of high and sustainable GDP growth.

At the forum, the Xây dựng newspaper officially launched its real estate page.

That same day, on the sidelines of the forum, the Xây dựng newspaper officially launched its real estate page, aiming to deliver authentic, multi-dimensional and in-depth coverage of Việt Nam’s dynamic property market.

Speaking at the launch, Deputy Minister of Construction Nguyễn Văn Sinh underscored the significance of the real estate sector, which contributes approximately 4.5 per cent of GDP annually, while the broader construction industry accounts for around 11 per cent.

“The real estate market has a strong spillover effect on many other industries and fields,” Sinh said. “Recently, we have seen encouraging signs of recovery: an increase in supply and improved transaction activity. However, persistent issues remain, including a mismatch between supply and demand, and a serious shortage of social housing and affordable housing for low-income groups.”

The deputy minister expressed hope that the real estate page would become a vital platform for policy communication, helping to clarify and disseminate new regulations and reforms.

The page was expected to connect stakeholders, serving as a bridge between State management agencies, businesses and citizens. It also would reflect on-the-ground challenges, providing real insights from market participants to help inform the Government and National Assembly about the ministry’s recommendations. — BIZHUB/VNS