Prime Minister Phạm Minh Chính delivers a speech at the online conference to propose solutions for the real estate market on Thursday. VNA/VNS Photo Dương Giang

HÀ NỘI – Prime Minister Phạm Minh Chính urged sectors, localities, and enterprises to work together in overcoming obstacles and challenges to ensure the sustainable development of the real estate market.

He made these remarks yesterday while chairing an online conference to assess the implementation of the Government’s Resolution No33/NQ-CP issued on March 11, 2023, and to propose solutions for the real estate market.

The conference was held online with the headquarters of the People's Committees of cities and provinces.

In his opening speech, PM Chính said during the past seven months of 2023, despite facing numerous difficulties and challenges, under the leadership of the Party, the joint efforts of the political system, the consensus and support of the people and businesses, and the assistance from international friends and partners, the socio-economic situation has achieved fundamental results.

Macroeconomy continued to be stable, inflation trended downward, major balances were secured, and economic growth continued. The real estate sector played a significant role in these socio-economic achievements.

Chính shared his appreciation for the efforts and contributions of all stakeholders in the development of the real estate market. He emphasised that the real estate market experienced both favourable and challenging times. However, the most crucial aspect was to identify emerging issues, difficulties, and obstacles, accurately assess the causes, and propose suitable goals and solutions as well.

Chính said this conference followed the online conference held on February 17 to further implement the solutions for promoting the real estate market. He made it clear that one or two conferences could not solve all the issues, and all stakeholders should work together, harmonise interests between the State, businesses, and citizens and enhance responsibility for the country's development.

The Prime Minister requested all delegates to analyse the implementation of Government’s Resolution No33/NQ-CP and the current real estate market situation, analyse the root causes, and propose tasks and solutions to remove difficulties and obstacles and promote the real estate market, with a focus on issues related to legal frameworks, capital sources, planning, finance, banking, administrative procedures, and decentralisation.

Reports from the Ministry of Construction showed that relevant ministries, sectors, and localities have been focusing on carrying out their assigned tasks.

Regarding institutional and legal improvements, basic obstacles and difficulties related to investment in construction and real estate business under the jurisdiction of the Government, the Prime Minister, and the relevant ministries and sectors have been resolved through the issuance of government decrees and ministries' circulars.

However, some obstacles and difficulties that fell within the provisions of the Law were being proposed for resolution in the draft laws submitted to the National Assembly for consideration in the near future, such as the draft amended Land Law and the draft amended Housing Law.

Concerning the review and removal of obstacles in real estate projects, the ministry has worked with many localities and received documents and recommendations, addressed the assigned tasks and issued directives to the relevant ministries, sectors, and localities to resolve obstacles and difficulties in the projects.

Regarding the development of social housing and workers' housing, localities have also published lists of projects that met the conditions for banks to implement the VNĐ120 trillion housing credit package with preferential loans.

The ministry will continue to closely coordinate with the State Bank of Việt Nam to provide instructions to localities on effectively implementing the programme to build at least one million homes for low-income and industrial park workers and implement a VNĐ120 trillion credit package.

Regarding credit resources, the State Bank of Việt Nam has instructed banks to restructure repayment periods for customers and has reduced interest rates several times. As a result, the interest rates for loans have decreased by 0.5 to 2 per cent since the beginning of the year, and the overall interest rate landscape has stabilised.

However, some firms still report that borrowing interest rates remain high, and they encountered difficulties in accessing credit.

Concerning corporate bonds, the Ministry of Finance has issued various directives to ensure that enterprises that have issued bonds concentrate their resources on repayments to protect the interests of investors. – VNS