Prime Minister Pham Minh Chinh has issued an official dispatch emphasising the urgent need to address obstacles hindering the progress of social housing projects, aiming to enhance the effectiveness of social housing development and meet the growing demands of people.
The new Land Law, the Law on Real Estate Business, and the Housing Law should ease bottlenecks in the sector, helping improve supply and transparency in Vietnam’s real estate market.
Vietnam may develop regulations about caps on the number of property transactions and revenues individuals make in a year to limit speculation, heard a meeting to discuss the draft decree detailing several points of the Law on Real Estate Business.
The Ministry of Construction (MoC) has been demanded to coordinate with other ministries and sectors to minimise processes and procedures for implementing social housing projects.
Deputy Prime Minister Tran Hong Ha chaired a hybrid conference on May 21 to discuss some draft decrees on the enforcement of the 2023 Law on Housing and 2023 Law on Real Estate Business.
The Government has issued plans and lists of tasks to build documents guiding the implementation of the newly-approved Law on Real Estate Business and Law on Housing, said Deputy Minister of Construction (MoC) Nguyen Van Sinh.
The regulations related to overseas Vietnamese (OVs) in the revised laws on land, housing, and real estate business were disseminated to expatriate at a hybrid conference on March 26.
The newly approved Land Law, Housing Law, and Law on Real Estate Business, which will take effect from 2025, are expected to create more favourable conditions for Overseas Vietnamese (OVs) in owning and trading real estate, according to experts.
A total of 59,559 businesses entered and re-entered the real estate market in the third quarter of 2023, a record number for the period, which represented a rise of 18% year on year, according to head of the Ministry of Construction (MoC)’s Office Dau Minh Thanh.
Real estate brokerage activities should be professionalised and often individual sellers need better training, especially when the market is in need of momentum after the COVID-19 pandemic, experts said.
