PM highlights solutions to ensure sustainable development of real estate market
Prime Minister Pham Minh Chinh has ordered reviewing legal regulations in an effort to ensure the stable, healthy and sustainable development of the real estate market.
Hanoi (VNA) – Prime Minister Pham MinhChinh has ordered reviewing legal regulations in an effort to ensure thestable, healthy and sustainable development of the real estate market.
In a directive issued on August 29, the PM emphasisedthe need to step up decentralisation and pilot mechanisms and policies tocreate new momentum for the market.
Credits should not be tightened irrationally, butinspections must be intensified, the leader requested at Directive No. 13/CT-TTg,noting attention should be paid to preventing tax avoidance and ensuring the harmonyof interests of the State, people and businesses.
Chinh also stressed the need to combine fiscal andmonetary policies harmoniously and effectively, implement the monetary policyflexibly, safely and cautiously, and expand the fiscal policy reasonably.
Other tasks include assessing the supply and demand specificallyand accurately, identifying market segments to devise suitable policies, andstepping up the communication work.
The Ministry of Construction was asked to quicklystudy and perfect relevant legal regulations, develop an information system,and accelerate cashless payment in property transactions.
The Housing Law (amended) and the Law on Real Estate(amended) will be submitted to the National Assembly for approval to create alegal framework for real estate business, according to the directive.
The Ministry of Construction was tasked withpresenting quarterly reports on the domestic market to the PM and proposingsolutions to develop the market stably and healthily.
The leader asked the Ministry of Finance to controlcapital mobilisation of real estate firms in the stock market to preventspeculation, and consolidate tax policies, making them match the presentsituation.
The Ministry of Planning and Investment willinstruct localities to streamline administrative procedures and work to attractmore investments in the sector, while the Ministry of Natural Resources and Environmentwill coordinate with the Ministries of Finance and Justice to study and reviewlegal regulations on land use right auction.
The State Bank of Vietnam was urged to monitorcredits for real estate, and prioritise social housing projects.
The PM said cities and provinces should publicise thelist of projects, land fund and procedures to lure investors, and facilitatetheir operations./.
The real estate market of Vietnam showed signs of recovery and more balanced development in the second quarter of this year with increases in the number of successful transactions of apartments, houses and land, according to the report of the Ministry of Construction.
The real estate market in Hanoi is gradually recovering and may see a lot of development prospects in the time to come, according to analysts from property consultation company Savills Vietnam.
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Illustrative image (Photo: VNA) 
