PM orders close coordination to remove obstables to property market
Prime Minister Pham Minh Chinh has just signed a document requesting more efforts to promote the development of and remove obstacles to the real estate market.
Hanoi (VNA) – Prime Minister Pham Minh Chinh has just signed adocument requesting more efforts to promote the development of and removeobstacles to the real estate market.
He asked ministries, agencies and People’s Committees ofprovinces and centrally-run cities to strictly follow theGovernment’s resolution dated March 11, 2023 on several measures to solve difficulties for and promote the safe, healthy and sustainable development of themarket.
The Ministry of Construction (MoC), the Ministry of Finance(MoF), and the State Bank of Vietnam (SBV) must coordinate closely with eachother and with relevant agencies to help businesses overcome difficulties andmake the market revive.
Real estate enterprises must adjust the product structure and marketsegments as well as offer more reasonable prices; pay special attention to the developmentof social housing and houses for workers that are suitable to people'sincome. Competent authorities need to review housing and real estate projects to work with enterprises on measures to handlelegal problems, especially in projects with corporate bonds and bank loans, and capital mobilised from buyers, the Government leaderstressed.
A social housing project (Photo: VNA)
He also urged the MoC to soon complete a project on buildingat least one million social housing apartments for low-income earners andworkers in industrial parks in the 2021-2030 period.
The MoF was asked to carry out harmonious, reasonable andeffective measures to support enterprises to restructure bond debts, interestrates, payment terms and conditions in accordance with regulations.
PM Chinh also urged the central bank to soon implement thecredit programme worth around 120 trillion VND (5.1 billion USD) to assistcommercial banks in providing perferential loans forinvestors and buyers of projects building social housing and houses for workers, and reconstructing old apartment buildings.
Local People’s Committees were required to soon approvemaster plans, as well as land use plans and housing development plans andprogrammes for five years and annually; and organise meetings with eachenterprise to help them deal with difficulties./.
Affordable home buyers can access preferential loans at rates 1.5-2 percentage points lower than the market average as part of a credit package worth around 120 trillion VND (5.02 billion USD).
Deputy Prime Minister Tran Hong Ha has requested promptly tackling obstacles in social housing development policies and mechanisms, with incentives in infrastructure, land and finance for developers engaged in the effort.
The Government's latest real estate legislation went into effect on March 11 aiming to reinvigorate the sluggish realty market, which has been mired in a severe imbalance of supply and demand.
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Illustrative image (Photo: cenhomes.vn) 
A social housing project (Photo: VNA) 
