On October 24, Deputy Prime Minister Tran Hong Ha chaired a meeting of the Central Steering Committee on housing policy and real estate market.
According to a report by the Ministry of Construction, in the first months of 2024, the supply of the real estate market, although there were positive changes, was still quite limited.
In the third quarter of 2024, real estate prices in some localities still tend to increase, especially in Hanoi, Ho Chi Minh City and large cities... The supply of real estate and housing to meet the needs of the majority of people, low-income and middle-income earners in urban areas, especially Hanoi and Ho Chi Minh City, is still lacking.
In some localities and areas, there is a phenomenon of land use rights auctions with winning bids many times higher than the starting price, and then people can "abandon the deposit" after winning the land auction with the aim of establishing a virtual price level in the area to make a profit...
To date, localities have planned 9,757 hectares of land for social housing, with 622 social housing projects being implemented with a scale of 565,177 units.
However, only 83 projects in 63 provinces and cities are eligible for preferential loans from the VND120,000 billion credit package.
The Vietnam General Confederation of Labor has implemented the project "Investing in building trade union institutions in industrial parks and export processing zones", in which the investment in the pilot project of trade union institutions in Ha Nam is being completed, including technical infrastructure items, multi-purpose buildings and 5 blocks of 5-storey houses with 244 apartments.
Complete procedures for putting into operation and use of technical infrastructure and multi-purpose building of trade union institution in Tien Giang (phase 1); organize the groundbreaking ceremony for the construction of cultural and sports center of trade union institution in Tra Vinh.
"To cool down the real estate market, there needs to be a comprehensive solution to increase both supply and demand for construction administrative procedures, preferential credit, raw material prices... not just land price policies," Deputy Minister of Natural Resources and Environment Le Minh Ngan said, proposing a number of solutions to address the phenomenon of "creating virtual prices", inflating prices, and auctioning land many times higher than the starting price for profit.
Meanwhile, Deputy Governor of the State Bank Dao Minh Tu said that banks and real estate businesses must meet according to the principle of "harmonized benefits and shared risks" to unblock the real estate market.
Concluding the meeting, Deputy Prime Minister Tran Hong Ha requested the Ministry of Construction to coordinate with the Ministry of Home Affairs to study, propose, and consult with ministries, branches, and localities on the plan to arrange and consolidate the Central Steering Committee on housing policy and real estate market with its subcommittees and affiliated interdisciplinary working groups.
The Ministry of Construction proposed that the Steering Committee establish interdisciplinary working groups to inspect the implementation of laws related to housing policies, real estate market, social housing, and targeted housing support in some key localities, such as Hanoi, Ho Chi Minh City, and Bac Ninh.
"It is necessary to assess the real estate market situation in localities, where there is a shortage but no work is done, where there is a surplus but cannot be sold, as well as the responsibility of ministries, branches and localities in forecasting supply and demand, regulating the structure of real estate product segments," Deputy Prime Minister of the Government stated.
