PM requests solutions for safe, sustainable development of property market
Prime Minister Pham Minh Chinh on December 17 issued an official dispatch asking relevant ministries, agencies and local authorities to take drastic solutions to ensure the safe, healthy and sustainable development of the property market.
The realty market has faced a lot of difficulties in legal procedures, credit accessibility, land procedures and pricing. (Photo: VNA)
Hanoi (VNA) - Prime Minister Pham Minh Chinh on December 17 issued anofficial dispatch asking relevant ministries, agencies and local authorities totake drastic solutions to ensure the safe, healthy and sustainable developmentof the property market.
Bottlenecksrelated to legal procedures, credit accessibility, land procedures and pricinghave pushed the real estate market into a lot of difficulty although theGovernment has made efforts to address these problems since late 2022,according to the official dispatch.
PM Chinhasks relevant ministries, agencies and local authorities to enhanceaccountability to remove difficulties for the real estate market, taking it asa pressing issue.
Specifically,the Ministry of Construction must complete the legal framework for housing andreal estate business. The focus must be placed on removing bottlenecks,especially in administrative procedures, to speed up the implementation ofhousing, urban centre and industrial park projects to create spillover effects.
The ministryis urged to strengthen the implementation of the project on building at least 1million apartments for low-income earners and workers in 2021-2030 period,together with raising new solutions to speed up disbursement for social housingdevelopment.
The Ministryof Natural Resources and Environment must cut unnecessary administrativeprocedures and move roadblocks in land procedures and pricing.
It must setup a working group immediately to solve problems related to land leasing, landpricing and land planning, especially in major cities like Hanoi, Da Nang and HoChi Minh City.
The StateBank of Vietnam must keep a close watch on the real estate market and creditflow into the sector to improve capital accessibility for buyers anddevelopers.
Especially,feasible solutions must be applied to efficiently implement the 120 trillion VNDcredit package for social housing developments, homes for workers andrenovations of old apartment buildings./.
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The realty market has faced a lot of difficulties in legal procedures, credit accessibility, land procedures and pricing. (Photo: VNA) 
