The three bills passed present a historic opportunity for the real estate sector.

The government is implementing strong support policies.

At the forum "Sustainable Development of the Real Estate Market and Certification of Livable Projects 2023" on the morning of September 22nd, Mr. Pham Tan Cong - Chairman of the Vietnam Federation of Commerce and Industry (VCCI) affirmed that real estate is a market with a particularly important position and role in Vietnam's national economy .

The real estate market has its own ecosystem and is also directly related to other markets such as the financial market and the labor market.

In fact, Mr. Cong stated that recognizing the important role of the real estate sector, the Government has continuously paid attention to and issued many policies to support market recovery and help businesses overcome difficulties since the beginning of the year.

Specifically, in just the first half of 2023, the Government issued nearly 10 Resolutions, Decrees, and Circulars, along with numerous meetings with leading real estate associations and businesses to find solutions to market difficulties.

Mr. Pham Tan Cong - President of the Vietnam Federation of Commerce and Industry (VCCI).

In particular, the Government has issued Resolution No. 33, which outlines several solutions to address and promote the safe, healthy, and sustainable development of the real estate market.

In addition, the Prime Minister has established a Task Force and recently assigned specific tasks to each ministry, sector, and locality to implement various short-term and long-term tasks and solutions to remove obstacles and promote the safe, healthy, and sustainable development of the real estate market.

In addition, the task force, together with the Ministry of Construction, the Ministry of Finance, the State Bank of Vietnam, and other ministries, sectors, and localities, has urgently and actively implemented the assigned tasks and achieved some initial concrete results.

However, the VCCI Chairman frankly acknowledged that, according to aggregated data from the General Statistics Office and the Business Registration Department of the Ministry of Planning and Investment, real estate businesses are still facing many difficulties, and the number of newly established businesses operating in the real estate sector decreased in the quarter.

Specifically, in the first quarter of 2023, only 940 new businesses were established, a decrease of 63.2% compared to the same period in 2022. In addition, the number of businesses dissolved or temporarily ceasing operations reached 341, an increase of 30.2%, and 1,816, an increase of 60.7%, respectively, compared to the same period last year.

“Businesses operating in the real estate sector are currently facing many challenges and must change their business and management strategies, such as debt restructuring, business operations restructuring, downsizing investment and production, streamlining operations, and reducing the workforce. Many businesses have stopped implementing new projects, halted share issuances to increase capital, and some have reduced their workforce by up to 50% to cope with the current difficult conditions,” the VCCI Chairman shared.

A historic opportunity for the real estate market.

Besides legal issues, the Chairman of VCCI believes that the policy system related to land has many limitations, especially the 2013 Land Law, which after nearly 10 years of application has shown inadequacies as it has not kept pace with or adequately addressed the new situations of the real estate market.

Meanwhile, while the Land Law regulates land ownership and land use, the implementation of related laws concerning real estate often results in contradictions and overlaps. These contradictions and overlaps have hindered implementation, reduced the effectiveness and efficiency of legal provisions, and hindered the efficient exploitation of land resources for socio-economic development.

The revised Land Law project is expected to be passed at the 6th session of the 15th National Assembly in October (Photo: Huu Thang).

Mr. Pham Tan Cong also stated that the 2013 Land Law is currently being amended, having been discussed in two National Assembly sessions and may be passed in the next session. Over the past period, the National Assembly and the Government have organized extensive consultations with the public and the business community. The recent 5th National Assembly session also discussed and provided initial feedback on the draft amendments to the Housing Law and the Real Estate Business Law.

"Therefore, there will be a historic opportunity for all three of the most important draft laws for the real estate sector to be considered and passed by the National Assembly at the same session - the 6th session in October 2023. These laws will directly impact the rights and interests of the people, as well as directly impact the real estate market, the housing market, and the economy," Mr. Cong said at the Forum.

The Forum program is expected to award the "Most Livable Project 2023" certificate to real estate projects that offer healthy living spaces, close to nature, focus on health care, and foster environmental awareness among residents, which often attract a large number of buyers.

VCCI leaders noted that for businesses with real estate products that have received certification, being selected and honored in the Livable Projects Program will be a great encouragement for businesses in the same industry to strive for better results in future projects, thereby contributing to improving the quality of urban life.

“In particular, within the overall picture of the real estate market, I believe that the ‘Livable Project’ certification has added bright touches to urban living spaces, while also contributing to inspiring and guiding the development of civilized and modern cities in Vietnam,” Mr. Pham Tan Cong emphasized .

Source: https://www.nguoiduatin.vn/chu-tich-vcci-3-du-an-luat-duoc-thong-qua-la-co-hoi-lich-su-cua-bds-a627666.html