Real estate still faces difficulties, Prime Minister directs series of drastic solutions

The Prime Minister has just signed and issued Official Dispatch 993 dated October 24, 2023 on continuing to resolutely implement solutions to develop a safe, healthy, and sustainable real estate market, contributing to promoting socio -economic development.

Specifically, for the State Bank, Prime Minister Pham Minh Chinh requested the governor to direct commercial banks to continue promoting credit lending to the real estate sector.

In addition, banks need to have appropriate solutions to reduce costs to reduce interest rates, continue to review and cut inappropriate, cumbersome and costly administrative procedures so that businesses, real estate projects and home buyers can access credit sources more conveniently.

Besides, commercial banks also need to have special credit promotion policies for feasible real estate projects with fast implementation progress, creating momentum for growth and promoting the real estate market.

The State Bank presides over and closely coordinates with the Ministry of Construction to carefully review favorable and open lending procedures and conditions, control and speed up the implementation of the VND120,000 billion credit package.

Bất động sản vẫn còn khó khăn, Thủ tướng chỉ đạo loạt giải pháp quyết liệt - 1 — The Prime Minister requested the Governor to direct commercial banks to continue promoting credit lending to the real estate sector (Photo: Ha Phong).

The Head of Government directed the Minister of Construction to continue to closely coordinate with the National Assembly Committees to complete the draft amended Housing Law and the draft amended Real Estate Business Law to submit to the National Assembly for consideration and approval to ensure feasibility, promptly remove difficulties and obstacles, and promote the development of a public, transparent, safe, healthy and sustainable real estate market.

In addition, the Ministry of Construction focuses on directing, urging, and guiding localities and enterprises to speed up the implementation of the Project to invest in building at least 1 million social housing apartments for low-income people and industrial park workers in the 2021-2030 period.

The Prime Minister requested the Minister of Natural Resources and Environment to urgently complete and submit to competent authorities for consideration and promulgation of a Decree amending and supplementing Decree No. 44/2014 regulating land valuation methods in October.

Since the beginning of 2023, 10 social housing and worker housing projects have been started with a total of nearly 20,000 units. 20 provinces have announced a list of 52 projects eligible for loans under the VND 120,000 billion credit program with a loan demand of VND 25,884 billion.

However, the market still has difficulties and problems related to legal issues, land allocation, land price determination, capital market, administrative procedures, decentralization, and especially access to credit for real estate.

"Ministries, sectors and localities must consider this one of the urgent and important tasks that need to be focused on resolving according to the principle that the problem falls under the authority of which level, that level must resolve it, without avoiding, pushing, fearing mistakes, fearing responsibility," the Prime Minister directed.

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