It takes middle-income earners more than 30 years to buy a "middle-class home"

(Dan Tri) - Stating that real estate prices in Hanoi and Ho Chi Minh City are among the most expensive and increasing rapidly, delegate Ha Sy Dong said that people with average incomes would need more than 30 years to be able to buy a mid-range house.

Many pressing issues in the socio -economic landscape were addressed by National Assembly delegate Ha Sy Dong (former Acting Chairman of the Quang Tri Provincial People's Committee) in his speech in the assembly hall on the afternoon of October 29th, during the discussion on this topic.

While acknowledging many outstanding achievements in socio-economic development this year and the entire 5-year period from 2021-2025, Mr. Dong was concerned that, looking back over the entire term, or even the last 2-3 terms, there are issues that have been discussed repeatedly but seem to have seen no significant improvement.

As an example, he mentioned the real estate market with skyrocketing house prices. A report by the Economic and Financial Committee showed that real estate prices in Hanoi and Ho Chi Minh City are rising rapidly, ranking among the top 8 out of 220 major cities worldwide in terms of real estate cost relative to income.

National Assembly representative Ha Sy Dong (Photo: Hong Phong).

According to Mr. Dong, it would take an average-income citizen over 30 years to be able to buy a house at an average price in these two cities.

Or take the gold market, for example. The National Assembly has discussed this for the past 2-3 terms, but it remains very complex and poses risks to financial and monetary stability.

Another example that surprised and angered Representative Ha Sy Dong was that in Hanoi, people are required to provide copies of their Land Use Right Certificate and Citizen Identity Card; otherwise, "their rights will not be processed."

"I find it quite confusing. Identity cards and land use right certificates are documents issued by the State to the people, and they are all already in the State's system. Yet, people still have to go to each house to distribute information collection forms. If people comply, it's both time-consuming and worrying about storing and using these very important personal documents, but if they don't comply, they worry about being harassed," the representative from Quang Tri province stated.

Members of the National Assembly during a discussion on the socio-economic situation on October 29 (Photo: Hong Phong).

Authorities explained that the reason people need to submit copies of their land ownership certificates is to clean up the national land data, as many land users arbitrarily change land use purposes, conduct land and property transactions using handwritten documents, and have not established inheritance rights… leading to some cases where the information and data are inaccurate and inconsistent.

If so, according to Mr. Dong, it is necessary to raise awareness so that those who fall under this category can provide information and guidance on completing the procedures correctly, instead of requiring all households to submit relevant documents.

Cleaning up land data is essential, but the methods used, especially the way they are explained to the public, need to be reviewed, according to representative Ha Sy Dong.

Furthermore, supporting the viewpoint of delegate Tran Quoc Tuan from Vinh Long province, Mr. Dong suggested that during this session, the Government should submit a report on the current situation of surplus and shortage of commune-level officials, as well as inadequacies in mechanisms and policies, for the National Assembly to consider and issue decisions to address the issues.

Source: https://dantri.com.vn/thoi-su/dan-co-thu-nhap-trung-binh-phai-mat-hon-30-nam-de-mua-can-nha-tam-trung-20251029134425670.htm