In his opening speech at the workshop, Prof. Dr. Pham Hong Chuong - President of the National Economics University, said that in the period of 2022 - 2023, the Vietnamese real estate market will face many difficulties and challenges, including legal problems. However, from 2024, the real estate market is expected to change positively when the above important laws are applied.
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| Prof. Dr. Pham Hong Chuong - President of National Economics University spoke at the Conference (Photo: HNV) |
Previously, in November 2023, the National Assembly voted to pass the Law on Real Estate Business (amended) 2023; the Law on Housing (amended) 2023 and early 2024; the most anticipated Law on Land (amended) was also passed. The three laws mentioned above took effect from August 1, 5 months earlier than the previous resolution of the National Assembly, contributing to completing the final pieces in the legal picture for the real estate market.
"The real estate market has grounds to expect a more sustainable recovery, when an important legal framework is opened with many regulations and policy mechanisms affecting the market and participating entities," said Professor Pham Hong Chuong.
At the workshop, delegates and experts discussed and clarified the impacts of changes in the legal framework and innovations in policy mechanisms when important laws take effect on the Vietnamese real estate market in the coming time. At the same time, specific and timely policy mechanisms were proposed to implement major projects of the Government in developing the real estate market; at the same time, serving the research, development and promulgation of sub-law documents (decrees, circulars) of the Ministry of Natural Resources and Environment and the Ministry of Construction .
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| Prof. Dr. Hoang Van Cuong - National Assembly Delegate, former Vice President of National Economics University presented a paper at the Workshop (Photo: HNV) |
Clarifying the changes in the real estate market and forecasting the market developments in the coming time, Prof. Dr. Hoang Van Cuong - National Assembly Delegate, former Vice Rector of the National Economics University said that the number of apartment projects, social housing, and new products deployed recently is very modest. This could lead to a shortage of housing supply in the coming time. "The market is currently experiencing an imbalance between supply and demand in some segments," Prof. Hoang Van Cuong assessed.
According to Professor Dr. Hoang Van Cuong, reducing short-term credit interest rates will not help increase real estate supply. Instead, the long-term credit interest rate package for real estate loans will create new demand and balance in the market.
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| A corner of Phu Quoc, a resort real estate area with great potential (Photo: HNV) |
Forecasting the real estate market growth scenario in the coming time, Prof. Dr. Hoang Van Cuong pointed out many factors, in which, the economic growth rate and rapid urbanization make the real estate demand forecast to continue to increase. Because real estate is concentrated in many large cities, with vibrant demand. The forecast of rapid urbanization naturally increases demand.
Regarding the environment that facilitates the development of the real estate market, Professor Cuong hopes that many new laws will be issued and the new legal framework will clear the procedural bottlenecks of the past time. Moreover, in recent years, provinces and cities have focused on building local and urban planning, thereby creating new development space.
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| Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management, Ministry of Construction (Photo: HNV) |
Sharing at the workshop, Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management, Ministry of Construction said that real estate prices fluctuated locally in some real estate segments and in some provinces and cities. Particularly in Hanoi, there were some real estate projects and land auctions that increased compared to the starting price and the general level. This needs to clarify where the impact of the increase in real estate prices comes from, whether it is from the newly issued policy mechanism or not.
Making a proposal to create balance in the real estate market, Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) said that the real estate market regulation policy in the coming time needs to promote the affordable segment more than in the coming time, thanks to which the market will develop substantially and stably.
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| Mr. Nguyen Dac Nhan - Deputy Director of Land Department, Ministry of Natural Resources and Environment (Photo: HNV) |
Pointing out the irrationality in the development of housing segments in the market, according to the Chairman of the Vietnam Real Estate Brokers Association, the market is mainly high-end segment for the rich and speculators, and the Government is also determined to develop the social housing segment. However, the affordable segment is in shortage, no new projects are seen. This is the segment with the greatest demand but lacks supply and this is abnormal. According to Mr. Dinh, it is necessary to regulate the market in the direction of supply shortage then increase supply, which segment lacks products then increase that segment. The implementation of the new legal framework and dissemination of new regulations also need to be accelerated.
According to Mr. Nguyen Dac Nhan - Deputy Director of the Department of Land, Ministry of Natural Resources and Environment, the 2024 Land Law has been completed with many important innovations, in which the Law has added regulations on multi-purpose land use; supplemented and improved regulations on land use conversion to implement investment projects, creating a more comprehensive and complete legal framework on land management and use to clear and liberate land resources, contributing to the management, economical, effective and sustainable use of land resources in the new period, meeting the requirements of socio-economic development, ensuring national defense, security and protecting the ecological environment. This is also the driving force to promote the real estate market to develop safely, healthily and sustainably as expected and desired by the State and each citizen.
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| Delegates attending the Workshop (Photo: HNV) |
Many experts agree that the revised Land Law, Housing Law, and Real Estate Business Law have helped reduce the inconsistency of the laws. In particular, these three laws came into effect 5 months earlier than originally planned, contributing to creating positive momentum, promoting the recovery and development of the real estate market.
At the workshop, in addition to legal issues, how to solve the problem of capital sources to contribute to resolving instability in the real estate market is also an issue of concern to experts.
Source: https://dangcongsan.vn/kinh-te/ky-vong-moi-cho-thi-truong-bat-dong-san-680350.html
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