Restoring confidence in the real estate market.

First and foremost, Resolution 29's specific mechanisms allow for the classification and handling of land-related violations that occurred before August 1, 2024, the effective date of the Land Law. With the spirit of "rectification rather than punishment" for projects that are economically and socially beneficial but face legal obstacles, the Resolution has paved the way for ministries, sectors, and localities to apply flexible mechanisms to address long-standing stalled projects, unlocking resources to serve the national economy.

Observations show that both the central and local governments acted swiftly. Specifically, the Resolution was passed at the end of April, and by the beginning of May, the Government had issued a decree guiding its implementation to concretize the process for handling outstanding projects. Local authorities also quickly began implementation. For example, Ho Chi Minh City, immediately after Resolution 29 was passed, compiled a list of 838 projects to be addressed and resolved. Furthermore, the city assigned the Ho Chi Minh City Real Estate Association (HoREA) to continue compiling a list of projects with obstacles that had not been included in the initial list. HoREA also immediately organized a conference to disseminate information and guide businesses in reviewing and reporting. As of May 15th, after four consecutive updates, hundreds more projects with obstacles had been added to the city's list. These include projects that have completed 70% of their infrastructure but have been "clinically dead" for more than two decades with no way out, such as Tan An Huy (Nha Be) or the Binh Trung Dong residential area project (Cat Lai, former District 2), which has been completely stalled for 23 years due to planning changes between 2004 and 2010…

It can be affirmed that never before has the process of resolving obstacles for stalled projects been as decisive and rapid as it is now. Everyone understands that freeing up a huge amount of resources lying idle in stalled projects and constructions will contribute significantly to the double-digit growth target set by the Party and the State. This is not just about tangible resources; it also has a huge ripple effect on all aspects of socio-economic life, especially restoring public confidence in the land sector. We all know that behind each stalled project are hundreds, even thousands, of customers whose rights are suspended, whose capital is tied up indefinitely, and who have lost money but have no place to live. Thousands of projects nationwide represent tens of thousands, even millions, of people who have suffered injustice and frustration for years without being able to do anything. Market confidence has been severely affected, creating loopholes for brokers, speculators, and even unscrupulous businesses to exploit and cause disruption. Then, countless people lose money unjustly..., the vicious cycle repeats itself endlessly, with no way out.

Things are different now. The special mechanism is opening up golden opportunities for thousands of projects nationwide to recover and continue implementation, bringing about a new development cycle for the real estate market, as well as creating more room for economic growth in the coming period. Whether it happens quickly or slowly, and how effective it is, now depends on the local authorities, especially the responsibility of the leaders in organizing the implementation. In another development, the Government will assign growth KPIs to each province/city, which also puts pressure on localities to carefully utilize all resources, including resolving long-standing obstacles in projects.

Investors, businesses, the public, and the economy as a whole are placing high expectations on this.

According to Nguyen Minh (TNO)

Source: https://baogialai.com.vn/phuc-hoi-niem-tin-cho-thi-truong-bat-dong-san-post587692.html