The Government Office has just issued Notice No. 294/TB-VPCP dated June 9, summarizing the conclusions of the Standing Committee of the Government at a meeting on the real estate market situation.
Nineteen plots of land in Hoai Duc district were successfully auctioned off in August 2024 at exorbitant prices ranging from 91 to 133 million VND/m2. Photo: Huu Hung
To promote a healthy, substantive, equitable, civilized, and progressive real estate market that is consistent with the economic conditions and income of the majority of the people, the Standing Committee of the Government requests Ministers, Heads of ministerial-level agencies, government agencies, and Chairmen of People's Committees of provinces and centrally-administered cities to immediately review and clarify the causes of the increase in real estate prices (land prices, raw material prices, loan interest rates, etc.); and to urgently develop plans to reduce the factors that increase real estate prices, increase accessibility to real estate, and increase supply.
Focus on minimizing overlapping and unnecessary administrative procedures, immediately eliminating complex paperwork and documentation requirements, ensuring a reduction of at least 30% in the time taken to process administrative procedures and 30% in compliance costs, in line with the Government 's objectives in Resolution No. 66/NQ-CP regarding the implementation of real estate projects; in particular, studying the reduction of procedures related to investment policy approval, project appraisal, design, especially construction permit procedures, inspection of acceptance work, reducing pre-inspection, and strengthening post-inspection.
Review, amend, and immediately abolish inappropriate or conflicting regulations and standards that generate additional costs, such as those related to planning, parking, and fire safety. Research and develop policies to support homebuyers with genuine needs, especially young people, increasing people's access to housing and real estate so that citizens can exercise their right to own a home as stipulated in the Constitution.
Strict measures will be taken against organizations and individuals who exploit auctions to inflate land prices, causing disruption and hindering real estate development.
Continue reviewing outstanding projects facing difficulties and obstacles to report to the Steering Committee for resolving difficulties and obstacles for projects under Decision No. 751/QD-TTg dated April 11, 2025 of the Prime Minister (Steering Committee 751), and propose mechanisms to resolve them.
Research and development should focus on diversifying real estate projects across various segments and product types to increase accessibility for buyers, reduce costs, increase supply, and provide people with more choices that suit their financial capabilities.
The Standing Committee of the Government also demanded resolute and strict handling of acts of speculation, price manipulation, and the dissemination of false information aimed at creating artificial price surges and defrauding people for personal gain.
The Ministry of Construction is tasked with leading and closely coordinating with the Ministry of Agriculture and Environment to urgently research and review the Laws on Housing and Real Estate Business to identify existing shortcomings, inadequacies, and inconsistencies with current practices, in order to meet the expectations of real estate market development.
Conduct a comprehensive review of all Decrees and Circulars on housing and real estate business to propose amendments to competent authorities through a streamlined process, resolutely cutting down on cumbersome administrative procedures that increase costs, and eliminating regulations that are inconsistent with the realities of development. Report to the Government in June 2025.
At the same time, it is urgent to research and develop a model for a "State-managed real estate and land use rights transaction center".
The State Bank of Vietnam has directed commercial banks to focus on lending and disbursing funds for affordable commercial housing projects, promoting credit growth and contributing to the 8% growth target for 2025; to reduce procedures and conditions to facilitate access to credit for people and businesses, while strictly controlling and preventing corruption and negative practices; and to research credit packages for young people who need to buy houses.
Focus on directing and urging banks to participate in the 120,000 billion VND preferential loan program, while also researching and developing a medium-term credit package with stable interest rates for affordable commercial housing projects.
Source: https://nld.com.vn/thuong-truc-chinh-phu-yeu-cau-xu-ly-nghiem-hanh-vi-thoi-gia-tao-sot-ao-bat-dong-san-19625061011203601.htm
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