Passing a resolution to improve the effectiveness of implementing real estate management laws

On the afternoon of November 23, continuing the program of the 8th Session, the National Assembly voted to pass the Resolution on "Continuing to improve the effectiveness and efficiency of implementing policies and laws on real estate market management and social housing development" with 421/423 National Assembly deputies participating in the vote in favor, accounting for 87.89% of the total number of National Assembly deputies.

Resolution assessing the period 2015-2021, the real estate market developed vigorously but the product structure was unreasonable, causing an imbalance between supply and demand.

Supply is mainly in the high-end segment and for financial investment purposes, lacking housing products that are affordable for the majority of people. Some projects face legal problems, especially in granting certificates of land use rights, house ownership rights and other assets attached to land to people.

At the end of this period, tourism and accommodation real estate types encountered legal problems, partly due to the lack of clear and specific regulations, and partly due to the limitations in law enforcement. The complicated developments of the COVID-19 pandemic have affected the real estate market.

In the period of 2022-2023, the real estate market will decline, supply will decrease sharply compared to the previous period. Meanwhile, real estate prices will increase many times higher than the average income increase of the majority of people.

A large number of housing real estate projects are facing difficulties, delays, delays, and delays, causing waste of land and capital, increasing costs for investors, and increasing product prices. Tourism and accommodation real estate is almost “frozen” and continues to face legal problems.

Accordingly, the Resolution of the National Assembly on "Continuing to improve the effectiveness and efficiency of implementing policies and laws on real estate market management and social housing development" resolved to assign the Government to immediately implement tasks and solutions.

Regarding newly issued Laws related to real estate market management and social housing development such as the 2023 Law on Real Estate Business, the 2023 Housing Law, the 2023 Bidding Law, and the 2024 Land Law, it is recommended to immediately implement the following tasks and solutions: Focus on directing ministries, ministerial-level agencies, and localities to complete the issuance of detailed regulations and implementation instructions according to assigned authority.

Continue to review and complete detailed regulations and implementation guidelines to ensure overcoming existing shortcomings and limitations in the 2015-2023 period and problems arising in the implementation of new regulations, creating a safe, complete, favorable, stable and feasible legal corridor for investment, production and business activities of enterprises and people's lives, especially transitional regulations, ensuring conditions for access and use of land and other resources in a fair, public and effective manner.

The National Assembly assigned the Government to direct ministries, branches and localities to continue to proactively monitor the situation and developments of the real estate market, strengthen research, analysis and forecasting to promptly take measures to regulate and improve the health of the market.

Among them, respecting market rules, ensuring sustainable development goals, preventing the market from overheating or freezing, negatively affecting the overall development of the economy, causing social consequences.

There are regulatory measures to diversify products for the real estate market, harmonize supply and demand, increase real estate supply suitable for the income of the majority of people, meet housing needs, and ensure social security.

There are fundamental, long-term solutions to bring real estate prices back to their intrinsic value, preventing manipulation and the use of land use rights auctions to create land price fever.

In the immediate future, the National Assembly assigned the Government to focus on directing ministries, ministerial-level agencies, and localities to complete the issuance of detailed regulations and implementation instructions.

Have appropriate solutions and thoroughly handle real estate projects that encounter difficulties, legal problems, and delays due to prolonged implementation and changes in laws over time.

The solution is based on a comprehensive consideration of objective practical factors, specific historical circumstances, and a full assessment of the benefits-costs and feasibility of the solution to ensure the legitimate rights of the State, people and businesses.

Along with that, for the common and overall benefit, liberating resources for the real estate market, creating momentum for socio-economic development; not criminalizing economic and civil relations; clarifying the content without legalizing violations.

Resolutely resolve projects that are within the scope of authority or have been decentralized or assigned to the Government, ministries, branches, and localities.

Continue to review other projects with difficulties and legal problems, minimizing the impact of the review on normal, continuous business operations and legitimate, legal interests of businesses and people. Classify, clearly identify causes and responsibilities, propose appropriate resolution mechanisms to report to competent authorities.