Prime Minister directs series of drastic solutions to develop real estate market

This is one of the directions of Prime Minister Pham Minh Chinh in the latest dispatch issued today (October 24) on continuing to resolutely implement solutions to develop a safe, healthy, and sustainable real estate market, contributing to promoting socio-economic development.

Specifically, for the State Bank, the Prime Minister requested the Governor to direct commercial banks to continue promoting credit lending to the real estate sector.

In addition, there are appropriate solutions to reduce costs to reduce interest rates, continue to review and further reduce inappropriate, troublesome and costly administrative procedures so that businesses, real estate projects and home buyers can access credit sources more conveniently.

There are special credit promotion policies for feasible real estate projects with fast implementation progress, creating momentum for growth and promoting the real estate market.

In addition, preside over and closely coordinate with the Ministry of Construction to carefully review favorable and open lending procedures and conditions, control and speed up the implementation of the 120,000 billion VND credit package.

Regarding the Ministry of Construction, the Prime Minister directed the Minister of Construction to continue to closely coordinate with the National Assembly Committees to complete the draft Law on Housing (amended) and the draft Law on Real Estate Business (amended) to submit to the National Assembly for consideration and approval at the 6th Session to ensure feasibility, promptly remove difficulties and obstacles, and promote the development of a public, transparent, safe, healthy and sustainable real estate market.

At the same time, urgently develop and complete draft documents detailing and guiding the implementation of the Laws.

In addition, focus on directing, urging, and guiding localities and enterprises to speed up the implementation of the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the 2021-2030 period".

Along with that, promoting the role and responsibility of the Head of the Prime Minister's Working Group, promptly guiding and removing difficulties and obstacles, speeding up the implementation of real estate projects, especially housing projects, urban areas, large industrial parks, with spillover effects.

The Prime Minister requested the Minister of Natural Resources and Environment to urgently complete and submit to competent authorities for consideration and promulgation a Decree amending and supplementing Decree No. 44/2014 regulating land valuation methods this October.

"Ministries, sectors and localities must consider this one of the urgent and important tasks that need to be focused on resolving according to the principle that the problem falls under the authority of which level, that level must resolve it, without avoiding, pushing, fearing mistakes, fearing responsibility" - the Prime Minister directed.

Regarding solutions to remove difficulties for the real estate market, recently, the Government and the Prime Minister have issued many instructions, ministries, branches and localities have made efforts to participate, coordinate and synchronously implement policies and tasks, especially difficulties and obstacles related to law and capital sources.

Since then, there have been positive changes, especially the reduction of lending interest rates and credit for real estate.

Since the beginning of 2023, 10 social housing and worker housing projects have been started with a total of nearly 20,000 units. 20 provinces have announced a list of 52 projects eligible for loans under the VND 120,000 billion credit program with a loan demand of nearly VND 26,000 billion.

However, the market still has difficulties and problems related to legal issues, land allocation, land price determination, capital market, administrative procedures, decentralization, and especially access to credit for real estate.

Faced with the above reality, the Prime Minister requested agencies, ministries, branches, units and enterprises to be more determined, more responsible, proactive in organizing and implementing drastically and effectively the tasks and solutions assigned by the Government and the Prime Minister.