Bottlenecks related to legal procedures, credit accessibility, land procedures and pricing have pushed the real estate market into a lot of difficulty although the Government has made efforts to address these problems since late 2022, according to the official dispatch.

Prime Minister Pham Minh Chinh asks relevant ministries, agencies and local authorities to enhance accountability to remove difficulties for the real estate market, taking it as a pressing issue.

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Specifically, the Ministry of Construction must complete the legal framework for housing and real estate business. The focus must be placed on removing bottlenecks, especially in administrative procedures, to speed up the implementation of housing, urban center and industrial park projects to create spillover effects.

The ministry is urged to strengthen the implementation of the project on building at least 1 million apartments for low-income earners and workers in 2021-2030 period, together with raising new solutions to speed up disbursement for social housing development.

The Ministry of Natural Resources and Environment must cut unnecessary administrative procedures and move roadblocks in land procedures and pricing.

It must set up a working group immediately to solve problems related to land leasing, land pricing and land planning, especially in major cities like Hanoi, Da Nang and Ho Chi Minh City.

The State Bank of Vietnam must keep a close watch on the real estate market and credit flow into the sector to improve capital accessibility for buyers and developers.

Especially, feasible solutions must be applied to efficiently implement the VND 120 trillion credit package for social housing developments, homes for workers and renovations of old apartment buildings.

Source: VNA