Vietnam Deputy PM calls for action on price manipulation in real estate market
Vietnamese Deputy Prime Minister Trần Hồng Hà has emphasized the need to tackle price manipulation and create a healthy real estate market. Ha’s comments came during an online meeting focused on the difficulties faced by real estate projects following the introduction of new laws on land, housing, and real estate business.
Price Manipulation a Major Concern
A key area of concern is the manipulation of real estate prices, particularly the imbalance between a surplus of high-end properties and a lack of affordable housing options. The Deputy PM highlighted the negative consequences of a troubled real estate market, including impacts on the banking sector, construction industry, and consumer goods production.
Legislative Efforts and Economic Impact
The Vietnamese government has taken steps to address these issues by amending related laws and preparing legal guidance documents to streamline processes in the real estate sector. These efforts aim to remove barriers and stimulate a healthier market. The Deputy PM stressed the urgency of these changes, emphasizing the negative impact a troubled real estate market has on the overall Vietnamese economy.
Focus on Social Housing and Business Responsibility
The meeting also addressed the need for increased access to social housing for low-income earners and enterprises in industrial zones. The creation of a social housing investment fund is being explored as a potential solution. Businesses and investors were urged to play a responsible role by offering housing products at reasonable prices, prioritizing high-quality design, and maintaining responsible profit margins.
Positive Developments and Remaining Challenges
The Ministry of Construction reported positive changes, including a reduction in the number of stalled projects in Hanoi. However, delays in the implementation of new laws continue to cause difficulties. Localities are facing challenges in enforcing regulations and ensuring proper land-use planning, which is essential for a stable market.
Moving Forward: Data Collection, Funding Solutions, and Fair Pricing
The working group established during the meeting will compile data on stalled projects and establish criteria for real estate investor capacity. The State Bank of Vietnam and the Ministry of Finance are collaborating on solutions for funding social housing projects. Discussions are ongoing to determine fair pricing for high-end commercial housing and improve accessibility for middle and low-income buyers.
The Vietnamese government’s focus on these issues demonstrates a commitment to addressing the challenges in the real estate market. By focusing on price manipulation, increasing social housing availability, and improving regulations, they aim to create a more stable and sustainable property sector that benefits all stakeholders.pen_sparktunesharemore_vert
