The Race to Reign in Real Estate: Curbing the Capital’s Property Price Surge

The Chairman of the People's Committee has instructed relevant departments to enhance their management of the real estate market. This includes scrutinizing the business transactions of real estate enterprises and investors, with the aim of curbing price manipulation, speculation, and any illegal activities that may be taking place in the industry.

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Hanoi People’s Committee Chairman Tran Sy Thanh has signed and issued a plan to boost growth and control inflation for the second half of 2024.

To achieve the 2024 growth target of 6.5-7.0%, Chairman Thanh directed the effective implementation of proactive, flexible, and timely monetary policies, in coordination with reasonable, focused, and well-harmonized fiscal policies. He also emphasized the need to continue removing obstacles for citizens and businesses.

The feverish land auction in Thanh Oai district

He urged the promotion of public investment disbursement plans, focusing on the tasks and solutions set by the Hanoi People’s Committee. Emphasizing the need to vigorously develop key sectors, he particularly highlighted the need to boost industry, services, construction, agriculture, forestry, and fisheries. Additionally, he called for the synchronous and effective implementation of inflation control measures.

Chairman Thanh instructed heads of departments, branches, and district-level People’s Committees to vigorously direct, govern, and inspect the deployment of the plan, taking full responsibility before the Hanoi People’s Committee for executing tasks within their assigned functions and duties.

Regarding specific tasks, Chairman Thanh urged the vigorous implementation of the VND120 trillion credit program for preferential loans for social housing, worker housing, and apartment reconstruction. He also emphasized the VND15 trillion credit program for the forestry and fisheries sectors.

Hanoi Taxation Department was instructed to vigorously implement solutions for the management and handling of tax debt recovery, minimizing the occurrence of new tax debts, especially those related to land rent and tax payments after the grace period. They are also tasked with urgently reviewing, reconciling, and publicly disclosing tax debtor information, taking forceful action against protracted and evasive tax debts.

Regarding the progress of industrial clusters, Mr. Tran Sy Thanh assigned the Department of Industry and Trade to coordinate with other departments and sectors to focus on completing site clearance and procedures for the construction of the remaining 19 industrial clusters (out of a total of 43 industrial clusters established in the 2018-2020 period) in 2024. They are also tasked with completing the construction of technical infrastructure for 10-15 industrial clusters in 2024 to accommodate investment and business production.

Notably, Chairman Thanh assigned the Department of Construction to coordinate with relevant departments and sectors to remove obstacles and strengthen the management of the real estate market. This includes inspecting and reviewing real estate business activities of enterprises, investors, real estate exchanges, and brokers in the city. He also instructed them to devise measures to rectify price manipulation, speculation, and any violations of real estate business laws.

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