These points were raised in the National Assembly’s resolution on supervising the implementation of policies and laws on managing the real estate market and developing social housing, which was passed on November 23.
The National Assembly requests the Government, ministries, and local authorities to take measures to diversify real estate market products, harmonizing supply and demand; increase the supply of low-cost real estate; meet housing needs and ensure social welfare.
“Take fundamental and long-term solutions to bring real estate prices back to their intrinsic value and prevent manipulation of land-use right auctions to create price surges,” the resolution states.
Real estate in Thu Duc City, Ho Chi Minh City, October 2024. Photo: Quynh Tran
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Authorities are asked to closely monitor the real estate market, strengthen analysis and forecasting to regulate and improve the market, respecting market principles. They should also prevent the market from “overheating” or “freezing,” which could negatively impact the overall economic development.
The Government is tasked with studying and promulgating new laws to impose higher taxes on those using large land areas, multiple houses, or leaving land unused. This will improve land management and utilization, redistribute income, and provide a stable source of revenue for the state budget.
Ministries are assigned to build and perfect a national database for asset registration with interconnectivity, sharing, and integration between different specialized fields. This will ensure transparency and easy access to information about the legal status of assets.
The Government should also appropriately resolve and definitively handle stagnant real estate projects due to prolonged implementation. It should comprehensively assess the benefits, costs, and feasibility of solutions to unlock resources for the real estate market and boost socio-economic development. In these projects, economic and civil relations should not be criminalized, nor should violations be legitimized.
Son Ha
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