The Ministry of Construction has reported to the National Assembly and its deputies on the results of the resolution on questioning and specialized supervision.
According to the report, the real estate market is facing challenges, including a prolonged shortage of supply, a mismatch in product structure, and a lack of social housing for low and middle-income earners.
The ministry attributes these issues primarily to the difficulties faced by real estate businesses, especially in terms of investment procedures, accessing capital, bond issuance, and fundraising from customers, which have led to delayed or halted projects.
Prolonged shortage of supply in the real estate market. |
To address legal obstacles, the National Assembly has amended three laws related to land, housing, and real estate business to harmonize regulations on investment, bidding, and real estate business. These changes have helped resolve difficulties and accelerate the progress of numerous real estate projects nationwide.
Additionally, the Prime Minister established a task force, led by the Minister of Construction, to review, monitor, and provide guidance on resolving challenges in implementing real estate projects across various localities.
The task force has engaged directly with eight localities: Hanoi, Danang, Ho Chi Minh City, Hai Phong, Can Tho, Dong Nai, Binh Thuan, and Binh Dinh, as well as real estate businesses. They have received reports, gathered information, and reviewed projects to provide guidance and address obstacles.
The task force has handled 188 petitions and requests to resolve difficulties from localities, businesses, and citizens related to 203 real estate projects.
Furthermore, the task force sent 137 documents to the People’s Committees of provinces and cities and 14 documents to the Ministry of Agriculture and Environment and the Ministry of Finance, requesting the resolution of petitions within their jurisdiction and assigned tasks.
In addition to unblocking hundreds of projects to increase the supply of real estate, since 2023, the Ministry of Construction has also submitted to the Government and the Prime Minister many solutions to restructure the market.
In April 2023, a proposal was submitted to the Prime Minister for approval to invest in at least one million apartments for low-income earners and industrial park workers for the period 2021-2023.
Up to now, there are 657 social housing projects nationwide, with a construction scale of more than 597,000 apartments. Of these, about 66,700 apartments have been completed, 124,300 apartments have been started, and 406,000 apartments have been approved in principle.
To promote the supply of social housing, the Government is submitting to the National Assembly a resolution to pilot a number of mechanisms and policies to develop social housing, aiming to shorten the time for investment procedures, construction, and price appraisal of social housing so that enterprises can save costs and reduce the selling price of social housing.
The Ministry of Construction is reviewing standards, norms, and norms related to social housing in terms of height, area of kitchen and common living space, and building materials. They are also researching model designs suitable for each region to use assembled structures, steel components, and concrete for simultaneous construction, cost savings, and reduced selling prices of social housing.
At the same time, a mechanism for the operation of state-owned enterprises specializing in social housing investment development is being established, and a pilot program is being implemented to allocate land without auction or bidding to state-owned enterprises investing in social housing development.
The Ministry of Construction is also drafting a resolution on pilot policies for social housing development, including mechanisms such as direct investor appointment for social housing projects, shortened project implementation procedures of about 1.5 years (compared to 3 years previously), and an adjusted profit rate for social housing investors of 13% of costs instead of the current 10%.
Ngoc Mai
– 06:58 15/05/2025
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