On the morning of May 23, the National Assembly discussed several important issues, including an additional assessment of the implementation of the socio-economic development plan and the state budget for 2024, as well as the execution of the socio-economic development plan and state budget in the first months of 2025.
Speaking at the group discussion, Deputy Hoang Van Cuong proposed seven urgent and focused solutions to achieve the economic growth target of at least 8% in 2025, including measures to boost the development of the real estate market, especially increasing investment in social housing.
According to Deputy Cuong, to promote strong growth in 2025, the state should not only focus on public investment but also encourage private sector investment.
“Regarding the principle of economic growth through capital and labor, whatever attracts more capital will grow very fast,” analyzed Deputy Cuong, pointing out that if a lot of capital is poured into real estate, the economy will grow very quickly.
“China’s double-digit growth period was due to real estate, known as overheating,” said Deputy Cuong, suggesting that Vietnam should accept overheating growth through real estate development in the 2025–2026 period.
 National Assembly Deputy Hoang Van Cuong (Hanoi) |
Deputy Cuong argued that Vietnam’s real estate market is currently in a phase of insufficient supply due to obstacles in eligible projects for commencement. With high demand, the soaring real estate prices are not a “bubble” but a result of scarce supply.
“If we loosen the restrictions on the real estate market, it will balance the supply, and we need not worry about overheating, surplus goods, or inventory like in China. Therefore, we should encourage real estate growth during this period,” Deputy Cuong stated.
He cited statistics from the Ministry of Finance, indicating that there are 2,212 ongoing projects halted due to obstacles, with a total investment of nearly VND 6 quadrillion and utilizing nearly 350,000 hectares of land.
Resolution No. 170/2024/QH15 has allowed the resolution of obstacles for real estate projects in Ho Chi Minh City, Danang, and Khanh Hoa, but it has not been extended to other localities.
“Hence, I propose that this mechanism for addressing these obstacles be applied broadly to real estate projects in other provinces to unlock these resources. This will significantly contribute to economic growth,” Deputy Cuong suggested.
Deputy Cuong also recommended focusing on addressing social housing issues as per the National Assembly’s resolution. This will create genuinely sustainable growth.
He cited an example of a significant real estate corporation that shared with him their inability to borrow capital for social housing development due to borrowing for other segments, resulting in an inability to balance capital for this purpose.
“In this unique phase of our country, to serve the growth target, approved social housing projects with investment plans and customers should be exempt from the overall debt balance calculation for enterprises and organizations when borrowing for this purpose. Only then can we have the capital to develop social housing,” he emphasized.
REPORTER GROUP
– 11:02 23/05/2025
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