The Deputy Prime Minister’s directive was mentioned in a conclusion notice by Deputy Prime Minister Tran Hong Ha during a meeting on the real estate market report.
The Deputy Prime Minister assessed that despite the indices and reports indicating recovery and growth, the real estate market still reveals existing shortcomings and limitations. The supply of real estate is insufficient, and there is a lack of products in the mid-range and social housing segments to meet market demands.
In addition, urban real estate prices remain too high compared to people’s income. Access to housing, especially in the mid-range and social housing segments, is challenging. The situation of “price manipulation and speculation” drives land prices to unreasonable heights.
Housing prices in urban areas are currently too high compared to people’s income. Photo: Hong Khanh |
To promote the healthy and sustainable development of the real estate and housing market and ensure that it meets the housing needs of the people, the Deputy Prime Minister requested the Ministry of Construction, Ministry of Finance, Ministry of Agriculture and Environment, and the State Bank of Vietnam (SBV) to promptly review obstacles, contradictions, overlaps, and transitional provisions in relevant documents.
To prevent land speculation and price manipulation, the Deputy Prime Minister assigned the Ministry of Agriculture and Environment to coordinate with the Ministry of Finance to review land-related regulations, especially administrative procedures and land price determination. They are to propose to the Government a decree amending and supplementing these regulations in June.
The two ministries are also tasked with expediting the completion of a land price database down to individual land lots based on regional values and standard land lots, aiming towards a unified land price. This ensures transparency and fairness and serves as a foundation for implementing real estate tax policies to prevent land speculation and price manipulation.
The Deputy Prime Minister also requested the SBV to coordinate with the Ministry of Construction, the Ministry of Public Security, and related agencies to review and assess non-performing loans related to real estate and housing. Accordingly, they should propose appropriate handling measures to ensure the safety of the banking system.
Simultaneously, they should consider expanding access to preferential credit for investors and people regarding social housing policies.
The Ministry of Finance is assigned to coordinate with the Ministry of Construction and the SBV to research taxation on idle land and delayed real estate and housing projects. This aims to avoid double taxation.
Regarding resettlement housing and completed commercial housing projects that are not in use, the Deputy Prime Minister directed the People’s Committees of provinces and cities to proactively review and propose to the competent authorities to allow their conversion into social housing.
Hong Khanh
– 16:09 24/05/2025
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