Vice Chairman of the Ho Chi Minh City People’s Committee, Bui Xuan Cuong, has issued a directive to relevant departments, agencies, and local authorities to implement solutions aimed at increasing the housing supply, reducing property prices, and stabilizing the real estate market in the city.
Ho Chi Minh City accelerates measures to boost housing supply and lower property prices.
The Department of Construction is tasked with promptly disclosing information about housing and the real estate market, including public notices of real estate projects eligible for business operations. This includes details on new urban areas, housing projects, and particularly social housing projects within the city, ensuring market transparency.
Additionally, the department will expedite urban planning and development, especially in Transit-Oriented Development (TOD) zones. It will also streamline administrative procedures for construction investments and real estate projects under new regulations.
The Department of Construction will collaborate with the Department of Finance to address challenges faced by real estate projects in the area. Together with the Department of Agriculture and Environment, they will allocate land for social housing development and support project developers in meeting social housing targets.
The Department of Finance will lead efforts to expedite administrative procedures for housing and real estate projects, working with city departments and local authorities. This includes approving investment policies, selecting project developers, and ensuring objectivity in land-use auctions and project approvals to prevent personal or group interests from influencing decisions.
Furthermore, the department will allocate local budgets for compensation and land clearance to secure land for social housing development.
The Department of Agriculture and Environment will focus on expediting administrative procedures for housing and real estate projects, resolving any issues promptly. They will also manage land auctions, land-use conversions, land pricing, and land allocation to ensure fairness and prevent personal or group interests from affecting housing project implementations.
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