Prime Minister’s directive at the meeting with ministries, sectors, associations, banks, and enterprises on the real estate market situation, held on May 24, 2025.
788 real estate projects facing challenges and obstacles
According to the Ministry of Construction, in the first quarter of 2025, there were 14 newly completed commercial housing projects, providing over 3,800 units, a 40% increase. Additionally, 26 new projects were licensed with nearly 16,000 units, a 44% surge.
Prime Minister delivers concluding remarks. Photo: Nhat Bac
“Resolute action must be taken against price manipulation, speculation, and profiteering in land auctions, as well as monopolistic practices in the real estate market, to protect people from fraud,” emphasized the Prime Minister.
Transactions for apartment buildings, detached houses, and land plots all witnessed an increase compared to the previous quarter. Over 33,000 successful transactions were recorded for apartment buildings and detached houses, marking a 32% rise from the fourth quarter of 2024, while over 101,000 land plot transactions were concluded, reflecting a more than 16% increase.
Nationwide, more than 1,300 locations spanning over 9,700 hectares of land have been zoned for social housing development. Projections indicate that 22 provinces and cities will meet their social housing development targets, yielding nearly 48,000 units.
Statistics reveal that approximately 788 real estate projects across the country are facing challenges and obstacles pertaining to land, investment, planning, construction, housing, bidding, and project funding, as well as the implementation of inspection conclusions for projects.
Attendees proposed that, alongside addressing these difficulties, it is imperative to reduce costs impacting real estate prices, devise plans and targets, and prudently regulate various real estate segments. They also emphasized the necessity of strictly dealing with price manipulation and market manipulation.
Addressing Price Manipulation
Concluding the conference, Prime Minister Pham Minh Chinh instructed ministries and sectors to work on resolving bottlenecks to reduce costs and real estate prices, while increasing supply to enhance people’s access to real estate.
Prime Minister Chinh directed the strict implementation of decentralization and delegation of authority to the local two-tier government model, along with the elimination of redundant and unnecessary administrative procedures.
Minister of Construction, Tran Hong Minh, speaks. Photo: VGP/Nhat Bac
“We must take resolute action against price manipulation, speculation, and profiteering in land auctions, as well as monopolistic practices in the real estate market, to prevent people from being defrauded,” the Prime Minister emphasized.
The Prime Minister instructed the Ministry of Construction to collaborate with local authorities to inspect and promptly address challenges faced by real estate projects. He also advised the ministry to integrate regulations on investment procedures into a single decree and expeditiously establish a housing database linked to the national population database.
The Ministry of Agriculture and Environment was tasked with reviewing land-related regulations and procedures, including land valuation, in collaboration with the Ministry of Finance. If necessary, amendments should be made to the current regulations. Provinces and cities were instructed to assess and issue land price tables, compensate for land clearance, increase deposit amounts in land auctions, and strictly handle any attempts to manipulate auctions and disrupt market stability.
The Prime Minister highlighted the crucial role of the Ministry of Public Security in promptly addressing individuals or entities manipulating and monopolizing the market. He also instructed the Ministry of Agriculture and Environment to establish auction regulations with strong deterrent effects to prevent such practices.
The Ministry of Finance was urged to promptly research and implement policies on real estate taxes for unused land and housing, price differentials, and mechanisms to handle opaque transactions.
The Ministry of Public Security was instructed to direct relevant agencies and localities to scrutinize projects with signs of violations. Initially, economic measures should be applied for rectification, followed by other measures if necessary. The Ministry was also tasked with ensuring that people are protected from land-related fraud.
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