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At the conference, the Prime Minister emphasized his point of view of perseverance, steadfastness, and determination to develop a safe, healthy and sustainable real estate ecosystem; not tighten credit unreasonably, but strengthen inspection and supervision, do not relax state management; not criminalize civil-economic relations, but review, prevent and strictly handle violations to protect right-doers and harmonize interests of the State, businesses and people.

Prime Minister Pham Minh Chinh chaired the Conference on Real Estate Market Development. Photo: Duong Giang/VNA

Attending the conference were Deputy Prime Minister Le Minh Khai; leaders of ministries and branches: Construction, Finance, Natural Resources and Environment, State Bank of Vietnam; leaders of relevant ministries and branches are members of the Central Steering Committee on housing policy and real estate market (Justice, Public Security, Planning and Investment, Transport, Agriculture and Development). rural areas, Culture, Sports and Tourism, Information and Communication, Vietnam General Confederation of Labor, Government Inspector); representatives of the Real Estate Association, experts in the field of finance and real estate; leaders of cities: Hanoi, Ho Chi Minh City, Da Nang, Hai Phong, Can Tho.

The real estate industry contributes about 4.5% of GDP The report of the Ministry of Construction at the conference said that, in recent years, the real estate market has made very important contributions to the whole economy; The contribution of the real estate industry directly and indirectly through other sectors accounts for about 4.5% of GDP.

In 2021, the real estate market still has many difficulties due to the impact of the epidemic, but has gradually overcome, adapted, and moved to a flexible state to remain relatively stable. In early 2022, the socio-economic situation has made many positive changes, helping most industries, fields and localities to recover and grow again.

The Ministry of Construction also said that, at present, the legal system related to investment, construction and real estate business still has some shortcomings that need to be studied and revised. The formulation and approval of housing development programs and plans by localities as a basis for implementing housing projects is still slow and has not met the requirements as prescribed. The supply of commercial housing decreased in most localities, many projects about to be deployed also faced difficulties in legal procedures, especially in choosing investors, calculating land use fees, and allocating land. Residential real estate prices are higher than people's incomes.

Along with that, real estate trading floors were formed, operating spontaneously and unstable; There is also the phenomenon of colluding with each other to "hug goods", "blow up prices", causing "virtual fever" to disturb the market; the business of real estate brokerage services has not been well controlled; real estate transactions are not transparent; the control of investment capital flows into the real estate sector is not tight, there are potential risks; The auction of land use rights still has some shortcomings and limitations; The activities of splitting land use rights, "dividing plots, selling ground" also have some problems...
At the conference, the delegates focused on discussing, evaluating and forecasting Vietnam's real estate market, proposing orientations and solutions on product structure and supply for the safe development of the real estate market. , healthy, sustainable; macro policy, the impact of land law policy on the real estate market; propose to build and improve legal institutions related to real estate and law enforcement...

The delegates also discussed many related issues such as: Policies and corporate bond issuance of real estate enterprises; the impact and influence of the capital market and the stock market on the real estate market; on the policy and situation of auction and valuation of land use rights affecting the real estate market; the situation and movements of capital flows into the real estate market; situation and results of implementation of investment in social housing construction, renovation and reconstruction of old apartment buildings, housing projects, urban areas, resort real estate market in cities; difficulties, exist and propose solutions to overcome...

Remove the "bottlenecks" for the development of the real estate market
Speaking at the conference, Prime Minister Pham Minh Chinh said that in recent years, the world political and economic situation has experienced many complicated, unstable and unpredictable changes, affecting the Vietnamese economy. . In that context, we still maintain our independence, sovereignty and territorial integrity; political stability, social order; ensure security, safety and people's safety; promote foreign activities; achieved a relatively high growth rate compared to other countries in the region and the world; controlling inflation, maintaining macroeconomic stability, and ensuring major balances.
The Prime Minister affirmed that all levels, branches, localities and the business community have actively made efforts to implement the Resolutions of the Central Government, the Government, the provisions of law and the direction, administration and solutions. The Government's laws and policies on the real estate market have contributed to the socio-economic situation with many positive changes, the real estate market has gradually recovered and is on the rise, making positive contributions to socio-economic development, ensuring social security and macroeconomic stability.

View of the conference to develop a safe, healthy and sustainable real estate market. Photo: Duong Giang/VNA

Overall, our country has never had the opportunity, potential, position and prestige as it is today. In that overall achievement of the country, there is the contribution of the real estate market. Thereby, it can be affirmed that our real estate market development policy is basically correct; However, because it is a developing country, there are inadequacies and limitations.
The Prime Minister also frankly pointed out that the shortcomings, limitations and inadequacies of the market and a number of important "bottlenecks" need to be focused on removing for the real estate market ecosystem to develop safely and healthily. strong and sustainable.

Prime Minister Pham Minh Chinh requested that ministries, branches and localities focus on directing and well implementing the tasks and solutions to overcome the above shortcomings and inadequacies, and continue to promote the real estate market. stable and healthy development in the coming time.
In the immediate future, focus on implementing synchronously the tasks and solutions in the Government's Resolution No. 11/NQ-CP on the program of socio-economic recovery and development; creating many jobs in many fields, different localities and regions, because there are many new jobs with people coming to live, work and develop the real estate market. In particular, it is necessary to continue to maintain macroeconomic stability, control inflation, and ensure large balances to create conditions for the development of a safe, healthy and sustainable real estate ecosystem.

The head of the Government requested that ministries, branches and localities firmly grasp the development of the real estate market, balance supply and demand, and create a harmonious and healthy environment, in which priority is given to the residential segment. Social Security; respecting market rules but must have a management role of the State, not to be negative and manipulate the market. Review the provisions of the law, remove problems of both immediate and long-term nature. Promote decentralization and decentralization; research and pilot new mechanisms and policies to remove obstacles, and at the same time, create new dynamics for the real estate market. Promote strategic infrastructure development to create new development space, new driving force for the real estate market. Formulate appropriate, safe, effective and interoperable policies between the capital market and the real estate market.

The Prime Minister requested, strengthen inspection, examination and early detection of violations to protect the market and protect assets; economic relations should not be criminalized so that relations can develop according to market rules, but must strictly control and handle violations to protect people and units that comply with the law and harmonize interests. State, people, enterprises; do not legitimize the violations, but must study mechanisms and policies to deal with them appropriately and effectively.
Prime Minister Pham Minh Chinh assigned Deputy Prime Minister Le Minh Khai to preside over and direct the development of a safe, healthy and efficient real estate market ecosystem; request ministries and branches to closely coordinate to remove difficulties for businesses and people related to the real estate market.
Accordingly, the Prime Minister assigned the Ministry of Construction to urgently study and perfect the legal system related to the real estate field to ensure synchronization, remove difficulties and obstacles, and create favorable conditions for the real estate market. stable and healthy product development. Accordingly, it is proposed to submit to the National Assembly for opinion and approve the Law on Housing (amended) and Law on Real Estate Business (amended) to create a legal framework for real estate business activities, enhance efficiency. real estate market management.

The Ministry of Construction shall assume the prime responsibility for, and coordinate with relevant ministries and branches in, setting up a working group to direct, guide and urge localities to implement the Government's Resolution No. 11/NQ-CP on the Program. socio-economic recovery and development for contents of policies to support the development of social housing, housing for workers in industrial zones, renovation and reconstruction of old apartment buildings. Research and guide to remove difficulties and obstacles of the law and legal procedures of the project. In addition, regularly monitor the situation and developments of the real estate market; quarterly to report to the Prime Minister on the situation of real estate business and real estate market nationwide and propose solutions for the stable and healthy development of the real estate market.

The Prime Minister assigned the Ministry of Finance to study and amend Decree 153/2020/ND-CP dated December 31, 2020 of the Government on the offering and trading of corporate bonds in the domestic market and the offering for sale of corporate bonds. corporate bonds to the international market. Controlling capital mobilization activities of real estate businesses on the stock market, avoiding speculation, manipulation and price blowing. Inspect and supervise the compliance with the law on issuance and use of capital obtained from bond issuance, especially private bond issuance by real estate enterprises and related credit institutions. real estate enterprises, enterprises with large issuance volume, high interest rates,