Prime Minister directs to remove difficulties for the real estate market

Reviewing the bond issuance of real estate enterprises. Illustration: H.Dịu

In recent times, the real estate market and the operation of real estate businesses have faced many difficulties and potential risks.

On November 17, 2022, the Prime Minister issued Decision No. 1435/QD-TTg establishing the Prime Minister's Working Group on reviewing, urging and guiding to remove difficulties and obstacles for the market and implement real estate projects for localities and businesses.

To promptly remove difficulties for the real estate market and develop, with healthy and sustainable housing, focusing on priority areas contributing to economic recovery and ensuring social security, the Prime Minister requested the Minister of Construction to direct and coordinate agencies and units to perform a number of tasks.

Specifically, actively and effectively implement the tasks of the Working Group under the Prime Minister's Decision No. 1435/QD-TTg dated November 17, 2022: Continue to work with localities and enterprises which actively review difficulties and obstacles in the implementation of real estate projects; guide and urge localities to immediately resolve and remove contents falling under the competence of ministries, branches, localities and enterprises; summarize the working results of the Working Group, handle them according to their competence and propose specific solutions beyond their competence, especially necessary and urgent solutions to timely solve difficulties and overcome challenges, promoting the safe, healthy and sustainable development of the real estate market.

Review and propose amendments to legal regulations according to their jurisdiction which overlaps and hinder the implementation of real estate projects in the field of construction, planning, urban development and housing, real estate business; submit to the Government for promulgation a Decree amending and supplementing a number of articles of the Decrees in the field of state management of the Ministry of Construction; promulgate documents according to its competence or propose to promulgate a Government's Decree guiding the process, order and procedures for implementing investment projects on construction of commercial houses, social houses and urban areas.

Actively and proactively coordinate with ministries and branches to direct, guide and urge localities and enterprises to implement Resolution No. 11/NQ-CP of the Government on the Program on economic recovery and development, including making a list of projects, reviewing the land fund, completing legal procedures, selecting investors to implement social housing projects, housing for workers in cities, industrial parks; renovate and rebuild old apartment buildings and actively and effectively implement the project "Invest in building at least 1 million social housing apartments for low-income people, a public industrial park in the 2021-2030 period".

The Prime Minister requested the Governor of the State Bank of Vietnam to direct, coordinate and guide localities, commercial banks and related entities to organize the implementation of the Prime Minister's direction in Official Dispatch No. 1156 /CD-TTg dated 12 December 2022 on saving costs, reducing administrative procedures, enhancing digitalization to provide credit capital in a timely manner to the economy; lending and disbursing quickly with the right focus, and the right subjects for businesses and eligible real estate projects in accordance with the provisions of law; giving priority to lending to projects of social housing, worker housing, commercial housing at suitable and feasible prices of the market and other types of real estate for production, business and welfare society with high efficiency, debt repayment capacity and development.

The Minister of Natural Resources and Environment directs and coordinates agencies and units to actively review and complete legal documents according to his/her competence to urge and guide; In case of exceeding its competence, it shall be submitted to the Government for the promulgation of a Decree amending and supplementing a number of articles of the decrees guiding the implementation of the Land Law to remove difficulties in the field of land in the implementation of market development and real estate projects.

The Minister of Planning and Investment shall direct and coordinate with implementing agencies and units to review, amend and supplement regulations and laws on investment and bidding to remove difficulties and obstacles in approving and adjusting investment policies and bidding for real estate projects.

The Prime Minister assigned the Minister of Finance to direct the review of the bond issuance of real estate businesses and have appropriate and effective solutions to help remove difficulties and promote the development of a safe real estate market in the spirit of Official Dispatch No. 1163/CD-TTg dated December 13, 2022 of the Prime Minister.

Chairmen of the People's Committees of the provinces and centrally-run cities are more proactive in directing and coordinating with agencies and units to urgently review and make a list of commercial housing projects, social housing, and real estate in the area; specific assessment of reasons and causes for each project that has been approved for investment policies but has not yet been implemented or is slow to implement in order to proactively and drastically handle according to its competence or report and make specific proposals, clear problems and inadequacies that need to be removed in case of exceeding authority.

Focus on solving legal difficulties and procedures to prepare investment in real estate projects, and housing projects to increase supply for the market; report to competent levels for settlement of cases beyond the competence of all levels and localities.

Focusing on implementing the Government's Resolution No. 11/NQ-CP on the Socio-economic Development and Recovery Program and effectively implementing the Project "Investing in the construction of at least 1 million apartments in social housing households for low-income people, industrial park workers in the 2021 – 2030 period".

Speeding up the review, submission, approval of general planning, zone planning, and detailed construction plans to implement commercial housing, social housing projects and local real estate.

The Prime Minister asked real estate businesses and related businesses to actively and proactively restructure customer segments, products, prices, payment terms, and payment methods that are suitable, feasible and convenient for customers and people with real and feasible needs.

The Prime Minister calls and proposes ministries, branches, localities, people, businesses and related subjects to join forces to overcome difficulties and challenges and promote the real estate market in a legal, effective, safe and sustainable manner.