The real estate market plays a very important role in maintaining macro-economic stability, controlling inflation, ensuring major balances, and promoting growth, Prime Minister Pham Minh Chinh said at the “Developing a safe, healthy and sustainable real estate market” conference held on July 14, which he chaired.

He emphasized that the conference aims to assess the current situation and highlight the limitations and inadequacies of the real estate market, and to synthesize domestic and international experiences from which to propose solutions for the real estate sector and related fields to ensure that the real estate market continues to develop stably and healthily.

In the first half of 2022, the total transaction volume of apartments and houses was about 50,000 and land plots about 200,000, both up year-on-year.

However, Minister of Construction Nguyen Thanh Nghi pointed out limitations and inadequacies in the real estate market, such as the legal framework relating to investment, construction and real estate businesses still facing problems, and certain inadequacies being in need of study and modification. The management of planning, construction, land use, and the real estate market in some localities remains inadequate. And the control of investment capital flows into the real estate sector is not tight and there are potential risks.

Therefore, a number of solutions were proposed at the conference to improve the real estate market, including urgently researching and perfecting the legal framework relating to the real estate sector, such as the Land Law and the Law on Real Estate Business, etc. The market needs to be closely monitored, and real estate credit controlled and restructured to ensure proper use and avoid risks.

It is also necessary to increase inspections and examinations and strictly handle violations of the law in real estate business activities and to handle instances of inaccurate information being provided that create disturbances and negatively affect financial market activities and real estate credit.