Prime Minister Pham Minh Chinh has urged heads of central sectors and units to carry out a number of measures to develop a stable, healthy, and sustainable property market in Vietnam.

The country’s property market and property businesses have encountered numerous difficulties and potential risks in recent times.

In  Dispatch No. 1146/CD-TTg dated December 14, 2022 on easing the difficulties facing the real estate market and housing development, the Prime Minister set fourth eight key tasks.

First, the Minister of Construction will direct and work with relevant agencies and units to proactively and effectively implement the duties of the Task Force established under Prime Minister’s Decision No. 1435/QD-TTg dated November 17, 2022 to review and propose solutions to deal with problems facing the real estate market and problems in the development of real estate projects.

Second, the Governor of the State Bank of Vietnam (SBV) will direct, work with, and guide localities, commercial banks, and related entities on implementing instructions from the Prime Minister in Dispatch  No. 1156/CD-TTg dated December 12, 2022 on cutting costs, reducing administrative procedures, and enhancing digitization to timely provide credit for the economy and to property businesses and eligible projects, prioritizing social housing projects, housing for workers, and affordable commercial housing.

Third, the Minister of Natural Resources and Environment will direct and work with bodies and units to proactively review and complete related legal documents within their competence. In matters that exceed their competence, they will propose the government promulgate a decree on revising and amending certain articles of existing decrees guiding the implementation of the Land Law, to settle land-related shortcomings in the implementation of property projects and the development of the property market.

Fourth, the Minister of Planning and Investment will direct and work with relevant bodies and units to quickly review, revise, and amend legal regulations on investment and bidding to remove difficulties and obstacles in approving and adjusting investment and bidding policies for real estate projects.

Fifth, the Minister of Finance will direct a review of bond issuances by property enterprises and adopt appropriate and effective solutions to address difficulties and promote the development of a safe, healthy, and sustainable real estate market, per the Prime Minister’s Dispatch  No. 1163/CD-TTg dated December 13, 2022.

Sixth, Chairmen of People’s Committees in central provinces and cities will proactively and actively direct and work with relevant bodies and units to timely review and compile a list of delayed property projects, identifying and handling problems in each project in accordance with their competency or reporting to higher-level authorities when problems exceed their competency.

Seventh, property enterprises and related enterprises will actively and proactively restructure customer segments, products, prices, payment terms, and payment modes, etc., to facilitate people and customers, especially those who have real and feasible demand.

Eighth, the Prime Minister calls on ministries, sectors, localities, people, enterprises, and related entities to join forces to overcome the difficulties and challenges, promoting the development of a legal, effective, secure, healthy, and sustainable property market.