Prime Minister Pham Minh Chinh has asked relevant ministries and agencies to take measures to tackle the difficulties facing the real estate market so it develops in a safe, healthy, and sustainable manner.

In a dispatch sent on May 27, Prime Minister Chinh asked the State Bank of Vietnam (SBV) to direct credit institutions to create favorable conditions for investors in real estate projects and house buyers to gain access to credit, and to promptly implement the credit package of VND120 trillion ($5 billion) for the development of social housing projects as well as the master plan on building at least 1 million social houses for low-income earners and workers at industrial parks during the 2021-2030 period.

The Ministry of Planning and Investment was instructed to coordinate with relevant ministries and agencies to guide localities on dealing with difficulties and obstacles relating to the approval and adjustment of investment plans and construction progress at real estate projects.

The government leader urged the People’s Committees of localities to proactively work with each real estate enterprise and project that is facing difficulties or delays to determine the reasons and adopt appropriate measures in response.