The country currently has 3,297 social and commercial housing projects and land plots in the pipeline, with the potential to supply around 5.9 million housing units.
Commercial and social housing development must go hand in hand, supported by appropriate regulations and breakthrough solutions to expand social housing supply, according to Prime Minister Pham Minh Chinh.
A provision that prohibits all State-owned enterprises from investing in real estate, with the exception of large-scale ones, awas deemed inconsistent with the Party’s policy on enhancing the operational efficiency of SOEs.
A host of real estate projects around Vietnam have been delayed by legal issues, a recent forum heard, adding to growing housing supply shortages and skyrocketing property prices.
Predictions have been made that the market will gradually recover next year and become healthier and more transparent and standardized in the second and third quarters.
Many businesses believe that the real estate market will see more positive changes in the near future, because profit streams from production and business usually pour into real estate in the last quarter of the year and public investment and FDI often increase at this time. Remittances flowing into the country are expected to hit $14-16 billion this year, which is cash that helps the market gain in liquidity at the end of the year.
A Savills Q3 2022 real estate market report shows that new supply of apartments for sale in Hanoi rose 235 per cent quarter-on-quarter and 69 per cent year-on-year. In addition to improved supply, apartment transactions also grew positively, reaching 3,605, up 61 per cent quarter-on-quarter and 49 per cent year-on-year. Class B apartment transactions accounted for 64 per cent.