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Deputy Prime Minister Required “Not Be Subjective” With The Property Market

Vietnam Real Estate

Over the past time, Deputy Prime Minister, Mr. Trinh Dinh Dung has repeatedly asked the Ministry of Construction, with other ministries, agencies and localities, to focus more on controlling the development of the real estate market.

On May 26th, on the occasion of the conference to review the implementation of policies to support people with meritorious services to the revolution of housing held in the Ministry of Construction, leaders of the People’s Committee, Department of Construction of provinces, Deputy Prime Minister Trinh Dinh Dung has emphasized a message on the real estate market.

According to the Deputy Prime Minister, the real estate market is developing smoothly, contributing positively to the overall development after a period of freezing.

However, the state management agencies, the local absolute must not be subjective, should be very wary of real estate bubble.

“The Ministry of Construction, which is assigned the responsibility of state management of the property market, together with relevant ministries, agencies and localities, must focus on strengthening the development of the real estate market, not to happen crisis, affect growth and sustainable development, “Deputy Prime Minister asked.

Vietnam Real Estate
Deputy Prime Minister Trinh Dinh Dung demanded to be very cautious with the real estate bubble

Then, at the June 1 meeting on GDP growth, Deputy Prime Minister also asked for solutions to ensure the real estate market sustainable development because it is a macroeconomic stability factor.

>>>Read more: Vietnam Real Estate Investment

According to Deputy Prime Minister, although the real estate market is developing quite stable, absolutely not be subjective. To do so, it should strengthen the role of control, state management, linking real estate development with planning and plans; With the implementation of the National Housing Strategy, especially social housing; Associated with urban development, industrial zone development, economic zones, tourist resorts but must balance the supply and demand of the economy and people.

These contents were continued by Deputy Prime Minister Trinh Dinh Dung at the Government meeting on June 3.

Requested by the Deputy Prime Minister in the context of real estate market is developing smoothly, contributing positively to general development after a period of freezing. However, there are also notable developments, especially in Ho Chi Minh City.

Before the hot of the land, in late May, Mr. Tat Thanh Cang, Member of the Party Central Committee, Deputy Secretary of the Ho Chi Minh City Party Committee chaired an extraordinary meeting with leaders of the People’s Committee and districts to rectify the rumors inflicted unstable socio-economic security.

Vietnam Real Estate
According to Deputy Prime Minister, although the real estate market is developing quite favorable

From the beginning of the year, in Ho Chi Minh City, land prices have risen in some coastal areas such as District 2, District 9, Binh Chanh, Hoc Mon, Cu Chi and Can Gio…Land prices increase from 10-20%, with the area increased by 30-40%, in particular where the price increased to 70% compared with 2016.

Previously, the real estate market assessment of our country, Minister of Construction Pham Hong Ha confirmed: In recent years, the real estate market has seen significant development, many new housing projects, production, business, trade and service works with technical infrastructure system, The synchronous social infrastructure has been formed, changing the face of the urban area, improving the living conditions of all classes of the population, contributing to restructuring and promoting the socio-economic development of the country. Step by step to meet the diverse needs of housing of all classes, contributing to ensuring social security.

Thanks to the synchronous implementation of solutions to restructure the property market, coupled with the implementation of the National Housing Development Strategy, the real estate market in our country after a long period of quietness, from the end of 2013 is gradually recovering positive, in 2016 continued to grow steadily. However, there is a current imbalance in the supply of housing, in particular high-end housing and some resort products, while there is a shortage of social housing and affordable commercial housing that markets are in great demand.

Vietnam Real Estate
In recent years, the real estate market has seen significant development, many new housing projects, new urban areas, production, business, etc

This issue has been reported by the Ministry of Construction and the Prime Minister has concluded the direction for real estate market. This includes the overcoming of unbalance, the deviation of supply and demand, the strengthening of social housing development and affordable commercial housing and rental housing.

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Concerned about the real estate bubble, the Minister of Construction said: It can be said with the current status of the real estate market and by analyzing a number of major socioeconomic factors that can have a strong impact on the market, It is predicted that the real estate market in 2017 will continue its stable growth trend, which is unlikely to change much.

“However, in the long term, we need to continue to monitor, grasp in time, properly assess the situation of the market, have reasonable credit policy, flexible towards both ensuring the most capital medium and long-term capital for social housing development and low price commercial housing that the market is in high demand, while strictly controlling the source of capital for real estate, high level to ensure investment efficiency, avoid increasing bad debt; to review and raise the credit standards and control credit limits for high-grade real estate projects of large scale, resorts, villas, high-grade apartments … “, Minister Pham Hong Ha emphasized.

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Deputy Prime Minister Required “Not Be Subjective” With The Property Market
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