'Strong spills' are needed for the real estate market

On May 15th, Deputy Prime Minister Tran Hong Ha chaired the meeting with the Ministry of Construction and other ministries, sectors, associations, real estate enterprises and localities regarding the situation of real estate market in early 2025.

Deputy Prime Minister Tran Hong Ha at the meeting.

Deputy Prime Minister pointed out the significant problems of the real estate market are the imbalance between supply and demand as well as the irrational structure of products. In addition, a lot of enterprises are facing a shortage of resources and capabilities to advance project development. Therefore, the real estate market requires more robust and meaningful interventions.

At the meeting, Deputy Minister Nguyen Van Sinh stated that the real estate supply was still imbalanced in structure. The burden price cannot meet the accommodation demand of people. Meanwhile, many projects are facing difficulties related to legal procedures, with prolonged timelines for administrative processes; some real estate enterprises are also struggling with capital shortages for project implementation.

Minister of Construction Tran Hong Minh at the meeting.

Minister of Construction Tran Hong Minh declared that to stabilize and ensure the healthy development of the real estate market, it is essential to enhance transparency throughout the entire real estate development process - from planning, land pricing, construction costs, and taxation to final sale prices. Local authorities must fully disclose planned land funds for various types of housing and implement real estate trading platforms under state management to ensure openness and transparency.

Deputy Prime Minister requested the Ministries of Construction, Finance, Agriculture, and Natural Resources & Environment to closely coordinate and comprehensively review all procedures related to housing development, especially social housing, from planning, investment approval, land valuation, design, construction permits, to credit allocation. Each ministry must take clear responsibility to avoid blame-shifting and delays.

Deputy Prime Minister assigned the Ministry of Construction and the Ministry of Finance with simplifying administrative procedures for investment and construction, identifying bottlenecks, and proposing legal amendments where necessary.

The Ministry of Construction is to establish a national housing and real estate database to forecast and regulate the market when imbalances or abnormal price increases occur. Project scale, location, and timelines - particularly for social and affordable housing - must be made public to ensure transparency.

The Deputy Prime Minister also urged the development of standardized design templates for social housing and the integration of key approvals into a single construction permit to streamline procedures.

Hải Ninh