Business

Construction industry's growth rate surpasses set plan

Despite being affected by general difficulties, the growth rate of the construction industry achieved about 8-8.5% this year, contributing to bringing the economy's overall growth rate surpassing the 6-6.5% plan set by the Government.
Construction industry's growth rate surpasses set plan ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNS/VNA) - Despite being affected by general difficulties,the growth rate of the construction industry achieved about 8-8.5% this year,contributing to bringing the economy's overall growth rate surpassing the 6-6.5%plan set by the Government.

Timely control of the real estate market is one of the recognised successes inthe State management of the Ministry of Construction.

The Ministry of Construction has comprehensively assessed the market to pointout the shortcomings and propose solutions to ensure the real estate market'ssafe, healthy and sustainable development.

The Minister of Construction Nguyen Thanh Nghi has worked immediately withseveral localities such as Hanoi, Ho Chi Minh City, Da Nang, Can Tho, Hai Phongand real estate businesses to review, urge and guide to remove difficulties andobstacles in project implementation.

Along with regularly monitoring market developments, the Ministry ofConstruction proactively informs, forecasts and promptly takes measures torespond to abnormal market fluctuations, and promptly handles "hot"issues.

Typically, it has reported to the Prime Minister and the Standing Committee ofthe National Assembly's Economic Committee on the impact of the unusually-highland use right auction winning results on the real estate market; proposedseveral solutions related to the amendment of policies and laws on auction andstrengthen the management, inspection and handling of violations in the auctionof land use rights in the localities.

In addition, the ministry coordinated with the State Bank of Vietnam to assessthe situation and evolution of capital flows into the real estate market andpropose appropriate solutions.

The real estate market has shown signs of recovery and development, with thetotal number of transactions of apartments, individual houses and land plotshigher than last year.

The product absorption rate in most segments is high, and the rate of officevacancy and commercial space for rent gradually decreased.

The market has re-balanced between investment and business activities, andbuying and selling for use. However, the market still faces a supply shortagein all product segments, an inappropriate structure of goods, a severe lack ofaffordable social and commercial housing, and high transaction prices.

Real estate supply is limited in all segments. Transaction prices in many segmentsremained at a high level at the end of the second quarter of this year,affecting the liquidity and trading volume of the market, especially thesecondary market.

To "take the reins" of the real estate market, Minister Nghi requestedto review and reduce procedures in the direction of reform to "openup" investment activities but still ensure compliance with legalregulations.

The minister asked to continue to study and develop mechanisms, policies andsolutions to encourage and attract foreign investment into the real estatemarket in the coming time, overcome the supply-demand mismatch of real estateproducts, focus on promoting the development of real estate products to meetthe significant needs of the society such as social housing, commercial housingat reasonable prices.

At the same time, he also noted to complete and regularly maintain informationsystems and databases on the housing and real estate market; regularly followsthe real estate market situation to adjust and promptly remove difficultiescaused by limitations and inadequacies of mechanisms, policies, laws; naturaldisasters; impacts of the COVID-19 pandemic on real estate market; to ensurethe stable and healthy development of the market.

These "supports" were the leverage to help the construction industrycomplete the year's tasks and proactively identify the new year's challenges tomaintain a sustainable growth rate, said Nghi./.
VNA
#construction industry #Vietnamplus #Vietnam News Agency #Minister of Construction Nguyen Thanh Nghi #real estate market #product absorption rate Vietnam
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