Business

Construction sector enjoys highest six-month growth in four years

The construction sector recorded a 7.34% expansion in the first six months of 2024, the highest in the first half of a year in the 2020-2024 period, head of the Ministry of Construction (MoC)’s Office Dau Minh Thanh said at a conference held by the ministry on July 11.

An overview of the conference (Source: daibieunhandan.vn)
An overview of the conference (Source: daibieunhandan.vn)

Hanoi (VNA) – The construction sector recorded a 7.34% expansion in the first six months of 2024, the highest in the first half of a year in the 2020-2024 period, head of the Ministry of Construction (MoC)’s Office Dau Minh Thanh said at a conference held by the ministry on July 11.

Thanh said that in the period, the real estate sector grew 2.45%, while the country’s urbanisation rate rose by over 43.1%.

The official noted that a surge was seen in searches for real estate information by house-seekers and investors, while the transaction volume for apartments, houses and land plots tended to increase.

Meanwhile, real property supplies have shown recovery signs with the re-launch of many projects.

The downturn in bank interest rates have also prompted investors to offer incentives for customers, thus improving their confidence as well as market liquidity, according to the official.

He said that in the first half of this year, the MoC took many specific measures to boost social housing development.

Since 2021, 503 social housing projects have been started throughout the country with 418,200 units. Among them, 75 projects have been completed, offering 39,884 houses. Meanwhile, this year's overall target set by the Government is for 130,000 social houses to be completed nationwide.

To fulfil the target, the MoC has been urging localities to implement the project “Building at least one million social houses for low-income earners and industrial zone workers in the period 2021-30”.

Regarding the disbursement of the 120-trillion-VND (4.72 billion USD) credit package for the real estate sector, Thanh said that currently, along with the four State-owned commercial banks namely BIDV, Vietinbank, Agribank, and Vietcombank, two other banks – Tpbank and VPBank, have registered to join the programme with 5 trillion VND each. To date, the banks have disbursed over 1.23 trillion VND, he noted.

The MoC has submitted to the Government and the Prime Minister five decrees and one decision detailing the implementation of the 2023 Housing Law and 2023 Law on Real Estate Business. It plans to finalise the drafting of a circular detailing a number of articles of the Housing Law, and another guiding the realisation of the framework training programme for real estate brokers and real estate trading floor operators, the official said./.

VNA
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