Business

Ministry to focus on removing difficulties for real estate market in H2

The Ministry of Construction will focus on removing legal bottlenecks for the real estate market and promoting social housing developments in the second half of this year.
Ministry to focus on removing difficulties for real estate market in H2 ảnh 1The real estate market is facing a serious housing supply shortage (Photo: VNA)
Hanoi (VNS/VNA) - The Ministry of Construction will focus on removinglegal bottlenecks for the real estate market and promoting social housingdevelopments in the second half of this year.

The ministry said that the real estate market continues to sit in stagnationfrom the beginning of this year although lending rates were slashed in aneffort to aid the market to overcome the difficult time.

The real estate market is facing a serious housing supply shortage, especiallyregarding social housing and affordable homes. Transactions were minimal andenterprises could not access credit, causing many projects to be halted.

The construction ministry said that it would focus on removing the difficultiesfor the real estate market in the remaining months of this year.

Statistics showed that the construction industry grew at 4.74% in the firstfive months, over the same period last year, higher than the country’s GDPexpansion rate. However, the number of real estate businesses saw a drop of0.82%.

During the past six months, nine social housing projects with a total of 18,768apartments began construction.

According to the Vietnam Bank for Social Policies’ report, a sum worth 6.2trillion VND (261.9 million USD) in preferential loans was provided to 15,000customers to purchase or rent then purchase social homes.

The ministry aims to develop at least one million apartments for low-incomeearners in the 2021-30 period.

So far, 307 social housing projects have been completed throughout the countrywith a total of 157,100 apartments and more than 410 projects are underconstruction.

Notably, the construction ministry submitted the draft amended Law on Housingand Law on Real Estate Business to the National Assembly for discussion at thefifth meeting of the 15th National Assembly.

Director of the Hanoi Department of Construction Vo Nguyen Phong said that itwas necessary to quickly improve the institutions for social housingdevelopment with the issuance of regulations about the management and use ofhousing and land funds. It also needs more criteria for old apartment buildingevaluations and upgrades of the real estate market information system.

Director of the Ho Chi Minh City Department of Construction Tran Hoang Quan saidthat the Ministry of Construction should provide detailed guidance to removethe difficulties for the real estate projects in the southern city.

Minister of Construction Nguyen Thanh Nghi said there are a number of problemswhich must be tackled to promote the development of the real estate market,including inconsistencies and overlaps among legal documents, the lack oftransparency which caused confusion, and outdated policies which fail to keeppace with market developments.

Nghi stressed that the focus would be placed on developing the laws regulatingthe real estate market, including the Law on Urban Development Management, theLaw on Urban and Rural Planning, the Law on Housing, and the Law on Real EstateBusiness./.
VNA
#legal bottlenecks #real estate market #housing development #credit #Vietnamplus #Vietnam news #Vietnam News Agency
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