PM Pham Minh Chinh speaks at the event (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh assigned specific tasks to ministries, agencies, localities and businesses to tackle obstacles in real estate market development at a teleconference in Hanoi on August 3 that reviewed the implementation of the Government’s Resolution No. 33/NQ-CP on a number of solutions to boost the real estate market's development.
As difficulties are forecast ahead for the country, the region and the world, the PM said the priority will continue to be given to stabilising macro-economy, curbing inflation, ensuring major balances of the economy, propelling economic growth while managing public and Government debts, budget overspending, which will lay a foundation for the development of real estate market.
He requested that the legal framework related to the property market should be reviewed, with a focus on expediting the launch of real estate trading floors, intensifying urban planning efforts, adopting flexible monetary policies, expanding fiscal policies and ensuring a harmonious and effective coordination between monetary and fiscal policies.
Moreover, efforts should be made to boost public investment and the implementation of the three national target programmes, stimulate production and trade, generate jobs and create people's livelihoods.
Additionally, the segments and prices of the real estate market must be restructured, while the construction of social housing and accommodations for workers, as well as renovation of old apartment buildings should be accelerated, the PM said.
The Ministry of Construction was assigned to continue fine-tuning the draft revised Housing Law, the draft amended Real Estate Business Law and the draft Land Law and revising related decrees, toward creating a synchronous, consistent and feasible legal framework. The ministry was also required to work with relevant ministries and sectors to guide and assist enterprises and localities in carrying out the project on building at least 1 million social housing units for low-income earners and workers in industrial parks during the 2021-2030 period, and effectively rolling out the support package of 120 trillion VND (5.2 billion USD) and a credit support package under the economic recovery programme.
The leader asked enterprises to continue restructuring their operations, investment portfolios and products to suit their financial and business administration capacity as well as public demand. They should focus resources on projects that are nearing completion and large projects with high feasibility in order to early put them into operation and create cash flow for them while increasing supply for the market.
They were also advised to handle bad and overdue debts in order to access credit, bonds, securities for project implementation.
Other specific tasks were also assigned to the State Bank, the ministries of planning and investment, finance, natural resources and environment, and the Government Inspectorate./.
