Prime Minister Pham Minh Chinh has just signed a document requesting more efforts to promote the development of and remove obstacles to the real estate market.
The Government's latest real estate legislation went into effect on March 11 aiming to reinvigorate the sluggish realty market, which has been mired in a severe imbalance of supply and demand.
Vietnam is among the top five destinations selected by Ultra High Net Worth Individuals (UHNWI) in Singapore for their real estate investment plans, according to the Wealth Report 2023 released by Knight Frank.
The Vietnamese real estate market has remained attractive to foreign investors and investment funds despite difficulties countering domestic firms, according to insiders.
Affordable home buyers can access preferential loans at rates 1.5-2 percentage points lower than the market average as part of a credit package worth around 120 trillion VND (5.02 billion USD).
Priority should continue to be given to maintaining macroeconomic stability, controlling inflation, spurring growth and ensuring major balances of the economy, Prime Minister Pham Minh Chinh said at the Government’s February meeting on March 3 in Hanoi.
With the Government’s drastic measures to address problems related to legal bottlenecks, lack of capital access, and challenges in corporate bonds, the real estate market is expected to recover from the third quarter, experts have said.
Prime Minister Pham Minh Chinh on February 17 urged stakeholders in the real estate market, including the State, businesses, buyers and people, to join efforts for the safe, heathy and sustainable development of the market.
Prime Minister Pham Minh Chinh chaired a national online conference in Hanoi on February 17 that sought ways to remove obstacles to the domestic real estate market and give it a push to grow safely, healthily and sustainably.
The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise last year, said the Ministry of Construction.
The State Capital Investment Corporation (SCIC) on January 10 reported that its after-tax profit in 2022 reached over 6.83 trillion VND (291.5 million USD), 91% higher than the yearly 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.
The domestic rental market had a bright start in 2022, although it began to decline in the second quarter, according to batdongsan.com.vn, Vietnam's leading real estate trading website.
The Ministry of Finance has sent documents to bond issuers, asking them to utilise resources to fulfill their commitments to investors, said Deputy Minister Nguyen Duc Chi on solutions to difficulties in the corporate bond market at the Government's regular press conference in Hanoi on December 1.
Sembcorp Industries, a Singaporean-invested firm, will build the first modern ready-built warehouse in central Vietnam next month to meet the increasing demand in the industrial real estate market.
Digital transformation is no longer an option but a mandatory trend for real estate enterprises to overcome difficulties and contribute to promoting the formation of a healthy, transparent, and sustainable market.
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