Hanoi (VNS/VNA) - Chairman of the Vietnam Real Estate Association (VNREA) Nguyen Van Khoi recently signed an official document requesting all affiliated units, members and subordinate bodies to implement Government directives aimed at controlling prices and stabilising the real estate market.
According to the VNREA Chairman, in recent months, the Government and the Prime Minister have issued a series of decisive, coordinated and timely measures to ease difficulties in the real estate market, to curb speculation and price manipulation, promote supply, and improve housing accessibility for the public.
However, supply-demand imbalances, especially the shortage of affordable housing, remain a major challenge.
Data from the Vietnam Real Estate Research Institute shows that the average household income in major cities such as Hanoi and Ho Chi Minh City currently covers only about 30 to 40% of the cost of a typical commercial apartment. Without more forceful interventions, rapidly rising property prices could further reduce housing affordability, adversely affecting social welfare and sustainable economic development.
In response to these concerns, on January 15, Prime Minister Pham Minh Chinh issued Directive No. 03, urging ministries, sectors and localities to tighten oversight of real estate speculation and price manipulation, and to conduct inspections of property investment and development projects.
At a government meeting on May 24 with representatives from ministries, sectors, banks, associations and companies, the Prime Minister reiterated his call for stronger enforcement against artificially inflated pricing, speculative hoarding and market manipulation, for the removal of bottlenecks to reduce costs, and to lower housing prices to ensure people have access to decent living conditions.
In line with these directives, Khoi urged all VNREA-affiliated organisations and members to step up monitoring, verification and countering of false, distorted or unofficial information spread via social media platforms, online forums and loosely regulated property trading floors, to actively foster a clear and transparent information environment to protect consumer interests and reinforce confidence in the market.
VNREA also called on members to demonstrate their leadership in the real estate sector, not only in project development, but also in upholding business ethics, safeguarding consumer rights and ensuring market stability.
Firms were urged to strictly comply with legal regulations and Government directives, particularly regarding pricing, capital mobilisation, information disclosure and market transparency.
Notably, the VNREA Chairman stressed that enterprises must not exploit the current supply shortage to inflate prices, create artificial values, or circulate unverified information to incite speculation and profiteering, which could destabilise the market.
"Any unreasonable price hikes that far exceed the actual value of real estate assets will be condemned and recommended for strict legal action," VNREA warned.
According to the Ministry of Construction’s Q1 2025 report, apartment prices in Hanoi and HCM City have levelled off, no longer experiencing the sharp increases seen in 2024. After several consecutive quarters of price hikes, the market has shown signs of stabilisation, however, apartment prices remain high and out of reach for many. Market data shows that asking prices commonly start at 50 million VND (1,917 USD) per square metre, with almost no affordable units available below 45 million VND per square metre./.
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