PM highlights solutions to ensure sustainable development of real estate market

General

Prime Minister Pham Minh Chinh has ordered reviewing legal regulations in an effort to ensure the stable, healthy and sustainable development of the real estate market.

In a directive issued on August 29, the PM emphasised the need to step up decentralisation and pilot mechanisms and policies to create new momentum for the market.

Credits should not be tightened irrationally, but inspections must be intensified, the leader requested at Directive No. 13/CT-TTg, noting attention should be paid to preventing tax avoidance and ensuring the harmony of interests of the State, people and businesses.

Chinh also stressed the need to combine fiscal and monetary policies harmoniously and effectively, implement the monetary policy flexibly, safely and cautiously, and expand the fiscal policy reasonably.

Other tasks include assessing the supply and demand specifically and accurately, identifying market segments to devise suitable policies, and stepping up the communication work.

The Ministry of Construction was asked to quickly study and perfect relevant legal regulations, develop an information system, and accelerate cashless payment in property transactions.

The Housing Law (amended) and the Law on Real Estate (amended) will be submitted to the National Assembly for approval to create a legal framework for real estate business, according to the directive.

The Ministry of Construction was tasked with presenting quarterly reports on the domestic market to the PM and proposing solutions to develop the market stably and healthily.

The leader asked the Ministry of Finance to control capital mobilisation of real estate firms in the stock market to prevent speculation, and consolidate tax policies, making them match the present situation.

The Ministry of Planning and Investment will instruct localities to streamline administrative procedures and work to attract more investments in the sector, while the Ministry of Natural Resources and Environment will coordinate with the Ministries of Finance and Justice to study and review legal regulations on land use right auction.

The State Bank of Vietnam was urged to monitor credits for real estate, and prioritise social housing projects.

The PM said cities and provinces should publicise the list of projects, land fund and procedures to lure investors, and facilitate their operations./.

Source: Vietnam News Agency