GOVERNMENT APPROVES 6 SOLUTIONS FOR REMOVING DIFFICULTIES FOR REAL ESTATE MARKET
On March 11, 2023, the Government issues Resolution No. 33/ND-CP on a number of solutions to remove difficulties for and promote safe, healthy, sustainable development of the real estate market
Currently, the real estate market situation has seen changes but still faces many difficulties related to institutions, credit sources, bonds, etc., and local implementation, which needs to be removed. The Government uniformly directs all levels, sectors, and localities as follows:
- Build up a legal system related to construction investment, housing, and real estate business toward completeness and feasibility, focussing on:
- Expeditiously developing and submitting to the National Assembly for consideration and approval the Land Law (amended), the Law on Housing (amended), the Law on Real Estate Business (amended), the Law on Bidding (amended), the Law on Bidding (amended)...
Amending and supplementing decrees guiding the implementation of the laws in order to remove current shortcomings, obstacles, and difficulties related to construction investment, business, and transfer of real estate projects...
- Accelerating social housing development
The Government actively studying, formulating, and submitting to the National Assembly for consideration and promulgation a “Resolution of the National Assembly on piloting a number of policies to promote the development of social housing”.
Quickly completing, promulgating, and effectively implementing the investment project of building at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021- 2030.
Determining investment in social housing development for low-income workers as an investment item in the medium and long-term capital sources of localities.
To support capital for social housing development, proposing a credit program of about VND 120,000 billion to grant loans for investors and home buyers of social housing and worker housing projects with interest rates about 1.5 - 2% lower than the average mid-term and long-term VND lending interest rate.
- Credit Capital
Creating conditions for enterprises, homebuyers, and investors to quickly access credit sources; taking appropriate measures to tackle difficulties that face real estate enterprises (such as rescheduling principal loans, interest, restructuring debt groups...);
Taking appropriate and effective measures to reduce lending interest rates and support the real estate market.
- Corporate bond source
Controlling capital-raising activities of real estate enterprises on the stock market to prevent speculation, price manipulation, and hiking.
Inspecting and overseeing the compliance with the law on issuance, investment, and provision of services on corporate bonds, especially private placement of bonds by real estate enterprises...
- Implementation organization by localities
Stepping up reform of administrative procedures, focusing on removing difficulties in legal procedures for real estate projects in the localities.
Ramping up approval of planning, approval of investment policies, selection of investors to execute real estate projects, and land-related financial obligations to increase supply for the market.
Accelerating the development of social housing and workers’ housing and renovating and rebuilding old apartment buildings in the localities.
- Information and communication to restore trust, aiding the market and the operation of real estate enterprises.
