National conference seeks ways to remove roadblocks to real estate

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.

In his opening remarks, the leader urged participants to give objective assessments on the situation, analyse reasons behind its problems, and propose targets, tasks and solutions to promote the market in line with guidelines, policies and laws.

According to the PM, following the conference, the government will issue a resolution on the real estate market, which is expected to serve as a ground to spur its development, in the spirit of harmonised interests and shared risks between the State, people and businesses.

The Ministry of Construction reported that the market faced a supply crunch last year, especially housing for low-income earners. Although the number of transactions increased against 2021, it still dropped as compared with the pre-pandemic level.

The State Bank of Vietnam said as of December 31, 2022, outstanding credit related to real estate was nearly 800,000 billion VND (33.65 million USD).

Statistics by the Ministry of Finance show that as of October 28, 2022, issued corporate bonds were valued at 328.9 trillion VND, down 25.2% year-on-year, and decreased quarterly, with real estate firms making up 28.87% of the total.

Real estate businesses have encountered a range of difficulties over the past time, especially in credit access, bond issuance, and capital mobilisation, according to insiders.