Ho Chi Minh City implements measures to boost housing supply, reduce prices

The Ho Chi Minh City People’s Committee has issued a document to relevant departments and agencies outlining measures to boost housing and real estate supply, reduce prices, and stabilize and develop the city’s property market.

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Ho Chi Minh City will carry out measures to boost housing and real estate supply, reduce prices, and stabilize and develop the city’s property market. (Photo: SGGP)

Accordingly, the People’s Committee assigned the Department of Construction to coordinate with relevant agencies to advise the city on solutions to accelerate urban planning and development, particularly in areas built under the transit-oriented development (TOD) model. The department is also tasked with expediting administrative procedures related to construction investment and the implementation of housing and real estate projects under new regulatory frameworks.

In coordination with the Department of Agriculture and Environment, the Department of Construction will propose land allocations for social housing development and advise on measures to urge and support project developers in speeding up implementation so the city can meet its social housing targets.

The Department of Finance has been tasked with advising on the allocation of local budget resources for compensation and site clearance, ensuring the availability of land for social housing development. It will work with the Department of Construction to recommend that the Ho Chi Minh City People’s Committee submit additional social housing targets assigned by the Prime Minister to the Ho Chi Minh City People’s Council for approval.

The Department of Finance is also responsible for coordinating with the Department of Construction to promptly rectify, prevent, and strictly handle violations, within its authority, related to the activities of businesses, project developers, and real estate trading floors.

The Ho Chi Minh City People’s Committee has assigned the Department of Agriculture and Environment to advise on the approval and timely publication of information related to planning and land-use plans, ensuring openness and transparency. The department is also directed to expedite administrative procedures for construction investment in housing and real estate projects under new regulations, including procedures for land-use conversion, land-price appraisal, and land-use fee assessments.

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