Transaction volume drops, real estate inventory trends upward
Reporting at the meeting, Deputy Minister of Construction Nguyen Van Sinh stated that efforts to refine the legal framework and resolve obstacles facing real estate projects, as well as the development of social housing and rental housing, have yielded positive results. However, the supply structure does not yet fully meet actual demand; transaction volumes have declined, while real estate inventory levels are trending upward.
Regarding social housing, nearly 47,000 units were completed nationwide in the first nine months of the year, reaching approximately 48 percent of the annual target.
As for rental housing, 8,314 units were completed by the end of the third quarter. Progress remains slow in some localities, and mobilizing investment resources, particularly for rental housing, continues to face challenges.
Reporting on real estate credit, Deputy Governor of the State Bank of Vietnam Nguyen Ngoc Canh stated that by the end of August, total outstanding real estate credit reached approximately VND5.21 quadrillion (US$201 billion), accounting for over 25 percent of the economy's total outstanding credit.
The preferential credit program for social housing development has been expanded to over VND153 trillion; however, disbursement has reached only about VND17.5 trillion.
During the third quarter, the nation recorded approximately 92,000 successful real estate transactions, representing 92 percent of the previous quarter's volume.
According to reports submitted by 27 out of 34 localities, the inventory of real estate properties comprises approximately 51,950 residential units and land parcels. These figures are based solely on data reported by project developers and do not fully capture the complete status of unsold properties in the secondary market or the invested capital tied up in incomplete development projects.
Deputy PM urges faster social and rental housing development
At the end of the meeting, Permanent Deputy Prime Minister Pham Gia Tuc called for a determined effort to meet the targets for social housing and rental housing development for 2026 and the 2026–2030 period. He emphasized increasing the proportion of social housing designated for rent and aligning housing development with actual demand. He also stressed the need to ensure synchronized technical and social infrastructure, thereby avoiding situations where completed housing projects sit abandoned and unused.
Regarding stalled or long-delayed real estate projects, the Permanent Deputy Prime Minister directed authorities to focus on definitively resolving obstacles within their jurisdiction and to quickly bring unblocked projects into operation to unlock resources. This initiative also aims to boost housing supply, particularly for products priced within the public's financial means.
Regarding rental housing, the Permanent Deputy Prime Minister emphasized that this is a priority development area. Consequently, the Ministry of Construction is tasked with leading and coordinating an assessment of the current status of real estate inventory, resettlement housing, and public housing assets that remain unused. Simultaneously, the Ministry must explore solutions to repurpose these assets for use as social housing and rental housing.
The Permanent Deputy Prime Minister also directed the State Bank of Vietnam to instruct credit institutions to improve access to capital for real estate developers and homebuyers. He called for directing capital flows toward social housing and rental housing, striving to lower lending interest rates, while strictly managing credit risks associated with the real estate sector.
Concurrently, efforts must continue to accelerate the disbursement of preferential credit programs for social housing, housing for workers, and social housing purchases by young people under the age of 35, while promptly resolving obstacles regarding lending conditions and procedures.
In particular, the State Bank is to coordinate with the Ministry of Construction to study appropriate credit policies for rental housing and other types of housing.
