Vietnamese Prime Minister yesterday issued Directive 13 on several solutions to ensure the healthy and sustainable development of the real estate market.
The Prime Minister requested a review of legal provisions to solve immediate and long-term problems in the direction of building a healthy, appropriate and effective policy tool to ensure communication and safety certainly between the capital markets and the real estate market.
In addition, diversification of capital sources for the real estate market is needed. Last but not least, decentralization of powers at all levels should be conducted through studies for piloting mechanisms and policies to create new driving forces and impulses for market development.
The PM asked to be persistent, steadfast, resolute in developing a safe, healthy and sustainable real estate ecosystem as well as not to tighten credit unreasonably, but strengthen inspection and supervision whereas governmental organizations do not relax state management while strictly handling violations in accordance with the law.
The Prime Minister asked to strengthen inspection, inspection and audit to remove obstacles, handle violations to protect the market, and residents’ assets, and have a mechanism to remove the problems.
Moreover, responsible agencies should commune well with all walks of people as well as provide financial and legal knowledge to people in all forms.
The Ministry of Construction was asked to study and perfect the legal system related to the real estate sector to ensure synchronization, remove difficulties and obstacles, and create conditions for the real estate market to develop stably. Additionally, the Ministry shall build a real estate market information system associated with land information, to complete the legal basis and to strengthen the implementation of non-cash payments in real estate transactions while keeping a close watch on the developments of the real estate market. It must have a quarterly report to the Prime Minister on the situation of real estate business, and the real estate market nationwide and propose solutions for the stable and healthy development of the real estate market.
The Ministry of Construction shall liaise with concerned ministries and agencies in researching and proposing policies to promote the development of social housing and housing for workers in industrial zones. Finally, it must publicize the information system on the housing and real estate market.
The Ministry of Finance has been asked to control capital mobilization activities of real estate businesses on the stock market to curb speculation, manipulation and increases in price.
According to the Directive, the Ministry of Natural Resources and Environment cooperates with the Ministry of Finance and the Ministry of Justice in studying, reviewing, and amending current provisions of law related to the auction of land use rights including a law on auction, law on land use rights, law on tax administration to ensure consistency and suitability with the actual situation in each locality.
Local administrations implement solutions to promote the development of social houses, and houses for workers in districts. Local authorities cooperate with the Provincial Bank for Social Policies in reviewing and synthesizing the needs of customers who want to borrow loans for the purchase of social houses or cheap-priced houses.