real estate market.

According to some experts, commercial banks are holding 71 percent of corporate bonds issued by real estate companies.

There is an urgent need to clarify the decisions made recently by the Government on exemption and reduction of taxes, fees, and land use levies to help production and business enterprises to recover.

Over 7,500 enterprises have registered to suspend business operations for a certain period and complete dissolution procedures since the beginning of this year.

The last few years have seen a decline in revenue across most businesses, especially those in real estate, where the pressure of corporate bonds maturing within this year has many enterprises fearing a state of insolvency.

Despite expectations that the demand for iron and steel will rise, the cost of construction materials remains stubbornly high.

Investors from Taiwan (China) are particularly keen on Vietnam’s industrial, office and retail real estate, property consultancy Savills Vietnam said.

The Government has decided to implement a low-interest credit package of about VND120 trillion for social housing development.

Facing the increasingly difficult export situation, domestic wood associations have linked together to expand markets, seek customers, and promote trade.

Many ministries have now stepped in to begin removing hurdles that are obstructing the growth of the real estate market in Vietnam.

According to the Department of Construction of Ho Chi Minh City, the average housing floor area per person in ​​the city has increased by 53.7 million square meters from 2016 to 2020.

Banks are maintaining a cautious approach in dealing with the current crisis in the real estate market.

Commercial banks have agreed to lower deposit interest rates by about 0.5 percent starting from March 6, while State-owned banks will only reduce their rates by 0.2 percent because they are already at the lowest level in the market.

Ho Chi Minh City is determined to remove bottlenecks for the development of the real estate market.

Many experts said that interest rates in Vietnam are currently too high, so it is necessary to reduce them to support people and enterprises to recover and develop production and business activities.

Priority should continue to be given to maintaining macroeconomic stability, controlling inflation, spurring growth and ensuring major balances of the economy, PM Pham Minh Chinh said at the Government’s February meeting on Mar 3 in Hanoi.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai asked departments and agencies to solve problems that businesses have mentioned at recent meetings to help businesses trust city’s determination for economy growth.

Information relating to the loosening of credit room, and commitments from the Ho Chi Minh City (HCMC) People's Committee and other agencies on removing hurdles to transactions have led to experts' positive views on the future of the property market.

The real estate market has become a hot topic in the economy recently. There is an existing paradox where large-scale companies report huge profits, but their debts are increasingly enlarging, becoming fragile in the event of financial turmoil.

While real estate market has cooled down, people's rental demand is high.

The People's Committee of Ho Chi Minh City, on February 17, held a conference to meet and listen to the proposals of city-based enterprises.