Prime Minister Phạm Minh Chính has directed ministries and local authorities to take stronger action to increase housing supply and curb surging prices to stabilise the real estate market, according to an official dispatch issued on Tuesday.

 

Despite continuous efforts to remove bottlenecks and speed up property developments, housing prices in some areas have continued to soar, making homes increasingly unaffordable for many people. The rise has been driven partly by speculation and a shortage of supply.

 

The Prime Minister urged ministries and localities to improve the legal framework, simplify procedures and introduce breakthrough policies to mobilise resources for transparent and stable real estate development, with a focus on affordable housing, including low-income rental and rent-to-own projects.

 

He emphasised that efforts must be strengthened to complete at least 100,000 social housing units this year.

 

The pilot project for a State-run online real estate and land-use rights trading centre must be submitted to the Government in October.

 

The Prime Minister also tasked the Ministry of Finance with submitting a report by October 15 on property taxation and advancing digital transformation in real estate transactions, land registration and taxation to enhance management and transparency.

 

The State Bank of Vietnam has been instructed to direct credit flows towards social housing and housing projects for workers and affordable segments, while tightening lending to speculative or overpriced developments. The bank must also accelerate the disbursement of stimulus packages for social housing, including the VNĐ120 trillion credit package and support schemes for young people purchasing homes before the age of 35.

 

Major cities, including Hà Nội, Hải Phòng, HCM City, Đà Nẵng, Huế and Cần Thơ, are required to allocate land for affordable and social housing in line with urban planning and submit breakthrough proposals to the Ministry of Construction by October 10.

 

The second meeting of the Central Steering Committee on Housing and Real Estate Market Policy is expected to take place on Saturday, following its first session on September 22. — VNS