National conference seeks ways to remove roadblocks to real estate

Prime Minister Pham Minh Chinh speaks at the conference. (Photo: VNA)

Hanoi (VNA) – Prime Minister Pham MinhChinh chaired a national online conference in Hanoi on February 17 that soughtways to remove obstacles to the domestic real estate market and give it a push togrow safely, healthily and sustainably.

In his opening remarks, the leader urgedparticipants to give objective assessments on the situation, analyse reasonsbehind its problems, and propose targets, tasks and solutions to promote themarket in line with guidelines, policies and laws.

According to the PM, following the conference, thegovernment will issue a resolution on the real estate market, which is expectedto serve as a ground to spur its development, in the spirit of harmonisedinterests and shared risks between the State, people and businesses.

At the conference (Photo: VNA)

The Ministry of Construction reported that themarket faced a supply crunch last year, especially housing for low-incomeearners. Although the number of transactions increased against 2021, it stilldropped as compared with the pre-pandemic level.

The State Bank of Vietnam said as of December 31,2022, outstanding credit related to real estate was nearly 800 trillion VND(33.65 billion USD).

Statistics by the Ministry of Finance show that asof October 28, 2022, issued corporate bonds were valued at 328.9 trillion VND,down 25.2% year-on-year, and decreased quarterly, with real estate firms making up 28.87% of the total.

Real estate businesses have encountered a range ofdifficulties over the past time, especially in credit access, bond issuance,and capital mobilisation, according to insiders./.

VNA