Over 4 trillion VND is invested in 4,000 real estate projects.

That figure was recently reported to the National Assembly by the Ministry of Construction after two years of implementing Resolution No. 40/2012/QH13 on questioning and answering questions at the 4th session of the 13th National Assembly.

Across the country, over 4 trillion VND is tied up in 4,000 real estate projects. (Illustrative image from the internet)

Over 3,000 projects are currently underway.

One of the areas that the Ministry of Construction has been working on over the past two years is the review, classification, and adjustment of the structure of urban development projects, housing development projects, and the handling of abandoned land.

According to the review results, Minister of Construction Trinh Dinh Dung stated that currently, there are a total of 4,015 urban development and housing development projects nationwide that have been planned and licensed for investment. The total investment is approximately 4,486,674 billion VND, with a total planned land area of ​​over 102,000 hectares. Of this, the total planned land area for housing construction is 36,000 hectares, the total planned land area for social housing construction is 2,000 hectares, and the total planned housing area is 461 million square meters of floor space...

According to the Minister of Construction, there are currently about 3,258 projects (accounting for 81%) that are continuing to be implemented, with a total land area of ​​over 81,000 hectares (79.8%), and a total land area for housing construction of about 29,545 hectares (81.9%).

In addition, 455 projects (12%) required adjustments to their planning and product structure, covering a total land area of ​​approximately 21,000 hectares (23.3%), with a total land area for housing construction of over 7,000 hectares. Furthermore, 287 projects were temporarily suspended, covering a total land area of ​​nearly 15,000 hectares (14.5%).

According to the Ministry of Construction, there are currently 470 projects, with a total land area of ​​approximately 6,983 hectares, that have been completed or have not yet had detailed reports submitted. Local authorities are continuing to update and provide supplementary data.

10% of the 30,000 billion VND support credit package has been disbursed.

According to the Ministry of Construction's assessment, the 30,000 billion VND credit support package, aimed at the poor and creating conditions for them to own housing, has been well-received and highly appreciated. Therefore, after a period of stagnation, the market showed signs of recovery from the second half of 2013, and continued its positive recovery trend in the first eight months of 2014.

Citing signs of recovery, the Ministry of Construction stated that many projects in the 2011-2013 period, which saw significant price reductions (over 30%), have stabilized and not decreased further in the past nine months. Some projects in prime locations, already completed or nearing completion, have seen price increases compared to 2013.

Transaction volumes also increased, with Hanoi recording approximately 6,150 successful transactions in the first eight months of 2014 (more than double compared to the same period in 2013), and Ho Chi Minh City recording approximately 5,450 successful transactions (an increase of over 30% compared to the same period in 2013).

Furthermore, the structure of real estate products has also been adjusted appropriately, with 60 projects nationwide registering to convert from commercial housing to social housing, with a construction scale of approximately 38,000 apartments, and 74 projects registering to adjust the apartment structure (reducing area) to better suit market demand.

The Ministry of Construction also stated that real estate inventory has decreased, with the total value of inventory nationwide at only about 82 trillion VND (a decrease of 12 trillion VND compared to December 2013). In addition, as of August 31, 2014, the total amount of loans committed by 5 banks under the 30,000 billion VND support credit package was over 7 trillion VND, of which over 3 trillion VND (10.25%) had been disbursed.

According to Minister Trinh Dinh Dung, in the coming period, the Ministry will continue to improve the legal framework for urban development management, review and evaluate urban development plans, housing, and technical infrastructure, and review and assess the effectiveness of capital allocation and utilization in urban development programs...

According to Infonet