Removing obstacles for large real estate projects will lead to an abundant supply in the near future.

Speaking at the "Vietnam Real Estate Brokerage Day 2023" on the evening of June 24th, Deputy Minister of Construction Nguyen Van Sinh stated that in recent times,real estate marketThey have been and are still facing difficulties and obstacles.

In particular, some real estate exchanges have had to downsize, cease operations, and cut staff. The limited range of products has affected the quality and transaction activities of these exchanges.

In light of these difficulties, the Deputy Minister stated that the Government, the Prime Minister, and various ministries, departments, and localities have issued numerous directives and taken decisive action to resolve the difficulties and obstacles facing the real estate market.

"In particular, the Government and the Prime Minister have recently issued numerous directives, official dispatches, and solutions, especially Resolution No. 33 on developing a stable, safe, and healthy real estate market. This is a crucial resolution for the real estate market in recent times."

The government has also directed the establishment of task forces to address issues in the real estate market. The focus is on removing bottlenecks to promote stable and healthy market development," the Deputy Minister said.

Regarding institutional bottlenecks, Mr. Sinh also stated that the Government and the Prime Minister have promptly amended and issued regulations. Several major problematic issues have been proposed for amendment and are being submitted to the National Assembly in draft Housing Laws and other related legislation.Real Estate Business Lawmodify.

Several issues falling under the Government's jurisdiction have also been addressed through decrees. For example, Decree No. 35 resolves legal obstacles in the fields of construction, planning, urban development, housing, especially social housing; Decree No. 10 resolves legal obstacles in the field of land; and Decree No. 08 resolves issues related to bond issuance…

Regarding the removal of resource bottlenecks, the Deputy Minister stated that the Government has directed the State Bank of Vietnam and the Ministry of Finance to implement various solutions; including solutions related to credit, bonds, and the stock market. He believes these are timely solutions that address the difficulties and bottlenecks in resource allocation.

Regarding implementation and promoting early project deployment to create supply, Deputy Minister Nguyen Van Sinh said that the Government has established a task force to go to localities to resolve issues.

“The task force has been very active in visiting localities, working with them to resolve difficulties and expedite the approval of projects. Localities such as Hanoi, Ho Chi Minh City, Da Nang, Can Tho, Hai Phong… have actively participated in resolving these issues.”

"Although the initial results haven't been significant, we believe that in the near future, many projects will be resolved to create a large supply," the Deputy Minister said.

The Deputy Minister also hoped that real estate exchanges and brokers would perform their brokerage roles well, actively developing real estate exchanges that ensure scale and quality. Especially, the products introduced to buyers must be legally sound and transparent.

He hopes that brokerage activities will continue to act as a "bridge" to help investors access information, leading to more successful transactions; and build trust among the public regarding housing transactions.