Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has recently issued DirectiveNo.11/CT-TTg on several solutions to promoting stable and transparentdevelopment of the property market.

Althoughthe real estate market has recovered and got momentum since 2014, largelycontributing to the country’s socio-economic development and stabilising the macro-economy,the sector still sees various potential risks, including oversupply in high-endsegment, shortage of affordable houses, high prices of properties, andincomplete and unreliable database about the market.

Inthat context, PM Phuc ordered the Ministry of Construction to complete thedraft revised laws on amendments and supplements to the laws on construction,housing and property business, add housing support policy for public servants,and revise construction standards for apartments, condotels, resort villas andofficetels.

TheMinistry of Construction was urged to join hands with competent ministries,sectors and localities to enhance inspections and ask real estate developers tobuild comprehensive technical and social infrastructure, fire-fighting andprevention systems before handing over houses and apartments to customers. Theyshould work together to keep close watch on developments of the property marketto have timely measures in response to market fluctuations.

Meanwhile,the Ministry of Natural Resources and Environment was requested to giveinstructions to organisations and individuals on land use rights of new formsof property like condotels, resort villas, and officetels. Besides, it shouldenhance inspections of land lease, ranting of land use rights, and land use atindustrial complexes, urban development projects and resort tourism sites,among others.

TheMinistry of Finance should work with relevant ministries and sectors to studyrational financial institutions like housing savings fund, property investmentfund and real estate trust fund to mobilise resources for the real estatemarket, the Directive said.

Asfor the State Bank of Vietnam, it is responsible for operating flexiblemonetary policies, controlling credit scale in line with macro-economicdevelopment, and tightening loans for the real estate sector. The bank mustencourage credit institutions to allocate capital for social housing projectsand low-cost commercial housing projects.

The People’s Committees of centrally-run provinces and cities must supervisemarket developments, and map out measures to stabilise the market and preventany possible property bubble. While reviewing planning for urban areas andindustrial parks, they should give priority to ensuring sufficient land areasfor social housing projects.

Particularly,social houses, accommodations for workers, and functional areas for healthcare,education, culture and sports must be included in planning for new urban areas,industrial parks and education establishments.

Detailedinspections must be carried out for projects already receiving approval forinvestment planning. Investment certificates will be revoked for delayedprojects in accordance with current regulations. Meanwhile, relevantauthorities should work to remove bottlenecks for social housing projects andmid-end housing segment.-VNA