New laws help further bolster real estate market

A recent roundtable in Ho Chi Minh City discussed measures to support and promote the real estate market development.

Office buildings and luxury apartments for rent in Thu Thiem Urban Area, Thu Duc city, HCM City

Addressing the event, Director of the Department of Housing and Real Estate Market Management under the Ministry of Construction Hoang Hai said the State has issued policies aimed at removing obstacles for real estate enterprises, creating favourable conditions for accelerating the implementation of projects, thereby promoting healthy and transparent capital flows and market development.

Hai highlighted that amendments and supplements in the Real Estate Business Law, the Land Law 2024, the Housing Law, and the Law on Credit Institutions recently approved by the National Assembly aim to ensure alignment with the current reality, remove existing limitations, and uphold constitutional integrity, consistency, and coherence among these laws and other related ones, towards effectively using economic tools to promote the development of the housing and real estate market.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said removing legal obstacles will help create an abundant supply which will help adjust the market trend, stressing the need to have a consistent legal framework to shift towards a green, ecological, healthy, and environmentally friendly real estate market with integrated utilities.

Regarding real estate credit sources, representatives from the State Bank of Vietnam’s office in HCM City said that in the context of low capital absorption in the economy, the growth of the real estate market will have positive effects on other sectors, including banking credit activities.

The positive signs from the real estate market in recent months and the growth of real estate credit reflect these influencing factors and indicate a growth trend in the time to come, they said./.

VNA