Jan 25, 2013

Vietnam - Very hard to break the frozen estate market, says minister

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VietNamNet Bridge - Answer the questions of National Assembly deputies at the hearing on January 24, Minister of Construction Trinh Dinh Dung, affirmed that removing difficulties for the real estate market is very difficult.

On the morning of January 24, the NA Economic Committee held a session to find solutions to rescue the real estate market.

Opening the session, some NA deputies raised a lot of questions to the Minister of Construction Trinh Dinh Dung.

Dung said: "We are implementing solutions, such as the Government's Resolution 02 on the handling of real estate inventory, hoping to gradually remove difficulties, but we cannot meet the requirements right now".

He stressed that the inventory data just tells part of the fact. "The solution we propose is consistent with economic conditions but they are not strong enough. We want even more strongly measures," Dung said.

A good time for home buyers

Dung said the Ministry has embarked on removing difficulties for the estate market since early 2011.

The Ministry’s proposals was included in the government’s resolution in October 2012, was presented to the National Assembly by the Minister. The Government then issued Resolution 02 "on a number of solutions to solve difficulties for business, marketing support and resolving bad debt".

Dung said, home prices have fallen; many projects have the prices decreased by 50%, or about equal to 2006.

"This is also a good time for people in need of housing to purchase house in accordance with each family's economic conditions. Recently, the real estate market for budget housing segment in Hanoi and Ho Chi Minh City has shown signs of warming," Dung said.

A series of measures to rescue the estate market will be carried out in the coming time, Dung affirmed.

He said that new financial institutions will be formed to develop new financial tools for the real estate market.

Le Nhung

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