Illustrative image (Photo: VNA)

Hanoi (VNA) – Prime Minister Pham Minh Chinh has ordered the revision of legal regulations with the aim of ensuring the stable, healthy and sustainable development of the real estate market.

In a directive issued on August 29, the Prime Minister stressed the need to intensify decentralization and pilot mechanisms and policies to create new momentum for the market.

Credits should not be tightened irrationally, but controls should be intensified, the leader asked during Directive No. 13/CT-TTg, noting that care should be taken to prevent tax evasion and ensure the harmony of the interests of the state, people and companies.

Chinh also stressed the need to smoothly and effectively combine fiscal and monetary policies, implement monetary policy in a flexible, safe and prudent manner, and reasonably expand fiscal policy.

Other tasks include the accurate and precise assessment of supply and demand, the identification of market segments to develop suitable policies and the intensification of communication work.

The Ministry of Construction was instructed to promptly study and perfect relevant legal regulations, develop an information system, and speed up cashless payment in real estate transactions.

The Housing Law (amended) and the Real Estate Law (amended) will be submitted to the National Assembly for approval to create a legal framework for real estate business, according to the directive.

The Ministry of Construction has been tasked with submitting quarterly domestic market reports to the PM and proposing solutions to develop the market in a stable and healthy manner.

The leader asked the Ministry of Finance to control the capital raising of real estate companies in the stock market to prevent speculation, and to consolidate tax policies, making them correspond to the current situation.

The Ministry of Planning and Investment will ask localities to streamline administrative procedures and work to attract more investment in the sector, while the Ministry of Natural Resources and Environment will coordinate with Ministries of Finance and Justice to study and examine
legal dispositions on land use rights auctions.

The State Bank of Vietnam has been asked to monitor housing loans and prioritize social housing projects.

The prime minister said cities and provinces should publish the list of projects, land fund and procedures to attract investors and facilitate their operations./.