PM demands probe into sky-high apartment prices

PM demands probe into sky-high apartment prices Prime Minister Pham Minh Chinh advocated for policies to boost supply and balance demand through market mechanisms, while identifying institutional and policy barriers that stifle progress. Monday, September 22, 2025 18:02 Prime Minister Pham Minh Chinh speaks at the Central Steering Committee on the Housing Policy and Real Estate Market’s first session (Photo: VNA) Zalo Facebook Twitter Bookmark Print Copy link Hanoi (VNA) – Prime Minister Pham Minh Chinh has pressed for answers on why apartment prices remain persistently high and ordered clarification on whether real estate market manipulation, including hoarding, price rigging, and speculative practices, has occurred. PM Chinh, who is also head of the Central Steering Committee on the Housing Policy and Real Estate Market, chaired the committee’s first session in Hanoi on September 22 to review the sector’s performance over the first nine months of this year. The hybrid meeting linked online with 34 provinces and cities, setting the tone for what’s next through year-end. Real estate, he said, is the engine revving Vietnam’s economy and urban growth, pumping cash into construction, finance, materials, and services. Since the Government’s term began, social housing has been a core part of its agenda, a fulfilment of the Party’s pledge to ensure every Vietnamese has “a home to settle and prosper”. This mission demands a surge in supply and a restructuring of real estate products, with a focus on affordable options for low-and middle-income families. Yet, he was candid about the shortfall: both social housing and the broader property market have failed to meet expectations, leaving aspirations unfulfilled. “We must face these challenges squarely,” he insisted, calling for a rigorous reckoning to elevate urban living standards and dismantle persistent obstacles.
Prime Minister Pham Minh Chinh speaks at the Central Steering Committee on the Housing Policy and Real Estate Market’s first session (Photo: VNA)

The leader advocated for policies to boost supply and balance demand through market mechanisms, while identifying institutional and policy barriers that stifle progress. He tasked the committee with analysing root causes, drawing lessons, and crafting bold solutions to drive housing and property policy breakthroughs through 2026. According to the committee, Vietnam recorded over 1,000 commercial housing projects in the first nine months of this year, with 960 under construction, packing nearly 149,000 apartments and over 249,000 detached houses. On the social housing front, 692 projects are planned, with over 633,000 units. Of those, 165 projects with over 110,000 units are done, hitting 59.6% of the 2025 target. Plus, more than 334,000 rundown or temporary homes have been refurbished nationwide. Real estate deals numbered 430,000, flat from last year. The market showed signs of recovery but remains uneven. Condominium sales edged up in major cities, mostly mid-range, while land plot transactions slowed. As of July 31, property sector loans hit over 4 quadrillion VND (153.8 billion USD), up 17% from late 2024, making up 23.68% of all credit in the economy. A 30 trillion VND stimulus package under the Government’s Resolution 02/NQ-CP has drawn 17 commercial banks, with outstanding loans exceeding 2.3 trillion VND. Loans under the Decree 100/2024/ND-CP surpassed 19 trillion VND, while cash for social and worker housing and old apartment renovations under the Resolution 33/NQ-CP are picking up steam./. VNA #Prime Minister Pham Minh Chinh #Central Steering Committee on the Housing Policy and Real Estate Market #sky-high apartment prices Zalo Facebook Twitter Bookmark Print Copy link Follow VietnamPlus Related News Vietnam’s housing policy: From social security to market driver 28/08/2025 10:11 Over the past four decades of Doi Moi (Renewal), Vietnam has made a significant shift in housing policy, transitioning from a centrally planned, subsidised system to a dynamic, market-oriented real estate sector. Social housing development reflects Vietnamese regime’s fine nature: PM 16/08/2025 17:25 The social housing development reflects the unique and humane nature of the Vietnamese regime, and the work must be done no matter how difficult, Prime Minister Pham Minh Chinh stressed on August 16 while concluding a nationwide teleconference reviewing the implementation of social housing development targets in the first seven months of the year and tasks for the remaining period. PM chairs national online conference on social housing development 16/08/2025 10:04 Along with the investment of the State, and the helping hand of the whole society, the country has completed the building of houses for people with meritorious services to the revolution and are effectively eliminating temporary and dilapidated houses nationwide, completing the programme five years earlier than the original target, the PM noted. See more Resolution 70-NQ/TW aims to strengthen Vietnam’s role in global energy value chain 22/09/2025 16:03 Significantly, Resolution 70-NQ/TW emphasises the equal role of the private sector, encouraging deeper engagement from both domestic and foreign enterprises. New rules on big money transfers to take effect on November 1 22/09/2025 13:15 Suspicious transactions will also fall under the reporting requirement, with responsibility resting on financial institutions such as commercial banks and payment intermediaries. Vietnam’s fruit, vegetable exports estimated at 6.11 billion USD in nine months 22/09/2025 11:57 September alone saw exports hitting nearly 1.29 billion USD, the highest monthly figure ever recorded. Huge room for stepping up Vietnam – China investment, tourism cooperation: Ambassador 22/09/2025 10:55 The Vietnamese Embassy in China pledges to accompany and effectively support cooperation activities, creating the most favourable conditions for exchanges between localities and enterprises of the two countries, Ambassador to China Pham Thanh Binh stated. Reference exchange rate rises slightly at week’s beginning 22/09/2025 10:09 The State Bank of Vietnam set the daily reference exchange rate at 25,189 VND/USD on September 22, up 3 VND from the last working day of the previous week. Vietnam’s cashew export target of 4.5 billion USD within reach 22/09/2025 09:52 If the current momentum is maintained and exports are boosted in the remaining peak months, particularly during the festive season, the 4.5 billion USD goal is within reach, said the Ministry of Agriculture and Environment