Prime Minister emphasizes importance of increasing supply to reduce housing costs

Prime Minister Pham Minh Chinh has emphasized the critical importance of boosting the supply of housing to help lower home prices. In an effort to address various legal obstacles encountered in social housing projects, a resolution containing several strategies has been put forward by the government. Additionally, a decree has been introduced to amend and supplement specific regulations in housing and real estate decrees.

During the sixth session of the Central Steering Committee for Housing and Real Estate Market Policies, PM Chinh highlighted the need for an accurate understanding of the significance of the real estate market and social housing. He emphasized the importance of innovative thinking, appropriate policies, controlled market conditions, eliminating bottlenecks, streamlining procedures, fostering inclusive development, and ensuring the harmonization of interests for all citizens.

In the preceding session, the Prime Minister assigned 19 tasks to ministries, agencies, and localities to speed up the development of housing and real estate. These tasks comprised four specific and 15 regular assignments. The government has taken measures to address legal hurdles posing challenges to social housing projects and has directed local authorities to review, finalize, and approve housing plans for the 2026-2030 period.

Various ministries and agencies are currently finalizing proposals to establish a state-operated real estate and land-use rights transaction center. Meanwhile, efforts are underway to establish a National Housing Fund, with localities also setting up their own housing funds. Localities have been tasked with completing approximately 158,700 social housing units in 2026, with 220 projects already in progress nationwide, contributing close to 215,000 units.

To ensure widespread access to stable housing for all citizens, particularly those affected by natural disasters and floods, disadvantaged groups, industrial workers, and military personnel, relevant stakeholders have been encouraged to focus on increasing the supply of housing across various segments. This strategy aims to drive down prices, simplify administrative processes, combat corruption, speculation, and market manipulation, and establish a comprehensive, accurate, and shareable national real estate database.

The Prime Minister directed relevant ministries, the State Bank of Vietnam, and local authorities to focus on accelerating planning processes for housing and real estate projects. Top priority should be given to site clearance, land stockpiling, and infrastructure development for social housing projects. Further emphasis was placed on the full implementation of previous meeting conclusions, expediting the resolution on social housing development targets for 2026-2030, and promoting digital transformation to enhance housing and real estate market information systems.