Developing a healthy real estate market
Presenting the Report on the Draft Law on Real Estate Business (amended), Minister of Construction Nguyen Thanh Nghi said that after nearly 8 years of implementation, the Law on Real Estate Business 2014 and its guiding documents, in addition to the achieved results, the law on real estate business has also shown shortcomings and limitations that need to be amended and supplemented.
The draft Law on Real Estate Business (amended) is expected to overcome shortcomings and limitations after 8 years of implementing the Law on Real Estate Business 2014, and overcome overlaps and conflicts between the provisions of this Law and other relevant laws to ensure consistency and unity of the legal system.
Minister of Construction Nguyen Thanh Nghi presented the Proposal on the draft Law on Real Estate Business (amended). Photo: Doan Tan/VNA
The Minister of Construction said that the drafting of the Law always closely followed the Resolution of the 13th National Party Congress, Resolution No. 18-NQ/TW and other relevant resolutions and documents of the Government to fully and promptly institutionalize the Party's viewpoints and policies on management and development of the real estate market; ensure the inheritance and stability of the legal system; amend and supplement regulations to overcome shortcomings and limitations in policies and laws that were pointed out during the process of summarizing the implementation of the Law on Real Estate Business in 2014.
The draft law is built on the viewpoint of resolving the overlapping and conflicting situations in policies and laws related to real estate such as land, investment, finance, and credit. At the same time, it is necessary to continue to promote decentralization, decentralization, and reform of administrative procedures associated with control and supervision of implementation, ensuring unified management from the central to local levels of the real estate market; perfecting mechanisms and policies to develop a stable and healthy real estate market; and ensuring the operation of real estate business relations according to the socialist-oriented market mechanism.
The regulatory role of the State is very important.
Chairman of the National Assembly's Economic Committee Vu Hong Thanh presents the Report on the examination of the draft Law on Real Estate Business (amended). Photo: Doan Tan/VNA
Giving his opinion at the group discussion session, National Assembly Chairman Vuong Dinh Hue emphasized that the Resolution of the 13th National Party Congress has determined to restructure the real estate market. The draft law must institutionalize the Party and State's policies on the real estate market.
The National Assembly Chairman said that it is necessary to restructure the real estate market because the current market segments are unreasonable. Because nationwide, as well as in each locality, the housing and luxury apartment segments are too numerous, the mid-range and affordable segments are very lacking, and social housing is only now being given importance, and there are not many breakthrough policies. "Therefore, we must consider how the State regulates and calculates the segments to suit the market and social needs," the National Assembly Chairman emphasized.
An important issue for the real estate market that the National Assembly Chairman emphasized is the time-frame consistency in planning.
"If the planning makes calculations, with this land fund, how much real estate can be developed, but it does not calculate what will happen if too much or too little real estate is launched at the same time. If too many projects are launched at the same time, there will be a surplus, leading to a frozen market. If too few projects are launched at the same time, prices will be pushed up. Therefore, the planning and licensing of projects need to be studied very carefully," the National Assembly Chairman analyzed.
From there, the National Assembly Chairman emphasized the very important coordinating role of the State from the central to local levels, including the "conductor" role of the Ministry of Construction.
In this revision, the draft Law on Real Estate Business also devotes a chapter to regulating the State's real estate market. However, according to delegate Nguyen Huu Toan, Vice Chairman of the National Assembly's Finance and Budget Committee, the draft only stipulates principles but does not clarify specific policies. The delegate believes that regulation is necessary but more specific policies must be stipulated to develop the real estate market, especially housing, especially in terms of prices so that people can access housing.
Regarding this issue, the National Assembly's Economic Committee commented that the regulations on real estate market regulation stipulated in Article 86 of the draft Law are still general, unclear in normative nature, without specific policy content, and are only principles in general state management. The implementation of each specific measure on investment, construction, tax, credit, land, finance, price, and budget must be implemented in accordance with specialized laws. In fact, the Government is still implementing solutions to regulate the real estate market.
In addition, the Economic Committee believes that regulating the real estate market as stipulated in the draft Law and the draft Decree are only temporary intervention solutions; it is necessary to study regulations in the direction of the most effective tool to ensure the development and management of the real estate market through planning and land use plans to restructure the real estate market in accordance with development goals in each period, restructure the supply to ensure meeting actual needs.
Regarding the authority to regulate the real estate market, the appraisal agency proposed to add regulations on cases where regulatory measures exceed the authority of the Government, they must be submitted to the National Assembly and the National Assembly Standing Committee according to specialized laws.
According to VNA/Tin Tuc Newspaper
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