To develop the real estate market again, we need a word of 'clearance'.

Laws that come into effect early in time will boost economic growth.

Assessing the impacts of these Laws, Associate Professor, Dr. Tran Dinh Thien, member of the Prime Minister's Economic Advisory Group, said that the new Laws will certainly have positive impacts, contributing to promoting the recovery and development of the market.

Because the Laws were drafted in the context of the market facing difficulties and obstacles, the goal was to thoroughly resolve these difficulties and obstacles. In fact, the efforts to resolve the obstacles and bottlenecks shown in the newly passed Laws, although not yet reaching expectations, will certainly have a positive effect.

Laws that come into effect early will boost economic growth. (Photo: HQ)

Sharing the same view, Dr. Can Van Luc, Chief Economist of BIDV and Director of BIDV Training and Research Institute, commented that accelerating the official effective date of the three Laws by 5 months compared to the regulation will positively contribute to the real estate market.

This helps to quickly resolve problems related to land valuation, site clearance, resettlement, and implementation of the social housing project. Thereby, contributing to promoting market development.

From an economic perspective, Dr. Vo Tri Thanh, Director of the Institute for Brand Strategy and Competition, believes that the Laws, when effective early in time, will promote economic growth, as they contribute 12-14% of the national GDP. Resolving difficulties for the real estate market is for the entire economic recovery process.

“When all three Laws officially come into effect, they will create a new legal corridor, removing most of the “bottlenecks” for the market when 70-80% of existing problems are due to legal issues. At the same time, they will create a foundation for the real estate market to develop in a safe, healthy and sustainable direction. However, to ensure effectiveness in the implementation process, it is necessary to speed up the completion of the Decrees on the basis of ensuring quality content, closely following the market,” Dr. Thanh emphasized.

Similarly, Dr. Nguyen Minh Phong, former Deputy Director, Deputy Head of the Theoretical Propaganda Department, Doctor of Economics, Senior Editor, Secretary of the Scientific and Professional Council of Nhan Dan Newspaper, assessed that the Land Law is considered the foundation of the two remaining Laws. When the Laws officially come into effect, it will create conditions for legal solutions, contributing to speeding up agreements between businesses and people on site clearance. At the same time, the new regulations in the Law also contribute to creating a wider and more transparent playing field.

However, there are two issues that need to be noted: real estate prices may increase due to regulations on calculating land prices according to market prices, which makes it more difficult for people to access real estate. There will certainly be gaps and shortcomings that need to be addressed.

What additional support is needed for real estate to truly stabilize and develop again?

According to Associate Professor, Dr. Tran Dinh Thien, in order for the Vietnamese real estate market to truly stabilize and develop again, it is very necessary to "clear the bridge, clear the supply" - so that the current congested real estate supply and demand can meet, and the market will "change color". Among them, there are several things that need to be done, urgent in the true sense.

Firstly, institutional problems must be resolved quickly and decisively, so as not to hinder the market's recovery.

The real estate market is having many growth drivers. (Photo: ST)

Second, through resources and measures to promote and create opportunities for both real estate businesses and customers/investors to have access to favorable capital sources with truly supportive interest rates, creating new growth and development engines.

Third, consider solutions to improve the minimum wage so that people have the opportunity to increase their income, thereby increasing demand.

Fourth, continue to implement solutions to attract investment flows to maintain and promote the industrial, commercial, tourism and resort real estate segments.

Most importantly, it is important to note that solutions need to be implemented synchronously, and any bottlenecks that have the opportunity to be resolved should be resolved immediately to avoid losing the market's recovery momentum. Unblocking capital for the real estate market is that crucial step.

According to Dr. Can Van Luc, it is necessary to soon issue detailed guidance documents on the law to ensure that these regulations come into practice soon, only then will it be meaningful to push the effective date of the new laws sooner; soon have solutions to restore the corporate bond market to reduce financial pressure on real estate businesses; soon have solutions to develop social housing as directed by the Secretariat; soon start building an information database to ensure there is enough basis for land valuation and other related activities...

Regarding this issue, Dr. Vo Tri Thanh also said that it is necessary to perfect the legal system with streamlined processes and procedures, creating favorable conditions for market participants to access but still ensuring that it is a tool to manage and monitor market activities.

Regarding fiscal and monetary support policies, they have not been as expected. In particular, support for the socio-economic recovery program needs to be fairly allocated to business sectors, including real estate project investors and secondary investors in the real estate market.

Enterprises need to make efforts to restructure and develop affordable real estate to meet people's needs. The social housing segment needs a new perspective, towards being an important national infrastructure.

Finally, in order for the newly passed Laws to truly bring positive impacts to the Vietnamese real estate market, Dr. Nguyen Minh Phong noted that the guiding documents of the Law must be truly "quality", specific, detailed, ensuring convenience for subjects to access and follow; the authorities need to understand correctly in order to be able to apply them accurately during the implementation process; need to ensure publicity and transparency during the implementation process; continue to receive feedback from subjects to improve to ensure effectiveness during the implementation process; need to be strict, if violations are detected, they must be handled correctly and promptly.

Above all, continue to strengthen people's trust; increase the attractiveness of real estate products; have better support policies for the social housing segment.

Source: https://www.congluan.vn/de-thi-truong-bat-dong-san-phat-trien-tro-lai-can-mot-chu-thong-post303554.html