Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 03/CD-TTg dated January 15, 2025 requesting ministries, branches and localities to focus on rectifying and handling price manipulation, real estate speculation and inspecting and examining real estate investment and construction projects.
Prime Minister requests to focus on rectifying and handling price manipulation and real estate speculation
Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 03/CD-TTg dated January 15, 2025 requesting ministries, branches and localities to focus on rectifying and handling price manipulation, real estate speculation and inspecting and examining real estate investment and construction projects.
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Recently, the Government and the Prime Minister have had many drastic directions and timely solutions to remove difficulties, speed up the implementation of real estate projects, control and stabilize the real estate market; remove obstacles in the implementation of land management, land use, land allocation, land valuation; promptly rectify the work of auctioning land use rights.
However, in 2024, at some points in time, some areas and localities will have real estate and housing prices increase higher than people's financial capacity, partly due to: (i) Some speculative associations, groups, investors, and individuals operating real estate brokerage take advantage of people's lack of understanding and herd mentality to manipulate psychology, "push up prices", "create virtual prices" and disrupt market information for profit; (ii) Information on housing and the real estate market is incomplete, untimely, and not transparent, leading to organizations and individuals lacking information, and some localities are guided by information by some speculative associations, groups, investors, and individuals operating real estate brokerage, disrupting market information; (iii) Some real estate project investors take advantage of the limited real estate supply situation to offer real estate prices higher than the average of real estate projects to make a profit; (iv) Unusually high auction results for land use rights in some areas increase the price level of land, housing and real estate; (v) Limited housing and real estate supply, especially the lack of commercial housing supply with prices suitable for the affordability of people with average and low incomes and social housing.....
To strengthen control and stabilize the real estate market, housing prices and promptly rectify and handle real estate manipulation, price hikes and speculation, the Prime Minister requests:
1. Ministers, Heads of ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally run cities:
Continue to strictly and effectively implement the tasks and solutions directed by the Government and the Prime Minister in resolutions, directives, decisions, telegrams, etc. related to removing obstacles and promoting the safe, healthy and sustainable development of the real estate market; Promote communication, public disclosure and transparency of information related to housing and the real estate market to ensure timeliness, completeness and accuracy; At the same time, strengthen control and strict and effective censorship of inaccurate and unofficial social information channels that can have negative impacts on the psychology of the people, investors, customers and the market.
2. Minister of Construction:
a) Take the lead in coordinating with the Ministry of Natural Resources and Environment and relevant ministries and branches to study and propose a pilot project on the model of "Real estate and land use rights transaction center managed by the State", aiming at electronic transactions to improve management efficiency and enhance the publicity and transparency of real estate transactions in the market; report to the Prime Minister in the second quarter of 2025.
b) Coordinate with the Ministry of Public Security to update, complete, and operate the national database system on housing and real estate market connected to the national database on population, notarization, land, investment, construction activities, etc. to ensure regular and timely reflection and update of the legal status of projects, real estates eligible for business, real estate inventories; on real estate transactions; to be completed in 2025.
c) Coordinate with the Ministries of Justice, Finance, and Natural Resources and Environment to study the securities trading model to implement digital transformation to connect procedures from real estate transactions, notarization, taxes and land transaction registration in the electronic environment to ensure publicity and transparency of assets and transaction prices, thereby managing and preventing tax losses, and report to the Prime Minister before June 30, 2025.
d) Proactively monitor the real estate market situation and closely coordinate with the Ministry of Natural Resources and Environment, the Ministry of Finance and localities to promptly take measures and solutions to regulate and stabilize the market through adjusting land use planning and plans; urban and rural planning; urban and housing development programs and plans; product structure of real estate projects... according to authority or propose to competent authorities according to law provisions.
d) Direct and coordinate with the Ministry of Public Security and the People's Committees of provinces and centrally-run cities to inspect, examine and review real estate business activities of enterprises, investors, real estate trading floors and real estate brokers in the area, especially in areas and projects with unusual price increases; promptly rectify, prevent and strictly handle violations within its authority.
3. Minister of Natural Resources and Environment:
a) Direct and coordinate with the People's Committees of provinces and centrally-run cities to strengthen inspection, examination and review of land price determination activities, issuance of land price lists, compensation, site clearance, land use rights auctions, etc.; promptly rectify, prevent and strictly handle violations within their authority, especially acts of taking advantage of land use rights auctions for profiteering, causing market disruption.
b) Coordinate with the Ministry of Construction and relevant ministries to research and implement digital transformation to connect procedures from real estate transactions, notarization, taxes and land transaction registration in the electronic environment.
4. Minister of Finance:
a) Research and propose tax policies to limit real estate speculation, ensuring compliance with Vietnam's socio-economic conditions and international practices..., including researching tax collection options for the price difference between land use fee calculation prices and real estate product selling prices of projects; tax collection for the difference in transactions, reporting to the Prime Minister before April 30, 2025.
b) Flexibly and synchronously manage fiscal, financial and monetary policy tools to unblock capital flows to serve socio-economic development in general and the real estate market in particular.
c) Coordinate with the Ministry of Construction and relevant ministries to research and implement digital transformation to connect procedures from real estate transactions, notarization, taxes and land transaction registration in the electronic environment.
5. The Governor of the State Bank of Vietnam directs a thorough review and inspection of credit institutions that provide loans with real estate as collateral, which must be objectively and reasonably valued, in compliance with regulations, and focused on credit risk management. In particular, it is forbidden to assist in price manipulation, create new "virtual" price levels, destabilize and "distort" the market.
6. The Minister of Public Security directs professional units and local police to proactively grasp the situation, promptly detect, investigate, and strictly handle according to the law organizations and individuals who violate to the extent that they must be prosecuted for criminal liability in the auction of land use rights; provide false information with the purpose of creating virtual fever and defrauding people for personal gain.
7. Chairman of People's Committee of provinces and centrally-run cities:
a) Disseminate and popularize laws and organize the implementation of newly issued policies and laws related to the real estate market. Timely announce information on housing and the real estate market, publicize documents announcing real estate eligible for business; housing development programs and plans; land use planning and plans; urban and rural planning; urban development programs;... to ensure public and transparent market information.
b) Quickly resolve administrative procedures in investment and construction of housing and real estate projects (such as investment policy approval, project appraisal, land use purpose conversion, land price determination, land use fee calculation, etc.).
c) Strictly control the issuance of real estate brokerage practice certificates; activities of real estate trading floors and real estate brokerage service enterprises in the area, ensure transparency and professionalization of these activities, prevent and limit lack of control that can cause market instability.
d) Strengthen inspection to promptly rectify, prevent and strictly handle violations within the authority of enterprises, investors, real estate trading floors, real estate brokerage service businesses, land use rights auctions in the area, focusing on the legality, conditions, information disclosure... of real estate put into business with abnormal price increases; do not take advantage of or disrupt the market.
8. Assign Deputy Prime Minister Tran Hong Ha to directly direct, inspect, urge and handle arising issues within his authority. In case of exceeding authority, report to the Prime Minister.
9. The Government Office, according to its functions and tasks, urges ministries, agencies and localities to perform the tasks assigned in this Official Dispatch.
Source: https://baodautu.vn/batdongsan/thu-tuong-yeu-cau-tap-trung-chan-chinh-xu-ly-viec-thao-tung-gia-dau-co-bat-dong-san-d240942.html
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