The Ho Chi Minh City Real Estate Association has compiled and sent to the Ho Chi Minh City People's Committee 189 petitions from 148 real estate projects. Up to now, 3 projects have been resolved under the direction of the Working Group to remove difficulties and obstacles for investment projects in Ho Chi Minh City.
2023 is a difficult year for the real estate industry in Ho Chi Minh City. This is the only industry with negative growth (-6.83%). The Ho Chi Minh City Real Estate Association has compiled and sent to the Ho Chi Minh City People's Committee 189 petitions from 148 real estate projects. To date, 3 projects have been resolved under the direction of the Working Group to remove difficulties and obstacles for investment projects in Ho Chi Minh City.
At the same time, 12 projects are being reviewed and implemented by departments and branches under the direction of the Ho Chi Minh City People's Committee. There are 41 projects that do not meet the conditions for land use rights to be approved for investment policies to implement commercial housing projects. The Ho Chi Minh City Department of Planning and Investment has worked with and notified investors to study changing the target from investing in commercial housing construction to investing in social housing construction or bidding to select investors to implement commercial housing projects. Dr. Tran Du Lich, Chairman of the Advisory Council for the implementation of Resolution 98, commented that in order to avoid a repeat of the "free fall" scenario in the first quarter of 2023, there are many factors.
In addition to injecting about VND6,000 billion into the economy from the source of public investment disbursement in January, the city should take action right from the beginning of the year to create momentum. That is to focus on removing obstacles so that a number of real estate projects can be started immediately. According to Chairman of the Ho Chi Minh City Business Association Nguyen Ngoc Hoa, the city should coordinate policies synchronously. For example, there should be a policy to support interest rates synchronously for home buyers and home builders; reactivate the mid-range housing segment, because currently the social housing segment and low-cost commercial housing (about VND1.5-2 billion/unit) have great demand.
The Ho Chi Minh City People's Committee said that in 2024, the city will promote the implementation of the Central Government's mechanisms and policies to support businesses in recovering and developing, including solutions to develop safe, healthy, effective, sustainable and integrated markets, especially the real estate and social housing markets; review and remove obstacles for real estate projects, and support the restoration of cash flow for businesses. With the above solutions, we can hope for more positive growth in 2024 of the real estate industry, as Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen said at the conference summarizing the implementation of socio-economic development tasks in 2023; thoroughly grasping and implementing tasks in 2024 organized by the Ho Chi Minh City People's Committee, through the assessment of real estate businesses, the market is warming up.
The real estate market is sensitive and complex, until this market is in crisis, we can see its full value to the economy. It is the spillover, the driving force for growth, contributing to GRDP. Therefore, the city needs to be responsible in implementing policies and solving the difficulties of this market.
KHANH CHAU
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