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REVIEW of FINANCE - Issue 1, 2023
The primary supply of the apartment market for sale is macroeconomic stability, ensure major balances of the
mostly Grade B apartments. Meanwhile, the number of economy, stabilize investment market, ensure consistency
units suitable for the vast majority of demand, or the and stabilize policies so that investors can feel secure to
Grade C segment, is not large, even is still decreasing in make theirr investment.
relation to total primary supply. - Continuing to deploy solutions to quickly stabilize
and healthily develop the bond market in order to create
Recommendations
medium and long-term capital channels as well as a
For the Ministry of Construction sustainable capital source for the real estate market, and
at the same time reducing pressure of capital supply from
- Reviewing and amending policy problems in the Law credit channels.
on Land, the Law on Housing, and the Law on Real Estate - Coordinating with relevant ministries and sectors
Business to enhance the efficiency of market management in guiding and inspecting the swapping of bonds with
and facilitate the development of a stable and transparent assets and real estate of the issuing company.
real estate market. For the real estate businesses
- Completing the legal framework for licensing
activities for real estate projects, ensuring uniformity in - Reduceing costs, bringing the price to the level
documents and regulations in order to limit potential suitable to the market. It is necessary to carry out product
legal risks in the operation of the real estate market in restructuring towards real needs, affordable commercial
general and credit granting activities in the real estate housing and low-income housing segments for healthier
sector in particular. and more sustainable development.
- Improving the effectiveness of law enforcement - Improving publicity and transparency in capital
by management agencies, speeding up the licensing mobilization and use.
process for projects, having solutions to help clear legal - Strengthening business restructuring, improving the
problems, administrative procedures and encourage efficiency of using capital sources, especially drastically
development of products for real buyers at a reasonable restructuring and reducing costs of operation.
price. Thereby contributing to stabilizing the real estate - Diversifying capital sources to serve business
market, improving the confidence of participants (project development activities.
developers, home buyers...) as well as minimizing
risks and difficulties in providing credit for the real Conclusion
estate sector. The real estate is one of the important markets of the
- Researching and developing regulations on financial national economy, playing an important role in attracting
safety criteria in the field of construction and real estate, resources, creating fixed assets for the economy, promoting
including targets on capital mobilization limits when other industries to develop together (financial market,
licensing real estate business, licensing investment and construction, production of building materials, furniture,
business projects ensuring that the business must have labor...), meeting the needs of people's accommodation,
sufficient financial capacity to implement the project. urban development, tourism... According to international

For the State Bank of Viet Nam experience, economic crises often originate from crises
in financial, currency and real estate markets. Therefore,
- Reviewing the risk coefficient when evaluating real assessing the current situation of the real estate market
estate loans for each specific case that depends on the in Viet Nam, thereby making some recommendations to
creditworthiness of each customer, each project without promote the safe, healthy and sustainable development of
assessing the risk coefficient simultaneously 200% for the real estate market is an urgent requirement today.
all investors.
- Continuing to operate a flexible and proactive References:
monetary policy, creating a stable macro environment for 1. Nguyen Van Ven (2023). Developing sustainable real estate market in Viet Nam.
the operation of the economy and the real estate market. The Communist Review.
In the coming time, continuing to take direct measures 2. Nguyen Van Ven (2022). Solutions to develop sustainable real estate market in Viet
to lower interest rates at the earliest, in the context that Nam. Review on Construction & Urbanism (No. 85/2022).
the CPI as well as the value of VND against foreign 3. The National Assembly (2013). The Law on Land No. 45/2013/QH13.
currencies are stable. 4. The National Assembly (2014). The Law on Housing No. 65/2014/QH13.
For the Ministry of Finance 5. The National Assembly (2014). The Law on Real Estate Business No. 66/2014/QH13.

- Continuing to closely coordinate with the State Bank Author’s information:
of Viet Nam, the Ministry of Planning and Investment PhD. Dang Van Sang
and relevant ministries and branches to implement fiscal, Tra Vinh University
monetary policies and other macro policies to maintain Email: anhsang7176@gmail.com

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