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Array of laws to be amended in favor of real estate market development

VGP – The Government will continue improving legal framework in favor of housing and real estate business, according to its Resolution No. 33/NQ-CP dated March 11.

March 13, 2023 9:51 PM GMT+7
Array of laws to be amended in favor of real estate market development - Ảnh 1.

Specifically, the Government will expeditiously submit the land law (revised), housing law (revised), real estate business law (revised), bidding law (revised), property auction law (revised), prices law (revised), and law on credit organizations to the National Assembly for consideration and approval. 

 Within its competence, the Government will promptly amend and supplement decrees guiding the implementation of relevant laws, land law and investment law. 

 The Government said it will also improve mechanisms and policies in order to facilitate the mobilization of domestic and foreign financial resources for the development of housing and real estate market. 

Credit package for social housing development 

Pending the National Assembly's approval of new land law, the Government will develop and submit a resolution on pilot policies to boost the development of social housing to the legislative body for consideration and approval. 

 The aforesaid resolution is expected to remove bottlenecks related to land allocation for social housing development projects, land reserve for social housing development, selection of investors for social housing development projects, determination of prices of social housing, and beneficiaries of these pilot policies.

The Government tasked subordinate levels to promptly finalize and implement a project on building at least one million social housing units for low-incomers and industrial workers in the 2021-2030 period.

Regarding funding this project, the Government puts forward a credit package of VND120 trillion, accounting for about 12 percent of the total funding needed for the project.

The credit package will offer soft loans at interest rates lower than normal market levels, which would be 1.5-2 percentage points lower than the average mid- and long-term interest rates of state-owned commercial banks./.