Minister of Construction: Real estate prices are still high compared to people’s incomes

Answering questions at the National Assembly on the afternoon of June 8, Minister of Construction Nguyen Thanh Nghi said that the real estate market is one of the important markets of the economy, playing an important role in attracting investment. resources, creating fixed assets for the economy, promoting many economic sectors and other fields to develop together, meeting the demand for accommodation for people.

According to the Minister, our country’s real estate market in recent years has had a strong development in terms of scale, qualifications, capacity and experience of market participants, making an important contribution to the development of the real estate market. economic development, macro stability, and social security assurance of the country.

The system of legal policies related to the real estate sector has been basically completed, including the Law on Real Estate Business, the Law on Land, the Law on Housing, the Law on Investment, the Law on Bidding, the Law on Construction… and many decrees and circulars were issued to facilitate real estate investment and business activities.

In 2021 and the first quarter of 2022, the real estate market still has many difficulties due to the impact of the epidemic, but has adapted and gradually changed, showing signs of recovery and development. However, in addition to making positive contributions to the country’s economic development and ensuring social security, the real estate market is showing very limited and inadequate signs, showing signs of instability and lack of stability. The legal system is not really perfect, the real estate supply is difficult, the structure of real estate products is not suitable, the real estate price is continuously increasing higher than the income of the people. People, real estate trading floors operate unstable, brokerage activities are out of control, planning is still inadequate in localities…

To overcome the above shortcomings and limitations, the Ministry of Construction proposes a number of solutions as follows, first, to urgently study and perfect the legal system related to the real estate sector to ensure synchronization, remove difficulties and legal obstacles, ensure the stable and healthy development of the real estate market. At the same time, strengthen the management of the real estate market, increase revenue, especially create conditions to promote the development of social housing, low-income industrial park workers.

Second, closely monitor the real estate market’s developments to promptly take measures to stabilize prices; promptly remove obstacles in land investment procedures and construction planning; supplement the planning, arrange enough land fund; strictly control the issuance of corporate bonds, especially individual bonds.

Third, publicize the housing information system for the real estate market; inspect, examine and strictly handle violations of the law; handling inaccurate information, causing disturbances, negative impacts on financial, credit and real estate market activities.

The Minister of Construction said that real estate prices are still high compared to people’s incomes.

Also at the question-and-answer session on the afternoon of June 8, related to the gold price difference, the Governor of the State Bank Nguyen Thi Hong informed that gold price movements in the international market are very complicated and unpredictable. affected by many factors. There are times when the price of gold goes up very high and sometimes it drops very low. In Vietnam, the gold price has the same trend as the world, but the upward adjustment speed is faster, but the downward adjustment speed is slower.

Pointing to the cause of this phenomenon, the Governor of the State Bank said that due to the decrease in the domestic supply of gold bars, the fluctuations in world gold prices made domestic gold bars themselves afraid of risks. That’s a pretty high price tag. With the role of state management, the State Bank will be ready to regulate if necessary. However, according to updated data, people do not need to buy gold bars too much. Therefore, the bank has not intervened, only in necessary cases will import gold to intervene.

Regarding the issue of increasing bad debt due to the impact of the COVID-19 pandemic, Governor of the State Bank Nguyen Thi Hong said that because the economy was affected by the COVID-19 pandemic, the bad debt of the banking system increased. get a raise. Faced with the difficulties of businesses and people, right in March 2020, the State Bank of Vietnam issued a circular to allow businesses and people to restructure the repayment term and keep the debt group intact.

Right from the issuance of the circular, the State Bank has also taken the initiative in regulations, requiring credit institutions to set out a roadmap for setting up risk provisions for structured and unchanged debts. group of debts so that when bad debts arise, they have financial resources to handle them.

The State Bank’s view of credit granting for investment in securities business, the Governor of the State Bank said that the stock market has many subjects attracting capital sources, in which credit capital is a channel. The State Bank of Vietnam has promulgated a legal framework that states that when credit institutions participate in the stock market, they must ensure control of risks.

Specifically, for shares, the State Bank stipulates that credit institutions are not allowed to directly buy shares of enterprises, but must establish subsidiaries and affiliates to buy to separate the risks of other companies. Bank. With corporate bonds, in addition to the role of directly buying corporate bonds, credit institutions also play the role of providing credit to organizations and individuals to invest in securities. The State Bank requires these credit institutions to have a credit extension rate not exceeding 5% of charter capital to ensure risk control.

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