The Government set up a working group to remove difficulties for real estate

According to the Decision signed by Deputy Prime Minister Le Van Thanh on November 17, the working group consists of members who are leaders of the construction industry, banking, finance, planning – investment, natural resources and environment and the police. Specifically, the Head of the Working Group is Minister of Construction Nguyen Thanh Nghi, the Deputy is Deputy Governor of the State Bank Dao Minh Tu and Deputy Minister of Construction Nguyen Van Sinh.

Members include: Deputy Minister of Public Security Luong Tam Quang, Deputy Chairman of the Government Office Nguyen Cao Luc, Deputy Finance Minister Nguyen Duc Chi, Deputy Minister of Natural Resources and Environment Le Minh Ngan, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc.

The working group will review and guide to remove obstacles in implementing real estate projects for localities and businesses in Hanoi, Ho Chi Minh City and some other provinces.

The Government set up a working group to remove difficulties for real estate.

Real estate is an industry that is contributing 11% of GDP, has organic relations with many industries and creates many jobs. However, over the past time, this market has faced many difficulties, transactions have decreased sharply, many projects have been suspended due to lack of capital since the beginning of this year.

According to many experts, one of the main causes is capital flow congestion. In which, credit is limited; The issuance of bonds is also not satisfactory when the management agency has many moves to tighten the market, many businesses that mobilize illegal bonds are handled…

As a result, according to the Ho Chi Minh City Real Estate Association (HoREA), many businesses in the industry have had to streamline their apparatus to the maximum and reduce labor; some “capital-hungry” businesses have to borrow capital from the society with high interest rates and many risks; In some cases, they have to sell assets, or sell products with a deep discount of 40-50% of the contract price…

Last week, the Government Office held a meeting with real estate businesses to listen to concerns. According to the summary recorded by HoREA – one of the participants in the meeting – businesses raised legal problems, investment procedures, credit bottlenecks, and bonds. Enterprises asked the Prime Minister to consider setting up a “special working group” or a “special working group” to remove difficulties for some typical businesses and projects.

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