Prime Minister: Bringing Real Estate Prices to Reasonable Levels to Ensure “Housing for Stability”

On the afternoon of September 22, Prime Minister Phạm Minh Chính, Head of the Central Steering Committee on Housing Policy and Real Estate Market, chaired a conference to announce the reorganization of the Committee and convened its first meeting.

No Trade-Off Between Social Security and Growth

The Prime Minister stressed: “The clear stance of the Party and the State is that we will never sacrifice fairness, progress, and social security in exchange for mere economic growth; ensuring the right of citizens to housing is central to the spirit of ‘housing for stability and prosperity’.”

The Government is determined to build and develop a stable, safe, healthy, open, and transparent real estate market. Prime Minister Chính requested ministries and agencies to “clearly identify what the obstacles are, where they are, how far they extend, and who is responsible” so that they can be resolved promptly.

He emphasized that implementing sound housing policies and developing the real estate market will contribute to rapid and sustainable national growth, while also fostering modern, civilized urban and rural areas.

Breakthroughs in Institutions, Infrastructure, and Finance

To ensure a healthier market, the Government is accelerating breakthroughs in legal frameworks, infrastructure, and financial policies:

• Strategic infrastructure will be prioritized to reduce input costs for real estate, lowering product prices and making housing more affordable.

• Legal systems (including land, construction, and investment laws) are being revised for greater consistency and transparency.

• The State Bank of Vietnam has been instructed to design preferential lending mechanisms with reasonable interest rates, flexible terms, and simplified procedures to facilitate homeownership.

At the same time, the Government will finalize the framework for establishing a National Housing Fund. The Ministry of Construction has been tasked with drafting a resolution to assign capable and trustworthy developers to implement social housing projects under the principle of balancing the interests of the State, the people, and businesses.

Bringing Property Prices Back to Rational Levels

Prime Minister Chính emphasized the need to reduce real estate and land prices so they are aligned with market fundamentals, the Vietnamese economy, and household incomes.

• Clearing stagnant projects and boosting supply—especially social housing—will help stabilize prices.

• Streamlining administrative procedures and decentralizing authority will reduce compliance costs for citizens and enterprises.

• Infrastructure development (transportation, electricity, water, telecommunications) will cut overall development and operating expenses.

• For land pricing, the Government requires stronger state regulation, focusing on less pre-approval and more post-monitoring. Local governments will also be allowed greater flexibility in setting income thresholds for eligibility to purchase social housing.

The Prime Minister stressed: “We must strive to keep commercial housing prices at reasonable levels, ensuring that citizens can access suitable homes, thereby improving both their material and spiritual quality of life.”

Market Recovery Underway

Thanks to these ongoing efforts, Vietnam’s real estate market is showing positive signs of recovery:

• Multiple stalled projects have been resolved and restarted.

• The social housing sector has seen clear progress.

• Industrial and logistics real estate are growing strongly, becoming key parts of the global supply chain.

The Government views this as a stage requiring close coordination between fiscal policy, monetary policy, central and local governments, the State, businesses, and the people, to ensure the real estate market develops sustainably, fairly, and effectively.