Real estate management in 8 ministries, 12 localities to be supervised

Eight ministries and agencies and 12 localities, including Hanoi and Ho Chi Minh City, will have their real estate and social housing market management supervised, according to the National Assembly's (NA) draft supervision plan for the 2025-2023 period.

The NA supervision will cover the ministries of Construction, Planning and Investment, Finance, Natural Resources and Environment, and Justice; the State Bank of Vietnam, the Government Inspectorate, and the State Audit Office, said NA Standing Vice Chairman Tran Thanh Man at a Thursday meeting.

Twelve localities, including Hanoi, Ho Chi Minh City, Da Nang, Hai Phong, Can Tho, Binh Duong, Binh Thuan, Dong Nai, Khanh Hoa, Quang Ninh, Bac Ninh, and Hung Yen, will also be put under direct supervision.

Commenting on the plan, NA Chairman Vuong Dinh Hue said that the NA's supervision team should carefully study reports on the enforcement of the Housing Law and the Law on Real Estate Business and the inspection reports of the Ministry of Justice to identify current problems in the real estate market: legal issues, planning and plans, capital or demand-supply.

Citing the development of social housing, he said this type of housing should only be rented or purchased by installments to avoid transfers. "If we can still buy and sell, this is the segment of low-cost commercial housing, not social housing," he noted.

“The draft plan must clearly define what are the key issues of the housing market to propose radical solutions,” he said, affirming that "our goal is not to help people to own a home, but have a place to live.”

NA Vice Chairman Nguyen Khac Dinh said the draft plan only mentions eight ministries and agencies, while many other ministries are also involved in developing social housing.

In addition, it is not suitable when people's councils are not subject to supervision because they hold the right to approve land use planning as well as projects, he added.

In response, Vu Hong Thanh, Chairman of the NA’s Economic Committee and deputy head of the supervision team, said the team will consider the proposal to add people’s councils to the list under supervision.

In addition to the eight above-said ministries and government agencies, the Ministry of Public Securities, the Supreme People’s Court and the Supreme People’s Procuracy will send reports on complicated cases to the supervision team.

The Ministry of Labour, Invalids and Social Affairs will be also subject to supervision regarding the social housing development, said Thanh.

According to the Ministry of Construction, in the second quarter, there were only seven real estate and housing projects completed with more than 2,420 units, equivalent to 50% of the figure in the first quarter and only 30% compared to the same period last year. The implementation of projects was delayed or stopped due to legal and capital difficulties.