The Ministry of Construction has released information on housing and real estate market in the fourth quarter of 2022 and the entire year of 2022.

On January 19, 2023, the Ministry of Construction issued Announcement 12/TC-BXD regarding the release of information on housing and real estate market in the fourth quarter of 2022 and the entire year of 2022.

The situation of the real estate market in the fourth quarter of 2022 includes the following information:

1. Regarding the number of housing development projects, licensed real estate projects, projects under construction, and completed projects.

1.1. For commercial housing development projects:

Nationwide in Q4/2022, there were 22 projects with 5,995 licensed units (representing approximately 61.1% of the number of projects in Q3/2022 and about 45% compared to the same period in 2021). There were 466 projects with 228,029 units under construction (approximately 40.6% compared to Q3/2022 and about 44.6% compared to the same period in 2021). Additionally, there were 28 projects with 3,258 completed units (approximately 164.7% compared to Q3/2022 and about 60% compared to the same period in 2021). Specifically:

·       In the northern region, there were 12 projects with 218 licensed units; 182 projects with 139,841 units under construction; and 8 projects with 692 completed units.

·       In the central region, there were 6 projects with 1,930 licensed units; 63 projects with 19,572 units under construction; and 8 projects with 149 completed units.

·       In the southern region, there were 4 projects with 3,847 licensed units; 221 projects with 68,616 units under construction; and 12 projects with 2,417 completed units.

1.2. For social housing projects and worker housing:

In Q4, nationwide, there was 1 low-income housing project with 986 newly licensed units in Quang Ninh. There were 5 projects with 2,106 units eligible for future sale according to the announcements of the Department of Construction. Additionally, there were 401 projects with approximately 454,360 units under construction, covering a total area of about 22,718,000 square meters. Among these, 245 projects with a scale of 300,000 units were undergoing investment procedures, and 156 projects with a scale of 156,700 units were under construction.

1.3. Regarding tourism resort projects:

There were 4 newly licensed projects with 196 tourism apartments and 8 tourism villas in Phu Yen and Cao Bang provinces (specifically, Phu Yen had 3 projects, and Cao Bang had 1 project). The number of projects was approximately 200% compared to Q3 and about 67% compared to the same period in 2021.

There were 126 projects under construction, with a total of 19,922 tourism apartments, 4,282 tourism villas, and 282 combined office and accommodation units (representing approximately 221% of the number of projects in Q3 and about 237% compared to the same period in 2021). These projects were mainly concentrated in Kien Giang and Khanh Hoa provinces (specifically, Kien Giang had 79 projects, and Khanh Hoa had 26 projects).

There were 6 completed projects (approximately 67% compared to Q3 and about 86% compared to the same period in 2021) with 2,251 tourism apartments, 241 tourism villas, and 247 combined office and accommodation units. These projects were all concentrated in Phu Tho province.

2. Regarding the housing supply, including condominiums, individual houses, and land plots:

2.1. Regarding the number of projects and future eligible housing units:

Nationwide in Q4/2022, there were 59 projects (approximately 103.5% compared to Q3 and approximately 61.5% compared to the same period in 2021) with 9,507 future eligible housing units according to the announcements from the Department of Construction. The breakdown is as follows:

·       In the North, there were 21 projects with 3,412 housing units.

·       In the Central region, there were 11 projects with 1,787 housing units.

·       In the South, there were 27 projects with 4,308 housing units.

·       Specifically in Hanoi, there were 4 projects with 716 housing units, and in Ho Chi Minh City, there were 6 projects with 1,986 housing units.

2.2. Regarding the number of real estate projects, housing units, tourism apartments, tourism villas, and combined office-accommodation units assessed by the specialized agencies of the Ministry of Construction:

The specific numbers of real estate properties assessed by the specialized agencies of the Ministry of Construction are as follows: Residential houses: 1,870 units (approximately 56.5% compared to Q3 and approximately 90.4% compared to the same period in 2021); Tourism apartments: 350 units (0 units in Q3 and the same period in 2021); Tourism villas: 80 units (0 units in Q3 and the same period in 2021); Office-accommodation units (officetel): 0 units (450 units in Q3 and 0 units in the same period in 2021).

2.3. Regarding the number of real estate projects, housing units, tourism apartments, tourism villas, and combined office-accommodation units inspected for acceptance and put into use by the specialized agencies of the Ministry of Construction:

There were 19 projects inspected for acceptance and put into use by the specialized agencies of the Ministry of Construction, with the following specifics: Residential houses: 13,119 units (approximately 152% compared to Q3/2022); Tourism apartments: 21 units (approximately 2% compared to Q3/2022); Tourism villas: 0 units (same as Q3/2022); Office-accommodation units (officetel): 0 units (same as Q3/2022).

3. Regarding the volume of transactions for condominiums, individual houses, and land plots:

According to the compiled data from reporting localities, the specific volume of real estate transactions in Q4/2022 is as follows:

·       The successful transaction volume for condominiums and individual houses is 14,349 transactions (approximately 28% compared to Q3/2022), including 3,821 transactions in the North, 5,968 transactions in the Central region, and 4,560 transactions in the South. Specifically, there were 454 successful transactions in Hanoi and 1,986 successful transactions in Ho Chi Minh City.

·       The successful transaction volume for land plots is 149,197 transactions (approximately 130% compared to Q3/2022), including 29,402 transactions in the North, 32,579 transactions in the Central region, and 87,216 successful transactions in the South.

4. Regarding the prices of various types of real estate:

4.1. For condominiums:

In Q4, the average transaction prices for different types of condominiums (including affordable, mid-range, and high-end units) did not increase compared to the previous quarter. Developers continued to implement policies such as commitment sharing, interest rate support, etc., to stimulate market demand. The specific transaction prices for some projects are as follows:

·       Affordable units (priced below 25 million VND per square meter): There are very few projects with prices below 25 million VND per square meter in Hanoi and Ho Chi Minh City. For example, BID Residence in Van Khe Urban Area (Hadong, Hanoi) has a price range of approximately 22-24 million VND per square meter; VP6 Linh Dam Project (Hoang Mai, Hanoi) is priced around 22.13 million VND per square meter; The Golden An Khanh Project (Hoai Duc, Hanoi) is priced around 23.18 million VND per square meter; Dang Xa 2 Project (Gia Lam, Hanoi) is priced around 24 million VND per square meter; Huynh Tan Phat Apartment Project (District 7, Ho Chi Minh City) is priced around 24.62 million VND per square meter; Saigon Gateway Project (District 9, Ho Chi Minh City) is priced around 24.62 million VND per square meter; The Era Town Project (District 7, Ho Chi Minh City) is priced around 23.58 million VND per square meter.

·       Mid-range units (priced between 25 million and 50 million VND per square meter): There are many projects in Hanoi and Ho Chi Minh City offering mid-range units, such as Anland Lake View Project in Duong Noi Urban Area (Hadong, Hanoi) with an estimated price of around 30 million VND per square meter; Sunshine Boulevard Project (Thanh Xuan, Hanoi) with an estimated price starting from 34 million VND per square meter; Imperia River View Project (Long Bien, Hanoi) with prices starting from 40 million VND per square meter; Sun Village Apartment Project (Binh Thanh, Ho Chi Minh City) with a price range of approximately 40 million VND per square meter; 4S Riverside Linh Dong Project (Thu Duc, Ho Chi Minh City) with a price range of around 30.99 million VND per square meter; Sunrise City Project (District 7, Ho Chi Minh City) with a price range of around 39.62 million VND per square meter.

·       For luxury apartments (priced above 50 million VND per square meter): In Hanoi and Ho Chi Minh City, there are several newly launched projects that are being advertised at high prices, such as: Masterise Waterfront Project in Vinhomes Ocean Park Urban Area (Gia Lam, Hanoi) with prices ranging from 60-70 million VND per square meter. Masteri West Heights Project in Vinhomes Smart City Urban Area (Tay Mo, Hanoi) with prices ranging from 70-80 million VND per square meter. Moonlight 1 - An Lac Green Symphony Project (Hoai Duc, Hanoi) with a starting price of 50 million VND per square meter. Celadon City Condominium Project (Tan Phu, Ho Chi Minh City) with prices around 80 million VND per square meter. Masteri Thao Dien Project (District 2, Ho Chi Minh City) with prices around 57.25 million VND per square meter. Empire City Thu Thiem Project (District 2, Ho Chi Minh City) with prices ranging from 105-221 million VND per square meter.

4.2. For individual houses and land plots:

The prices of individual houses and land plots in various projects across different locations experienced a significant increase in the first two quarters of 2022 and gradually declined towards the end of the year. In the fourth quarter, the average transaction prices for individual houses and land plots remained stable compared to the previous quarter, with some projects in certain areas showing a slight downward trend but not significant.

·       In Hanoi: The Van Phu New Urban Area (Ha Dong) project offers townhouses at around 145 million VND per square meter. The Vinhomes Ocean Park (Gia Lam) project offers villas at approximately 180 million VND per square meter. The Nam Thang Long - Ciputra Urban Area (Tay Ho) project offers villas at around 284 million VND per square meter. The Chi Dong Urban Area (Me Linh) project offers land plots at approximately 22 million VND per square meter.

·       In Ho Chi Minh City: The Lakeview City (District 2) project offers townhouses at around 152 million VND per square meter. The Van Phuc City (Thu Duc) project offers townhouses at approximately 182 million VND per square meter. The Nine South Estates (Nha Be) project offers villas at around 121 million VND per square meter. The Verosa Park Khang Dien (District 9) project offers villas at approximately 147 million VND per square meter. The An Phu - An Khanh Urban Area (District 2) project offers land plots at around 185 million VND per square meter.

·       In Binh Duong province: The Sun Casa Central (Thu Dau Mot) project offers townhouses at approximately 32 million VND per square meter. The VSIP I Binh Duong (Thuan An) project offers townhouses at around 48 million VND per square meter. The Oasis Riverside (Ben Cat) project offers villas at approximately 40 million VND per square meter. The Sun Casa Central (Tan Uyen) project offers villas at around 31 million VND per square meter. The Binh Nguyen Urban Area (Di An) project offers land plots at approximately 38 million VND per square meter.

4.3. For industrial real estate:

Industrial real estate was recognized as a bright spot in the real estate market in 2022, with the occupancy rate of industrial parks nationwide showing an upward trend, reaching approximately 80%. Particularly in the southern provinces, the average occupancy rate of industrial parks was the highest in the country, reaching around 85%. Some industrial parks in Hanoi, Ho Chi Minh City, Dong Nai province, Bac Ninh province, Bac Giang province, and Binh Duong province were nearly fully occupied. Binh Duong province had the highest occupancy rate nationwide, with 29 industrial parks in operation and an occupancy rate of over 95%.

·       Rental prices increased by about 10% compared to the previous period, averaging $100-120 USD per square meter per leasing cycle, and they are expected to continue rising, especially in the southern market due to limited supply. Specifically:

·       The average rental price in industrial parks in Hanoi and northern provinces ranges from $90-120 USD per square meter per leasing cycle.

·       The average rental price in industrial parks in Ho Chi Minh City and southern provinces ranges from $100-300 USD per square meter per leasing cycle. In particular, the average rental price in Ho Chi Minh City is around $180-300 USD per square meter per leasing cycle, the highest in the country.

4.4. For tourism and resort real estate:

In the fourth quarter of 2022, prices of tourism and resort real estate (tourist apartments, resort villas) in most projects that were open for sale remained unchanged from the third quarter of 2022. Many developers continued to implement policies such as profit sharing, interest rate support, etc., to stimulate market demand. Specifically:

·       In Quang Ninh province: The Grand Bay Ha Long project offers resort villas at approximately 118 million VND per square meter and shophouses at around 120 million VND per square meter. The Holiday Ha Long project offers tourist apartments (condotels) at approximately 36 million VND per square meter.

·       In Khanh Hoa province: The Ocean Front Villas project offers resort villas at around 107 million VND per square meter. The NovaWorld Nha Trang project offers shophouses at approximately 83 million VND per square meter. The Vega City Nha Trang project offers resort villas at around 137 million VND per square meter.

·       In Ba Ria - Vung Tau province: The NovaWorld Ho Tram project offers resort villas at approximately 66 million VND per square meter and shophouses at around 100 million VND per square meter. The Ixora Ho Tram project offers resort villas at around 69 million VND per square meter and tourist apartments (condotels) at approximately 52 million VND per square meter.

4.5. For office real estate for lease:

The average rental prices for office spaces in the overall market increased by approximately 10% in the fourth quarter of 2022 compared to the end of 2021. The price increase was observed in both segments, mainly driven by high-quality new buildings that have achieved high occupancy rates. Specifically:

In the Hanoi market, Class A offices had a net rental price of around 30 USD per square meter per month, while Class B offices had a rental price of approximately 15.2 USD per square meter per month, representing a 0.9% increase from the third quarter, thanks to the addition of new quality supply.

In the Ho Chi Minh City market, the average rental price for Class A offices reached around 48 USD per square meter per month, while Class B offices had an average rental price of approximately 33.5 USD per square meter per month. Rental prices for offices in non-central areas reached about 22.5 USD per square meter per month, experiencing a 4% increase from the third quarter, thanks to the availability of new quality supply.

The trend of shifting from renting Class A office spaces in central areas to Class B and C office buildings with good quality and lower prices, as well as the relocation of office spaces to non-central areas, continued in 2022. However, this trend was not as prominent as in the years 2020-2021.

Regarding the real estate market throughout 2022:

1. Supply of Real Estate

In 2022, the number of newly licensed real estate projects continued to decrease compared to 2021, resulting in limited supply of real estate, especially affordable housing. Here are the details:

1.1. Number of residential development projects, licensed projects, ongoing projects, and completed projects:

·       Commercial residential projects: There were 126 projects nationwide with 55,732 licensed apartments (approximately 52.7% compared to 2021); 466 ongoing projects with 228,029 apartments under construction (approximately 47.7% compared to 2021); and 91 completed projects with 18,206 apartments (approximately 55.2% compared to 2021). The information is presented in the following table.

·       Regarding social housing projects: There were 9 newly licensed projects nationwide with a scale of 5,526 apartments; 114 completed projects with 6,196 apartments; and 27 projects with 8,245 apartments that meet the conditions for future sale according to the announcements by the Departments of Construction.

·       Regarding worker housing projects: There were 2 newly licensed projects nationwide with a scale of 1,729 apartments; 1 completed project with 32 apartments; and 4 projects with 2,328 apartments that meet the conditions for future sale according to the announcements by the Departments of Construction.

·       Regarding tourism and resort projects: There were 12 licensed projects nationwide, approximately 23% compared to 2021; and 30 completed construction projects.

1.2. Regarding the number of projects and apartments eligible for future residential sales.

Across the country, there are 252 projects with 65,909 apartments eligible for future residential sales according to the announcements from the Departments of Construction (a decrease of nearly 50,000 apartments and approximately 58% compared to 2021).

In the whole country, there were 785,637 successful real estate transactions. Among them, the number of successful transactions for condominiums and individual houses was 154,756, while the number of successful land transactions was 630,881. Specifically, in Hanoi, there were 7,662 successful transactions, and in Ho Chi Minh City, there were 10,780 successful transactions.

The total number of successful transactions for condominiums and individual houses is approximately 138.6% compared to 2021. The summarized table shows that the number of successful transactions for condominiums and individual houses in each quarter of 2022 was unstable. The highest number of successful transactions for condominiums and individual houses occurred in the second quarter, followed by a decrease and the lowest number in the fourth quarter.

The total number of successful land transactions is approximately 370% compared to 2021. The summarized table shows that the number of successful land transactions in each quarter of 2022 was also unstable. The highest increase in successful land transactions occurred in the first quarter and the second quarter, followed by a significant decrease in the third quarter, and a slight increase in the fourth quarter compared to the third quarter.

3. Regarding the credit provision and bond issuance in the real estate sector

3.1. Regarding the credit provision for the real estate sector

According to the report from the State Bank of Vietnam, as of December 31, 2022, the outstanding credit for real estate business activities was approximately 800 trillion Vietnamese dong, as detailed below:

·       Credit for investment projects in urban areas and housing development amounted to 180,743 trillion dong, accounting for 22.8% of the total outstanding credit for real estate business activities.

·       Credit for office buildings for lease reached 41,815 trillion dong, representing 5.3% of the total outstanding credit for real estate business activities.

·       Credit for industrial parks and export processing zones construction projects reached 40,149 trillion dong, accounting for 5.1% of the total outstanding credit for real estate business activities.

·       Credit for tourism, ecological, and resort projects amounted to 32,660 trillion dong, representing 4.1% of the total outstanding credit for real estate business activities.

·       Credit for restaurant and hotel projects reached 57,539 trillion dong, accounting for 7.24% of the total outstanding credit for real estate business activities.

·       Credit for construction and renovation loans for sale and lease of properties amounted to 144,157 trillion dong, representing 18.16% of the total outstanding credit for real estate business activities.

·       Credit for loans to purchase land-use rights reached 85,199 trillion dong, accounting for 10.7% of the total outstanding credit for real estate business activities.

·       Credit for other real estate business investments amounted to 211,452 trillion dong, representing 26.6% of the total outstanding credit for real estate business activities.

Credit Outstanding Figures in 2022

Unit: billion Vietnamese dong

Based on the data above, it can be seen that the credit outstanding for real estate business activities continues to increase.

3.2. Regarding the bond issuance situation

In recent times, there have been instances of misconduct by certain organizations and individuals related to the issuance of corporate bonds in the real estate sector, which has had a significant impact on the market and investor sentiment. As a result, real estate businesses have faced difficulties in issuing bonds to raise capital for project implementation and to maintain cash flow in their operations.

According to the report from the Ministry of Finance, as of October 28, 2022, the volume of corporate bond issuance reached 328.9 trillion VND, a decrease of 25.2% compared to the same period in 2021, and there has been a decreasing trend over the quarters. Among them, real estate businesses accounted for 28.87% of the total issuance volume. They ranked second in the group of bonds repurchased before maturity, accounting for 35.8% (451.159 trillion VND) of the total volume of individual corporate bonds held as of September 30, 2022. In the last two months of 2022, the bonds due from real estate businesses accounted for 38.3% of the total value of bonds due, of which 99.6% of the maturing bonds of real estate businesses were secured by assets. In December, businesses issued 1,350 billion VND of individual corporate bonds, of which the real estate sector accounted for 500 billion VND. According to preliminary statistics from the Hanoi Stock Exchange, as of December 25, 2022, the outstanding corporate bonds amounted to approximately 2 trillion VND, of which 419 trillion VND belonged to the real estate sector (accounting for 33.6%).

Towards the end of 2022 and in the foreseeable future, some businesses will still face pressure to repay bonds ahead of schedule to investors due to various reasons, including changes in the bond issuance control policies of these businesses.

4. Regarding FDI capital inflows into the real estate sector

According to the data reported by the Foreign Investment Agency (Ministry of Planning and Investment), foreign direct investment (FDI) capital inflows into the real estate sector in the whole year of 2022 increased by an additional 1.85 billion USD, representing a growth of over 70% compared to the entire year of 2021. The real estate sector ranked second among the sectors attracting FDI in 2022, with a total investment capital of over 4.45 billion USD, accounting for 16.1% of the total FDI investment. The majority of this investment was focused on the industrial real estate market and some large-scale real estate projects.

According to experts' assessments, in the challenging real estate market environment, FDI serves as a reliable source of capital for domestic real estate enterprises, contributing to sustainable market growth in the long term.

According to Troy Griffiths, Deputy Managing Director of Savills Vietnam, "This demonstrates the strong attractiveness of the Vietnamese market to investors, despite the global economic context with various fluctuations. They view Vietnam as an appealing destination for doing business, considering its large labor force and attractive policies. Vietnam is a market with positive growth, suitable for long-term business and continued investment with low risks and controlled inflation rates."

5. Regarding real estate inventory

As of the end of 2022, the total number of successful transactions for condominiums and individual houses reached 150,268, and the real estate supply included 63,405 qualified units that will be put on the market in the future. The market absorption capacity in 2022 was assessed to be better than in 2021. Overall, in 2022, the quantity of new real estate properties and houses available for transactions (supply) was limited, mainly consisting of inventory from previously launched projects. Meanwhile, the investment and purchasing demand from the public remained high, and the segments of condominiums, individual houses, and land plots had almost no inventory accumulation and exhibited good liquidity. Currently, real estate inventory is mostly found in the high-end condominium and housing segments, as well as in tourism and resort properties, particularly in projects located in areas with unfavorable infrastructure conditions and owned by secondary investors.

6. Regarding the operations of real estate enterprises:

6.1. Regarding the operations of real estate enterprises in 2022

According to statistics from the Business Registration Agency - Ministry of Planning and Investment, the number of newly established real estate enterprises and the number of enterprises resuming operations in the real estate sector increased compared to the same period in 2021. Specifically:

·       The number of newly established enterprises was 8,593, representing an increase of approximately 13.7%.

·       The number of enterprises resuming operations was 2,081, representing an increase of approximately 56.7%.

·       The number of real estate enterprises declaring bankruptcy or dissolution also increased by approximately 38.7% compared to the same period in the previous year.

In 2022, it remained a challenging year for businesses operating in the real estate sector, requiring them to adapt their business plans and management approaches. These adaptations included debt restructuring, business operation restructuring, downsizing investment and production, streamlining operations, reducing workforce, pausing or postponing investment activities and construction of certain projects, suspending the development of new projects, halting stock issuance for capital increase, halting IPOs, and even major corporations reducing their workforce by up to 50%. These measures were taken to cope with the current difficult conditions. Overall, real estate businesses are facing numerous difficulties due to the following factors:

·       Difficulties in accessing credit loans, issuing bonds, and mobilizing funds from customers have resulted in many companies experiencing capital shortages, leading to project delays or temporary suspensions.

·       Increased interest rates, foreign exchange rates, fuel prices, and construction material costs have raised the operating costs for businesses, impacting their production and business activities.

·       Cash flow shortages prevent businesses from paying suppliers and employee salaries, as investors lack the funds to fulfill tax obligations and make payments.

·       Customers face difficulties in accessing credit from financial institutions, indirectly affecting the liquidity of real estate products and projects, leading to businesses being unable to sell properties and recover investments for reinvestment.

·       Businesses encounter challenges in bond issuance and fundraising, posing a risk of defaulting on payments and debts.

To ensure the continued stable, secure, and healthy development of the real estate market in the near future, the Ministry of Construction proposes and recommends the following solutions and tasks:

1. General tasks:

(1) Ministries, departments, and localities, according to their functions and assigned tasks, must continue to urgently and effectively implement the tasks assigned in Directive No. 13/CT-TTg dated August 29, 2022, on certain solutions to promote the safe, healthy, and sustainable development of the real estate market; Announcement No. 242/TB-VPCP dated August 10, 2022, by Prime Minister Pham Minh Chinh at the online conference on promoting the development of social housing for workers and low-income earners; Official Dispatch No. 1164/CĐ-TTg dated December 14, 2022, by the Prime Minister on resolving difficulties in the real estate market and housing development, as well as Resolutions, Official Dispatches, Conclusions, and guiding documents issued by the Government and the Prime Minister that directly or indirectly impact the real estate market.

(2) Ministries, departments, and localities, according to their functions and assigned tasks, must guide and urge the removal of difficulties in the implementation of legal procedures for real estate projects.

(3) Ministries, departments, and localities, according to their functions and assigned tasks, must intensify the work of publicizing, disclosing, and ensuring transparency of information, especially timely dissemination, promotion, and public disclosure of new state policies, regulations, and solutions regarding credit, bonds, stocks, and the real estate market situation.

2. For Ministries and Departments

2.1 Ministry of Construction

(1) Submit to the Government for issuance a Decree amending and supplementing certain provisions of the Decrees within the scope of state management of the Ministry of Construction.

(2) Conduct research and propose the issuance of a Government Decree guiding the procedures, sequence, and implementation process for commercial housing and urban construction investment projects.

(3) Coordinate with other Ministries and Departments to direct and guide localities and enterprises in implementing Resolution No. 11/NQ-CP of the Government on the Program for Economic and Social Recovery and Development. This includes creating a list of projects, reviewing land funds, completing legal procedures, and selecting investors to carry out social housing projects, housing for industrial zone workers, and renovating old apartment buildings.

(4) Coordinate with other Ministries and Departments to effectively direct and guide localities and enterprises in implementing the Plan "Investment in the construction of at least 1 million social housing units for low-income groups and workers in industrial zones during the period 2021-2030."

(5) Conduct research to improve the draft of the Housing Law (amended), the Real Estate Business Law (amended), and submit reports to the Government for consideration and present them to the National Assembly for opinions at the 5th session in May 2023, and for approval at the 6th session in October 2023, ensuring the consistency, uniformity, and feasibility of the legal system.

b) Ministry of Finance

(1) Submit to the Government amendments and supplements to Decree 65/2022/NĐ-CP dated September 16, 2022, which regulates the issuance and trading of individual corporate bonds in the domestic market and the offering of corporate bonds in the international market.

(2) Strengthen the guidance and direction for the issuance and trading of corporate bonds in the domestic market and the offering of corporate bonds in the international market in accordance with the legal regulations.

(3) Control the capital mobilization activities of real estate business enterprises in the securities market to prevent speculation, manipulation, and price manipulation.

c) Ministry of Natural Resources and Environment:

(1) Submit to the Government for issuance amendments and supplements to certain provisions of the decrees guiding the implementation of the Land Law.

(2) Conduct research to improve the Land Law (amended) and submit it to the National Assembly for consideration and approval at the 6th session in October 2023, ensuring the consistency, uniformity, and feasibility of the legal system.

d) Ministry of Planning and Investment:

Direct and coordinate with relevant agencies and units to urgently review and amend timely regulations and laws on investment and bidding to address difficulties and obstacles in approving and adjusting investment policies and bidding for real estate projects.

e) Ministry of Public Security:

Take the lead and coordinate with competent authorities to strictly monitor and promptly handle legal violations in investment and real estate business activities, real estate brokerage, and dissemination of inaccurate information that negatively affects the activities of the financial, credit, and real estate markets.

f) Ministry of Information and Communications:

(1) Focus on directing strict and effective control and scrutiny of inaccurate and unverified social media channels that may have a negative impact on the public's psychology, investors, customers, and the market, especially information affecting economic recovery and growth.

(2) Coordinate with other Ministries and Departments to enhance the provision of accurate and reliable information, thereby stabilizing public sentiment and market stability.

g) Government Inspectorate:

The Government Inspectorate, People's Committees of provinces/cities directly under the central government, and relevant functional agencies are responsible for directing the immediate implementation of inspection conclusions and examinations, while clearly defining the lead agency, coordinating agency, and implementation timeline.

h) State Bank of Vietnam:

(1) Review and propose appropriate credit ceiling management measures to support the economy; direct and guide credit institutions to provide access to credit sources for businesses, homebuyers, and investors.

(2) Instruct and guide credit institutions to expedite lending and disbursement processes for eligible real estate projects and businesses in accordance with legal regulations; prioritize lending for social housing projects, workers' housing, affordable commercial housing, and real estate projects serving high-effective production and social welfare purposes, with the ability to repay debts.

3. Regarding localities:

(1) Localities shall review and establish a list of housing and real estate projects within their jurisdiction. They shall assess specific reasons and causes for approved investment projects that have not been implemented or are progressing slowly. Based on this, efforts should be made to overcome legal and procedural difficulties and prepare investment projects for housing to increase the supply for the market.

(2) Accelerate and reform administrative procedures, avoiding shifting responsibilities or delays in resolving administrative procedures for implementing real estate projects within the locality. Strengthen the implementation of land use rights auctions and project bidding involving land use to select investors, thereby increasing the supply of commercial housing projects for the real estate market.

(3) Focus on implementing Resolution No. 11/NQ-CP of the Government on the Economic and Social Recovery and Development Program and effectively implement the "Investment in the construction of at least 1 million social housing units for low-income people and workers in industrial zones during the period of 2021-2030" project.

(4) Carry out the review, submission, and approval (approval of adjustments) of master plans, subdivision plans, and detailed construction plans for the implementation of housing and real estate projects within the locality.

(5) Issue specific regulations, within their jurisdiction, to implement legal documents on land and housing, such as conditions, criteria, scale, and ratios for separating land areas belonging to independent projects from state-managed land (public land) interspersed within commercial housing projects as stipulated in Article 13, Clause 1 of Decree No. 148/2020/ND-CP; compensation coefficient (k) for the renovation and reconstruction of old condominiums based on specific conditions prescribed by local authorities in Article 21, Clause 1 of Decree No. 69/2021/ND-CP.

Source: Announcement 12/TC-BXD.