Hanoi (VNA)🍸 – Prime Minister Pham MinhChinh assigned specific tasks to ministries, agencies, localities and businesses to tackle obstacles in real estate marketdevelopment at a teleconference in Hanoi on August 3 that reviewed the implementation of the Government’s Resolution No. 33/NQ-CP on a number of solutions to boost the real estate market's development.

Asdifficulties are forecast ahead for the country, the region and the world, the PM said the priority will continue to be given to stabilising macro-economy, curbing inflation, ensuring major balancesof the economy, propelling economic growth while managing public and Governmentdebts, budget overspending, which will lay a foundation for the development of realestate market. He requested that the legal framework related to the property market should be reviewed, with a focus on expediting the launch of real estate tradingfloors, intensifying urban planning efforts, adopting flexible monetarypolicies, expanding fiscal policies and ensuring a harmonious and effectivecoordination between monetary and fiscal policies. Moreover,efforts should be made to boost public investment and the implementation of the three national targetprogrammes, stimulate production and trade, generate jobs and create people'slivelihoods. Additionally, the segments and prices of the real estatemarket must be restructured, while the constructionof social housing and accommodations for workers, as well as renovation of oldapartment buildings should be accelerated, the PM said. The Ministryof Construction was assigned to continue fine-tuning the draft revised Housing Law,the draft amended Real Estate Business Law and the draft Land Law and revising related decrees, toward creating a synchronous, consistent and feasible legal framework. The ministry was also required to work with relevant ministries and sectors to guide and assist enterprises and localities in carrying out the project on building at least 1 million social housing units for low-income earners andworkers in industrial parks during the 2021-2030 period, and effectively rolling out the support package of 120 trillion VND (5.2 billion USD) and a credit support package under the economicrecovery programme. The leader asked enterprises to continue restructuring their operations, investment portfolios andproducts to suit their financial and business administration capacity as well as public demand. They should focus resources on projects that are nearing completion andlarge projects with high feasibility in order to early put them into operation and create cashflow for them while increasing supply for the market. They werealso advised to handle bad and overduedebts in order to access credit, bonds, securities forproject implementation. Other specific tasks werealso assigned to the State Bank, the ministries of planning and investment, finance,natural resources and environment, and the Government Inspectorate./.