Nhan Dan – Prime Minister Nguyen Tan Dung recently called on relevant government agencies to implement appropriate measures to improve liquidity and avoid a freeze in the property market.
This is part of Directive 2196/CT-TTg issued on December 6 on measures to strengthen the management of the real estate market.
According to the directive, the State Bank of Vietnam (SBV) is to instruct financial institutions to grant more loans to existing property projects that are likely to be completed in 2012 and restrict lending to new ones.
The SBV is also required to oversee commercial banks and other financial institutions in implementing Government Resolution 11 on curbing inflation, stabilising the macroeconomy and ensuring social welfare.
The Ministry of Finance has been asked to submit its proposal on property taxation to the PM in the second quarter of 2012 in order to discourage speculation and make more effective use of land resources.
The Ministry of Construction is assigned to amend housing and real estate trading laws, as well as to co-ordinate with other relevant agencies to forcing property developers to fulfil their investment commitments.
Local authorities are also asked to accelerate progress on housing for students and industrial park workers, as well as low-income housing projects in urban areas.