Minister of Construction Nguyen Thanh Nghi (right)

The prime minister has issued Decision No.1435/QD-TTg to establish a task force to review and propose solutions to deal with problems during the development of real estate projects.

The task force, led by Minister of Construction Nguyen Thanh Nghi, is in charge of reviewing long-delayed projects and urging investors to accelerate their progress in Hanoi, Ho Chinh Minh City, and some other localities.

After reviewing projects, they will propose measures to solve those problems after consulting with the leaders of central state agencies, People’s Committees of related provinces, and experts in the field. In case the obstacles exceed their authority, they will report to higher levels.

On November 8-9, the Government Office and some ministries organised a meeting with large real estate developers in Hanoi and Ho Chi Minh City. At the meeting, they proposed the establishment of a task force to support them in resolving the difficulties of some outstanding projects.

The representative of the Ho Chi Minh City Real Estate Association (HoREA) proposed nine groups of solutions to rescue the market, one of which is to provide credit for the real estate market via bank credit and corporate bond channels.

Furthermore, the HoREA asked the Ministry of Construction to propose the selection of 10 outstanding real estate groups to focus on dealing with their problems. The action is expected to create trust and be a strong push for the market.

The real estate sector is an important component of the national economy, currently contributing 11 per cent of Vietnam’s GDP. It also has organic relationships with other fields and creates many jobs.

The task force combines:

Nguyen Thanh Nghi, Minister of Construction

Luong Tam Quang, Deputy Minister of Public Security

Nguyen Cao Luc, Deputy Head of the Government Office

Nguyen Duc Chi, Deputy Minister of Finance

Le Minh Ngan, Deputy Minister of Natural Resources and Environment

Nguyen Thi Bich Ngoc, Deputy Minister of Planning and Investment

Source: VIR