Chinh emphasized the importance of the real estate market in macroeconomic stabilization, inflation control and higher growth.
The Prime Minister requested the State Bank of Vietnam (SBV) to monitor, control and restructure real estate credit under the principle of using capital for the right purposes, avoiding risks to the market, with "flexible and effective art of management".
He said that SBV needs to instruct and guide commercial banks to continue providing loans to the real estate market while ensuring compliance with the laws. It is necessary to prioritize lending for licensed projects in commercial and social housing for low-income earners and factory workers to increase market supply.
Tran Dinh Thien, former director of the Vietnam Economics Institute, who attended the conference, said that the Prime Minister’s direction shows that he has listened attentively to opinions from different circles in society, including experts.
Thien praised the approach chosen by the head of the government with the spirit of "removing all obstacles if they exist" in the context of Vietnam striving to recover quickly and grasp opportunities to rise up.
Can Van Luc, a respected economist, said at the conference: “I agree with the Prime Minister that only when ensuring macroeconomic stability will the market be stable, and vice versa."
He said it restructuring the real estate market because of its large effects on other business fields is needed. It is estimated that 35 business fields have direct and indirect relations with the real estate sector.
Of these, four business fields have direct relations, namely construction, finance and banking, food services and tourism, which made up 28.8 percent of GDP in 2019.
After the conference, Thien said the Prime Minister’s spirit of removing obstacles to pave the way for the real estate market to develop must be observed by all ministries and branches, including the Ministry of Construction, Ministry of Finance and the State Bank of Vietnam.
“The Prime Minister’s direction needs to turn into actions in reality,” Thien said, adding that this is the issue that needs to be implemented immediately together with strong commitments of every agency, to create confidence for businesses, market and the economy.
Thien emphasized the principle that now is the right time to recover the economy and there is no need to worry too much about inflation, or Vietnam will lose a great opportunity.
Le Phong