The upcoming socio-economic recovery program in the 2022-2023 period is expected to create a favorable environment for the development of the real estate and construction industries.

Customers look at a real estate project in Hanoi. Photo: Pham Hung/The Hanoi Times

Experts shared the view at a forum discussing the prospects of the real estate market in Hanoi on March 15.

Real estate expert Nguyen Quang Tuyen expressed concern over the lack of regulations and laws to ensure an effective regulatory framework of the real estate market.

“There remain overlapping decrees and legal documents as well as their shortcomings that are hindering the implementation of the national strategy on housing development, especially in balancing the market supply and demand,” he said.

Tuyen called for a comprehensive revision of existing laws and regulations, including the Land Law 2013, Housing Law 2014, and Law on Real Estate Trading 2014.

Finance-banking expert Can Van Luc added several variables, including the pandemic and the Russia-Ukraine conflict, which have caused a surge in prices of key commodities and subsequent higher inflationary pressure.

Meanwhile, the economy has posted positive performance during the first two months of 2022, including an industrial production expansion rate of 5.4%; trade turnover growth of 10.2%, and an increase in the number of newly-established enterprises by 12%.

In 2022, Vietnam’s GDP growth is estimated to expand by 6-6.5%; credit growth by 13-14%; and registered FDI commitments of 7-10%.

“This is on the assumption of a swift and effective implementation of the upcoming $15.4-billion socio-economic recovery program,” he said.

According to Luc, the program would focus on five major targets, including improvements in healthcare capabilities; ensuring social welfare and job creation; supporting business recovery, and promoting infrastructure and development.

Luc expected fiscal support measures such as tax deduction and land rental fees relief together with preferential loans, would have positive impacts on the recovery of the real estate and construction activities.