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Local and foRevitalising the property marketreign experts discussed prospects for revitalizing the suffering property market at a seminar in HCM City on June 13.

Deputy Minister of Planning and Investment Dang Huy Dong reiterated the government’s policy of developing the real estate market as part and parcel of the country’s market economy and an important investment channel.

To meet its socio-economic development goals for 2013, the government has introduced a number of solutions to stabilise the real estate market and secure its future.

Despite the efforts, the property market remains in a tight spot, Dong admitted.

Dau Tu (Vietnam Investment Review) Editor-in-Chief Dr Nguyen Anh Tuan highlighted a range of recent introduced policies designed to alleviate some of the difficulties besetting the VND135,000 billion market.

Professor Nguyen Mai, former deputy chairman of the State Committee for Cooperation and Investment (SCCI), analysed the real estate market’s prospects in a report from a macro-economic standpoint.

Cushman & Wakefield General Manager Chris Brown also presented an overview of the potential for market revival while Nguyen Viet Manh, head of the State Bank of Vietnam’s Credit Department, discussed how he and his colleagues plan to help the market’s recovery.

Former Deputy Minister of Natural Resources and Environment Dr Dang Hung Vo pointed out some of the real estate market’s most troubling issues, including surprisingly large inventories combined with bad commercial bank debts. He said the demand for housing from low-income earners remains high but availability is limited.

He also highlighted the government’s recent VND30 trillion bailout package targeting real estate businesses’ financial problems and helping low-income earners become house owners while simultaneously relieving some of the market’s oversupply.

(VOV)

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