PM Urges Synchronised Completion of Land, Housing, Real Estate Laws to Unlock Resources

Prime Minister has instructed ministers to accelerate the synchronized completion of legal frameworks related to land, housing, and real estate, viewing it as a crucial step to unlock domestic resources and boost economic growth. Minister of Construction Tran Hong Minh stated that future housing development will prioritize commercial housing, social housing, and particularly rental housing, expected to meet the needs of millions of workers. Do Thi Thu Giang, National Director of Valuation and Advisory at Savills Vietnam, believes that the orientations under Resolution No. 21-NQ/TW will enhance market transparency and efficiency, with property values increasingly tied to actual development and use potential. This move is part of Vietnam's broader strategy to consolidate its institutions and unleash all resources for socio-economic development. The Vietnamese government, while maintaining its one-party system, is focused on economic growth, and these legal reforms aim to improve the efficiency of capital and investment utilization, as well as attract foreign investment. In parallel, Vietnam continues to diversify its foreign policy amidst rising geopolitical tensions. Recent reports highlight efforts to strengthen ties with a wide range of countries, including France, Mongolia, Türkiye, Egypt, South Korea, and China. These legal reforms are seen as a means to bolster Vietnam's economic foundation, thereby reinforcing its international standing. Notably, the meeting between Nguyen Xuan Thang, Chairman of the Central Theory Council of the Communist Party of Vietnam, and Li Shulei, a senior official of the Communist Party of China, underscored the importance of political and ideological cooperation between the two nations. Vietnam is pursuing a balanced foreign policy, managing its relationship with China while recognizing the necessity of engaging with Europe, the Americas, and other regions for its economic advancement.