HÀ NỘI — Prime Minister Phạm Minh Chính has pressed for answers on why apartment prices remain persistently high and ordered clarification on whether real estate market manipulation, including hoarding, price rigging, and speculative practices, has occurred. 

PM Chính, who is also head of the Central Steering Committee on Housing Policy and Real Estate Market, chaired the committee’s first session in Hà Nội on Monday to review the sector’s performance over the first nine months of this year. The hybrid meeting, linked online with 34 provinces and cities, set the tone for what’s next through year-end. 

Real estate, he said, is the engine revving Việt Nam’s economy and urban growth, pumping cash into construction, finance, materials, and services. 

Since the Government’s term began, social housing has been a core part of its agenda, a fulfilment of the Party’s pledge to ensure every Vietnamese has “a home to settle and prosper.” This mission demands a surge in supply and a restructuring of real estate products, with a focus on affordable options for low- and middle-income families. Yet, he was candid about the shortfall: both social housing and the broader property market have failed to meet expectations, leaving aspirations unfulfilled. 

“We must face these challenges squarely,” he insisted, calling for a rigorous reckoning to elevate urban living standards and dismantle persistent obstacles.

The leader advocated for policies to boost supply and balance demand through market mechanisms, while identifying institutional and policy barriers that stifle progress. He tasked the committee with analysing root causes, drawing lessons, and crafting bold solutions to drive housing and property policy breakthroughs through 2026. 

According to the committee, Việt Nam recorded over 1,000 commercial housing projects in the first nine months of this year, with 960 under construction, packing nearly 149,000 apartments and over 249,000 detached houses. 

On the social housing front, 692 projects are planned, with over 633,000 units. Of those, 165 projects with over 110,000 units are done, hitting 59.6 per cent of this year’s target. Plus, more than 334,000 rundown or temporary homes have been refurbished nationwide. 

Real estate deals numbered 430,000, flat compared with a year ago. The market showed signs of recovery but remains uneven. Condominium sales edged up in major cities, mostly mid-range, while land plot transactions slowed. 

Speaking at the session, Deputy Minister of Construction Nguyễn Văn Sinh reported that real estate prices have risen sharply and remain at high transaction levels, with apartment prices in Hà Nội and Hồ Chí Minh City showing an upward trend compared to the same period last year.

"The average price of VNĐ70–80 million per square metre is up 5.6% compared to the beginning of the year. In Hà Nội, the prices of terraced houses and villas generally range from VNĐ100–200 million per square metre. In Hồ Chí Minh City, prices fluctuate between VNĐ230–300 million per square metre. Land plot prices in Hà Nội are generally between VNĐ60–100 million per square metre. Social housing prices range from VNĐ15–25 million per square metre,” he said.

As of July 31, property sector loans hit over VNĐ4 quadrillion (US$153.8 billion), up 17 per cent from late 2024, making up 23.68 per cent of all credit in the economy. 

A VNĐ30 trillion stimulus package under Government Resolution 02/NQ-CP has drawn 17 commercial banks, with outstanding loans exceeding VNĐ2.3 trillion. Loans under Decree 100/2024/NĐ-CP surpassed VNĐ19 trillion, while cash for social and worker housing and old apartment renovations under Resolution 33/NQ-CP are picking up steam. — VNS