Speaking at a recent meeting, Bùi Xuân Cường, deputy chairman of the city People’s Committee, said the administration has already provided guidance to relevant agencies to address the issues.

He instructed the departments of Construction, Natural Resources and Environment, Planning and Investment, and Planning and Architecture to work with HoREA and developers for the purpose, and to report to the administration before March 5 in case of issues beyond their ambit.

The Department of Planning and Investment has been asked to propose measures to speed up investment procedures, and given a March deadline for it.

The Department of Construction has to advise the city on how to speed up procedures for social housing projects and attract investment in the projects to meet the high demand.

HoREA has repeatedly flagged a number of challenges facing the property sector, and urged the administration to mitigate them.

Investment and construction bottlenecks have remained unresolved for years, causing long delays, it said, calling for streamlining administrative procedures, especially related to payment of land use fees, adjustment of land use rights and licences.

PM Phạm Minh Chính recently ordered the setting up of a task force to assess and resolve the problems faced by the property sector.

It is headed by the Ministry of Construction and State Bank of Việt Nam.

The real estate sector, which contributes 11 per cent to the nation’s GDP, has organic relationships with several other fields and creates a large number of jobs.

Experts have warned that the challenges that cast a shadow over the property sector like lack of funding, low liquidity and a likely global recession would last until 2024.

They have called for diversifying housing products, especially by increasing affordable housing, and addressing the mismatch between supply and demand. — VNS