Speaking at the seminar "Unlocking Growth - Momentum from the Private Sector," organized by Thanh Nien newspaper on June 8, Hoang Thu Hang, Deputy Director General of the Housing and Real Estate Market Management Agency under the Ministry of Construction, said capital inflows into the real estate sector remain substantial. The challenge, she noted, is ensuring that this capital circulates efficiently.

According to Hang, one of the market's most persistent problems is the long-standing mismatch between supply and demand. High-end housing continues to dominate new supply, while genuine homebuyers face increasing difficulties accessing affordable housing despite strong demand.

"According to statistics from Steering Committee 751, which is responsible for reviewing and removing obstacles for stalled projects, approximately 4,500 real estate projects nationwide are facing legal difficulties, with more than VND3.3 quadrillion in capital tied up. To date, authorities have resolved issues for more than 1,000 projects, helping unlock over VND800 trillion," Hang said.

She added that reviving projects that have been stalled for years would increase market supply, contribute to lower housing prices and improve access to housing for ordinary citizens.

Meanwhile, Dao Van Ha, Deputy Director of the Forecasting, Statistics and Financial-Monetary Stability Department at the State Bank of Vietnam, noted that Vietnam's credit-to-GDP ratio is currently among the highest in the world among developing economies.

However, the country's capital market has not developed at a comparable pace, meaning the banking system continues to bear most of the burden of supplying capital to the economy.

By the end of 2025, Vietnam's corporate bond market had reached approximately VND1.2 quadrillion, equivalent to 9% of GDP, while stock market capitalization stood at around VND10 quadrillion, or 78% of GDP. These figures indicate that medium- and long-term financing remains heavily dependent on bank lending.

Professor Hoang Van Cuong, Vice Chairman of the Vietnam Economic Science Association, argued that capital flowing into real estate is not inherently concerning if it enters the market, stimulates consumption and ultimately contributes to GDP growth.

The real concern, he said, is excessive investment that leads to unsold inventory. If total real estate inventory becomes too large, the market could face serious imbalances.

Cuong warned that inventory levels exceeding 30% should be considered a significant warning sign.

"The amount of capital flowing into real estate is not the issue. Real estate can be a growth driver, but the flow of capital must be managed properly to avoid stagnation and financial stress," he said.

Removing legal bottlenecks to cool housing prices

Vo Anh Tuan, Deputy Director General of the Land Administration Agency under the Ministry of Agriculture and Environment, said delayed projects and land banks entangled in inspection conclusions, audit findings or court rulings have resulted in significant waste of resources.

The priority, he said, is to bring these projects back to market as soon as possible to help restore balance between supply and demand.

The Ministry of Agriculture and Environment has advised and proposed multiple mechanisms and policies aimed at removing obstacles facing stalled projects.

Political Bureau Conclusion No. 24, National Assembly Resolution No. 29/2026, and Government Decree No. 147/2026 have created a legal framework that allows local authorities to review and implement special mechanisms for resolving long-standing project difficulties.

According to Tuan, if Vietnam is to achieve its target of double-digit economic growth, accelerating the resolution of stalled real estate projects could deliver immediate economic and social benefits.

He emphasized a "non-perfectionist approach," meaning authorities will not attempt to solve every project simultaneously. Instead, projects will be categorized and addressed according to their specific circumstances.

For example, authorities will determine whether problems stem from procedural violations, delays in implementation, financial obligations or other factors, and whether the causes are objective or subjective.

"The principle is clear: violations will not be legalized. However, whatever can be resolved immediately should be handled without delay to quickly unlock resources for economic and social development," Tuan said.

Local governments are currently reviewing and classifying projects in order to determine the most appropriate solutions.

In addition to resolving legal issues affecting stalled developments, Hang said the Ministry of Construction is accelerating the development of a comprehensive housing and real estate market information system.

Under the plan, every property will receive a unique identification code. Through this code, citizens and investors will be able to access comprehensive information on legal status, land-use rights, transaction history and pricing, helping improve transparency across the market.

Regarding the rental housing market, the Ministry of Construction is finalizing policy proposals for submission to the National Assembly during its October 2026 session.

The proposals focus on land, tax and credit incentives designed to attract greater private-sector participation in rental housing development.

According to the Land Administration Agency, Vietnam has more than 100 million land parcels. After 2025, around 62% will have digitized information available, while 24% will meet the standards of being accurate, complete, clean and continuously updated, making them eligible for data sharing with citizens and businesses.

The database will also support efforts to reduce administrative procedures related to land management.

In 2026, the Ministry of Agriculture and Environment will continue working with the Ministry of Public Security and local authorities to complete the National Land Database and integrate it with the national data center, population database and other sector-specific databases.

Once fully operational, the system will make it easier for citizens and businesses to access land-related information. Companies seeking investment opportunities based on planning data or available land resources will also be able to submit applications online through the system.

Nguyen Le