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Ho Chi Minh City
Thursday, August 5, 2021

Almost no property bubbles in six years: minister

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HCMC – There were almost no real estate bubbles over the past six years, noted Minister of Construction Pham Hong Ha at an online conference between the Government and localities on December 29.

At the conference, the minister reported the sector’s performance in 2020 and plans for next year. The sector grew 6.6% this year, the highest among the economic sectors. The urbanization rate surpassed the target, Nguoi Lao Dong newspaper reported.

Seven new urban areas were established over the past five years. At present, the country has 862 urban areas, which have emerged as an incentive for the country’s socioeconomic development.

In addition, the sector attracted US$17 billion in foreign direct investment over the past six years. The country has had many urban areas, hotels and resorts meeting international standards.

As for building material production, the minister said many projects had reached a localization rate of 90%-100% and many materials could compete fairly with those in other countries.

The minister also pointed out the shortcomings of the sector in urban planning and development and urban order management.

Next year, the sector will try to eliminate the shortcomings in urban planning, resolve issues in infrastructure investment and pay more attention to infrastructure projects connecting regions.

Moreover, the Ministry of Construction will allocate land for social housing projects. It will also accept the proposals of localities and work out solutions to problems at the earliest.

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