Nguyen Dinh Trung, chairman of Hung Thinh Group

Trung suggested authorities expedite administrative procedures to grant construction licences, so developers can generate employment and also deliver a boost to the construction material sector.

“At present, businesses just can only apply for loans from banks after completing the prolonged procedures for a construction licence,” Trung said.

Trung went on to say that Hung Thinh Group expects the authorities to keep the residual methodology on land value determination as most consider it to be the best available method.

“It will be difficult for state agencies and businesses if we value land usage fees based on market prices. Therefore, we suggest that the Ministry of Natural Resources and Environment, the Ministry of Finance, and the Ministry of Construction consider using the land price adjustment coefficient method, following the recommendation of many experts, including the Ho Chi Minh City Real Estate Association,” Trung said.

Hung Thinh Group has registered to participate in a project to develop a million affordable social housing apartments by 2030, and is currently seeking funds to implement its plans.

After listening to the proposals at the conference, Prime Minister Pham Minh Chinh said, "While the property market is showing signs of improvement, the recovery has been sluggish and many real estate firms remain in difficulty."

The prime minister tasked the relevant ministries and agencies with proposing new mechanisms and policies to remove the bottlenecks from the market.