Vietnam's deputy PM urges crackdown on property speculation amid housing crisis

Standing Deputy Prime Minister Pham Gia Tuc has urged the government to take definitive steps to combat property speculation and price manipulation in Vietnam's overheated real estate market. His call for action reflects growing concerns about housing affordability and the need to stabilize prices in a sector critical to the country's economic health.

The deputy PM emphasized the importance of completing long-delayed projects and activating developments whose technical bottlenecks have been resolved. By removing obstacles and accelerating project timelines, Pham said authorities can unlock tied-up resources and significantly expand the supply of affordable housing for ordinary Vietnamese citizens.

The intervention occurs as Vietnam's National Assembly Standing Committee deliberates on draft revisions to housing and real estate business laws. The legislative overhaul aims to strengthen market regulations and prevent speculative practices that have driven prices beyond the reach of many homebuyers.

Vietnam's real estate sector has recently gained international recognition for transparency improvements, breaking into the global top 10 for reform progress. Meanwhile, the country's growing market stability and regulatory improvements have attracted foreign investors, including Russian firms exploring new opportunities in the Vietnamese real estate landscape.