VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACADEMY OF SOCIAL SCIENCES NGUYEN NGOC TIEP DEVELOPING HANOI'S HOUSING MARKET REWARD TO 2030 Major: Economic Management Major Code: 9.31.04.10 SUMMARY OF ECONOMIC DOCTORAL THESIS Hanoi, 2019 Thesis completed at: GRADUATE ACADEMY OF SOCIAL SCIENCES VIETNAM ACADEMY OF SOCIAL SCIENCES PhD Advisors: Dr Nguyen Dinh Duong Assoc.Prof.Dr Bui Van Huyen Reviewer 1: Assoc.Prof.Dr Phi Manh Hong Reviewer 2: Assoc.Prof.Dr Ngo Tuan Nghia Reviewer 3: Dr Nguyen Ba An The dissertation will be protected before the Thesis Evaluation Board at the Academy, at: GraduateAcademy of Social Sciences, 477 Nguyen Trai street, Thanh Xuan district, Hanoi At … day month year The dissertation can be found at: -National Library -Graduate Academy of Social Sciences Library INTRODUCTORY The neccessary of study Housing is one of the essential and necessary needs of people at any stage from history to modernity Maslow's Needs Tower has identified the need for housing on the first floor of the tower, to assert that this is one of the essential needs, which must be guaranteed for every human being The satisfaction of human housing needs is met in various forms, including self-construction of houses or through the purchase and sale of goods in the current commodity market During the 30-year renovation process in Vietnam in general and in Hanoi in particular, the housing market has been gradually formed and developed at a fast pace, contributing to quickly meet the housing needs of the people and contribute contribute significantly to the economic growth of the country and the City, increasingly becoming one of the key parts of the economy The newly formed real estate market is still developing unstable, potentially with many risks; spontaneous real estate development, according to the movement, is still popular when the development is uncontrolled, there are times when there is no transaction The structure of housing goods on the market has not met the needs of the society The number and structure of houses is limited, there are not many housing models suitable to the living needs of the people in the process of modernization, urbanization and integration The market is in surplus of high-class and large-sized housing products with high selling prices, but lacks middle and low-priced housing products to meet the needs of the majority of urban population, leading to the loss of the market balance The process of formation of the housing market also causes inadequacies in urban management and development, creating a modern civilized space (in case of Hanoi city) Trading and trading activities in the market have inadequacies in information, quality, support services, payment methods so the development has many spontaneous, deviant and inadequate factors of the market constraints The real estate market develops without effective control from state agencies, especially at local state management agencies In big cities like Hanoi and Ho Chi Minh city, the urbanization rate is fast, the proportion of urban population is high but rural population is still relatively high; The growth rate of mechanical population into Hanoi urban area is increasing, in which the proportion of middle-income migrants still accounts for the majority (the proportion of migrants under the age of thirty in Hanoi is 68.7%) impose rapidly increasing housing demand in both quantity and quality, putting pressure on the housing market, especially low and middle price housing Hanoi capital is the political - economic - cultural center of the country, has a rapid urban development speed compared to many localities across the country, currently the city has nearly 750 housing development projects, New urban area is under development; Hanoi is also a very developed locality of trade and service industries, focusing on many industrial parks and businesses in the area creating many job opportunities and improving people's lives (average income per capita) Hanoi's people reach about 3,900 USD/year) The characteristics of the population and labor of Hanoi are also much different, the group of middle and low-income workers also live in the central area; transferring righteous labor from suburban workers to the center of Hanoi for services; labor in other localities returning to Hanoi to work in industrial parks, businesses and service industries At the same time, the old housing types in the inner areas of Hanoi also occupy a large proportion with the dormitories formed during the subsidy period, each apartment with a small area has been expanded and the quality degraded persisted for a long time Therefore, it can be affirmed that the demand for housing types for medium and low income groups in Hanoi is huge The operation of the housing market in Hanoi, in addition to general characteristics, has its own characteristics compared to other cities in the country The types of affordable housing suitable for the majority of the population such as social housing, affordable housing are lacking while high-class housing projects, real estate types have high profitability such as villas, townhouses, shophouses, condotels is highly developed by many investors due to its large profits The healthy development of the housing market will positively affect other markets and contribute to social stability Therefore, the study of the topic "Developing Hanoi’s housing market reward to 2030" is an urgent issue both theoretically and practically Objectives and task of the study 2.1 Objectives of the study On the basis of systematizing theoretical issues on the housing market, the thesis analyzes and assesses the real situation of the housing market in Hanoi in order to propose the main directions, tasks and solutions to develop Hanoi’s housing market will be healthy and effective reward to 2030 2.2 Task of the study - Systematize and clarify theoretical issues about the housing market as a theoretical basis for research and assessment of the housing market in Hanoi - Researching the housing market development experience of a number of cities in the world and a number of concerns in the country, thereforce drawing lessons for Hanoi city on housing market development - Researching and assessing the current situation of the housing market, mechanisms and policies to develop the housing market, especially social housing and low-price commercial housing in Hanoi in recent years, to clarify achievements and limitations - Proposing solutions to develop Hanoi’s housing market reward to 2030 Subject and scope of study 3.1 Subject of study Housing market, the thesis focuses on the mid- and low-priced housing market segments such as medium and low-priced social housing and commercial housing This type of housing has a great demand in Hanoi, the main object is the urban households with average income; laborers in rural Hanoi; laborers from other provinces come to Hanoi to work, live and socially disadvantaged groups, but the supply is low 3.2 Scope of study - Regarding the space: The thesis focuses on study in Hanoi capital - Regarding the time: The thesis study in the period from 2008 to 2018 and orientation to 2030 - Regarding the contents: The thesis focuses on developing Hanoi’s medium and low price housing market Methodology and study methods 4.1 Methodology Researching on the housing market, the author focuses on five main research topics From identifying the research object will have to clarify what is the concept related to the object? Analyze and evaluate the development of the market through studying the constituents (in each element, it will analyze its own characteristics related to this type of market), combined with the impact factors that The focus is on analyzing the role of state management in the housing market in general and the middle and low price housing market in particular From there, proposing and proposing solutions to healthy development of the housing market, focusing on proposing solutions to the low- and medium-price housing market 4.2 Specific study methods 4.2.1 Approach - Approaching history - Approaching objects 4.2.2 Comparative method Refer to models and experiences of countries in the world on housing market development Refer to the advantages of developed countries in the management model, supporting policies, understanding the needs of the people, the way the government regulates the market At the same time, comparing the appropriate points with applicability to the real situation in Hanoi 4.2.3 Statistical methods Statistical documents related to the housing market in general and the market of medium- and low-prices in particular, which focus on the State's policies related to housing issues, market development in Hanoi 4.2.4 Interview method Interviewing twenty experts - managers, ten enterprises invest in building housing projects The interview focused on the following contents: guidelines, policies, state management, market demand, housing selection trends, development perspectives, experience, suggestions 4.2.6 Survey * Survey: The purpose is to find out about the problems people face in living in these areas, desires for living conditions in housing areas and other arising issues Assess the needs, desires and aspirations of people in social housing - Distribute one hundred and fifty questionnaires to people living in five social housing projects - Time scale: from March to November 2018 * Field survey: This project option is located in different locations that are representative of local communities in the area and have a high density of people living there The survey was conducted in five social housing projects and two medium- and low-price commercial housing projects The purpose of evaluating the current quality of housing projects, infrastructure service works to serve the life of people Infrastructure around, connecting the traffic of the area with the surrounding, the livelihood of people living in these areas New contributions of the thesis - Research to contribute to affirming the indispensable and objective development of the medium- and low-price housing market in the short and long term Medium and low-priced housing is also a commodity, which needs to be developed according to the market mechanism, in the period until 2030, this commodity is a special commodity of Hanoi’s housing market - To contribute to clarifying the particularities and peculiarities of the housing market in the developing Hanoi period, the State's support is required for this market not only to motivate the market but also help the market achieve its sustainable development goals - Proposing a system of new perspectives and solutions, with a focus on state management solutions to develop the housing market, which focuses on developing the medium- and low-price housing market in the coming period consistent with the needs of society Significance of the study * Theoretical significance of the study The thesis contributes to clarify current theoretical issues, research on housing market development as the basis for strengthening the state management of the housing market * Practical significance of the study Contribute to an overview of the current housing market development situation, including the assessment of the medium- and low-price housing market segment in Hanoi in recent years The thesis is a useful reference for researchers; Helping policy makers and management agencies to consult in the process of making policies and managing the development of the housing market in Hanoi Structure of the thesis Apart from the preamble and conclusions, the contents of the dissertation are presented in four chapters: - Chapter I Overview of research situation related to dissertation topic; - Chapter II Theoretical and practical basis on the housing market; - Chapter III Current situation of housing market development in Hanoi; - Chapter IV Major solutions to develop Hanoi’s housing market reward to 2030 CHAPTER I OVERVIEW OF RESEARCH SITUATION RELATED TO DISSERTATION TOPIC 1.1 Case study international and Vietnam Reasonable housing is not a new concept, this phrase has been mentioned by developed countries around the world such as the United States, England, and Canada from the 1960s and 1970s of the last century Later, these related concepts began to spread to developed countries in Asia, where the population density is high, such as Japan, Korea, and Singapore Studies of successful cases around the world show: - Housing - especially housing for the disadvantaged is subject to many countries' interest with appropriate policies and mechanisms From developed countries in the Americas, Europe to newly developing countries in Asia, the Government has specific policies on housing for different types of people in society - Housing are researched and built with a variety of models, with always paying attention to types of houses for rent In Northern European countries, the psychology of homeownership of people is relatively more open so the trend of renting housing is very developed (Housing for rent in France accounts for 18%, the Netherlands for 36%, the UK for 22%) Especially, this issue is quite common in Europe and the Americas, where people not attach much importance to the need to own houses - In countries with developed market economies, the budget for investment and reconstruction of housing funds usually accounts for 2325% of the total investment for development of the national economy (in the US nearly 30 %), about 20-25% from other sources, the rest belongs to private capital For Vietnam, the real estate market has its own characteristics due to the people's ownership of land and state management policies Therefore, there are many research works of typical authors such as Dinh Van An, Le Xuan Ba, Thai Ba Can, Tran Nguyen Nam, Tran Kim Chung, Hoang Van Cuong, Bui Van Huyen, Dinh Thi Nga Studies of domestic scholars show the following issues: - Exemption of some taxes, land use incentives for businesses involved in the construction of social housing, housing for low-income objects in society; - Promote the model of social insurance for lease, which supports tenants at a price equal to 50% of the market price; - Developing housing for low-income people in the form of highrise houses for urban centers with limited land fund; - Need to carry out well the planning of housing development areas, the state participates in closely monitoring the process of implementing social housing projects according to the standards and standards - State intervention plays a very important role in ensuring the prospect of developing the low-price housing market in accordance with the needs of the people 1.2 Researches on real estate and housing markets in Hanoi Some of the studies close to the object of the thesis are as follows: - Author Le Thi Bich Thuan has presented models of resettlement housing development in some countries around the world At the same time, assess the effects of resettlement policy in urban development process in Hanoi Also studying the group of difficult people in housing, author Nguyen Van Trinh has generalized the inadequacies of housing issues for workers in industrial parks today in the country - Dr Hoang Xuan Nghia and Dr Nguyen Khac Thanh evaluated the shortcomings and inadequacies in the quality of housing projects of low-income people in Hanoi From the assessment of the current situation, the author has proposed solutions to housing for low-income people in Hanoi in a socialist-oriented market economy - Dr Trinh Kim Lien and his colleagues have conducted a study on urban housing products in Hanoi, thereby evaluating the structure of commercial housing products in Hanoi City in the period of 2008-2012 At the same time, it pointed out that the structure of housing products was still unreasonable, houses for commercial purposes were strongly The supply factor in the low and middle price housing market is unique in comparison with other markets, provided by three different types of entities, but all are lower prices by many different methods to suit people buy; execute the project in a short time and the construction quality is acceptable, the projects are provided at locations far from the center and legal regulations are needed to support market participants 2.2.3 Price Housing prices on the market are an aggregate economic indicator reflecting the results of using building materials, materials, human labor and capital invested by enterprises to implement housing projects The price factor in the market of medium- and low-price houses has its own characteristics, the price of apartments sold is not too high, in the solvency of the majority of the population; For each type of audience, each age group will have different appropriate prices 2.2.4 Real estate brokerage Regarding real estate brokerage, including official brokerage services and informal brokerage services Official brokerage service is an organization or individual providing real estate brokerage services according to Law on Real Estate Business For low-cost commercial housing, this type of housing people can freely buy, sell and exchange on the market through brokers or actively from customers For types of social housing, people wishing to buy houses are not free to buy and sell at the real estate exchange 2.2.5 Market news The medium- and low-price housing market news is all information related to this market, including information on: law; land policies, master plans, plans on land use, information on housing projects, environment, demands, supply levels, psychology, and habits of buyers in a given space and time 2.3 State management of the housing market 2.3.1 Promulgating policy and legal documents The State issues regulations on the order and procedures for buying and renting houses of various types, creating favorable legal 11 frameworks and corridors for well-developed markets, meeting the needs about the houses of the whole society At the same time, the state is also oriented in the development and issuance of relevant development programs and plans to develop housing supply to the market 2.3.2 Planning The State has shown its management role through activities to direct functional agencies to implement necessary measures to stabilize the real estate market; elaborate and promulgate housing development programs and plans; land use plannings and plans to promptly supply information to agencies, organizations and people for a clear understanding; information on investment activities in infrastructure development; approved real estate projects; Project investors are eligible to raise capital according to regulations in order to ensure market information transparency, prevent fraud, speculation and blow up real estate prices to gain illicit profits 2.3.3 Economic policy - finance, tax rates The State applies economic and financial polices and various types to improve the effectiveness of state management of the housing market such as financial policies to support the market, pricing and issuance of frameworks housing prices, using tax rate and interest tools 2.3.4 Implementation For the housing market, the State performs a management role through organizational structure, carrying out inspection and supervision activities to adjust relationships in the market The objective of state management for this market is to ensure the stable and healthy development of the market, contributing to the overall stability of the real estate market 2.4 Lessons for Hanoi City 2.4.1 Experience of countries oversea and Vietnam - Experience in real estate market development in general and housing market in particular of Germany, Finland, Southeast Asia - Experience in state management with the medium- and lowprice housing market of USA, France, Asian - Experience of Ho Chi Minh City 12 2.4.2 Lessons for Hanoi City - Housing is the object of interest by many countries with appropriate policies and mechanisms From developed countries in the Americas, Europe to newly developing countries in Asia, the Government has all set specific housing policies for different types of people in society - Housing for all in the society have been researched and built with a variety of models in which always pay attention to types of houses for rent In Northern European countries, the psychology of homeownership of people is relatively more open so the trend of renting housing is very developed Psychological change, conception of housing ownership of Vietnamesee, especially those living and working in Hanoi, need a lot of time and need the impact to change comprehensively about thinking and receiving wake of people - In countries with developed market economies, budget capital for investment and reconstruction of housing funds usually accounts for 23-25% of the total investment for development of the national economy (in the US near 30%), about 20-25% from other sources, the rest belongs to private capital - All countries are interested in ensuring the quality of housing projects for the poor and low-income people in society - Increase supply to the market through diversification of investment capital sources, mobilization of all resources for social housing - Promote the preferential support for buyers, not just for investors as today, to stimulate the needs of people with real housing demand and create attractive demand for the market - Forming organizations providing professional information about the market to people and functional agencies to monitor and quickly grasp the needs of the market - Use new technologies and designs in order to save cost of finishing works, reduce selling prices of apartments for people but still have to ensure quality works 13 CHAPTER III CURRENT SITUATION OF HOUSING MARKET DEVELOPMENT IN HA NOI 3.1 Overview of the urban socio-economic situation 3.1.1 Economic situation In the period of 2008 - 2018, GRDP increased by an average of 7.41% per year The investment environment in Hanoi has improved, businesses are focused on supporting the Government, solving many difficulties in the process of operation Many measures have been taken to attract domestic and foreign investment The creation of conditions for foreign businesses to invest in Hanoi has also opened opportunities for real estate investors and businesses The economic development speed of the Capital in recent years has brought many opportunities but also created a lot of pressure on the real estate market in general and the housing market in particular 3.1.2 Socio situation The population concentration in the inner city area is increasing, accounting for 45% (3,498,756 people) compared to the total population of the city The increasing population in inner-city areas not only creates pressure on addressing housing needs for people, but also creates difficulties and pressing for the system of social infrastructure works Addressing housing issues for many sectors, with the cultural level and lifestyle from many regions has also created characteristics of housing demand in Hanoi 3.1.3 Urban situation The condition of modern and synchronous infrastructure also helps the distance between housing projects connecting to the downtown area quickly and conveniently Compared to many other localities, the transport infrastructure of Hanoi is relatively developed, the urbanization process has taken place, thereby creating a spillover for the housing market to many regions The middle and low price housing market in Hanoi has its own advantages, but due to the characteristics of the large area, the inadequacy between the infrastructure of the old residential area and the new development area also affects quality of a number of 14 housing projects, thus creating a negative sentiment among people of medium and low price housing types in areas far from the center 3.2 Situation of the housing market in Hanoi 3.2.1 Market demand The demand for medium- and low-price housing for Hanoi people is very large, can account for 35-40% of the needs of the whole city’s population but at present this demand has not been met Between 60 -70% of customers visiting real estate exchanges are interested in apartments with medium and low prices Most of them are young couples and families with low and middle income with the desire to buy apartments that are affordable Hanoi City is the locality with the second highest demand after the City Ho Chi Minh City with 110,000 apartments by 2020 Through the author's survey in four social housing projects in the area, the author also noted the reasons that people are interested in when they want to buy apartments of social housing projects to live in turn according to the order is: In accordance with the solvency, payment (90.5%); Quality of housing construction (87.6%); Convenient transportation (84.7%); Reasonable distance to the workplace (67.4%); Near markets (54.1%); Near schools (47.7%) 3.2.2 Market supply The supply of medium- and low-price housing market in Hanoi is made up of three main target groups: (1) The State: The State implements housing projects for policy beneficiaries and people facing difficulties in housing in the City through various types of social housing projects, official residences, re-housing projects settlement, housing for workers Besides, Hanoi is currently implementing five large-scale social housing projects, namely Tien Duong commune, Dong Anh district (73.23ha); Co Bi and Gia Lam communes (39.12 ha); Ngoc Hoi commune, Thanh Tri district and Thuong Tin district (44.62ha) and Dai Mach commune, Dong Anh district (116.7 ha) (2) Enterprises: in the medium- and low-price housing market, enterprises participate in providing housing for people in two forms: 15 firstly, social housing, which comply with the provisions of law on housing development socially and publicly offered so that qualified people can submit a purchase application; The second is the enterprise investing in low-cost commercial housing projects, which are not the same as social housing which are not entitled to preferential policies of the State Investors of these projects follow the market mechanism, meeting the society's needs for this type of housing (3) People build their own houses: now this model is very popular with single households and young households because they not have enough economic power to access to official housing projects on the market In the city, a small-sized apartment building has appeared to address the demand for housing for the above subjects 3.2.3 Market price Compared to commercial housing projects, apartments in the medium and low segments have lower costs, consistent with the majority of people in Hanoi On the market today, medium- and low-price apartments are offered for sale at an average price of 14-16 million per square meter (social housing) for projects with prime locations, prices from 10-12 million per square meter for projects in more remote locations The author's survey of people living in some medium and low cost housing projects, the price is suitable with the solvency and is most wanted to buy is from 700 million - billion / apartments (accounting for 29.1%) 3.2.4 Real estate brokerage In Hanoi, any type of high-end, mid-end or affordable housing project is distributed through two forms: formal brokerage and informal brokerage In Hanoi, there are more than 500 registered real estate exchange However, only about 200 businesses are operating or operating effectively 3.2.5 Market news At present, the responsibility of providing housing market news in general, low-cost housing in particular belongs to enterprises and state management agencies (Hanoi People's Committee & Department of 16 Construction - the city's specialized department in charge of this field) Investors are always guaranteed to publicize information on the websites of enterprises, at the headquarters and at the trading floor of the investor's projects 3.3 State management of the housing market 3.3.1 Promulgating policy and legal documents The Hanoi government has also issued policies to encourage and encourage housing development investment through incentives for each project or businesses Not only interested in supporting businesses through the construction of commercial housing projects to recover capital quickly, The Government is also interested in housing development for those who are difficult to access housing such as: officials and workers The Law on Capital has mentioned housing development and management It clearly states that "In commercial housing development projects, new urban areas must reserve a higher proportion of residential land and housing areas for social housing development than the national regulations" The People's Council of Hanoi City stipulates that projects for development of commercial houses and new urban centers in areas with land use scale of ten hectares or more must reserve 25% of the residential land area or 25% housing area for social housing development Hanoi City has reviewed and reformed administrative procedures in the field of investment, land management, construction permits, certificates of house ownership and land use rights 3.3.2 Planning Hanoi master plan has also set the direction for housing development to 2030 as follows: the average area of houses in urban areas must be at least 30m2 of use floor per person and dark rural houses minimum of 25m2 of use floor per person Inner-city areas, improving living conditions in old quarters, apartments, controlling construction density and height, adding public functions, trees and technical infrastructure Housing development program for the period of 2012-2020, 17 Hanoi has developed a Housing Development Plan for the period of 2015-2020, which determines the actual demand for social housing by 2020, increasing by nearly 50% compared to with the Government's Housing Development Program, which involves about 40,000 people shifting from worker housing to social housing purchase 3.3.3 Economic policy - finance, tax rates Hanoi City has guided and created favorable conditions for organizations and individuals in the area to have access to a credit support package of VND 30 trillion for social housing and commercial housing projects cheap deals for medium- and low-income people Tax policies and fees related to real estate in Hanoi are now tools to contribute to the publicity, transparency and regulate the market, limiting speculation; Tax payment procedures have had many reforms that really facilitate people and businesses to conduct purchase and sale transactions 3.3.4 Implementation * Organizing structure In Hanoi, the state management apparatus of the real estate market is organized by agencies: Department of Planning - Architecture; Authority of Planning & Investment; Department of Natural Resource Environmental; Department of Construction Vertical, the Ministry of Construction and the Department of Construction are the two agencies assigned the main task of state management of the real estate market on a national and local level The People's Committee of Hanoi City manages houses that are invested with local capital Department of Construction is a specialized agency of the City People's Committee that will perform the function of advising and assisting the City People's Committee in state management of housing * Inspection, inspection, supervision and sanctions Organizing the city's state management apparatus for inspection activities, in which the City Inspectorate is assigned as a specialized agency of the Hanoi People's Committee, with the function of advising and assisting the City People's Committee in state management on the 18 inspection, settlement of complaints, denunciations and prevention of corruption City inspection force has the function of checking the construction work In fact, after discovering inadequacies in the market, the handling of the loading and processing is still not strong enough and in the process of solving, there are still some barriers of society 3.4 General assessment 3.4.1 Achieved Housing market in Hanoi is developing fast, a model of housing development organization under the project has been formed, through the actual implementation, confirming the model of urban development under the project with the synchronization of technical infrastructure and social infrastructure, creating a civilized and modern urban face is right and an inevitable trend in the process of national construction and modernization The appearance of many different types of housing has helped the real estate market have many positive changes, consumers who have demand for housing will have more opportunities to choose suppliers, businesses and the project is traded publicly and transparently in the market The implementation of social housing projects and affordable housing in the City has also contributed to the increase in housing supply in general, contributing to the city's housing fund The State has taken a number of regulatory measures to ensure housing ownership opportunities for people with real needs but difficulty in housing in the area The fact that businesses have potentials in the construction industry, bring quality works to help people feel secure with the City's policy With the average price per unit for sale on the market of VND 14-16 million per square metter (social housing); from VND 17-18 million per square metter (cheap commercial housing) Currently, Hanoi City has provided sufficient information on social housing projects that are going to be launched for sale and 19 announced the results of receiving applications via Department of Construction’s portal 3.4.2 Exist - Documents and policies to support and give incentives to investors implementing medium- and low-price housing projects are limited and incomplete - The supply of medium- and low-price housing in the market today is very scarce, while there are many completed housing projects that cannot be sold due to the lack of many factors to attract buyers - The issue of organizing the implementation of policies to each object is sometimes inappropriate, choosing whether to apply incentives directly to home buyers or to housing investment enterprises set off - The inspection and examination of the observance of the state regulations on the purchase and sale of houses is sometimes still incomplete, many housing projects are not sold to the right subjects - The issue of market news in today's society makes people saturated when there is a need to find out information about the mediumand low-price market, sometimes individuals and organizations not know trust in the provided information source 3.4.3 Cause - Policy documents suitable to the actual situation are still slow to be issued, not yet suitable among issuing agencies - Enterprises focusing on high-class real estate with high profit will recover capital faster - Many businesses have limited financial resources - Conformity to comply with house purchase and sale regulations is not good - There are not many reputable, competent and responsible agencies to publish various types of market news 20 CHAPTER IV MAJOR SOLUTIONS TO DEVELOP HANOI’S HOUSING MARKET REWARD TO 2030 4.1 Forecast of demand and the development of the housing market 4.1.1 Hanoi Urban 2030 and Vision 2050 Hanoi’ll develop according to the model of a central urban, five satellite cities These cities will contribute to reduce the load for the central city, along with efforts to call and attract investors in these areas, this is a good opportunity for the housing market to expand geographically In particular, construction projects are located far from the center but are synchronously connected with transport infrastructure and arranged many social works as well as ensuring people's livelihoods will be easy for medium- and low-income create new life in these areas 4.1.2 Forecast of housing market demand It is estimated that by 2020, Hanoi's population will be about 7.9 million, the urbanization rate will reach 58-60% By 2030, about 9.2 million people, the urbanization rate will reach 65-68% By 2050, the maximum population will be around 10.8 million and the urbanization rate will reach 70%-80% In the period from 2020 to 2022, the housing market is still very lacking of affordable apartments for people, the system of real estate policies has begun to take effect in reality and step by step entered life large businesses are still leading the market trend In the next period from 2025 to 2030, with the City's guidelines on prioritizing the development of housing funds for low-income people, housing difficulties have been increasingly completed, consistent with the real situation after many years policy adjustments times Therefore, conditions for attracting investment in this area also become easier 4.2 Solutions to develop Hanoi’s housing market reward to 2030 4.2.1 Mechanisms and policies - Promote administrative reform, create a clear environment to attract investors to implement housing projects 21 - The simplification and speeding up the settlement of administrative procedures in real estate-related fields help improve the efficiency of state management - The process of scoring and evaluating investors with individuals registering to buy social houses must be strictly supervised - Hanoi should continue to review the overlapping regulations, policies that are incompatible with the actual situation (including those relating to 20% land fund) - The issuance, amendment, and supplement of housing regulations for policy beneficiaries are necessary and will soon be implemented and issued - Continuing to review and implement economic policies - real estate finance and housing such as mortgage finance channel, real estate bonds, investment funds 4.2.2 Market supply and demand  Market supply: Change the mode of social housing investment completely according to market mechanism The city should remove incentives for investors and focus on direct support for buyers Further promote the mobilization of businesses to participate in the development of medium- and low-price housing Encourage individuals and households to invest in the development of mini apartment models to address housing needs for laborers and immigrants Compliance with regulations for projects larger than 10 hectares must spend 20% of the land fund as social housing Prioritizing the land fund after relocating factories, universities and hospitals out of the inner city area to build houses There should be clear and specific regulations on capital sources, procedures for considering decisions and support levels for social housing preferences  Market demand: In order to implement the policy of stimulating demand for medium and low-price houses, Hanoi needs to study and issue mechanisms to clearly distinguish between three areas: (1) Managing 22 development capital; (2) Housing construction and (3) Managing housing supply.Thực biện pháp tuyên truyền, giáo dục nhằm thay đổi nhận thức dân cư việc sở hữu nhà ở, nhắm tới đối tượng người lao động trẻ tuổi 4.2.3 Strengthen the state management * Implementation - Establishing "Housing Saving Fund" or "Housing Development Fund" - Continue to consolidate and enhance the management capacity of department’s officials: Construction, Planning - Architecture, Natural Resources and Environment and other directly related departments - Continue to promote training and retraining of knowledge for staff involved - Pay attention to the implementation of demand forecasting, planning the housing market development in the future - Studying and learning the experiences of nations that have successfully applied sanctions to investors of housing projects for vulnerable groups in society * Inspection, inspection, supervision and sanctions - Strengthen the inspection, examination and supervision of the community in the construction and enforcement of housing laws - Speeding up the inspection according to the planning for housing development projects, especially affordable housing, to ensure low-income people have stable quality of life immediately after receiving the house - Check and supervise the disclosure of planning information and housing development projects in accordance with the law - Strengthen operational inspection of real estate exchange - Refer to the experiences of other countries to limit the land hoarding situation 4.2.4 Market news - Establishing an information system on the medium- and lowprice housing market to serve all market participants 23 - Promote the dissemination, propaganda and create favorable conditions for enterprises in industrial parks and export processing zones to invest in the construction of medium- and low-price housing with preferential policies - Pay attention to implementation of demand forecasting, housing development planning in stages - Check and supervise the disclosure of planning information and development of medium- and low-price housing in accordance with the law CONCLUSIONS AND RECOMMENDATIONS Developing the housing market is a popular trend in the current period, contributing to the balance of supply and demand of housing in the real estate market Hanoi has made great efforts to implement many measures in the recent period to ensure the housing needs of the capital's residents, especially the needs of medium- and low-income people However, the City's budget still has limitations that cannot be allocated to the development of housing projects for the people, so the mobilization of resources to participate in development, creating incentive mechanisms financially for businesses and citizens are essential jobs In order for the market to really develop to meet the management requirements of the authorities, to ensure transparency and freedom for the people, construction and investment enterprises will need the participation of direction and control administration of the City government The recommendation should continue to have studies on: - Ensuring the harmony between the interests of businesses when investing in medium- and low-price housing with the aim of ensuring the demand for housing for the people of the government - The calculation of costs for businesses along with the current affordability of the people of the Capital 24 LIST OF PUBLISHED JOBS RELATED TO THESIS (2014), Socio-economic in Hanoi after years of expanding administrative boundaries, National Political Publishing House, Hanoi (2014), “Housing development situation in Hanoi after 30 years of renovation”, Journal of Environmental Economics (No 7/2014), page 55-58 (2015), “Some problems in the construction and implementation of planning of Hanoi City”, Journal of Socio-Economic Capital (No 01/2015), page 14-17 (2015), “Real estate and housing market movements in the first six months of 2015 - Solutions for the last six months of the year”, News of Integration and development (No.7(102)-7/2015), page 3234 (2016), “Social housing development experience and lessons for Hanoi City”, Journal of Construction Planning (No.77+78/2016), page 112-115 (2017), “Developments of real estate and housing market in 2017”, News of Integration and development (No.1(119)-2017), page 1922 (2018), “The role of social housing in the socio-economic development of Hanoi City”, Journal of Economy and Forecast (No.08 (03/2018)), page 44-46 (2018), “Developing social housing market in Hanoi - Lesson learned from Asian countries”, Journal of Economy and Management (No.25(03-2018)), page 55-58 (2018), “The management and operation of commercial apartments and resettlement apartments in Hanoi News of Integration and development (No.4(134)-2018), page 13-15 10 (2018), “Challenges in developing affordable housing in developing countries - the case of Vietnam and India”, Journal of Construction Planning (No.95+96/2018), page 92-99 ... housing supply.Thực biện pháp tuyên truyền, giáo dục nhằm thay đổi nhận thức dân cư việc sở hữu nhà ở, nhắm tới đối tượng người lao động trẻ tuổi 4.2.3 Strengthen the state management * Implementation... agency of the Hanoi People's Committee, with the function of advising and assisting the City People's Committee in state management on the 18 inspection, settlement of complaints, denunciations... Bi and Gia Lam communes (39.12 ha); Ngoc Hoi commune, Thanh Tri district and Thuong Tin district (44.62ha) and Dai Mach commune, Dong Anh district (116.7 ha) (2) Enterprises: in the medium- and