The initial achievements of Vietnamese real estate sector were attributed to the adjustments in real estate-related mechanisms and policies which are in accordance with the country's housing and urban development managing strategy, said Mr Dung.
These adjustments include tax decrease, rescheduling payment of financial obligations and a package of housing support credit of 30 trillion Vietnamese dong (S$1.8 billion), Mr Dung told VNA.
Real estate companies, on their parts, changed business strategies, re-structured real estate products, and increased marketing activities. The official added that apartments in big cities with area of less than 70 square metres and sold at less than 15 million Vietnamese dong per square metre are strongly consumed and there is hardly inventory for these products.
This presents that correct measures implemented have brought about positive signals to Vietnamese real estate market in 2013, said Mr Dung.
Vietnam's real estate market was frozen in the past. This was due to higher housing prices than average income of the majority of local people and high interest rates.
Statistics from the ministry showed that as of late December 2013, total nationwide inventory in real estate sector stood at 94. 45 trillion Vietnamese dong, down 26.5 per cent over the first quarter of 2013. - Xinhua