Vietnam Politburo Demands Reports on Realty Market Situation
Politburo, the most powerful body in Vietnam, has demanded that a general report on real estate market development scheme be submitted in the first quarter next year amid the global financial crisis triggered by sub-prime realty-mortgaged meltdown in the U.S., the state-run Vietnamnet newswire said.
The local realty market, which ballooned in late 2007 and early 2008, has dropped between 30 per cent and 70 per cent, state media said.
Deputy Minister of Construction Nguyen Tran Nam has just signed a dispatch requesting cities and provinces update realty situation in 2007 and 2008 and submit before Nov 31 this year.
Also, Deputy Prime Minister Nguyen Sinh Hung authorized the Construction Ministry to work on the realty development market project.
Governor of the State Bank of Vietnam, the country's central bank, recently requested that lending to effective realty projects should be boosted.
Currently, local steel sector, which is facing dilemma, reports 3 million tons of steel valued at US$2.1 billion in stock, state media said. (Vietnamnet.vn)
Vietnamese
