A symposium on improving the financial and real estate market for rapid, sustainable economic development (photo: kinhtetrunguong.vn)

The harmonious coordination between fiscal and monetary policies and support for the financial and real estate markets will help stabilize the economy, said experts at a symposium as part of the 5th Vietnam Economic Forum in Hanoi last week.

The government has set up a Working Group to promptly remove difficulties for the real estate market. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, said that amending regulations on land and investment procedures and helping businesses obtain capital for project development should be the first priorities and should be urgently implemented next year.

Economist Can Van Luc speaks at the symposium (photo: kinhtetrunguong.vn)

Regarding the financial market, economist Can Van Luc said that there are currently three problems that need solutions: First, capital still depends on the banking system but the bond market, especially corporate bonds, have not been promoted. Second, the financial system is facing risks. And third, Vietnam's economic institutions need to be further improved to create new business models in the banking and financial sectors.

"We need to strengthen the restructuring of the financial and banking system, focusing on weak financial organization to ensure efficient allocation and mobilization of resources. This will help the financial system develop sustainably and prevent unhealthy competition. In 2023, we need to prioritize liquidity and safety of the system and effectively deal with mature bonds and corporate bonds in real estate," said Mr. Luc.

Bonds are a very important channel for mobilizing capital. The Ministry of Finance is urgently implementing solutions to remove obstacles in the corporate bond market. Allowing issued bonds to be extended for up to 2 years will help businesses reduce debt repayment pressure and increase opportunities for them to mobilize capital through this channel.