(VOV) – Minister of Construction Trinh Dinh Dung on Thursday responded to the National Assembly’s Committee on solutions to warm up the real estate market. Minister of Construction reported that the real estate market has been facing a variety of problems since 2012 as home prices declined in every market segment. A freeze on real estate has resulted in Glut in real estate and an increase in the cost of construction materials. Incomplete reports from 50 provinces estimated the total surplus cost USD 5.3 billion including that of real estate in Ho Chi Minh city cost USD 1.4 billion and that of real estate in Hanoi cost USD 0.6 billion.

Minister of the Construction Trinh Dinh Dung (Photo: HN)

At a conference to review the construction industry and its plan for this year, Minister Dung said that the construction industry will focus on tackling unsolved problems combined with developing social housing, housing for the poor, and housing strategies by 2020.