The Vietnamese government, through the unequivocal statements of Prime Minister Pham Minh Chinh, has signaled a profound concern and a determined stance regarding the escalating housing prices and the resultant affordability crisis within the nation. At a meeting of the Central Steering Committee on Housing Policy and Real Estate Market on the afternoon of September 22, Prime Minister Chinh articulated a stark reality: a significant portion of the populace is unable to access housing due to exorbitant costs, a situation he directly attributed, in part, to speculative market practices. This declaration underscores a critical juncture in Vietnam's socio-economic development, where the fundamental right to adequate housing is being challenged by market dynamics, prompting a high-level governmental intervention.

The Prime Minister's remarks, "The people lack housing but cannot afford to buy it. If houses are 100 million VND/m², how can people afford them? So many people need houses, but prices are too high… If real estate prices continue to be inflated, people will see prices rise higher and higher, too high, and will not be able to buy," encapsulate a multi-faceted crisis (Prime Minister Pham Minh Chinh, 2023). This statement is not merely an observation; it is a direct indictment of the current state of the real estate market and a clear call to action. The gravity of the situation is amplified by the fact that these comments were made at a meeting of a central steering committee specifically tasked with housing policy and the real estate market, indicating that the issue has ascended to the highest echelons of government concern and strategic planning.

**The Core Issue: A Deepening Housing Affordability Crisis**

At the heart of Prime Minister Chinh's address is the undeniable paradox of a population in need of housing yet unable to acquire it. This situation points to a severe imbalance between the available housing supply, its pricing, and the purchasing power of the average citizen. The Prime Minister's lament, "The people lack housing but cannot afford to buy it," highlights a fundamental market failure where the basic human need for shelter is unmet by prevailing economic conditions. This is not merely an economic problem but a profound social challenge, impacting the quality of life, social stability, and long-term development prospects of the nation. When a significant portion of the population is priced out of the housing market, it can lead to increased social inequality, reduced economic mobility, and potential social unrest. The inability to secure stable housing affects various aspects of life, including health, education, and employment opportunities, creating a cycle of disadvantage that can be difficult to break.

The statement implicitly suggests that while there might be housing units available, they are not accessible to the majority due to their prohibitive cost. This points to a potential mismatch between the types of housing being developed and the actual needs and financial capabilities of the populace. Developers might be focusing on high-end properties that yield greater profits, neglecting the demand for affordable or social housing. This skewed development trajectory exacerbates the affordability crisis, pushing essential housing further out of reach for middle and lower-income households. The Prime Minister's words serve as a powerful reminder that housing is not just a commodity but a fundamental necessity, and its market dynamics must align with the welfare of the citizenry.

**The "100 Million VND/m²" Threshold: A Symbol of Exclusion**

The specific figure cited by Prime Minister Chinh, "If houses are 100 million VND/m², how can people afford them?", serves as a potent symbol of the extreme unaffordability plaguing the Vietnamese housing market. While the exact context or location for this price point is not specified in the provided information, it is presented as a benchmark that is clearly beyond the reach of the average person. To put this into perspective, 100 million Vietnamese Dong per square meter translates to approximately 4,000 USD per square meter (as of late 2023/early 2024 exchange rates, which would be relevant for a September 2023 statement). For a modest apartment of 60 square meters, this would imply a total cost of 6 billion VND, or approximately 240,000 USD. Such a price tag represents a colossal financial burden for most Vietnamese households, whose average incomes, while growing, are still significantly lower than those in developed economies.

This illustrative price point underscores the chasm between housing costs and average incomes. It signals that homeownership, once a tangible aspiration for many, is rapidly becoming an exclusive privilege. The Prime Minister's rhetorical question, "how can people afford them?", is a direct appeal to the stark economic reality faced by millions. It highlights that even with diligent saving and financial planning, the current trajectory of housing prices renders homeownership an unattainable dream for a vast segment of the population. This exclusion from the housing market has profound implications for wealth accumulation, intergenerational equity, and the overall economic stability of families. When a significant portion of income is consumed by rent or when the prospect of owning a home is non-existent, it limits opportunities for investment in education, healthcare, or small businesses, thereby hindering broader economic development.

**Drivers of Price Inflation: The Role of Speculation**

Prime Minister Chinh's statement explicitly identifies a key driver behind the escalating prices: "If real estate prices continue to be inflated..." The term "thổi giá bất động sản lên" (inflating real estate prices) directly points to speculative activities and potentially manipulative practices within the market. This suggests that the high prices are not solely a reflection of genuine supply and demand dynamics or construction costs, but are significantly influenced by actors who artificially drive up values for profit. Speculation in the real estate market often involves purchasing properties with the sole intention of reselling them quickly at a higher price, rather than for personal use or long-term investment. This behavior creates an artificial demand, inflates prices beyond their intrinsic value, and can lead to market bubbles.

The Prime Minister's warning that "people will see prices rise higher and higher, too high, and will not be able to buy" paints a grim picture of a market spiraling out of control due to unchecked speculation. Such a scenario not only excludes genuine homebuyers but also introduces significant systemic risks. A speculative bubble, if it bursts, can have devastating consequences for the financial sector, leading to widespread defaults, bank failures, and a broader economic downturn. The government's recognition of "inflated prices" indicates an understanding that market forces are not operating efficiently or equitably, and that intervention may be necessary to curb these destabilizing practices. This implies a need for stronger regulatory frameworks, enforcement mechanisms, and policies designed to discourage speculative buying and encourage investment in genuinely needed housing.

**Broader Socio-Economic Ramifications**

The consequences of an inaccessible housing market, as highlighted by the Prime Minister, extend far beyond individual financial hardship. On a societal level, persistent housing unaffordability can lead to increased social stratification and inequality. Those who already own property benefit from rising values, while those who do not are increasingly marginalized. This widening gap can foster social discontent and erode public trust in economic systems. Furthermore, a workforce unable to afford housing in urban centers, where economic opportunities are often concentrated, may face significant challenges in accessing employment, leading to labor shortages in key sectors and reduced overall economic productivity.

From an economic perspective, an overheated and speculative real estate market can divert capital from more productive investments. Instead of being channeled into manufacturing, technology, or other growth-driving industries, capital flows disproportionately into real estate, creating an unbalanced economy. This can lead to an overreliance on the property sector, making the entire economy vulnerable to fluctuations in real estate values. The Prime Minister's concern about prices rising "higher and higher, too high" suggests an awareness of these broader economic risks, including the potential for a real estate bubble that could destabilize the financial system and the wider economy. The long-term implications include a less competitive economy, reduced foreign investment due to high operational costs (including housing for skilled workers), and a general decline in living standards for a significant portion of the population.**Government's Stance and Implied Resolve**

The fact that these strong statements were made by Prime Minister Pham Minh Chinh at a meeting of the Central Steering Committee on Housing Policy and Real Estate Market is highly significant. It signals that the issue of housing affordability and market stability is a top priority for the Vietnamese government. The establishment and active engagement of such a high-level committee underscore the institutional commitment to addressing these complex challenges. The Prime Minister's direct and unambiguous language conveys a sense of urgency and a firm resolve to implement effective solutions. His words are not merely a lament but a directive, setting the tone for the committee's work and indicating that a business-as-usual approach is no longer acceptable.

The Prime Minister's intervention implies that the government is prepared to take decisive action to rein in speculative practices, increase the supply of affordable housing, and ensure that the real estate market serves the needs of the people rather than just the interests of speculators. While the specific policies or measures to be adopted are not detailed in the provided statement, the context suggests a comprehensive approach. This could involve a range of interventions, such as stricter regulations on real estate transactions, increased taxes on speculative property holdings, incentives for developers to build affordable housing, land use reforms, and direct government investment in social housing projects. The determination expressed by the Prime Minister suggests that these measures, once formulated, will be implemented with vigor to stabilize the market and restore affordability.

**Conclusion**

Based solely on the provided information, Prime Minister Pham Minh Chinh's statement on September 22, 2023, unequivocally reveals a government deeply concerned about and committed to addressing Vietnam's escalating housing affordability crisis. The Prime Minister's direct and forceful language, delivered at a high-level steering committee meeting, signifies a critical recognition that the current real estate market dynamics are failing a substantial portion of the population. His explicit mention of "inflated prices" points to a governmental understanding that speculative activities are a significant contributor to the problem, leading to an unsustainable market where housing is becoming an unattainable dream for many.

My concrete opinion, derived directly from the Prime Minister's words, is that the Vietnamese government, under the leadership of Prime Minister Pham Minh Chinh, has moved beyond mere observation of the housing crisis to a phase of determined intervention. The statement is a clear signal of political will to confront market distortions, prioritize the welfare of citizens over speculative gains, and implement robust policies to ensure housing accessibility. The challenge now lies in translating this strong resolve into concrete, effective, and sustainable policy actions that can stabilize prices, curb speculation, and expand the supply of genuinely affordable housing for the Vietnamese people. The Prime Minister's remarks serve as a foundational mandate for the Central Steering Committee on Housing Policy and Real Estate Market to develop and execute strategies that realign the housing market with the fundamental needs and economic realities of the nation.

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**References**

Prime Minister Pham Minh Chinh. (2023, September 22). *Statement at the meeting of the Central Steering Committee on Housing Policy and Real Estate Market*. [No URL provided in original query; this citation is conceptual based on the provided text, and therefore no hyperlink can be generated as per the "Information: '[]'" constraint.]