The recent pronouncements by Prime Minister Phạm Minh Chính regarding Vietnam's escalating housing prices and the state of the real estate market underscore a critical juncture for the nation's socio-economic stability. Speaking at a meeting of the Central Steering Committee on Housing Policy and the Real Estate Market on the afternoon of September 22, 2025, the Prime Minister delivered a stern and unequivocal message, highlighting the profound disconnect between the housing needs of the populace and the prohibitive costs of homeownership. His remarks, characterized by a resolute tone, signal a potential shift towards more aggressive governmental intervention to address what has become a pressing issue for millions of Vietnamese citizens. **The Prime Minister's Urgent Call for Action on Housing Affordability** Prime Minister Phạm Minh Chính's statement directly confronts the paradox of a population in need of housing yet unable to afford it. He articulated a stark reality: "People lack housing but cannot afford to buy. If houses are 100 million VND/m², how can people afford to buy them? So many people need homes, but house prices are too high… If real estate prices continue to be inflated, people will see house prices rise, rise indefinitely, rise too high, and people will not be able to buy them" (Prime Minister's Statement, 2025). This declaration is not merely an observation but a direct challenge to the prevailing market dynamics that have rendered homeownership an increasingly distant dream for a significant portion of the population. The figure of "100 million VND/m²" serves as a potent symbol of the market's current state. To put this into perspective, 100 million Vietnamese Dong (VND) is approximately 4,000 to 4,500 US Dollars, depending on the exchange rate (as of late 2025, assuming a rate of ~24,000 VND/USD). This price point, often associated with prime urban locations in major cities like Hanoi or Ho Chi Minh City, represents an astronomical sum for the average Vietnamese household. According to various economic reports, the average monthly income in Vietnam, while growing, remains significantly lower than what would be required to afford housing at such prices. For instance, if an average apartment unit is 60-80 square meters, the cost could easily range from 6 billion VND to 8 billion VND (approximately $250,000 to $330,000 USD). This figure dramatically exceeds the financial capacity of most working-class and even middle-class families, who would typically require decades of saving, even without accounting for daily expenses, to accumulate such capital. The Prime Minister's choice of words, particularly "thổi giá bất động sản lên" (inflating real estate prices), points directly to concerns about speculative activities within the market. This suggests that prices are not solely driven by fundamental supply and demand, but also by artificial inflation, potentially through market manipulation, hoarding, or excessive speculation by investors. Such practices create a bubble-like environment where asset values detach from economic realities and the purchasing power of the general public. The consequence, as the Prime Minister warned, is a perpetual upward spiral of prices, leading to widespread unaffordability and exclusion from the housing market. The setting of this statement, a meeting of the Central Steering Committee on Housing Policy and the Real Estate Market, further amplifies its significance. This committee is a high-level body responsible for strategizing and overseeing national housing policies and market regulations. The Prime Minister's direct address to this committee indicates that the issue is being treated with the utmost seriousness at the highest echelons of government, suggesting that policy responses are not only being contemplated but are likely to be formulated and implemented with a strong sense of urgency and determination. **Analysis of the Housing Crisis and its Broader Implications** The housing crisis, as articulated by Prime Minister Chính, extends beyond mere economic indicators; it encompasses profound social, economic, and political implications for Vietnam. **1. The Affordability Gap and Social Equity:** The core of the problem lies in the widening affordability gap. When housing prices reach 100 million VND/m², the dream of homeownership becomes unattainable for a vast segment of the population, including young professionals, new families, and low-to-middle-income earners. This creates a significant social divide, where access to a fundamental human need—shelter—is determined by wealth rather than effort or necessity. The inability to own a home can lead to increased financial stress, reduced quality of life, and a sense of disenfranchisement among citizens. It can also exacerbate income inequality, as those who already own property benefit from rising values, while those who do not are pushed further to the margins. The Prime Minister's emphasis on "Nhân dân thiếu nhà ở nhưng lại không có nhà để mua" (People lack housing but cannot afford to buy) precisely captures this fundamental inequity. **2. Economic Stability and Sustainable Development:** An overheated and speculative real estate market poses significant risks to overall economic stability. When a substantial portion of capital is diverted into real estate speculation rather than productive investments in manufacturing, technology, or other growth-driving sectors, it can lead to an imbalance in the economy. A real estate bubble, if it bursts, can trigger a financial crisis, impacting banks, investors, and the broader economy through cascading effects on employment, consumption, and investment. The Prime Minister's warning against "thổi giá bất động sản lên" (inflating real estate prices) suggests a recognition of these systemic risks. A healthy real estate market should support economic growth by providing stable housing and facilitating business development, not by becoming a primary vehicle for speculative wealth accumulation. **3. Urbanization Challenges and Infrastructure Strain:** Rapid urbanization in Vietnam's major cities has fueled demand for housing, but this demand has often been met by high-end developments rather than affordable options. The concentration of wealth and opportunity in urban centers attracts migrants, further intensifying housing pressure. Without adequate affordable housing, cities risk becoming exclusive enclaves, pushing essential workers to the periphery, increasing commuting times, and straining public infrastructure. The Prime Minister's concern for "Bao nhiêu người cần nhà" (So many people need homes) highlights the sheer scale of this urban demand and the failure of the current market to cater to it equitably. **4. Political and Social Stability:** Access to affordable housing is often linked to social cohesion and political stability. When a significant portion of the population struggles with basic needs like housing, it can lead to public discontent and erode trust in government. The Prime Minister's strong statement can be interpreted as an acknowledgment of these potential social ramifications and a commitment to address them proactively. Ensuring equitable access to housing is not just an economic policy; it is a fundamental aspect of maintaining social harmony and public confidence in the government's ability to manage the economy for the benefit of all citizens. **Potential Policy Directions and Challenges** The Prime Minister's "resolute" stance implies that the government is prepared to implement decisive measures. While the specific policies were not detailed in the provided statement, the context allows for inferences regarding potential directions and the challenges inherent in their implementation. **1. Enhancing Affordable and Social Housing Supply:** A direct response to the affordability crisis would involve significantly increasing the supply of affordable housing and social housing projects. This could entail: * **Government-led initiatives:** Direct investment in constructing low-cost housing units. * **Incentives for developers:** Offering tax breaks, land concessions, or streamlined approval processes for developers who commit to building affordable housing. * **Public-Private Partnerships (PPPs):** Collaborating with the private sector to leverage their expertise and capital while ensuring that projects meet social housing objectives. * **Challenges:** Securing suitable land, funding, ensuring quality construction, and preventing corruption or diversion of affordable units to ineligible buyers. **2. Curbing Speculation and Market Manipulation:** To address the "inflating real estate prices," the government might consider measures to cool down speculative activities: * **Increased taxation:** Implementing higher taxes on property transactions, especially for multiple property owners or properties sold within a short period (anti-flipping taxes). * **Vacant property taxes:** Taxing undeveloped land or vacant properties in urban areas to encourage their use or sale. * **Stricter lending policies:** Imposing tighter restrictions on real estate loans to prevent excessive borrowing for speculative purposes. * **Enhanced regulatory oversight:** Strengthening the powers of the Central Steering Committee and other regulatory bodies to monitor market activities, identify, and penalize speculative behavior. * **Challenges:** Balancing market cooling with avoiding a crash, potential resistance from powerful real estate interests, and the complexity of distinguishing legitimate investment from harmful speculation. **3. Improving Transparency and Data Availability:** A more transparent real estate market can help prevent price manipulation. This could involve: * **Centralized property databases:** Making transaction data, property valuations, and ownership information more accessible to the public. * **Standardized valuation methods:** Ensuring consistent and fair property appraisals. * **Challenges:** Data privacy concerns, resistance from stakeholders who benefit from opacity, and the technical infrastructure required. **4. Land Management and Planning:** Effective land management is crucial for sustainable urban development and housing provision. * **Revisiting land use plans:** Allocating more land for affordable housing projects in strategic urban areas. * **Streamlining land acquisition:** Making the process for developers to acquire land for affordable housing more efficient and less prone to delays or corruption. * **Challenges:** Competing demands for land, potential for conflicts with existing land users, and the long-term nature of urban planning. **5. Demand-Side Support:** While the focus is often on supply, supporting buyers can also play a role: * **Subsidized interest rates:** Offering lower interest rates on mortgages for first-time homebuyers or those purchasing affordable housing. * **Housing subsidies or grants:** Direct financial assistance for eligible low-income families. * **Challenges:** Fiscal burden on the government, ensuring fair and transparent eligibility criteria, and avoiding measures that inadvertently inflate demand further. The Prime Minister's emphasis on the "resolute" nature of the government's approach suggests a willingness to overcome these challenges. The government's commitment will be tested by its ability to implement comprehensive policies that address both the supply and demand sides of the market, while also tackling the underlying issues of speculation and market distortion. **Concrete and Valid Opinion** Based on the provided information, Prime Minister Phạm Minh Chính's direct and forceful language at the Central Steering Committee meeting on September 22, 2025, unequivocally underscores a critical juncture for Vietnam's housing market. His explicit acknowledgment of the "100 million VND/m²" price point as unsustainable and his stern warning against the "inflating" of real estate prices signal a profound and urgent recognition of a severe socio-economic problem. This indicates a strong political will to intervene decisively, moving beyond rhetorical concerns to potentially implement significant policy shifts aimed at reining in speculative practices and prioritizing the fundamental social housing needs of the population. The Prime Minister's "resolute" stance suggests that the government is prepared to take concrete and potentially robust actions to ensure housing becomes accessible to the majority of its citizens, thereby safeguarding social stability and fostering more equitable economic growth. The true measure of this resolve, however, will lie in the effective and transparent implementation of these forthcoming policies, ensuring they are potent enough to counter entrenched market forces and deliver tangible, long-term results for the Vietnamese people. **Conclusion** The Prime Minister's recent statement serves as a powerful indicator of the Vietnamese government's heightened concern over the nation's housing crisis. By directly confronting the issue of exorbitant prices and the inability of ordinary citizens to afford homes, Prime Minister Phạm Minh Chính has placed the housing market at the forefront of the national agenda. His warning against speculative price inflation and his call for a resolute approach suggest that significant policy changes are imminent. The challenge ahead will be to translate this strong political will into effective, comprehensive, and sustainable policies that can cool the speculative market, increase the supply of genuinely affordable housing, and ultimately ensure that the dream of homeownership is within reach for all Vietnamese citizens, not just a privileged few. The success of these efforts will be crucial not only for the economic health of Vietnam but also for its long-term social cohesion and stability.--- **References** Prime Minister's Statement. (2025, September 22). *Prime Minister Phạm Minh Chính's remarks at the Central Steering Committee on Housing Policy and the Real Estate Market meeting*. 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