Commitments made to transparency and innovation

By 2030, according to Resolution No.68-NQ/TW, it expects the private sector to be the most important driver of the national economy with 2 million enterprises, and at least 20 large enterprises participating in global value chains and an average annual growth rate of 10-12 per cent, higher than the overall economic growth rate.

To reach these targets, the Politburo has formalised specific goals for different sectors, including finance, real estate, and education, among others.

For the real estate market, the resolution represents another policy boost after the recent introduction of three real estate laws, to increase transparency in the sector.

The document emphasises the completion of the National Land Database connected to the National Data Centre and other relevant databases in the next six months.

This database will allow close to real-time updates on transactions, project status, and unsold inventory, reducing data redundancy between different agencies while enabling accurate assessment of land and property values, contributing to enhancing trust in the local real estate market.

It will also allow ease in identification of projects and opportunities for developers and investors, foreign and local, looking to expand their business in Vietnam.

The resolution calls for facilitation of digital land transactions and transparency in providing information to enterprises to shorten the duration for processing applications for land lease, land use right certificates, and actively support site clearance activities.

This is consistent with the digitalisation of information and the target to cut administrative procedure times by at least 30 per cent, as it will assist inter-agency collaborations for faster issuance of approvals and certificates. This is essential in improving efficiency in Vietnam real estate, which will in turn support developers in accurately forecasting time for each development phase, ultimately supporting more growth for the sector.

Another key element with direct impact on Vietnam real estate is the resolution’s clear stance on environmental, social, and governance (ESG) priorities.

The document reorients public investment and incentives towards high-tech, green and knowledge-based sectors, while encouraging the development of green credit. For real estate, this means innovative, sustainability-focus developers will gain access to a wider range of credit at reduced costs.

This also encourages other developers to initiate ESG roadmaps, aligned with national commitments by 2030, with a vision to 2050.

Promoting ESG in real estate, via capital access and tax and interest rates incentives, will contribute to reducing emissions for the construction industry, and developers’ dedication to responsible and sustainable practices across the entire property lifecycle will ensure ESG standards are followed through for decades ahead.

This alignment is also a signal that Vietnam is committed to further attract long-term institutional capital from across the globe. The document represents clear direction that Vietnam is set on creating a stable, rigorous business environment, reducing hurdles associated with investment in developing markets, while paying attention to industries where foreign investors are eager to scale further: industrial, property serving the digital economy, and green real estate may be anticipated to draw in amplified foreign capital inflows.

Vietnam’s integration into global supply chains continues to deepen, and Resolution 68 reflects a clear shift in leadership mindset and is a key alignment that enhances Vietnam’s attractiveness as a responsible investment destination. Integration with other policies will be crucial for the resolution to be implemented. But as the sector is in the process of implementing three new laws, there is reliable optimism for Vietnam’s real estate.

Vietnam has adopted the unprecedented Resolution No.68-NQ/TW, fully opening the doors for the private sector and demonstrating the country’s strongest determination to elevate Vietnam to new heights.

The Politburo on May 4 issued Resolution No.68-NQ/TW, a landmark directive poised to redefine the landscape for private enterprise in Vietnam.