Cơ cấu lại thị trường nhà ở trên địa bàn thành phố Hà Nội ttta

1 INTRODUCTION Rationale for the study The housing market is an important component of the real estate market The development of the housing market has a particularly important position and role in the market economy A synchronous and efficient housing market will make an important contribution to promoting the land market, financial market, labor market, building material market, etc To develop and thereby improve the efficiency of the housing market land for economic development In particular, in our country today, the demand for housing, especially in the housing market, first of all, the apartment housing market, social housing has a great impact on shared housing and residential housing society is huge Therefore, the development is balanced, both directly and indirectly to the real estate market in particular and to the socialist-oriented market economy in Vietnam in general Restructuring the housing market is an important part of the restructuring of the real estate market in our country today At the 13th National Party Congress, our Party set out a policy of strongly renewing the growth model, restructuring the economy, and improving the productivity, quality, efficiency and competitiveness of the economy In particular, it affirmed that "restructuring and healthy development of all kinds of markets, especially the market for production factors to mobilize and effectively use resources , restructure the real estate market property, land and land resources, so that natural resources can be used rationally, economically and with high efficiency” [18, p 121] From that, it is very urgent to research to clarify theoretically the problem of restructuring the housing market in the real estate market restructuring in our country In fact, over the years, Hanoi city has proposed many policies and solutions to restructure the housing market, so that the supply and demand structure of the housing market is more and more reasonable, exploiting its potential , the strengths of the subjects, better meet the housing needs for each type of object both in terms of geographical location and area of apartments, housing segment; the price structure is more suitable to people's living standards, gradually creating and developing the housing market to meet the socio- economic development However, the housing market in Hanoi city still has many shortcomings in terms of supply structure, type of apartment, apartment area and geographical location; The structure of housing demand in terms of market segments, housing goods, apartment area, market segments as well as price structure is still unreasonable, not creating a match between supply and demand ; liquidity of the market is low, the high-end segment of the high-end housing market has a large oversupply, while the social housing segment is under-supplied This requires Hanoi city to restructure the housing market, in order to effectively exploit resources, the interests of market participants need to be ensured, the market structure is balanced and reasonable for the city's housing market to develop quickly and sustainably, contributing to the city's socioeconomic promotion to meet the requirements of building a civilized and modern capital Therefore, the PhD student chose "Restructuring the housing market in Hanoi" as his PhD thesis in economics and this is a meaningful topic in both theory and practice Aims and objectives of the study Aims Clarifying theoretical and practical issues on the structure and restructuring of the housing market in Hanoi city; on that basis, propose viewpoints and solutions to restructure the housing market in Hanoi until 2030 Objectives Firstly, an overview of research works related to the topic Second, explain theoretical issues on housing market structure, housing market restructuring in Hanoi city, experience in housing market restructuring of centrally run cities in the country and draw lessons for Hanoi city Third, assess the current situation of housing market structure in Hanoi city, point out advantages, limitations, causes of advantages, limitations and problems that need to be further resolved Fourth, propose viewpoints and solutions to restructure the housing market in Hanoi until 2030 Object and scope of the study Object: Housing market structure 3 Scope About the content: The thesis focuses on studying the supply structure of the housing market; housing market demand structure; housing market price structure These are the three basic factors of the housing market structure, the movement of these three factors determines the movement of the housing market structure The thesis only studies the primary housing market: Apartment housing market, social housing market These are formal housing markets controlled by the state The thesis does not study the informal housing market, the niche housing market About space: The thesis studies the housing market in Hanoi city About time: The thesis conducts practical survey to assess the current situation of the housing market in Hanoi in the 2016-2020 period Proposing viewpoints and solutions to restructure the housing market in the locality Hanoi city table until 2030 Theoretical, practical basis and methodology Theoretical basis: The thesis is researched on the basis of the viewpoints of Marxism - Leninism, Ho Chi Minh Thought, the guidelines of the Party and State on the real estate market Practical basis: The thesis is based on survey results of experience in housing market restructuring of central-affiliated cities in the country, practical housing market structure in Hanoi city Through analyzing and synthesizing the results of statistics, the final reports of the Government, the People's Committee, the summary reports of the departments, agencies and branches of Hanoi city on the development situation housing market in Hanoi city Selective inheritance of statements, assessments and data, research results of published scientific works related to the topic Methodology: To accomplish the research objectives and tasks of the thesis, the author uses the following research methods: dialectical materialism and historical materialism; Scientific abstraction method; Methods of analysis - synthesis; Statistical methods - comparison; Logical method combined with history New contributions of the study Firstly, building a theoretical framework on the housing market, structure and restructuring of the housing market, building conceptions, determining content, evaluation criteria and analyzing factors affecting the housing structure housing market in Hanoi city; Second, generalize and point out contradictions that reflect the current situation of the housing market structure in Hanoi in the 2016-2020 period; Third, propose synchronous and systematic solutions to restructure the housing market in Hanoi until 2030 Theoretical and practical significance of the study The thesis contributes to deepening theoretical and practical issues about housing market structure and housing market restructuring in the socialist-oriented market economy in our country today The research results of the thesis can be used as a reference in researching and teaching Marxist-Leninist Political Economy at academies and universities inside and outside the Army; At the same time, it can be a reference in determining policies and solutions to restructure the housing market in Hanoi in the near future Structure of the study In addition to the introduction, conclusion, list of references and appendices, the thesis has a structure of chapters and 10 sections Chapter LITERATURE REVIEW 1.1 Foreign scientific works on housing, housing market and housing market structure 1.1.1 Scientific works on housing and housing market I-Chun Tsai, Chien-Wen Peng (2011), Bubbles in the Taiwan housing marketabout The determinants and effects; Justyna Brzezicka, Radoslaw Wisniewski, Marta Figurska (2018), Disequilibrium in the real estate market: Evidence from Poland Roberto Dieci, Noemi Schmitt, Frank Westerhoff (2018), Interactions between stock, bond and housing markets; Hanming Fang, Quanlin Gu, Li-An Zhou (2019), The gradients of power: Evidence from the Chinese housing market; Xiangfei Li, Minghan Sun, Kees Boersma (2019), Policy Spillover and Regional Linkage Characteristics of the Real Estate Market in China's Urban Agglomerations Country); Hahn Shik Lee, Woo Suk Lee (2019), Cross-regional connectedness in the Korean housing market; Huthaifa Alqaralleh, Alessandra Canepa (2020), Housing market cycles in large urban areas; Bana Abuzayed, Nedal Al-Fayoumi, Elie Bouri (2020), Co-movement across european stock and real estate markets [88] 1.1.2 Scientific studies on the structure of the housing market Ejindu Ume (2017), The impact of monetary policy on housing market activity: An assessment using sign restrictions; Mariona Segus (2019), The impact of taxing vacancy on housing markets: Evidence from France H Jang, Y Song and K Ahn (2020), Can government stabilize the housing market? The evidence from South Korea (Can the government stabilize the housing market? evidence from Korea); Morris A Davis, Stephen D Oliner, Tobias J Peter, Edward J Pinto (2020), The Impact of Federal Housing Policy on Housing Demand and Homeownership: Evidence from a QuasiExperiment states for housing needs and home ownership: Evidence from the Trial); Yaoyao Li, Daolin Zhu, Jiangmeng Zhao, Xiaodong Zheng, Lanyue Zhang (2020), Eesct of the housing purchase restriction policy on the Real Estate Market: Evidence from a typical suburb of Beijing, China Real estate market: Evidence from a typical suburb of Beijing, China); Bruno Albuquerque, Martin Iseringhausen, Frederic Opitz (2020), Monetary policy and US housing expansions: The case of time-varying supply elasticities supply dilation); Gabriela Debrunner, Thomas Hartmann (2020), Strategic use of land policy instruments for aordable housing - Coping with social challenges under scarce land conditions in Swiss cities with the social challenges of scarce land in Swiss cities) 1.2 Domestic scientific works on housing, housing market and housing market structure 1.2.1 Scientific works on housing and housing market Hoang Xuan Nghia, Nguyen Khac Thanh (2010), Housing for low-income people in big cities today: Experience in Hanoi; Do Thanh Tung (2010), Housing finance policy in Hanoi urban area; Pham Sy Liem (2011), Some problems in buying, selling and using houses; Nguyen Thi Thu Nguyet (2011), Public-private partnership to develop housing market for low-income people in Ho Chi Minh City; Le Thi Bich Thuan (2011), Housing for resettlement in Hanoi; Pham Sy Liem (2012), Understanding housing policies in other countries; Nguyen Minh Hoa (2012), Social housing - housing for low-income people; Pham Van Binh (2013), Housing and land tax policy in Vietnam; Nguyen Hong Phu (2018), State management of housing development investment in urban areas in Vietnam 1.2.2 Scientific studies on the structure of the housing market Vu Thi Hoa (2009), Developing middle and low-priced real estate market segments, opportunities and challenges; Duong Thi Binh Minh (editor) (2011), Commercial housing market in Ho Chi Minh City from the perspective of price policy; Truong Tuan Anh (2012), Determining housing structure for urban areas in Vietnam; Trinh Kim Lien (editor) (2012), Restructuring urban housing products in Hanoi city; Dang Hung Vo (2014), Real estate market and necessary solutions; Pham Van Dung (2015), Restructuring market types in Vietnam, Vietnam Journal of Social Sciences; Nguyen Ngoc Tiep (2020), Developing the housing market in Hanoi until 2030; Doan Phan Thai, Phan Thi Thanh Truong (2021), Developing the real estate market in the context of the Covid-19 pandemic 1.3 The value of the reviewed scientific works and the problems raised by the thesis for further research 1.3.1 Value of scientific works reviewed The above research works on housing issues, housing market, housing market structure are approached from different angles, subjects, scopes, purposes and research methods, but each All works have certain scientific contributions The outstanding contents that the scientific works have mentioned can be summarized as follows: Firstly, on housing theory, housing market, housing market structure Firstly, studies from different angles have given the concept of housing, housing market, housing market structure of each country, ethnicity, regional and global scope with specific characteristics Differences On the basis of different conceptions of each study, based on the strengths of each ethnic group, the housing components, the housing market, and the housing market structure have been shown 7 Second, when studying the theory of the housing market The works have introduced concepts, characteristics, influencing factors and the role of the housing market in the socio-economic development process of each country and each economic region, the relationship of the housing market with the financial market, the land market and the stock market Third, when studying the theory of the housing market structure, the works mentioned: the content of the housing market structure; purpose and method of housing market structure; participants, structural models of the housing market; favorable and unfavorable factors and challenges have positive and negative impacts on the housing market restructuring process in Hanoi city Secondly, in terms of assessing the current situation of development, the structure of the housing market Firstly, in terms of achievements, the researchers have pointed out the typical achievements of each locality and each country and all affirmed that the development of the housing market is necessary and plays a great role in the process Socio-economic development is a volatile and risky market, affecting all aspects of social life Secondly, in terms of limitations, the works have deeply analyzed and pointed out the inadequacies in the development process and the structure of the housing market such as: imbalance of supply and demand in the market, unfair competition in the market There are still many speculative phenomena, the management mechanism is still loose and the control is not effective Information about the market is not transparent and inconsistent The operation of the market at times is distorted, unhealthy and sustainable, significantly affecting the people's lives and the economic, political social situation of each locality, each nation, and each ethnic group Thirdly, about the causes of the limitations, the researchers also pointed out the basic, objective and subjective reasons and said that the planning, mechanisms, institutions and policies are still unscientific and basic Market regulators have not yet responded to development The development of different types of markets has not been synchronized, and has not been proactive in forecasting, capturing and supporting the market 8 Third, in view, the solution to restructure the housing market On the basis of assessing the current situation, highlighting inadequacies and problems to be solved, research works have proposed views, solutions and recommendations for housing development, housing market, housing structure, etc back to the housing market Firstly, in view, on the basis of natural and socio-economic conditions in each locality and country, each country has the same perception that the housing market needs state regulation to ensure that these problems are overcome With disabilities of the market in this field, it is necessary to well implement the formulation and adjustment of the housing market development planning to suit each locality, each nation, and each ethnic group At the same time, the housing market structure must be adjusted to ensure a reasonable balance between supply and demand, promoting the development of the housing market, developing the housing market, the housing market structure must be in accordance with the law institutions and regulations in different localities and countries The ultimate goal is to ensure that people have housing with the highest rate, promoting socio-economic development Second, about solutions, research projects have proposed solutions for housing development, housing market, housing market restructuring: such as completing mechanisms, policies, legal frameworks; Maximize resources to develop and restructure the housing market; Diversify the types of goods to meet the needs of the people; regularly renovate the state management of the market in response to the development and application of science and technology In particular, solutions to stimulate housing demand and supplement supply to the market need to be promoted to create a balance for the mid-range and low-priced housing market Along with that, the reform of administrative procedures, the reduction of procedures for investment enterprises, as well as the publicity and transparency of information about the market also need to be prioritized for implementation Synchronous implementation of solutions will solve the housing needs for all types of people, ensuring the housing market to develop in a sustainable way 9 Third, a number of works have made recommendations to highlight the state's intervention in ensuring the restructuring of the housing market Accordingly, the state needs to exempt some taxes, give incentives for land use fees for enterprises participating in the construction of social housing, and provide support for low-income people; To develop rental housing in the form of high-rise housing for urban areas with limited land funds; low cost commercial housing Mobilize resources to participate in development, create financial incentives for businesses and people 1.3.2 The problems raised in the thesis continue to research First: What is the structure of the housing market in Hanoi city? Structure content? The structure of the housing market is influenced (impacted) by what factors? Second, what is the structure of the housing market in Hanoi? In order to structure the housing market in Hanoi until 2030, what experiences should be learned from centrally-run cities in the country? Second: What is the status of the housing market structure in Hanoi in recent years? What are the causes, advantages, limitations and problems from the current situation of housing market structure in Hanoi city that need to focus on solving? Third: in order to restructure the housing market in Hanoi until 2030, what orientation and solutions should be taken? Conclusion of chapter An overview of the research situation related to the thesis topic shows that the published scientific works at different levels have mentioned and explained the concept of housing, housing market, market structure housing school A number of research works have assessed the current situation, proposed views, directions, solutions to structure and restructure the housing market Through the overview of foreign and domestic research works related to the thesis topic, it has partly clarified the research results, inherited the values of the reviewed works, and at the same time clarified the research results To find the scientific gaps, it is necessary to continue researching on restructuring the housing market in Hanoi city 10 Chapter THEORY ON HOUSING MARKET STRUCTURE, HOUSING MARKET STRUCTURE AND PRACTICE EXPERIENCE 2.1 General theory of housing market and housing market structure 2.1.1 Housing market 2.1.1.1 Concept of the housing market * Concept of the market On the basis of research, inheriting the concepts of some domestic and foreign scientists, the author believes that the market is a place where buyers and sellers (or demanders and suppliers) come into direct contact with each other directly or indirectly with each other to exchange, buy and sell goods and services A place where the ownership of a product, service, or currency is transferred, in order to satisfy the needs of both supply and demand parties for a certain type of product according to current practices, thereby specifying the quantity and the price necessity of products and services * Concept of the housing market Selectively absorbing, from the signs of the housing market, the author proposes the concept: The housing market is the place where the exchange and transaction relations between buyers and sellers of housing goods take place price basis, under the influence of the law of supply and demand in the market and according to the provisions of law 2.1.1.2 Elements of the housing market First, housing goods; Second, the supply of housing; Third, demand for housing; Fourth, housing prices; Fifth, the subjects participating in the housing market; Sixth, intermediate organizations; Seventh, the operating mechanism of the housing market 2.1.1.3 Classification of the housing market Based on different criteria to classify the housing market 2.1.1.4 The role of the housing market Firstly, the housing market creates a large source of capital, contributing to the growth of the economy; Second, the housing market plays a great role in society, meeting the increasing demand for housing of the people; Third, the housing market promotes the 11 certification of land use rights, which is an important condition for effective use of land resources owned by the entire people, of which the State is the representative owner; Fourth, the housing market contributes to stimulating production development, increasing revenue for the budget; Fifth, the housing market contributes to enhancing the efficiency and effectiveness of state management in the current period 2.1.2 Structure of the housing market 2.1.2.1 Concept of housing market structure Selectively absorb the author's conception: The structure of the housing market is the quantitative relationship between the parts of each component of the elements constituting the housing market in the interrelationship between supply and demand and housing prices Ensure that the housing market is dynamic and constantly changing 2.1.2.2 Types of housing market structure 2.2 Some theoretical issues on housing market structure and housing market restructuring in Hanoi city 2.2.1 Concept of structure and restructuring of the housing market in Hanoi city 2.2.1.1 Concept of housing market structure in Hanoi city On the basis of inheriting and developing the concepts of housing market structure, the author conceives: The structure of the housing market in Hanoi city is the proportional relationship in terms of quantity between parts in each area components of the factors constituting the housing market in Hanoi city, in the movement and frequent changes of the housing market, under the influence of the correlation between supply, demand and prices of the housing market House The above concept expresses the following specific content: Firstly, the essence of the housing market structure is the proportional relationship in quantity between the parts in each element of the supply, demand and price factors of the housing market in Hanoi city , which reflects the correlation or proportion of parts in each component of the housing market's constituent elements as well as among the housing market's elements The basic factors of the housing market structure in Hanoi are: supply, demand, housing 12 commodity prices, these factors always affect each other, serving as a premise for each other C Marx affirmed, demand and supply take price as a premise; prices are determined by supply and demand; price determines supply and demand and supply and demand determine price; Supply is the basis for demand and demand is also the basis for supply and supply, demand, prices are always changing, making the market structure always in motion Second, the formation and change of the housing market structure in Hanoi city is similar to the structure of the economy in general, and the market segments in particular are objective, following the laws of the city the law of the market Therefore, market participants can only perceive and apply rules to perform behaviors that are consistent with the content and requirements of the rules Any impact of actors, especially the State on the market without respecting the rules, leads to negative consequences, distorting the market Third, the structure of the housing market, like other types of economic structure, is constantly moving and changing towards perfection, under the influence of objective economic laws and regulations State intervention and regulation through tools and policies The changing trend and the rationality of the structure must be revealed after a certain period of market development Therefore, when assessing the reasonable level or changing trend of the housing market structure, it is necessary to consider a whole period 2.2.1.2 The concept of restructuring the housing market in Hanoi city Inheriting and developing the above concepts, the author gives the concept: Restructuring the housing market in Hanoi city is the process by which management entities in Hanoi city adjust, organize and rearrange parts of each element of the market housing market in the area of Hanoi city, changing the proportional relationship in terms of quantity and position of parts in each element of the elements constituting the housing market to ensure the housing market operated smoothly, healthily and efficiently The purpose of restructuring the housing market in Hanoi is to balance supply and demand in the market, promote healthy housing 13 market development, overcome limitations and restrain the housing market , better meet the housing needs of the majority of working people, civil servants, armed forces and legitimate interests of investors, housing production and business enterprises At the same time, building building and establishing appropriate progressive production relations, contributing to promoting the development of productive forces in the housing market Objects, scope: The object is the structure of the housing market (the structure of housing market supply; the structure of demand for the housing market; the structure of prices in the housing market) The scope is the primary housing market (Commercial housing market, social housing), which is the official housing market controlled by the state, in Hanoi city Subjects and forces participating in restructuring the housing market in Hanoi The subject is the entire political system from the City level to the grassroots, state management agencies in the City The party committees at all levels are the subjects who apply the Party's line and set forth the policy of leading the restructuring of the city's housing market The subject of the People's Committee implements, specifically, the direction and policy of the City Party Committee in accordance with the specific situation in the city The city departments and agencies have well performed the consulting and coordination work in the process of restructuring the housing market in the city In which the construction department is the core force Forces participating in the market domestic and foreign investors and other forces participating in large projects licensed by the state according to the planning The method of restructuring the housing market in Hanoi is a deliberate intervention by the management subject based on master plans and plans, using legal tools, mechanisms and policies Allocating resources to the housing market is mainly determined by the supply-demand relationship of housing in the market If there is a supply-demand mismatch in the structure and prices of housing 14 products on the market, state agencies at all levels will intervene to adjust from the supply-demand side and the prices of housing goods to achieve the purpose of development develop the housing market in Hanoi in an efficient and healthy manner The trend of housing market restructuring in Hanoi city: based on the current situation of housing market structure in Hanoi in the 2016-2020 period In order for the City to restructure the housing market comprehensively, but focusing on three basic contents, namely supply, demand, and price Specifically, the structure of housing supply is diversified in terms of segments, increasing the supply of mid-end, low-priced and social housing segments, reducing the supply of high-end apartments In terms of demand, increased demand for mid-end, low-priced and social housing Regarding prices, keep prices stable according to people's income, to meet the needs of the majority of working people, diversify housing prices Ensure the harmonization of interests of the subjects participating in the housing market, especially the subjects of domestic private enterprises participating in providing housing, improve the socialization of subjects of domestic private enterprises to ensure the housing market has a reasonable structure, smooth and efficient operation and sustainable development, meeting the current socio-economic development of the City 2.2.2 Criteria for assessing the structure of the housing market in Hanoi 2.2.2.1 Structure of housing goods supply Firstly, the structure of housing supply subjects in the market Is the ratio of the total capital or the total number of projects or the total value of housing goods on the market of each subject to the total capital, total project, and total value of housing goods of Hanoi city in the period a certain period Second, the supply structure by housing segment Is the ratio of the quantity of housing goods supply of each segment (high-end housing, mid-end housing, low-priced housing and social housing) to the total supply of housing goods in Ha Noi city Inside in a certain period 15 Third, the structure of supply by area of housing goods Is the ratio of the quantity supplied of each type of housing area to the total supply of housing goods or the total supply of housing goods in Hanoi in a certain period Fourth, the structure of supply by location of housing projects Is the proportion of the number of housing projects implemented in each inner city and suburban area over the total number of housing projects in Hanoi city; the ratio of the number of housing projects in each district to the total number of housing projects in Hanoi city in a given period 2.2.2.2 Structure of demand for housing goods First, the demand structure according to the subject supplying housing goods Is the ratio of the quantity of housing goods absorbed by each entity participating in the supply in the housing market to the total number of housing goods in Hanoi in a given period Second, the structure of demand by segment of housing goods Is the proportion of the quantity of housing goods absorbed by segment (high-end, mid-end, low-priced, social housing) to the total number of housing goods absorbed in Hanoi in a given period certain stage Third, the structure of demand by housing area Is the proportion of the quantity of housing goods absorbed by each type of area over the total amount of housing goods absorbed in Hanoi in a certain period Fourth, the structure of housing demand according to the location where the projects are implemented Is the ratio of the quantity of housing goods absorbed in each inner city and suburban area over the total amount of housing goods absorbed in a certain period; Or the proportion of the quantity of housing goods absorbed by each district (12 districts), district (17 districts, town) on the total amount of housing goods absorbed in Hanoi in a given period certain paragraph 2.2.2.3 Price structure of housing goods Is the ratio of prices of housing goods by segment (high-end, mid-range, low-priced, social housing) to the total price of housing 16 goods by segment in each locality (inner city, suburban); the proportion of prices of housing goods by type of area (40 - 69 m2, 70 - 90 m2, over 90 m2) to the total price of housing goods for all types of areas in each area (inner city) , suburban) of Hanoi city in a certain period 2.2.3 Factors affecting the structure of the housing market in Hanoi city 2.2.3.1 Objective factors Firstly, natural geographical conditions, population and urbanization rate of the City; Second, the Party's guidelines and policies, the State's policies and laws on housing and the housing market; Third, the state's development orientation and urban planning; Fourth, the level of development of the market economy, especially the real estate market, the input price of the housing market; Fifth, international integration and openness of the economy 2.2.3.2 Subjective factors First, the number and capacity of the subjects providing housing goods; Second, the city's socio-economic development situation; Third, the management capacity, administration and vision of the City's leaders; Fourth, the degree of completion of housing mechanisms and policies of Hanoi city; Fifth, tastes, habits and income of people in the city 2.3 Experience in restructuring the housing market of some centrally-run cities in the country and lessons learned for Hanoi city 2.3.1 Experience in restructuring the housing market of some centrally run cities in the country 2.3.1.1 Experience of Ho Chi Minh City Firstly, grasping the increasingly diverse needs of the people, the City has increased the supply for the housing market with the diversification of housing goods; Second, actively attract investment resources into housing projects; Third, improve the solvency of people in housing consumption 2.3.1.2 Experience in restructuring the housing market of Da Nang city Firstly, the city determined to restructure the housing market must well planning on housing, especially social housing; Second, 17 the city implements housing projects in suburban areas in combination with building synchronous infrastructure that connects conveniently with the central area; Third, select and screen capable investors, resolutely replace weak investors, focus on housing development for low-income people 2.3.1.3 Experience in restructuring the housing market of Hai Phong city Firstly, adjust the project implementation planning with fast and efficient synchronous infrastructure construction; Secondly, repair old degraded apartment buildings, create local supply, diversify types of housing goods, encourage investors to participate in the project, direct the market to the affordable housing segment , low-priced housing 2.3.2 Some lessons learned for Hanoi city 2.3.2.1 On the basis of demand, restructure the housing market supply in a reasonable step by step 2.3.2.2 Selection and screening of capable investors, diversification and socialization of social resources, investment types 2.3.2.3 Implement well the planning, arrangement, and adjustment of the housing project implementation area to suit the synchronous infrastructure 2.3.2.4 Having policies to restructure the housing market reasonably, suitable for social objects, creating favorable conditions for social housing projects, rental housing and low-cost commercial houses to develop Conclusion of chapter In chapter 2, the thesis has built a theoretical framework, focusing on clarifying the general issues of the housing market, the structure and restructuring of the housing market; develop conceptions and criteria for assessing the structure of the housing market in Hanoi in the 2016-2020 period, pointing out the factors affecting the structure of the housing market in Hanoi; study the experience of restructuring the housing market of the cities directly 18 under the central government in the country, drawing four lessons for Hanoi city Chapter SITUATION OF HOUSING MARKET STRUCTURE IN HANOI CITY 3.1 Advantages and limitations of housing market structure in Hanoi city 3.1.1 Advantages of housing market structure in Hanoi city 3.1.1.1 Supply of various basic housing goods to meet people's needs Firstly, there are many actors involved in investing in the housing market In which, state-owned enterprises have a high proportion of investment capital compared to other entities; Secondly, the supply of housing segment is diverse, with many options for people, especially the mid-end, low-priced and social housing segments; Thirdly, the supply by area of housing has many types, especially medium and small housing areas, partly meeting the needs of the market; Fourth, the supply of housing projects in suburban areas increases along with synchronous housing infrastructure 3.1.1.2 Demand for housing goods increased sharply in the mid- and low-end segments Firstly, people's demand for houses for state-owned enterprises has increased; Second, housing demand in the mid-end and low-priced segments is high, social housing demand is stable; Third, the demand for houses with an area of 40- 69 m2 increased sharply; Fourth, housing demand in suburban areas increases on average year-on-year 3.1.2.3 Prices of housing goods gradually meet market demand Firstly, apartment housing prices are diversified step by step to meet market demand, social housing prices are suitable for people's incomes; Second, housing prices of 70 - 89 m2 are relatively affordable; Third, house prices in suburban areas are stable, meeting the needs of the majority of people 3.1.2 Limitations of the housing market structure in Hanoi city 19 3.1.2.1 Supply of housing goods is still unbalanced Firstly, the proportion of state-owned enterprises providing housing goods is still high, while the proportion of domestic private enterprises providing housing goods is still low, not meeting the requirements of development Some investors are implementing housing projects behind schedule, real estate inventories are still high, bad debts are still large; Secondly, the supply by housing segment (high-end, mid-range, low-price) is still unreasonable, there is a surplus of high-end apartments, and a shortage of mid-range and low-priced apartments; Thirdly, the supply by area of housing is still very imbalanced, there is still a lot of large housing area, there is a shortage of medium and small housing areas; Fourth, the supply of housing projects distributed in the area is still not reasonable, focusing more on the inner city, the suburban housing projects are few 3.1.2.2 Demand for housing goods is not stable Firstly, demand for housing goods is unstable, especially stateowned enterprises; Second, the demand for housing segment has a large gap, the demand for mid-range and low-priced apartments and social housing is very high, and the demand for high-end apartments is low; Third, the housing bridge of 90 m2 or more is not stable; Fourth, the demand for houses in the inner city is still large 3.1.2.3 Housing prices are still high Firstly, housing prices are still high, people's ability to pay is still limited; Secondly, the price of houses with an area of 40 - 69 m2 is high compared to people's incomes; Third, house prices in the inner city are too high 3.2 Causes of advantages, limitations and issues that need to be focused on solving from the current situation of housing market structure in Hanoi city 3.2.1 Cause of the advantages 3.2.1.1 Objective reasons Firstly, Hanoi city has favorable natural conditions and population to structure the housing market effectively; Second, the Party's and the State's policies on housing are increasingly perfected; Third, urban development orientation and planning are closer to 20 reality; Fourth, international integration, the openness of the market economy is becoming more and more extensive 3.2.1.2 Subjective reasons Firstly, mechanisms and policies on housing market structure in the city are increasingly complete and tight, creating a breakthrough in solving problems in the housing market structure; Second, the capacity of the subjects participating in the housing market is increasingly strengthened, providing a variety of housing types; Third, executive capacity and city leadership vision 3.2.2 The cause of the limitations 3.2.2.1 Objective reasons Firstly, the government's capacity to manage, regulate and orient the housing market is still inadequate; Second, due to the defects and heterogeneity of market types; Third, mechanisms and policies on the housing market of central ministries and branches are still overlapping, inconsistent and unstable 3.2.2.2 Subjective reasons Firstly, the capacity of some actors participating in the housing market in Hanoi is still weak; Second, the capacity to manage, regulate and orient the housing market at all levels of the City government is still limited; Third, the completion of mechanisms and policies of Hanoi city on the housing market is still slow and has many shortcomings 3.2.3 Issues that need to be focused on solving from the current situation of the housing market structure in the city in recent years Firstly, the contradiction between the supply and demand for housing, especially the supply and demand for housing for lowincome people is always high; Second, the conflict of economic interests between the subjects participating in the housing market; Third, the contradiction between the rapid development of the market and the state management capacity of all levels in Hanoi city; Fourth, the conflict between limited resources for low-cost housing development and the great demand for this segment of people Conclusion of chapter In chapter 3, the author has analyzed and evaluated the achievements, limitations, pointed out the causes and problems that 21 need to be focused on solving from the current situation of the housing market structure in the city Hanoi period 2016-2020 The research results in chapter are the basis, premise and task to be solved in chapter of the thesis through the research, development of views and solutions to restructure the housing market in the locality Hanoi city by 2030 Chapter VIEWPOINTS AND SOLUTIONS TO STRUCTURE HOUSING MARKET IN HANOI CITY BY 2030 4.1 The view of restructuring the housing market in Hanoi until 2030 4.1.1 Restructuring the housing market in Hanoi city must be in accordance with the Party's line, the State's policies and laws on housing Firstly, the housing market restructuring process must thoroughly grasp and implement the Party's line, the State's policies and laws on housing; Second, regularly check and inspect the implementation of the party's views, policies, and laws on housing for participants in the housing market 4.1.2 Restructuring the housing market must be open and transparent, ensuring the harmony of interests of stakeholders Firstly, the City needs to have an accurate and unified information mechanism on housing and real estate market; Second, the housing market restructuring process must be done openly and transparently; Third, the process of restructuring the housing market must ensure harmonization of the interests of stakeholders 4.1.3 Restructuring the housing market in Hanoi must be done comprehensively, but with focus, focus and firm steps Firstly, ensure the comprehensiveness in the process of restructuring the housing market; Second, the restructuring process needs to have focus and focus; Third, the restructuring process has a solid roadmap and steps 22 4.1.4 Restructuring the housing market in Hanoi must be based on a close combination between the market and the state's regulation Firstly, the City needs to clearly define the position and role of state management agencies and the market in the process of restructuring the housing market; Secondly, the city needs to well solve the relationship between the state and the market in the process of restructuring the housing market 4.2 Solutions to restructure the housing market in Hanoi until 2030 4.2.1 Completing housing planning in association with urban development planning in the process of housing market restructuring Firstly, to complete the urban development planning; Second, complete the planning on housing; Third, linking housing planning with urban development planning 4.2.2 Completing mechanisms and policies to promote restructuring of the housing market Firstly, capacity building for staff working as consultants to make policies on restructuring the housing market; Second, improve the policy on supply of housing goods; Third, perfect the policy on demand for housing goods 4.2.3 To perform well the state management and effectively use financial, monetary and price instruments in the process of restructuring the housing market Firstly, perform well the state management of the housing market restructuring process; Second, effectively use economic tools to restructure the housing market 4.2.4 Building a system of professional and modern intermediaries and support services to accelerate the restructuring of the housing market Firstly, improve the organizational structure and improve the capacity of the system of housing trading floors, brokerage centers, and housing valuation units to operate in a healthy and professional manner; Second, build a unified and reliable information and forecast 23 system on the housing market as a basis for effective policy making and market management 4.2.5 Promoting the key role, leading the housing market of state enterprises in the process of restructuring the housing market Firstly, properly assess the position and role of state-owned enterprises in the process of restructuring the housing market in Hanoi city; Secondly, regularly renewing and building state-owned enterprises to participate in the restructuring of the housing market strongly in terms of scale and organization to meet the current development requirements of the City; Third, clearly and transparently delineate between business tasks and socio-political tasks of state-owned enterprises in the process of restructuring the housing market in Hanoi city; Fourth, accelerate the restructuring of the state-owned enterprise sector, focusing on equitization and divestment of state capital To make state-owned enterprises really strong and professional Conclusion of chapter In order to overcome the limitations and resolve the basic contradictions, the current situation of housing market structure in Hanoi city in the 2016-2020 period has been drawn In chapter 4, the author has proposed points of view and solutions to restructure the housing market in Hanoi until 2030 Each point of view and solution mentioned in chapter of the thesis has The roles and positions are different, but they have a reciprocal relationship In order for the above views and solutions to become a reality, it requires the leadership, coordination, and high determination of all levels of government in Hanoi CONCLUSION Housing plays an important role in people's lives, is a great asset of each family in particular and of the country in general Solving the housing problem is an important guideline and policy of the Party and our State, solving this problem well in order to ensure social security, economic growth and political stability, order and safety society The effectively developed housing market stimulates the development of other markets, contributing to the country's socio- 24 economic development At the 13th National Party Congress, our Party set out a policy of strongly renewing the growth model, restructuring the economy, and improving the productivity, quality, efficiency and competitiveness of the economy Economically, it has been affirmed: "restructuring and healthy development of all kinds of markets, especially the market for factors of production in order to effectively mobilize and use resources" In which "restructure the real estate market, land, land resources, so that resources can be used rationally, economically and with high efficiency" [18, p.121] In order to promote the real estate market to develop quickly and effectively Housing market restructuring is an important content and part of real estate market restructuring Hanoi city is the center of politics, economy, culture, science and technology, is the capital of the whole country Although the city's housing market has achieved important achievements, there are still limitations and inadequacies, the housing market structure is unbalanced, which has prevented the housing market from developing and unexplored exploit the full potential and strengths of the City The restructuring of the housing market in Hanoi is an urgent requirement, of great significance in both theory and practice On the basis of theoretical issues about housing, housing market, housing market structure, housing market restructuring in Hanoi city, the author has built the concept of structure housing market in Hanoi city, with specific contents and criteria At the same time, the factors affecting the housing market structure process in Hanoi city are pointed out This is the basis for the author to survey the current situation of the housing market structure in Hanoi in the 2016-2020 period, pointing out the advantages and limitations along with both subjective and objective reasons the process of housing market structure in Hanoi city In particular, the thesis has pointed out the inadequacies and contradictions in the process of structuring the housing market in Hanoi in the 2016-2020 period Through the process of reviewing domestic and foreign scientific works related to the topic From the values of published relevant scientific studies, the experience of restructuring the housing market of centrally-run cities in the country and the contradictions in 25 the actual situation of the market restructuring process The housing market in Hanoi for the period 2016-2020 is the basis and important suggestions for the author to propose viewpoints and solutions to restructure the housing market in Hanoi until next 2030 Understanding and well implementing the viewpoints and solutions to restructure the housing market in Hanoi is the core condition and content in the process of restructuring the housing market in the area Hanoi city ensures that the restructuring process takes place quickly and effectively, promoting the housing market in Hanoi city to develop in a balanced, healthy and sustainable manner  ... supply by housing segment (high-end, mid-range, low-price) is still unreasonable, there is a surplus of high-end apartments, and a shortage of mid-range and low-priced apartments; Thirdly, the... increasing the supply of mid-end, low-priced and social housing segments, reducing the supply of high-end apartments In terms of demand, increased demand for mid-end, low-priced and social housing... MARKET STRUCTURE IN HANOI CITY 3. 1 Advantages and limitations of housing market structure in Hanoi city 3. 1.1 Advantages of housing market structure in Hanoi city 3. 1.1.1 Supply of various basic