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

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INTRODUCTION
1. 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 do
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-


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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.
2. 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.
3. Object and scope of the study
Object: Housing market structure.


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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.
4. 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.
5. New contributions of the study
Firstly, building a theoretical framework on the housing
market, structure and restructuring of the housing market, building


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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.
6. 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.
7. Structure of the study
In addition to the introduction, conclusion, list of references and
appendices, the thesis has a structure of 4 chapters and 10 sections.
Chapter 1
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

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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;


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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.


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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.


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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.


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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 1
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


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Chapter 2
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


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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


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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


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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


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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.

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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, 1 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


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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 do well planning on housing, especially social housing; Second,


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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 2
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 3
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 3
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 3 are the basis, premise and task to be
solved in chapter 4 of the thesis through the research, development of
views and solutions to restructure the housing market in the locality.
Hanoi city by 2030.
Chapter 4
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 4
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 4 points of view and 5 solutions to restructure
the housing market in Hanoi until 2030. Each point of view and
solution mentioned in chapter 4 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
1. 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.
2. 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.
3. 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.
4. 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.