Legal Policy Recommendations for Enhancing the Effectiveness of State Management in Real Estate Business: A Case Study of the Real Estate Market in Vietnam

Background: The real estate market is considered one of the pillars of the economy, helping to concentrate resources and create fixed assets for the country. The development of the real estate market creates growth momentum for related industries. Objective: This study analysed the factors influencing the effectiveness of State management in the real estate business. The authors then proposed legal policy recommendations for enhancing the effectiveness of state management in the real estate business in Vietnam. Methodology: The study used a descriptive survey design, while copies of the questionnaire were distributed through online platforms to the respondents, who include economic experts, state management officials, and real estate businesses. The convenience sample of 655 respondents was used to test the model's fit and hypotheses, utilising structural equation modelling to assess the factors impacting the effectiveness of state management. Results: The results indicate that the legal framework, management capacity, information transparency, technology application, and credit policy have a significant impact on the effectiveness of state management. Conclusion: It is essential to consider the legal framework, management capacity, information transparency, technology application, and credit policy when considering ways to improve the real estate industry. Unique Contribution: These results offer practical insights for developing legal policy recommendations to enhance the effectiveness of state management in the real estate market in Vietnam. Key Recommendation: The government should ensure unified management at both the central and local levels of the real estate market by developing financial support packages to reduce home loan interest rates, particularly for low-income groups, thereby facilitating quicker access to housing.