After failing to make it a rule that all real estate transactions have to be carried out via trading floors, the Ministry of Construction (MOC) has again attempted to apply the principle.

Many plots of land in the biggest cities have been abandoned despite being in ideal locations, wasting resources that would otherwise serve the development of cities.

The Government asks that related ministries and state agencies to develop their own action plans to complete the land law system synchronously in order to improve the efficiency of land use and management.

When people lack information about planning and land use plans, especially projects under survey or preparation phases, it is easy for land brokers or traders to blow up land prices to seek profit. 

Owing to vague legal regulations on auctions for land use right and weak sanctions, the incident of winners in Thu Thiem land use right auction canceling their contracts happened, leading to various negative impacts to the city.

While affordable apartments are no longer seen in Hanoi and HCM City, apartments priced at hundreds of billions of dong are becoming popular.

Prime Minister Pham Minh Chinh has assigned the Ministry of Finance (MOF) to study and design some kinds of tax related to the real estate market, including property tax, in order to stabilize the market and reduce speculation.

Four land plots in advantageous positions in the new urban area of Thu Thiem in HCM City were sold for VND37.346 trillion through an auction recently.

One of the businesses participating in a bidding session on December 10, 2021 had to pay VND2.4 billion per one square meter to obtain a land plot in Thu Thiem new urban area. The sky high price has raised worries rather than joy.

During a group discussion at the latest National Assembly session, President Nguyen Xuan Phuc said that many people got rich thanks to land, but many others have been imprisoned due to land.

The Ministry of Construction will inspect the management and use of funds for the maintenance of apartment buildings as well as the implementation of holding land funds for building social housing in 11 provinces and cities next year.

Many wrongdoings related to land auctions and bids have been exposed recently. Most of the defendants in the land irregularity cases are high-ranking officials of agencies and institutions.

Nguyen Thi Loan, Chau Thi Thu Nga, Pham Thi Tuyet Nhung and Truong Thi Kim Soan, once famous businesswomen in the real estate market, have had to pay for their illegal business affairs.

The Hanoi property market is once again seeing a wave of increased land prices in suburban areas, thanks to rumours of some districts being developed under the model of "city within a city".

A lack of green spaces in Hanoi has been a concern of inhabitants for years. Unfortunately, hundreds of hectares of land in Hanoi that was planned for parks or lakes have been abandoned or misused for decades. 

Four land lots with a total area of over 30,000 square meters in the Thu Thiem New Urban Area in HCMC’s Thu Duc City will be auctioned on December 3 with a starting price of VND5.3 trillion. 

The Hanoi Police have prosecuted and detained Nguyen Thi Loan, Chairwoman of Vimedimex Medi-Pharma JSC, for alleged violations of land auction regulations.

Of nearly 210,000 hectares of natural area of HCM City, there are 111,875 hectares of agriculture land and 96,634 ha of non-agricultural land.

Official land prices (called the coefficient or K coefficient) in HCM City will remain unchanged this year amid the rising cost of goods and challenges facing the economy, effective from June 18, said HCM City's Vice Chair Le Hoa Binh.

According to the Vietnam Real Estate Brokers Association, land prices have risen quickly, 10% a month on average. In some places, it has increased 2-3 times in just 1-2 months.