The domestic real estate market will have four land valuation methods instead of the current five methods, according to a new decree issued by the Government on February 5.

The compensation prices for land coverage remain significantly below the market rates, and the procedures for land recovery and compensation for damages during land recovery lack transparency.

If localities had identified tourism as a key local economic engine, then tourism projects should be granted their appropriate standing among the socio-economic development priorities.

The prime minister has directed two ministries to jointly explore the feasibility of establishing a trading platform for land use rights.

The HCMC Department of Natural Resources and Environment has proposed auctioning dozens of land plots and a staggering 3,790 apartment units in Thu Thiem New Urban Area, just opposite to the central business district.

The Ministry of Natural Resources and Environment has issued a decision approving and announcing the results of land area statistics for 2021, which states that nearly 1.2mil hectares of land had been not used yet as of Dec. 31, 2021.

The Ministry of Finance has proposed developing a new property tax law to separate the tax on land from that on buildings.

The Ministry of Finance has proposed extending the 30% land use fee reduction for businesses, households and individuals this year to further facilitate the country’s economic recovery.

Thousands of unimplemented projects in Hanoi, including those without clear information about investors, will be revoked, said Hanoi’s Chairman Tran Sy Thanh.

Since 2015, the Prime Minister issued a ban on licensing for coastal projects, especially emphasising that it needed to withdraw licences of the projects if necessary to keep the coast’s space clear.

Real estate developers and experts anticipate that the real estate market will be rescued once the task force is established.

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.