Property

According to the urban land use plan for the beach city of Nha Trang in south-central Khanh Hoa province, the area of agricultural land will decrease by 2030 as non-agricultural land increases sharply, of which commercial and service land will rise nearly four-fold. Of note, the land area for entertainment will expand nearly 14-fold.

The Hanoi People’s Committee has recently issued Document No. 2807/UBND-TNMT on strengthening land management. A plan for the 2021-2030 period and vision to 2050 is to be completed shortly and submitted to competent authorities for approval, with strict management and control over land auctions.

In regard to the draft revised Land Law, the Ministry of Natural Resources and Environment (MoNRE) has said that it will not tax those with many houses but on the use of the land. High tax rates will be imposed on speculators who buy land and projects but then do not invest, instead waiting for the market to increase to sell for profit.

Real estate posted the least effective business results in the second quarter of 2022 of eleven industries, with many listed companies seeing negative market capitalization growth. Total revenue in the second quarter by listed real estate companies was down 58.4 per cent year-on-year while net profits were down 51.3 per cent.

Minister of Natural Resources and Environment Tran Hong Ha said that Vietnam will have a land database by 2025, including a map of land prices. When measurements are completed, land plots will be shown on the cadastral map, associated with the daily collected land price.

Deputy Prime Minister Le Van Thanh has signed Directive No. 13/CT-TTg dated August 29, 2022 on a number of solutions to promote the safe and sustainable development of the real estate market. While requesting that real estate credit not be unreasonably tightened, the government also directed management agencies to strengthen supervision over lending.