Property

The Ministry of Natural Resources and Environment has said that the draft revised Land Law has eight important new points, such as institutionalizing the policy on abolishing land price brackets; introducing mechanisms and methods to determine land prices according to market principles; and establishing a synchronous legal corridor to shift the focus from administrative-heavy management methods to the use of economic tools to manage and regulate land relations, among others.

The Hai Phong City People’s Committee has issued Decision No. 2455/QD-UBND approving the Housing Development Plan in 2022. The city will set aside 433.19 ha of land in 49 locations to develop social housing projects. Under the plan, it will build more than 605,000 sq m of social housing in the 2021-2025 period.

Vietnam’s real estate market is experiencing a logjam in liquidity. Analysts have said that as credit and corporate bonds are shrinking, real estate prices may fall by up to 30 per cent. However, the Chairman of the Vietnam Association of Realtors (VARS) remains optimistic that the real estate market still holds substantial potential for development and can grow at an average annual rate of 15 per cent.

In the context of rapid population growth and overloaded infrastructure, Ho Chi Minh City’s planning to 2040 and vision to 2060 includes building four new urban areas - Hiep Phuoc Port Urban Area, Northwest Town, Binh Quoi - Thanh Da Urban Area, and Can Gio Beach Tourism Urban Area.

Vietnam’s logistics sector has been developing strongly, leading to high demand for logistics real estate. Timely solutions are needed, however, as supply is limited. According to a report on the emerging market logistics index, published by Agility, Vietnam currently ranks 11th among emerging countries and 4th in ASEAN.

The Hai Duong Provincial People’s Committee has issued Decision No. 2093/QD-UBND approving additions to land use plans in districts, towns, and cities in 2022. Eighty-three projects with a total area of nearly 282 ha have been added.