Property

Deputy Prime Minister Le Van Thanh has allowed the Bac Giang Provincial People’s Committee to change the use purpose of 72 ha of rice land in the northern province’s Hiep Hoa district to non-agricultural land to build the JUTECH Industrial Complex.

Many observers have noted that despite there being significant demand and strong growth momentum, Vietnam’s residential real estate market has not been able to develop healthily and sustainably. It still faces challenges from complex legal procedures, lack of land funds and investment capital, supply-demand mismatches, and rapidly increasing sales prices.

The urban real estate segment in Phan Thiet city, south-central Binh Thuan province, became increasingly sought-after by investors in the first half of this year. The local tourism industry is growing, which means that demand for property in the center of Phan Thiet will also increase sharply. However, supply is limited, with only a few projects implemented over the last few years ago and few on the horizon.

Of the many matters in Ho Chi Minh City that need to be resolved in the second half of the year, city leaders have committed to quickly addressing urban and real estate issues. Specifically, the city will focus on removing difficulties and obstacles facing 118 real estate projects and completing the plan for capital and land use in the 2021-2025 period.

Hanoi has passed a resolution to adjust the list of land acquisition projects and plans to change the purpose of rice land in 2022. It will remove 16 land acquisition projects on an area of nearly 60 ha, while two projects will change the use of rice land, on an area of more than 1.5 ha.

Hanoi collected more than VND3 trillion ($128 million) from the auction of land use rights in the first half of the year, or nearly 25 per cent of the plan. It is now preparing to auction land use rights for 143 projects and land plots on a total area of 87 ha.