Property

The Binh Dinh Provincial People’s Committee has signed Decision No. 3443 promulgating the criteria for the auction of land use rights to implement a land area project in Cat Tien ward in the south-central province’s Nhon Hoi Economic Zone. The land area is nearly 8.6 ha, with total investment of nearly VND650 billion ($28.35 million).

Following a directive from the Ministry of Agriculture and Rural Development on the conversion of forested land for use in a high-end resort project, the Binh Dinh Provincial People’s Committee has assigned the province’s Department of Agriculture and Rural Development to take prime responsibility and review the related dossier and submit it to the People’s Committee before August 30. The province previously reviewed two resort projects - Casa Marina Resort and Thien Khanh Resort - both of which also needed to convert forested land.

Real estate trading floors have been almost paralyzed by Covid-19, and thousands of brokers have found themselves out of work. Supply and demand in the real estate market remain but there is little liquidity at the moment. Brokers are in need of support from the State in terms of mechanisms and policies, just as Covid patients need oxygen.

The Hanoi People’s Committee has directed that departments and district and town people’s committees guide investors on resolving problems in landed investment projects and terminate those not putting land to use.

The total urban land area has increased by an average of 38,500 hectares each year over the last decade; faster than requirements for economic development. The proportion of land for infrastructure is still low, at about 31.14 per cent.

According to a forecast from Savills, investors are actively looking to sell and re-lease industrial property as the industrial wave continues in Vietnam. It is likely that foreign companies and even domestic ones will start to look at this type of transaction, though no announcements have been made of late.