PM wants lending eased for real estate sector
HCMC – Prime Minister Pham Minh Chinh has called for commercial banks to make credit accessible to property firms and homebuyers and cut costs to lower interest rates. Apart from real estate, they should also ensure meeting the loan demand of priority sectors such as manufacturing, he said, citing
HoREA asks SBV to help struggling real estate sector
HCMC – The HCMC Real Estate Association (HoREA) has asked the State Bank of Vietnam (SBV) to allow credit restructuring to help real estate firms out of the financial crunch. The association wrote to the SBV, the central bank of the nation, just ahead of a meeting today, February 8, between the
Binh Duong to develop 18,000 social homes in 2023
HCMC – The southern province of Binh Duong has approved a housing development plan for 2023, setting a target of building 18,000 social homes for workers this year, the local media reported. The province aims to continue improving its housing quality and serve the housing demand of residents,
Hanoi seeks to remove hurdles to land use right auctions
HCMC – Hanoi City has proposed measures to eliminate hindrances to land auctions this year, as its revenue from land auctions last year met a mere 50% of the target. According to the Portal of the Hanoi People’s Committee, the city planned to collect VND12,450 billion from land use right auctions
Over 80% of real estate bonds have low creditworthiness: FiinRatings
HCMC – Over 80% of real estate bonds have been issued by unlisted firms that are financially weak and have low transparency, said the credit rating agency FiinRatings. They may financially leverage further in 2023, causing default risk to grow at alarming rates, FiinRatings said in its latest
Finance Ministry suggests taxing land and buildings separately
HCMC – The Ministry of Finance has proposed developing a new property tax law to separate the tax on land from that on buildings. Figures showed that tax collection from agriculture and non-agriculture land accounted for 0.24% of total state budget revenue and 0.03% of the country’s gross domestic
Real estate sector’s debt hits VND1,200 trillion
HCMC – Outstanding loans in the real estate sector have topped VND1,200 trillion, according to the Ministry of Construction. As of December 31, 2022, the sector had owed nearly VND800 trillion to banks, while real estate bonds amounted to VND419 trillion. In 2022 alone, property firms took out
Land fee reduction to continue through 2023
HCMC – The Government has decided to extend the 30% land use fee reduction for businesses, households and individuals affected by Covid-19 throughout this year. The Government issued Resolution 07 yesterday, January 30, which enables Covid-19 impacted businesses, households and individuals who
More property firms exit market in 2022
HCMC – The number of real estate enterprises that pulled out of the market in 2022 soared by some 40% year-on-year, according to data from the Agency for Business Registration. Negative cash flows and higher prices of building materials sent many property firms into a tailspin, said the Ministry
PM urges banks to help struggling realty market out
HCMC – Prime Minister Pham Minh Chinh has told the State Bank of Vietnam and the banking system to focus on removing obstacles facing the real estate sector. Banks should eliminate the hindrances of home sellers and buyers to boost property development, the prime minister said at a meeting with
Over 1,000 projects in HCMC need construction safety review
HCMC – As many as 1,187 construction projects in HCMC, with many of them hospitals, schools, and high-rise apartment buildings, are in need of construction safety review, according to the HCMC Department of Construction. The Construction Department had sent a dispatch to Thu Duc City and districts
Land fee reduction extension proposed for 2023
HCMC – 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. In its draft decree on land use fee reduction, the ministry said economic woes caused by a tight monetary
