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
Five real estate exchanges suspend operation in one month
HCMC – Five real estate exchanges were shut in late 2022, the Housing and Real Estate Market Development Division with the HCMC Construction Department reported. The city has 61 real estate exchanges, having been established since 2017, five of which closed in December 2022. These included the
HoREA proposes eliminating social housing land requirement
HCMC – Owning a home will continue to be a distant dream for many people if the regulation that requires property developers to set aside 20% of their project land for social housing development is in place, said the HCMC Real Estate Association (HoREA). The association proposed amending the law
New apartment supply in Hanoi plunges to eight-year low
HCMC – Hanoi City saw new apartment supply tumbling to an eight-year low last year, but the average primary home price remained high, at about VND47 million per square meter, up 15% year-on-year, according to Savills Vietnam’s 2022 report. In 2022, a mere 12,640 new apartments were put up for sale
Over 1,300 social homes to be put up for sale in Danang
HCMC – The Danang Department of Construction has announced that it will put up for sale more than 1,300 social homes of two social housing projects not funded by the State budget. The social apartment building in Hoa Khanh Bac Ward in Lien Chieu District will have 13 units on sale, while two
HCMC to take back 11,000 square meters of land in District 10
HCMC – District 10 will take coercive measures to take back 11,000 square meters of land at 419 Le Hong Phong Street, according to a proposal presented by the HCMC Department of Natural Resources and the Environment. According to the Vietnam News Agency, Nguyen Tien Dung, deputy chief inspector of
HOREA proposes interest subsidy incentive for homebuyers
HCMC – Prices of many commercial housing units have plunged 50% to around VND2 billion each. However, they remain unsalable due to buyers’ hesitation in taking out mortgages amid high lending rates. Therefore, the HCMC Real Estate Association (HoREA) has written to the prime minister and the
