Business News

Viet Nam’s hotel and resort real estate needs to have a comprehensive plan to ensure its development is on the right track. According to Mauro Gasparotti, director of Savills Hotels Asia Pacific, the hotel and resort property market of Viet Nam was growing, driven by strong increase in the number of foreign tourist arrivals in recent years.

HCM City People’s Committee has issued new land division regulations which allow large plots of land to be divided into smaller plots, including land plots that have been part of delayed plans that have yet to be implemented.

Strong economic growth since 2015 has created a thriving domestic property market that is likely to continue next year, said Construction Minister Pham Hong Ha.
The Minister told the first annual Vietnam Real Estate Forum in Hanoi this week that the market’s growth had made significant contributions to the country’s socio-economic development.

Hindrance on granting house ownership certificates to overseas Vietnamese should be removed to encourage the investment into the local real estate market, Ho Chi Minh City People’s Committee said.

HCM City plans to put projects under the Build-Transfer (BT) investment model under more scrutiny by auctioning land instead of offering it in exchange for infrastructure.

The HCM City People’s Committee has proposed that the Ministry of Construction apply a high tax on second and subsequent homes, as well as when there are a high number of real estate transactions within a year.

The HCMC Government has proposed the Ministry of Construction increase the property tax on owners of the second home and land lot that change hands within a year, an apparent move which is aimed at warding off real estate speculation.

Shares rose further on the HCM Stock Exchange on Friday morning, led by banks and property firms. The benchmark VN Index added 0.35 per cent to close at 831.86 points. It gained 0.15 per cent on Thursday.