Evaluation of land prices - key to a transparent market
Hanoi (VNA) – A thematic session on accelerating
institutional reform – perfecting land policy for socio-economic recovery and
development, as part of the 2022 Vietnam Socio-Economic Forum, opened in Hanoi
on September 18.
The event was co-hosted by the National Assembly Committee for
Economic Affairs, the Party Central Committee’s Economic Commission, the Ho Chi
Minh National Academy of Politics and the Vietnam Academy of Social Sciences.
Speaking at the event, deputy head of the Party Central
Committee’s Economic Commission Nguyen Thanh Phong said developing a
transparent and convenient real estate market will bring opportunities to draw
capital at home and abroad, thus propelling socio-economic development.
Prof. Hoang Van Cuong, Vice Rector of the National Economics
University, said land price mechanism for real estate development must be in
accordance with the land market value. The selection of realty developers must
also follow market mechanism.
The State must directly engage in land reclamation and compensation
for site clearance in its all approved projects, he said.
Meanwhile, former Deputy Minister of Natural Resources and
Environment Prof. Dang Hung Vo highlighted a need to add definition of market
price under international standard into the revised Law on Land.
He suggested further improve the reform of land use tax, real
estate or asset taxes as well as allow controlled mortgages at foreign
financial organisations.
Finance Minister Ho Duc Phoc said solutions to evaluate land
prices should be reviewed to add into amendments to the Law on Land.
In the upcoming fourth meeting, the amended Law on Land will be
submitted to the legislature for consideration.
At another thematic session on policies in support of businesses
and workers for sustainable development, a representative from the State Bank of
Vietnam (SBV) said policies will be revised to step up the disbursement of 2%
interest rate support package for enterprises.
Chairwoman of Deloitte Vietnam Ha Thu Thanh said as most of the Vietnamese
companies are small and medium-sized, they find it hard to access capital via
commercial banks. Their collateral assets have limited value so that the loans
they could obtain are not sufficient to expand operations.
To fix it, the SBV will set up an inter-sectoral working group
to take field trips to localities and answer their questions, hold more
conferences linking businesses and banks, and work closely with ministries and
agencies to tackle difficulties./.