Hanoi (VNS/VNA) - The outstanding bonds of real estate enterprises totalled 350.88 trillion VND (13.79 billion USD) as of the end of March, according to a recent report of the Ministry of Finance (MoF).
The report submitted to the National Assembly’s Economic Committee on real estate market management and social housing development in 2015-23 period, showed that the total outstanding corporate bonds were estimated at around 1 quadrillion VND.
During the period, 330 real estate companies issued bonds in the domestic market worth a total of 726.335 trillion VND with an average yield of 10.15% per year.
Four carried out separate bond issuances in the international markets worth a total of 2.18 billion USD.
The report also pointed out that personal income tax from the transactions of real estate assets rose from 19.82% to 64.34% in 2022, and then saw a slowdown in 2023 as the market fell into difficulty.
The ministry carried out inspections at 19 real estate companies and asked them to pay an addition of 255.7 billion VND to the State budget.
With regard to social housing development, the MoF said that existing bottlenecks must be tackled. Besides banking credit and corporate bonds, it is necessary to have policies to develop other financial products such as real estate investment funds and housing saving funds to clear the capital sources.
The ministry also urged continued efforts to improve the legal framework for the sustainable and stale development of the real estate market and tighten the operation of property enterprises./.
