A dispatch from the Prime Minister states that, alongside positive results, budget collection has faced challenges since the beginning of 2024, affecting the overall revenue of the sector, especially land use fees, an important source of investment funding.
According to the dispatch, the collection progress has been slow, reaching only 82.8% of the estimate by the end of November. Therefore, the Prime Minister has instructed the Ministry of Finance to collaborate with relevant agencies to enhance revenue management measures and strictly control tax calculation, declaration, and payment, ensuring compliance with tax laws to prevent revenue loss for the state budget.
Prime Minister Pham Minh Chinh. Photo: PV.
The Ministry of Finance is also responsible for reviewing and urging timely payment of tax and land lease arrears into the state budget, as well as continuing to strictly enforce discipline and financial discipline in state budget management, intensifying inspection and audit, and vigorously recovering tax debts.
The Prime Minister has directed the Ministry of Finance to instruct the tax authorities to promptly coordinate with local agencies to advise the People’s Committees of provinces and cities on addressing difficulties and obstacles related to procedures and prices for real estate projects. This will expedite the disbursement of public investment capital, organize auctions, allocate land, and lease it, urging the timely collection of revenues according to the law on budget collection.
Furthermore, there should be a focus on combating revenue losses in the real estate transfer market to create a healthy real estate market. A thorough review of all delayed projects with land use fee debts is necessary, and the results should be reported to the People’s Committees at all levels to address obstacles and ensure timely collection of tax debts and land use fees into the state budget.
For deliberate delays or non-compliance, the tax authorities should advise the provincial or municipal People’s Committees to revoke the projects in accordance with the law.
The Ministry of Natural Resources and Environment has been assigned to coordinate with relevant agencies to continue organizing training, propaganda, and guidance for localities on the Land Law, closely monitoring its implementation nationwide, and summarizing difficulties and obstacles for handling within their competence.
They should also “Urge localities to promptly issue documents detailing the implementation of the Land Law within their assigned authority and to develop and issue new land price frameworks to facilitate land auction and allocation, ensuring efficiency and preventing state budget losses. Strengthen inspection and handling of violations by state management agencies and land users in localities,” the dispatch states.
According to the dispatch, the Ministry of Construction is to collaborate with relevant agencies to promote the effectiveness of the Prime Minister’s Working Group, review and urge the removal of difficulties and obstacles in implementing real estate projects for localities and enterprises, especially legal and planning hurdles, and projects with good liquidity, commercial and social housing, and new urban areas, thereby fostering a healthy real estate market and attracting significant investment projects to increase state budget revenue.
The State Bank of Vietnam is tasked with coordinating relevant agencies to enhance credit management measures in 2024 and instructing commercial banks to continue streamlining administrative procedures to facilitate access to credit for businesses in the real estate business and homebuyers, promoting a sustainable real estate market and contributing to state budget revenue enhancement.
“A More Realistic Land Price Index Could Boost Land and Property Sales and Rental Prices”
“This is the opinion of Dr. Can Van Luc, BIDV’s Chief Economist, on land valuation based on market principles at the Sustainable Real Estate Market Development Forum held on the morning of November 27th.”
The Year-End Real Estate Market: A Resurgence to Remember, Ushering in a New Era of Growth
Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management under the Ministry of Construction, observed that towards the end of the year, the real estate market demonstrated a positive recovery and embarked on a new cycle characterized by enhanced safety, improved health, and increased sustainability.
Superior Liquidity – The Core Attraction of Right Property
The real estate market is showing positive signs in the final months of 2024. While a cautious mindset still prevails among investors, there is a sense that the tide may be turning. With capital flows yet to fully recover, the industry is poised for a potential rebound, offering a window of opportunity for those bold enough to seize it.
The Real Estate Market’s ‘Upside-Down’ Pyramid: A City’s Story of Missing Affordable Homes.
Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), offers an intriguing perspective on the current state of the real estate market. He analogizes the market to an “inverted pyramid,” alluding to a unique situation where positive signals exist, yet the market remains uneven and unstable in its development.
