The Vietnam Valuation Association has recently spoken out regarding negative perceptions of land price appraisals, as outlined in the proposal “Solutions to Difficulties and Obstacles in Determining Specific Land Prices in Ho Chi Minh City” by the city’s Department of Natural Resources and Environment.
According to the Vietnam Valuation Association, they have received feedback from several valuation enterprises in Ho Chi Minh City regarding the department’s assessment included in the proposal.
Specifically, the assessment of the current challenges and obstacles related to land price appraisal mentioned the existence of phenomena where some consulting units practice ‘easy come, easy go’ and ‘under-the-table’ dealings with investors to receive additional appraisal fees beyond the contracted scope.
Hundreds of real estate projects in Ho Chi Minh City are stalled at the land price determination stage. Photo: Anh Phuong |
In a recent document sent to the Ministry of Finance, the Vietnam Valuation Association suggested that the ministry, with its state management function in valuation, should work with the Ho Chi Minh City Department of Natural Resources and Environment to verify these issues.
If there is substantial evidence of violations by any valuation enterprises, strict handling is warranted, along with public disclosure to serve as a lesson for all valuation businesses.
However, if the department’s observations are general and lack specific evidence of ‘under-the-table’ dealings, the association requests the removal of such assessments from the proposal.
Additionally, a public explanation is necessary to reassure valuation enterprises and maintain stability in meeting society’s valuation needs.
As previously reported by VietNamNet, on April 26, the Department of Natural Resources and Environment submitted the aforementioned proposal to the Ho Chi Minh City People’s Committee for approval.
The proposal highlighted the obstacles in determining specific land prices for hundreds of real estate projects in the city and suggested solutions categorized by issue groups.
Apart from generating significant revenue for the state budget through developers’ financial obligations, the department also emphasized that the approval of this proposal would provide a basis for granting pink books (land ownership certificates) to over 80,000 homes in more than 200 residential projects.
Anh Phuong
