Novaland suggests debt extension for property firms
HCMC – Major property developer Novaland has asked the central bank to enable debt restructuring and extension from 24 to 36 months for property firms. The proposal was made by Do Thi Phuong Nam, director for corporate restructuring at Novaland, during a meeting between the State Bank, lender
Dong Nai starts work on first resettlement area for expy project
HCMC – Long Thanh District of Dong Nai Province today, February 9, broke ground on the first resettlement area for families affected by the Bien Hoa-Vung Tau expressway project. When in place, the 30-hectare resettlement area in Long Duc Commune will accommodate nearly 3,400 people of some 843
SBV says it does not restrict real estate loans
HCMC – Vietnam’s central bank has said it has no policy to restrict commercial banks from lending to the real estate sector. Deputy Governor of the State Bank of Vietnam Dao Minh Tu said at a meeting yesterday between the SBV and real estate firms that just some segments of the housing market had
PM wants lending eased for real estate sector
HCMC – Prime Minister Pham Minh Chinh has called for commercial banks to make credit accessible to property firms and homebuyers and cut costs to lower interest rates. Apart from real estate, they should also ensure meeting the loan demand of priority sectors such as manufacturing, he said, citing
HoREA asks SBV to help struggling real estate sector
HCMC – The HCMC Real Estate Association (HoREA) has asked the State Bank of Vietnam (SBV) to allow credit restructuring to help real estate firms out of the financial crunch. The association wrote to the SBV, the central bank of the nation, just ahead of a meeting today, February 8, between the
Binh Duong to develop 18,000 social homes in 2023
HCMC – The southern province of Binh Duong has approved a housing development plan for 2023, setting a target of building 18,000 social homes for workers this year, the local media reported. The province aims to continue improving its housing quality and serve the housing demand of residents,
Hanoi seeks to remove hurdles to land use right auctions
HCMC – Hanoi City has proposed measures to eliminate hindrances to land auctions this year, as its revenue from land auctions last year met a mere 50% of the target. According to the Portal of the Hanoi People’s Committee, the city planned to collect VND12,450 billion from land use right auctions
Over 80% of real estate bonds have low creditworthiness: FiinRatings
HCMC – Over 80% of real estate bonds have been issued by unlisted firms that are financially weak and have low transparency, said the credit rating agency FiinRatings. They may financially leverage further in 2023, causing default risk to grow at alarming rates, FiinRatings said in its latest
Finance Ministry suggests taxing land and buildings separately
HCMC – The Ministry of Finance has proposed developing a new property tax law to separate the tax on land from that on buildings. Figures showed that tax collection from agriculture and non-agriculture land accounted for 0.24% of total state budget revenue and 0.03% of the country’s gross domestic
Real estate sector’s debt hits VND1,200 trillion
HCMC – Outstanding loans in the real estate sector have topped VND1,200 trillion, according to the Ministry of Construction. As of December 31, 2022, the sector had owed nearly VND800 trillion to banks, while real estate bonds amounted to VND419 trillion. In 2022 alone, property firms took out
Land fee reduction to continue through 2023
HCMC – The Government has decided to extend the 30% land use fee reduction for businesses, households and individuals affected by Covid-19 throughout this year. The Government issued Resolution 07 yesterday, January 30, which enables Covid-19 impacted businesses, households and individuals who
More property firms exit market in 2022
HCMC – The number of real estate enterprises that pulled out of the market in 2022 soared by some 40% year-on-year, according to data from the Agency for Business Registration. Negative cash flows and higher prices of building materials sent many property firms into a tailspin, said the Ministry