Localities to direct land valuation according to their competence and according to the provisions of the law in Vietnam

Localities to direct land valuation according to their competence and according to the provisions of the law in Vietnam (Internet image)

On May 25, 2023, the Prime Minister of Vietnam issued Official Telegram 469/CD-TTg on dismantling and promoting the safe, healthy, and sustainable development of the real estate market.

Localities to direct land valuation according to their competence and according to the provisions of the law in Vietnam

According to Official Telegram 469/CD-TTg, the Prime Minister requested the People's Committees of the provinces and centrally run cities to direct the Departments of Natural Resources and Environment and the Department of Finance to mobilize organizations and experts to appraise land according to their competence and according to the provisions of law and take responsibility before the Prime Minister if there is a delay, affecting the implementation progress of investment projects.

In case of any problems, send documents to the Ministry of Natural Resources and Environment for guidance and timely settlement.

In addition, the focus is on the following:

- Request localities to review and summarize commercial housing projects that have not yet been allocated land funds for social housing development in accordance with the law and report them to the Prime Minister.

- Step up the monitoring and supervision of the local market situation in order to promptly take appropriate measures and solutions to stabilize the situation and keep the market developing in a safe, healthy, and sustainable manner.

- Expeditiously promulgate specific regulations according to their competence to implement the provisions of the law on land, housing, and other relevant laws, according to the simplified procedure.

- Concentrate on building and expeditiously approve and submit for approval the general planning, zoning planning, and detailed construction planning; approve the land use plan to ensure the land fund for the development needs of social housing, housing for workers.

- Publish and publicize on the Portal the list of projects and send a document to the State Bank of Vietnam of the list of social housing projects, worker housing, and projects to renovate and rebuild old apartment buildings so that commercial banks have the basis to apply for loans under the credit program of VND 120,000 billion.

- Focus on drastic direction, and at the same time supervise and urge the implementation of legal regulations, the settlement of affairs at all levels, branches, and agencies in the area under their respective management according to their competence.

Soon to complete the report on the situation of the corporate bond market in Vietnam 2023

Specifically, the Prime Minister requested the Ministry of Finance perform the following tasks and solutions:

- Timely have effective solutions to promote the development of a healthy and sustainable stock market; soon complete the report on the situation of the corporate bond market in 2023; promptly propose practical, feasible, and effective solutions to completely deal with current existing problems and limitations, and submit them to the Government before May 30, 2023.

- Assume the prime responsibility for, and coordinate with concerned ministries, branches, and agencies in, directing, urging, and guiding localities to remove difficulties and obstacles in: conditions for maintaining the capital contribution ratio not lower than 26% when relocating enterprises and production facilities; on the plan to rearrange and handle the premises of houses and land owned by the State (now called houses and land as public property), before June 30, 2023.

- Coordinate with the Ministry of Planning and Investment in guiding localities to remove difficulties and obstacles for real estate projects implemented in the form of BT contracts before the PPP Law abolished the BT contract.

- Assume the prime responsibility for, and coordinate with concerned ministries, branches, and agencies in, proposing solutions to remove difficulties for the real estate market in the field of management for problems arising beyond their competence.

In case it is required to report to and consult the Prime Minister, it must clearly propose solutions, based on the principle that the problem falls within the competence of the level at which it must be resolved.

More details can be found in Official Telegram 469/CD-TTg dated May 25, 2023.

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