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Vietnam Considers Tax on Unused Property to Curb Speculation

Vietnam Considers Tax on Unused Property to Curb Speculation

From Thanh Niên · () Vietnamese

Translated from Vietnamese, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • Vietnamese lawmakers are proposing a property tax on unused homes and real estate held for many years.
  • The move aims to combat speculation and inefficient land use in the real estate market.
  • Proposals include defining "unused land" and linking tax policies with land, planning, and investment laws.

Vietnamese lawmakers are considering a property tax on homes and real estate that remain unused for extended periods, a move aimed at curbing speculation and promoting more efficient land utilization. The proposal emerged during discussions on amending laws related to the real estate market, including land, business, and housing legislation.

cần có cơ chế đánh thuế đối với các bất động sản, nhà ở không đưa vào sử dụng, không lưu thông trên thị trường mà "nằm ngủ im lìm" trong suốt hàng chục năm

— Hoang Van NghiaDelegate Hoang Van Nghia proposed taxing properties that remain unused for decades.

National Assembly delegate Hoang Van Nghia suggested implementing a mechanism to tax properties that are "sleeping" and not circulating in the market for decades. He noted this situation is prevalent in many localities. Nghia stressed that housing should be viewed not only as a need but also as a fundamental right.

Delegate Le Hoang Anh echoed the sentiment, advocating for stronger economic tools to combat speculation and inefficient land use, moving beyond purely administrative measures. He proposed increasing the cost of holding idle land or large areas without effective exploitation. However, Anh cautioned that distinctions must be made between genuine housing needs and speculative or wasteful land use.

luật cần có cơ chế để tăng chi phí đối với hành vi bỏ hoang, chậm sử dụng hoặc nắm giữ diện tích đất lớn nhưng không khai thác hiệu quả

— Le Hoang AnhDelegate Le Hoang Anh suggested increasing costs for idle land holdings.

Discussions also touched upon protecting buyers of future properties. Delegate Nguyen Thi Viet Nga questioned the current safeguards, suggesting that funds collected from buyers should be directly linked to the specific project and managed according to its progress. She warned that overly strict restrictions on these funds could hinder construction and potentially increase property prices.

rủi ro lớn nhất đối với người mua bất động sản hình thành trong tương lai thực sự nằm ở 5% cuối cùng hay nằm ở 95% số tiền trước đó?

— Nguyen Thi Viet NgaDelegate Nguyen Thi Viet Nga questioned the current protections for buyers of properties under construction.
DistantNews Editorial

Originally published by Thanh Niên in Vietnamese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.