Land in Long Bien district in Ha Noi. In many localities, fake news about project planning and development has been spread.(Photo: VNA) TheMONRE said land prices in some localities and areas have increaseddramatically, which could affect socio-economic development and investmentprojects.
Theministry assigned the General Department of Land Administration to inspect theplanning, leasing and transferral of land in 26 localities. In Hanoi and Ho ChiMinh City, the department will inspect the land registration, the issuance ofland-use rights certificates, changes of land-use purposes and land-usemanagement in a number of projects which have been slow to put land into use.
TheMoC also requested localities to publish information relating to planning,the progress of infrastructure development projects and real estateprojects, especially big ones and their merger, establishment and upgrading ofadministrative units.
Earlier,Hanoi was asked to prevent land speculation when implementing theRed River urban planning after property prices in some areas of the citysurged after reports on draft planning for the area were released in June.
HaLong City in the northeastern province of Quang Ninh has reviewed theauthentication of transactions relating to land-use rights, while BacGiang province asked communal People’s Committees to pay attention to surgingland prices.
Localauthorities were also told to control virtual transactions while activelyregulating land funds through the creation of a clean land fund for theauction of land-use rights.
NguyenVan Dinh, General Secretary of the Vietnam Association of Realtors (VARs), saidlocalities should inspect all land-use activities as well as transactions.
Dinhsaid localities need to manage those participating in listing and offeringland for sale, as well as provide sufficient information on economicdevelopment policies and land-use planning to handle news reports that canimpact land prices.
Headded that the State should adjust the law towards digitising land and urbanplanning to help people conveniently look up real estate productinformation. At the same time, it is necessary to manage the property exchangefloors and brokerage more closely and effectively.
Inmany localities, fake news about project planning and development has beenspread. There were even cases of taking advantage of the directions of Stateleaders and creating fake documents to spread news. This has a verynegative impact on the interests of investors who lack knowledge andexperience, he said.
Inaddition, there were also cases offering land for sale not suitable withthe law such as forest land, fields and gardens. Many brokers regularly gatherin these areas, causing excitement, spreading unwarranted information, pushingprices up to entice investors.
Hesaid part of the reason is low interest rates. The cash flow tends to invest inthe real estate market, creating 'land fever' in many areas, despite theCOVID-19 pandemic. In some localities, the land price frame was increased by 15to 20 percent. The limited supply of housing projects, especially socialhousing, also contributed to make land demand higher. In addition, the demandfor investment into land has surged as other sectors have not seeneffectiveness due to the pandemic.
Landfever would reduce development resources in many sectors. It would prevent thecall for investment into localities due to surging land prices, causing a hikein other costs.
Ata Government press conference, State Bank of Vietnam Deputy Governor Dao Minh Tusaid as of March 15, real estate loans of the banking sector increased by 2.13 percent,higher than credit growth of 2.04 percent for the economy in general.
Forpeople and organisations that speculate on real estate, or invest in projectswith low solvency or investment efficiency, the SBV always strictly controlsand takes limited measures, according to the Deputy Governor.
Beforethe real estate situation showed hot signs, the central bank warned creditinstitutions. However, the increase of 2.13 percent was not in all creditinstitutions, but only a few./.
VNA
