"Gather" into a land use rights transaction center
According to the Ministry of Construction, the Prime Minister has assigned this ministry to coordinate with the Ministry of Natural Resources and Environment (TN-MT) to study the establishment of a real estate trading floor and a land use rights trading floor. In the process of implementing this directive, the Ministry realized that integrating the two trading floors into a land use rights trading center would help the transaction and granting of land and housing use rights to be carried out simultaneously, reducing administrative procedures and reducing implementation time.
Many experts are concerned that integrating the land use rights trading floor with the real estate trading floor could cause overload.
This center will integrate the database system of related units to perform 3 main tasks: real estate transaction management, tax collection management and issuance of land and housing use right certificates. Real estate when going through the trading floor must be appraised, examined, and comply with legal regulations before being listed, announced and traded, helping to prevent fraudulent transactions, combat tax losses, and create a healthy business environment...
The center operates under a one-stop mechanism, increasing the use of information technology systems, creating convenient conditions for people and businesses. The seller and the buyer carry out procedures to declare information on real estate sales and purchases, and submit online transfer requests. After 2 working days of completing the review, the buyer receives a message that the review has been approved and can make an appointment to come to the center to receive a real estate ownership certificate (red book). After that, only need to go to the center once to complete all procedures.
The Ministry of Construction considers this a solution to innovate the way the real estate market operates. At the same time, the center will be the basis for developing applications, managing real estate transactions in accordance with reality; reducing administrative procedures, costs, and time; promoting the development of the digital industrial system, promoting publicity and transparency of the real estate market. The center has the advantage of developing and integrating a synchronous real estate data system including information on housing and the market, data on land and taxes, creating a basis for proposing the completion of policy mechanisms to promote the healthy and stable development of the real estate market; quickly and effectively handling real estate transactions, granting land use right certificates to organizations and individuals; contributing to improving the quality of public services...
Economist Ngo Tri Long said that real estate includes land and assets on land. Therefore, it is reasonable to integrate and establish a single land use rights transaction center. The center has specific operating regulations that will help make information about the real estate market in general public and transparent. At the same time, the management and transactions of the people are also more convenient. Through that, management transactions are centralized at one point and help tax collection management to be transparent, avoiding concealment of price information and tax fraud.
Is it maintained in parallel with the private exchange?
According to Mr. Nguyen Van Hau - General Director of Asean Holdings Company, in countries, typically Singapore, real estate can be traded in any form such as through trading floors, through brokers or by themselves, all must be registered with the authorities. In order to avoid tax losses and transparent management, Singapore has a transparent real estate transaction information system, publicly available on the Government's real estate information portal so that both buyers and sellers can refer to and make the most reasonable transaction price. Thereby, the state collects the correct and sufficient taxes and related fees, preventing losses. Also thanks to the transparency, real estate transactions with price abnormalities will be inspected and checked.
Or like in China, real estate in the secondary market is also bought and sold through privately opened floors, not centralized real estate trading floors managed by the state. For new projects, trading through the floor is mandatory as a basis to increase the legality of the project as well as easily connect with banks when disbursing loans to buy real estate. Due to the joint responsibility with the project owner, the trading floors must also increase their responsibility in assessing the legal and financial records of the investor to advise customers. From the national database, banks can easily have a basis to decide whether to lend to borrowers to buy a first or second home because buying a second home often has a higher interest rate, along with many strict cash requirements.
In China, land for housing projects in most provinces and cities must be auctioned through the state's public auction network to ensure transparency. The huge database of real estate and citizen data is increasingly synchronized nationwide, effectively supporting increasingly transparent real estate transactions. Therefore, Mr. Nguyen Van Hau believes that if a state land use rights trading center is established, the current private real estate trading floors should still be allowed.
Support the integration of land use rights trading floors with real estate trading floors into land use rights trading centers, because according to lawyer Truong Thanh Duc, real estate includes land, houses and assets on land, so all transactions can be concentrated in one place.
But lawyer Duc suggested that it is necessary to clarify the point of view that besides this center, the whole country has thousands of real estate trading floors of other companies, so it is still necessary to let them exist. Similarly, state and private auction centers both operate because this is a market. Real estate is a type of commodity. The state cannot replace the market's job of organizing commodity transactions for everyone, but should only conduct auctions of land use rights, public land transactions, etc. The rest needs to encourage business trading floors so that the market operates publicly but also competitively. Besides, it is impossible to focus on only one center per province, but it is necessary to decentralize and establish branches in districts to facilitate people in registering and making changes when there are fluctuations in housing, land, etc.
Fear of congestion
Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, commented that the proposal of the Ministry of Construction is good, suitable for the current real conditions of the market which lacks input data information. However, the downside of this issue must also be carefully analyzed: if this public service center simultaneously performs tasks: transactions, tax collection, and issuance of pink books, it will cause great pressure in the process of solving work.
Because currently in the market, there are thousands, even tens of thousands of enterprises and real estate trading floors doing this work. If now only assigned to one focal point, which is the state unit, it will easily cause congestion. For example, people have completed the purchase and sale, but when they go to the district-level land registration offices to do the name change procedures, it will take dozens of days to return the documents.
Lawyer Tran Manh Cuong, Ho Chi Minh City Bar Association, is concerned that the establishment of a provincial public service center integrating a real estate trading floor and a real estate trading floor into one is very difficult to implement and seems to be taking on too much. Because in countries around the world, real estate trading floors are invested and managed by private individuals. Currently, the Land Registration Office in Ho Chi Minh City or the Department of Natural Resources and Environment alone is responsible for issuing the first pink book, updating sales, changes... is overloaded, always late. Now if the state also manages the buying and selling of real estate, buying and selling of real estate will certainly be very difficult to succeed.
According to lawyer Cuong, for the real estate market to operate transparently, it is necessary that information about people's real estate must be updated to the big data database that the Ministry of Public Security is working on a project to integrate into citizen identification cards. Once integrated into big data, all information about real estate sales and purchases, including prices, transaction times, and even the history of house construction and repair, will be made public. There is no need for the state to set up an integrated trading floor. Perhaps a truly transparent land trading floor should be set up to auction public land.
"Currently, there is a law on real estate business, so the state only needs to manage transactions properly. The buying and selling needs to operate according to the rules of the market, the state should not intervene too deeply. Because if it intervenes too deeply by command, it will lose the market nature. Not only that, if the state sets up a trading floor, it is not certain that it will be successful. If the business loses money, the state budget will have to spend money to compensate," said lawyer Tran Minh Cuong.
Economist Ngo Tri Long said that to avoid congestion and overload, the center is under the Provincial People's Committee, but can be decentralized and delegated to districts and counties to implement, similar to the current issuance of land use right certificates. That will make it easier for people to complete records and procedures for land and housing transactions. Because in reality, many online public services, although announced to be implemented online, still require people to come in person to submit original documents. Especially in the land sector, there are many records and documents and they have not all been digitized. Therefore, it is necessary to authorize and delegate to transaction centers to districts and counties, especially in large cities like Ho Chi Minh City, where the number of transactions is often very high. That avoids the center being overloaded and people having to wait too long.
Supplementing the legal corridor on transactions
Deputy Minister of Natural Resources and Environment Le Minh Ngan proposed to build two models: a state center and a business center to take advantage of current real estate trading floors, avoiding creating political and social instability. At the same time, he suggested that the Ministry of Construction supplement the legal corridor on real estate transactions, land use rights transactions as well as regulations on real estate business, land, notarization to propose amendments. The Ministry of Construction also needs to assess the operation of real estate trading floors (quantity, model, scope of operation) and the results and implementation of land use rights transactions over the years.
Should private individuals set up real estate trading floors?
Vietnam can establish a real estate trading floor like a stock exchange, but its effectiveness is unknown and may cause inconvenience to both buyers and sellers because real estate is not like stocks. Real estate includes houses and land. In houses there are apartments, townhouses, tourist apartments, office apartments. In land there are land plots, agricultural land, rural residential land, urban residential land, etc.
In the US, private real estate trading floors are run by the government, and the government does not have to invest money, but only manages the legal and administrative aspects. When the private sector operates, there will be competition, the quality of service will be better, and the fees will be lower for home buyers. The government should only manage information and taxes. Therefore, if Vietnam establishes a trading floor, it should be established by the private sector and operated according to market rules.
Dr. Tran Viet Anh
(Vice Principal in charge of Hung Vuong University)
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