The Ministry of Natural Resources and Environment is coordinating with the Ministry of Construction to study the establishment of a land use rights trading floor to report to the Prime Minister.
The establishment of a land use rights trading floor aims to institutionalize the Resolution of the 5th Conference of the 13th Party Central Committee on continuing to innovate and perfect institutions and policies, improving the effectiveness and efficiency of land management and use, creating momentum to turn our country into a developed country with high income. This also aims to help the land use rights market operate openly, transparently, healthily and sustainably.
Previously, real estate transactions on the market were mainly through brokerage companies. In Vietnam, private floors mainly traded future real estate without rights to use (apartments, project houses), while residential houses and land use rights were not yet traded through the floor.
According to experts, establishing a land use rights trading floor will avoid buying and selling houses on paper, false information, and buying and selling houses at "two prices". (Illustration photo)
According to the Vietnam Association of Realtors (VARS), the research to establish a land use rights trading floor is a completely correct policy, positively impacting the market.
The land use rights trading floor will contribute to managing and monitoring the real estate market more fully and completely instead of just stopping at future housing products and project land as at present.
The establishment of the floor will avoid buying and selling houses on paper, fraudulent activities, false information, buying and selling houses at "two prices", and price manipulation.
In addition, when implementing a land use rights trading floor, if combined with a real estate trading floor, it will be a source of providing and updating transaction data, a basis for building data, and creating a map of land prices nationwide.
Mr. Nguyen Chi Thanh, Vice President of the Vietnam Real Estate Brokers Association, said: " In the long term, the land use rights trading floor will establish a land price level close to the market price, limiting speculation, price inflation, and creating bubbles in the land market ."
Conducting transactions through the land use rights exchange also contributes positively to preventing tax losses for the State. Because land use rights are being traded freely and without control. The State only collects tax on the declared value, not knowing the actual transaction value. While everyone implicitly understands that there is a huge difference between these two values. The establishment of the land use rights exchange will create opportunities to increase the State's tax revenue, contributing significantly to land capitalization.
Although the assessment is positive, experts recommend that the establishment of a land use rights trading floor needs to pay attention to many issues.
Mr. Pham Duc Toan, General Director of EZ Real Estate Investment and Development JSC (EZ Property) expressed his opinion: When researching the establishment and operation of a land use rights trading floor, it is necessary to consider the issue of organizational structure, whether people and businesses are required to buy and sell land use rights through the floor or not? Who will manage? How will it be managed?...
Mr. Toan said that it is necessary to pay attention to the operating mechanism and legality so that the participants can participate effectively and conveniently, otherwise it will create sub-licenses. The policies are all intended to be good for the market, but if the regulations are not clear, it will not attract participants and may create more barriers and complications while many laws have already stipulated. Deploying a land use rights trading floor requires the best mechanism for participants, suitable for practical activities and the market.
Dr. Dinh Trong Thinh also said that it is necessary to clarify the operating mechanism of the floor, especially the management and supervision mechanism. Up to now, the buying and selling of land use rights has been taking place on the market and real estate floors. Land use rights have been regulated in the Land Law, and the buying and selling is also regulated in related laws. However, in reality, there are still difficulties. Especially in the handling of assets attached to land use rights.
According to the Vietnam Real Estate Brokers Association, land use rights are a “commodity” of great value and wide coverage. Therefore, establishing a land use rights trading floor is certainly not simple and cannot be done overnight.
In order for the land use rights trading floor to truly be effective, without overlapping or causing additional complicated administrative procedures for the people, it is necessary to have a thorough and meticulous research and analysis process. This requires the participation and coordination of both state management agencies and leading experts. In particular, the participation and opinions of individuals and organizations with practical experience are very important.
Ngoc Vy
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