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| Latest real estate: Van Don Casino is expected to be built in Van Yen commune, Van Don district, Quang Ninh province. Photo: A corner of Van Don district. (Source: BQN) |
Submit to the Prime Minister for approval of investment in casino Van Don, Quang Ninh
The Ministry of Planning and Investment has just reported to the Prime Minister the results of the appraisal of the project dossier of the high-end complex tourism service area in Van Don Economic Zone (Van Don casino) and proposed to approve the project investment policy.
In the documents sent to the State Appraisal Council, Quang Ninh province said that the investment goal of Van Don casino is to create a high-class resort, entertainment with prizes, organize international-class events, and become an attractive destination in the world. Accordingly, Van Don casino is expected to be built in Van Yen commune, Van Don district, Quang Ninh province, with a total initial investment capital of about 51,555 billion VND (equivalent to 2.18 billion USD), of which the investor's capital contribution is about 7,733 billion VND, and bank loans are 43,822 billion VND.
After reviewing the project dossier, before submitting it to the Prime Minister for approval of the investment policy for Van Don casino, the Ministry of Planning and Investment recommends: Assigning the People's Committee of Quang Ninh province to complete the dossier on changing the purpose of forest use, reviewing to ensure the accuracy of the proposed forest area for conversion, submitting it to the Provincial People's Council for decision on forest conversion; requesting Quang Ninh province to review the decision approving the investment policy for the Van Don 1 complex project (part of the Van Don casino complex), and to monitor and evaluate the project implementation in accordance with the provisions of law on investment, land and related laws.
At the same time, clarify that the project of the high-end complex tourism service area in Van Don Economic Zone (Van Don casino) does not meet the conditions for auctioning land use rights according to the provisions of the Land Law because the Van Don casino complex project is subject to bidding to select investors for projects using land or land auctions and in the project proposal sent to the State Appraisal Council, Quang Ninh province selected bidding to select investors.
The Ministry of Planning and Investment also noted that after the Quang Ninh Provincial People's Committee completes these contents, the Van Don casino project dossier will be eligible to be submitted to the Prime Minister for approval of the investment policy. And if the project is approved by the Prime Minister, from now until the end of the year, Quang Ninh province will organize a bidding to select an investor to implement the project.
According to the latest proposal of the People's Committee of Quang Ninh province, the Van Don casino complex has a land use plan of 244.45 hectares, with a land use period of 70 years from the date of land allocation, of which the land area for the casino complex is 182.37 hectares, and the natural forest area in the plan is 62.08 hectares. This forest land area is interspersed within the project implementation scope, according to Quang Ninh province, will be kept in its current state and managed according to the provisions of the law on forestry.
According to Quang Ninh province, the implementation of the Van Don casino project with main activities being casino business, real estate business, tourism services, hotels, resort villas, etc. will contribute to enhancing national competitive advantages in the service sector, creating spillover effects, creating development momentum, balancing the economy, improving the investment environment in the Van Don Economic Zone, increasing state budget revenue and creating jobs.
Specifically, Quang Ninh province calculated that in 70 years of operation, the Van Don casino complex will contribute about VND228,928 billion (equivalent to USD9.67 billion) in taxes to the budget. Of which, corporate income tax is VND134,369 billion and VAT is VND94,559 billion.
Up to now, the Van Don casino project along with Phu Quoc casino are two casinos that the Politburo has approved for a pilot program for Vietnamese people to play in. The pilot period and casino business conditions are implemented in accordance with legal regulations.
Ho Chi Minh City Department of Construction: Market gradually recovering
At the regular press conference to inform about the socio-economic situation in Ho Chi Minh City, Mr. Vu Anh Dung - Deputy Head of Housing Development and Real Estate Market Department of Ho Chi Minh City Department of Construction informed about the real estate market situation in the area.
According to Mr. Dung, real estate business activities in the first 9 months of 2023 grew by negative 8.71% over the same period. Previously, the first 6 months of the year grew by negative 11.58% and the first quarter of 2023 grew by negative 16.2%. Real estate business revenue in the first 10 months of 2023 is estimated at VND 186,662 billion, down 4.3% over the same period. Previously, the first 6 months of the year decreased by 8.3% and the first 4 months of the year decreased by 14.6%.
Regarding the establishment of real estate business enterprises, in the first 10 months of the year, 1,252 enterprises were licensed to establish, down 43.7% over the same period and registered capital reached 46,792 billion VND, down 58.3% over the same period. Total foreign investment in real estate business activities in the first 9 months of the year was 72.2 million USD, down 66.3% over the same period.
In the first 11 months of 2023, Ho Chi Minh City has 16 commercial housing projects announced as eligible for sale and lease-purchase of future housing products. Accordingly, 16,063 units were put on the market, including 14,810 apartments and 1,253 low-rise houses (11,012 high-end units, 5,051 mid-range units, and no affordable housing). Thus, the supply of housing put on the market in the first 11 months of 2023 increased by 16.8% over the same period last year.
The representative of the Department of Construction assessed that the real estate business in Ho Chi Minh City is still facing many difficulties but has gradually recovered in terms of both growth rate and revenue; the supply of commercial housing is higher than the same period last year. However, domestic and foreign investment capital poured into real estate business has decreased sharply, the supply of affordable housing has no products brought to the market.
The Department of Construction said it has provided advice and solutions to make the housing market more responsive to real housing needs, and to promote housing prices that are affordable to buyers. Specifically, the Department has proposed a number of solutions such as shortening administrative procedures for investment and land lease; and providing preferential policies, incentives, and additional support to attract businesses to invest in social housing and worker housing.
Along with that, review and require investors to strictly implement the investment in building social housing on the 20% land fund of commercial housing projects, improve the quality of social housing equivalent to commercial housing, product structure, reasonable prices to meet the needs of low-income people and workers to have the opportunity to access and improve housing.
Lai Chau: Approving the addition of works and projects to the specific land valuation plan for 2023
Vice Chairman of Lai Chau Provincial People's Committee Ha Trong Hai has just signed and issued Decision No. 2045/QD-UBND approving the addition of works and projects to the specific land valuation plan for 2023 in Lai Chau province. Implementation period is until December 31, 2023.
According to the decision, Lai Chau province will add 34 works and projects that need specific land valuation to the 2023 plan. Of which, the works and projects that need to determine specific prices to calculate compensation when the State reclaims land according to Articles 61 and 62 of the 2013 Land Law are 32 works and projects, specifically including: (Phong Tho district is 07, Sin Ho is 01, Nam Nhun 22, Muong Te 01, Tam Duong 01). In addition, it is necessary to determine the starting price for auctioning land use rights for 02 works and projects, specifically including: (Nam Nhun district is 01 and Tam Duong district is 01).
The budget estimate is made according to Circular No. 20/2015/TT-BTNMT dated April 27, 2015 of the Ministry of Natural Resources and Environment promulgating economic and technical norms for preparing State budget estimates for land valuation and Decision No. 08/2018/QD-UBND dated March 29, 2018 of the Provincial People's Committee promulgating construction unit prices, adjusting land price lists and specific land valuation in Lai Chau province.
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| Adding works and projects to the specific land valuation plan for 2023 in Lai Chau province. (Photo: Phuong Nguyen). |
Lai Chau Provincial People's Committee assigned the People's Committees of Muong Te, Nam Nhun, Sin Ho, Phong Tho, and Tam Duong districts to organize the development, appraisal, and approval of specific land prices to calculate compensation when the State recovers land in the province according to the authority authorized by the Provincial People's Committee in Decision No. 696/QD-UBND dated May 22, 2023.
Conditions for real estate brokerage services business
Article 60 of the 2014 Law on Real Estate Business stipulates that domestic organizations and individuals, Vietnamese people residing abroad, and foreign organizations and individuals have the right to conduct business in real estate brokerage services, real estate trading floors, real estate consulting, and real estate management according to the provisions of the Law.
The Ministry of Construction received a dispatch from One Mount Real Estate Joint Stock Company requesting guidance on individuals doing business in real estate brokerage services.
Regarding this issue, the Ministry of Construction said that, Clause 1, Article 3 of the 2014 Law on Real Estate Business stipulates: “1. Real estate business is the investment of capital to carry out construction activities, purchase, receive transfers for sale, transfer; lease, sublease, lease-purchase real estate; provide real estate brokerage services; real estate trading floor services; real estate consulting services or real estate management for profit purposes”. Accordingly, providing real estate brokerage services is a real estate business activity.
At the same time, Article 60 of the 2014 Law on Real Estate Business stipulates: “Domestic organizations and individuals, Vietnamese people residing abroad, foreign organizations and individuals have the right to conduct business in real estate brokerage services, real estate trading floors, real estate consulting, and real estate management according to the provisions of this Law”. Accordingly, the business of real estate brokerage services must comply with the provisions of the Law on Real Estate Business.
Meanwhile, Article 62 of the 2014 Law on Real Estate Business stipulates: “1. Organizations and individuals providing real estate brokerage services must establish an enterprise and must have at least 02 people with real estate brokerage practice certificates, except for the case specified in Clause 2 of this Article.
Individuals have the right to conduct independent real estate brokerage services but must have a real estate brokerage practice certificate and register to pay taxes according to tax laws.
Organizations and individuals providing real estate brokerage services may not simultaneously be both a broker and a party to a contract in a real estate business transaction.
The Ministry of Construction requested One Mount Real Estate Joint Stock Company to study the provisions of the 2014 Law on Real Estate Business and compare them with specific cases to comply with the regulations.
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