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Thursday, July 25, 2024

HoREA suggest using lottery firms’ profit for land development

The Saigon Times

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HCMC – The HCMC Real Estate Association (HoREA) has proposed allowing local authorities to use annual profit from State-run lottery firms to finance land development.

The proposal was sent to the National Assembly Standing Committee while the draft of the revised land law has been passed around for public feedback.

According to the draft, land development is managed by provincial governments in the process of land clearance compensation and household resettlement.

It is funded by the State budget, but a mere 10% of revenue from provinces’ land use fees and land rents, and other sources can be used for land development. In 2021, revenue from land use fees and land rents in HCMC was VND11.2 trillion, meaning the city had only VND1.2 trillion for land development.

Lottery firms make handsome profit every year, so part of this profit should be used for economic development, the association noted.

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