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Subscribe to
The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
  • You can notify us of your intent to cancel at any time during your billing period. Cancellations take effect at the end of your current billing period.
28.9 C
Ho Chi Minh City
Sunday, March 30, 2025

Real estate firms struggle with huge debt

By Nguyen Tan

Must read

HCMC – The real estate sector is currently grappling with a significant bond debt, totaling nearly VND350.9 trillion as of March 2024, according to the Ministry of Finance.

A detailed report covering the period from 2015 to 2023 showed that 330 domestic real estate companies issued over VND726.3 trillion of bonds via private placement. These bonds had an average term of 3.69 years and carried an average coupon rate of 10.15% per annum. During this period, four firms also ventured into international markets, issuing bonds worth a combined US$2.18 billion.

The ministry’s review also highlighted that the existing tax policy on real estate transactions in Vietnam had been comprehensive, addressing all relevant revenue streams during the said period.

There has been a steady rise in personal income tax revenue from real estate transfers, starting in 2017. Notably, there was a 19.82% increase in 2018, an 11.44% increase in 2019, a 12.22% rise in 2020, and a 30.4% increase in 2021. The most substantial jump occurred in 2022, with an increase of 64.34% compared to the previous year.

Audits conducted by the ministry at 19 real estate firms resulted in 13 companies being fined, with recommendations for additional contributions to the state budget totaling VND255.7 billion. The audits also uncovered financial irregularities amounting to VND999.8 billion.

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