“It is necessary to introduce a real estate tax that fits Vietnam’s conditions and prevents speculation without impeding the ability of those needing to own homes, thereby contributing to establishing a sustainable and efficient real estate market,” said Professor Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, in an interview with The Saigon Times. How should real estate be taxed? The Saigon Times: Recently, the Ministry of Construction and the Ministry of Finance proposed levying a tax on individuals owning multiple properties to stabilize the market and curbing real estate price hikes. What do you think of this proposal? In your opinion, is it time for Vietnam to slap a tax on those who own multiple properties? Professor Dang Hung Vo: Since 2003, the Party Central Committee has adopted three resolutions on land policy and law reform, seeking to address real estate tax reform, including imposing a higher tax on unused properties and on speculation by owners of multiple properties, aiming to establish a stable and sustainable real estate market. Resolution 26-NQ/TW in 2003 clearly stated the need to regulate incomes of organizations and individuals transferring land use rights or buying and selling landed properties. It proposed […]
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