Editor’s Note: A series of policy proposals—ranging from credit regulations to tax measures—have recently been introduced to recalibrate Vietnam’s real estate market. The goals are to curb speculation and price inflation, improve access to housing for low- and middle-income earners, and steer the market toward sustainable development. However, to formulate feasible and effective solutions, one must first address the root causes and take into account the specific characteristics of Vietnam’s real estate market. The Saigon Times presents insights from experts on this issue. Real estate tax is essentially property tax “We need to use existing policy tools to correct the distortions in the real estate market before designing a suitable tax framework that promotes long-term sustainable development,” said Dr. Dinh The Hien, an economic and financial expert. For years, we have lived under the assumption that housing and land prices can only go up, never down. In major cities such as Hanoi and HCMC, prices have surged by dozens—even over a hundred—percent in the past five years. Strangely enough, despite the fact that home ownership has become unaffordable not only for low-income families but also for many middle- and upper-middle-income earners, the structural imbalance in housing supply persists. The market […]