HCMC – The prime minister has directed two ministries to jointly explore the feasibility of establishing a trading platform for land use rights.
The Ministry of Natural Resources and Environment and the Ministry of Construction are told to present their study to the Government leader by August 15.
The plan is in response to a resolution adopted at the 5th plenary session of the 13th Party Central Committee. This resolution emphasizes the need for improving mechanisms, policies, and the efficacy of land use and management.
The proposed trading floor would serve as a center providing information about land use rights from land owners, effectively connecting potential sellers and buyers. It is designed to offer comprehensive details about land to prospective buyers, facilitating informed decision-making and bolstering the transparency of land use right transactions.
While Vietnam already has stock exchanges, commodities trading floors, and corporate bonds trading floors, the property sector has predominantly relied on real estate agents or privately-owned trading platforms for transactions. This practice has led to housing prices rising over recent years, said observers.
Existing trading platforms primarily focus on promoting and selling properties from select projects, often without complete information or failing to verify the legitimacy of these offerings, potentially exposing buyers to risks.
Experts assert that governmental involvement in managing a land use right trading floor is vital to enhancing transparency in real estate information and stabilizing the market. They also underscore the importance of establishing mechanisms to ensure a sustainable, secure, and ethical market development, while guarding against manipulation of land prices.
In line with efforts to enhance real estate information transparency, the Government has also directed agencies to compile and update transaction data.