70% of collateral in the bank is real estate, the bank hears that the real estate business is afraid
At the Conference to comment on amendments to “Land Law – Housing Law – Law on Real Estate Business, for housing development and real estate market” organized by Vietnam Real Estate Association (VNREA), specialized in economist Dr. Vu Dinh Anh said: “First of all, I want the relevant agencies to not only amend the 3 laws, the Land Law – the Housing Law – the Real Estate Business Law, but also need to fix all of the following: times for completeness and synchronization”.
Analyzing more closely, Mr. Anh said, about the Land Law, there are many problems with land finance that must be fixed because it is related to land use such as the Law on Personal Income Tax, the Law on Income Tax. enterprise.
Also related to the Land Law, it is necessary to revise the entire concept of real estate valuation, the so-called market price is currently not appropriate. Who is the appraiser? Who is responsible, that price for what? It is necessary to correct the regulations related to budget revenues and taxes.
“We not only need to amend the Land Law but also the law on price management and valuation,” emphasized Dr. Anh.
Mr. Anh also said that the issue of bidding for land use projects is not in the Land Law, so the Law on Bidding also needs to be corrected. Therefore, it is necessary to chain all the issues, the relevant Laws must be revised.
Another important issue concerns the corporate bond market. How to minimize risks for corporate bonds because this is an important capital mobilization channel. Real estate businesses always need capital, so it is necessary to further develop capital mobilization channels while ensuring safety for investors.
“It is necessary to amend the Law on Credit Institutions, which regulates collateral because currently 70% of collateral in banks is real estate. How do banks not have to hear the real estate business that they are afraid “, Mr. Anh said.
Economic expert – Dr. Vu Dinh Anh.
This expert also said that recently, the story of property tax is a hot topic of public opinion, but so far the concept of what is property is still quite vague, so it is necessary to amend the Civil Law.
Also at the conference, Mr. Le Tuan Hai, Telin Group Joint Stock Company shared: “I think that the amendment of current problems related to the real estate market should take the Land Law as the original law. , thereby amending the relevant laws”.
Along with that, Mr. Hai gave 5 ideas that need to be revised urgently: First, real estate must be considered a commodity product, bought and sold in society, so it is necessary to reduce administrative procedures as much as possible. good for smooth trading.
Second, administrative procedures need to be delegated to functional units, and decentralization should be as specific as possible to speed up and quickly resolve administrative procedures.
Thirdly, real estate businesses are facing problems in two decrees: Decree 30 of the Law on Housing and Decree 31 of the Law on Investment. Although the two decrees have also solved many problems for businesses, the two decrees are in conflict, making it difficult for businesses because there are unclear regulations. Currently, an enterprise is only recognized as an investor in an urban area when it has the right to use residential land or already has residential land and other types of land, but it does not recognize the investor of a commercial housing project, an urban area. housing market for cases where they only have the right to use agricultural land or already have non-agricultural land (not residential land).
This causes the projects that do not have residential land to be blocked. I think that fixing it right away will free up hundreds of projects.
Fourth, about land valuation: The story of how to value land, what the plan is today is all emotional. If the price is low, it will lose the State’s money, and if the price is high, businesses cannot do it, so very few units dare to set the price.
Fifth, regarding Decree 25 of the Law on Bidding: Waiting for a decision on land allocation to calculate the land price is inadequate… These are practical things that need to be corrected immediately so that the real estate market can develop.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
