| Hội Quy hoạch Phát triển Đô thị Việt Nam

May 27th
Text size
  • Increase font size
  • Default font size
  • Decrease font size
Home English

Vietnam property developers default on land-use fee

Vietnam property developers default on land-use fee

Many property developers have been defaulting on land-use fees since 2011 amid the massive downturn in the housing market. 

Tien Phong newspaper quoted the General Department of Taxation as saying it has compiled a “blacklist” of companies that owe large sums. 

Together they owe over a trillion dong (US$47.8 million), it said. 

Hanoi-based real estate company TDC, which is building the Hong Kong Tower, owes more than $2.9 million. It was allowed to defer a third of the amount until May 10. 

TDC has been building the 5,041-square-meter HongKong Tower in Hanoi's Dong Da District since 2009. The property developer owes $2.9 million in land-use fees. 

Hado Group, which owns the four-star Ha Do Mercure hotel in Hanoi, owes $3.7 million, with the tax authorities having deferred payment of $1.6 million until November.

The head of a tax office in Hanoi, who requested anonymity, said many property developers have said they are unable to afford the payments though tax authorities have extended the due date many times.

Companies have to pay interest of 18 percent per year on the back taxes they owe.

Tax authorities expect to collect VND39 trillion ($1.86 billion) in land-use fees this year, down nearly 14 percent from 2012. 


Slow reforms dog property firms

Slow reforms dog property firmsFrustration is growing among real estate developers who were expecting a faster deployment of Resolution 02/NQ-CP’s reforms designed to revive the l...

Happy Valley - Phu My Hung, HCMC

Happy Valley - Phu My Hung, HCMCHappy Valley shopping & apartment complex has a campus area of 42,000 sqm located on 3 Lot R12, R15 and R18. Overall project consists of 14 blocks...

As prices fall, hopes rise for "buyers’ market"

As prices fall, hopes rise for Prices in Hanoi’s overstocked apartment-for-sale market have dropped some more in early 2013, with mid-level products asking in the range of VND15-1...

VN architect scoops American magazine gong

VN architect scoops American magazine gongVo Trong Nghia's Stacking Green House has been awarded Building of the Year 2012 by the American magazine Archdaily.  The Vietnamese achitect wa...

Getting real about Vietnam’s real estate

Getting real about Vietnam’s real estateLast year was seen as one of the most difficult years for Vietnam’s real estate market.  However, with many initiatives to address the market ...

Crystal murky on 2013 office market in south

Crystal murky on 2013 office market in southExperts in the office-for-lease market have offered conflicting forecasts about the Ho Chi Minh City market in 2013.  While CBRE and Savills exp...

Green House furthers UN reform in Vietnam

Green House furthers UN reform in VietnamThe United Nations in Vietnam held a ceremony to mark the start of construction on the Green One UN House in Hanoi on January 21.  The ceremony ...

Property firms hit the wall

Property firms hit the wallNearly 18,000 real estate and construction companies faced losses, went bankrupt or closed last year because of the challenging economic situation in ...

Gloomy market to get darker

Gloomy market to get darkerAs slow as Vietnam’s real estate market was in 2012, the new year could prove even more challenging, some industry insiders say.  A gloomy out...

Metro routes to ramp up property values

Metro routes to ramp up property valuesSubway and elevated railway systems in Hanoi and Ho Chi Minh City are expected to considerably increase the value of nearby property projects.  ...
Trang 6 trong tổng số 25
Bảng quảng cáo

Tìm kiếm

Tạp chí


Đô thị vị nhân sinh / Cities for People

Xanh hóa Châu Á / Greening Asia

Hiện có 950 khách Trực tuyến

Quảng cáo