The Ho Chi Minh City Real Estate Association (HoREA) has urged the Government to add the property industry to the list of those affected by the COVID-19 outbreak and are eligible for a five-month postponement of value-added tax and land-use fee payments.
HCM City (VNS/VNA) - The Ho Chi Minh City Real EstateAssociation (HoREA) has urged the Government to add the property industry tothe list of those affected by the COVID-19 outbreak and are eligible for afive-month postponement of value-added tax and land-use fee payments.
The extension is a key part of a draft Government decree onextending the deadline for tax and land-use fee payments, which is expected tocome into effect soon to help businesses cope with difficulties.
HoREA also asked the Government to direct Vietnam SocialSecurity to give property businesses a five-month moratorium for socialsecurity premium payments and instruct banks too to offer credit repaymentmoratoriums and not designate real estate businesses' loans as bad debts due tolate payments.
HoREA Chairman Le Hoang Chau said due to the COVID-19outbreak, businesses are unable to organise events to market, sell, breakground, or inaugurate, which has caused a huge decline in their revenues.
If the draft is approved by Prime Minister Nguyen Xuan Phuc,there will be three groups of beneficiaries.
The first comprises businesses, organisations, individualsand households involved in agricultural, forestry and fisheries production,foodstuff, textile, footwear, rubber, electronics and computers, and automobile(except cars with nine seats or fewer) sectors.
The second comprises the transport (railway, road, waterway,air, warehousing and support activities for transportation), accommodation andcatering and tourism, and its supporting sectors.
The third features small and micro enterprises as defined bythe Law on Supporting Small and Medium Enterprises.
The Ministry of Finance said payment of around 30.1 trillionVND (1.3 billion USD) would be delayed by five months, and this is not expectedto affect this year’s budget since the payments would have to be made beforeDecember 31.
Chau said the current slump is also an opportunity for realestate businesses to restructure to become streamlined and efficient, rethinkof investment and key products and switch to affordable and social housingproducts to meet the actual needs of society./.
Bond issuance is becoming an ideal channel for real estate firms to raise capital as credit policies for property development are gradually being tightened, experts said.
Vietnam needs to renew its real estate market to attract more foreign investors and increase the quality of foreign direct investment (FDI) in the sector, according to experts.
The HCM City Real Estate Association (HoREA) has called on the Government to resolve problems related to legal and administrative procedures and access to funding and cut lending interest rates to revive the property market.
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Illustrative image (Photo: vir.com.vn) 
