Defrost 30 billion USD “buried” in resort real estate
30 billion USD buried in resort real estate
According to statistics of the Vietnam Real Estate Association (VnREA), as of September 2021, the country has a total of 239 resort real estate projects. In which, the estimated value of the condotel project is about 297,128 billion VND; The villa project is estimated at 243,990 billion VND and the shophouse project is about 154,245 billion VND. The total value of these three products is about 681,886 billion VND, equivalent to 30 billion USD.
Tourism real estate projects are mainly concentrated in 15 localities including: Hoa Binh, Quang Ninh, Hai Phong, Thanh Hoa, Quang Binh, Hue (Thua Thien – Hue), Da Nang, Quang Nam, Quy Nhon (Binh Dinh), Phu Yen, Nha Trang and Cam Ranh (Khanh Hoa), Ninh Thuan, Binh Thuan, Ba Ria – Vung Tau, Phu Quoc (Kien Giang).
However, after a period of hot development, in recent years, this segment has slowed down. The market is almost frozen, the volume of transactions is insignificant. The main reason for the sharp decline of this market, in addition to the impact of Covid-19, is mainly because the legal framework for tourism real estate is still unclear. Thereby causing confusion for State management, inconsistent application, creating a “bottleneck” for investment and tourism real estate business. As a result, customers are no longer “satisfied” with products, while businesses suffer from reputational damage, financial losses, and loss of confidence in guidelines and policies issued by some regulatory agencies. management, and significantly affects the business investment environment.
According to a survey by the Vietnam Real Estate Research Institute, among the factors that hinder the speed, scale and determination to participate in the tourism and resort real estate market in Vietnam, economic factors – financial main accounts for 30%, legal factors for 50% and other factors for 20%. The above data shows that legal gaps in the tourism and resort real estate business have also caused concerns for investors about legal safety or possible risks. .
According to Dr. Can Van Luc, the current development mindset still considers tourism and resort real estate as a luxury and “adopted child”, so it has not really paid attention to methodical planning, construction and development.
The concept of tourism real estate has not been specified in the legal documents of the construction industry and real estate business. Moreover, this field is also subject to the common regulation of many different legal systems.
In addition, there is no regulation to control the responsibility between the investor and the customer, and the current law does not have specific sanctions on the responsibility of the investor in making and implementing the commitments of profit. profits when offering products in tourism real estate projects.
Meanwhile, tourism real estate has not received specific development support policies, there is no master plan for tourism real estate development with a long enough vision associated with tourism development planning. , the real estate market, environmental and social issues ensure the sustainable development of tourism real estate in the future.
In addition, the service infrastructure is not synchronized, the quality of human resources is still low, and there is a lack of professional management team.
From the above facts, Dr. Can Van Luc said that management agencies should soon supplement and complete the legal framework for tourism real estate. Need to change development mindset; have policies on orientation and planning for tourism real estate development.
In addition, it is necessary to have a synchronous policy for infrastructure development in regions and tourist areas; promote regional linkages. At the same time, pay attention to the healthy development of real estate finance (capital market, taxes, fees, investment funds, …) as appropriate; building an information base, real estate market data in general and tourism real estate in particular, both serving management and promoting digital transformation of the real estate sector,…
Disassembly how?
Dr. Can Van Luc also proposed 5 solutions to remove difficulties to contribute to the development of resort real estate:
Firstly, soon supplement and complete the legal framework for tourism real estate.
Second, change the growth mindset; have policies on orientation and planning for tourism real estate development.
Third, have a policy of synchronous infrastructure development in regions and tourist areas; promote regional linkages.
Fourth, strengthen training and development of human resources.
Fifth, pay attention to the healthy development of real estate finance (capital market, taxes, fees, investment funds, etc.); building a database of information and data on the real estate market in general and tourism real estate in particular, both serving management and promoting digital transformation of the real estate sector.
In addition, some experts also believe that it is necessary to change the thinking in the way of law making to manage effectively, without causing difficulties for the market or trouble for project developers and investors.
Mr. Bui Van Doanh, Director of the Vietnam Real Estate Research Institute, acknowledged that in order to clear the legal bottleneck in the issuance of red books for resort real estate built on rural land (non-residential land). forming residential units) in some localities, there needs to be a change in management thinking and approach the problem from a benefit mindset. That is, if the issuance of red books for tourism real estate projects on “residential land without forming residential units” has been completed, tested and put into use, what harm or benefit? . If solving from the root, then it is necessary to amend the Law on Land. In particular, while waiting for the amendment of the law, which is basically the Land Law, it is necessary to issue appropriate legal documents as soon as possible (such as an ordinance, a decree or a document explaining the law… ) to adjust new issues arising related timely.
Prof. TSKH. Dang Hung Vo, former Deputy Minister of the Ministry of Natural Resources and Environment, affirmed that what needs to be done is to change the way the law is formulated, so clear that the regulations have only one interpretation, which cannot justify the wrong understanding. deviation, it is also not possible to create many different interpretations leading to difficulties and overlaps in implementation. A legal system that is still overlapping, difficult to understand, creating many interpretations cannot guarantee sustainable development because it will create many different ways of applying it, lacking in consistency and synchronization, especially creating favorable conditions for the development of the country. used to profit from development.
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