239 tourism real estate projects in 15 provinces and cities are “stuck”

On May 6, at the North Cam Ranh peninsula tourist area (Bai Dai), Khanh Hoa province, the Vietnam Lawyers Association held a seminar “Vietnam tourism real estate market – Legal knots, practices and solutions” with the participation of representatives of Khanh Hoa Provincial People’s Committee and dozens of experts in the fields of law, real estate…

The conference announced the statistics of the Vietnam Real Estate Association (VNREA) on the tourism real estate market with huge numbers. Accordingly, by September 2021, there are 239 projects related to tourism real estate deployed in 15 localities facing problems, including Hoa Binh, Quang Ninh, Hai Phong, Thanh Hoa, Quang Binh, Hue, and Da Nang. 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).

Experts discussed “hot” issues related to tourism real estate at the seminar (photo: NTD newspaper)

In which, tourist apartments are more than 114,097, estimated value of 297,128 billion VND; 24,399 villas, estimated value of 243,990 billion VND; 30,899 shophouse, estimated value of 154,245 billion. The total of these 3 products is nearly 170,000 units with a total value of about 681,886 billion VND, equivalent to 30 billion USD.

Mr. Le Huu Hoang, Vice Chairman of Khanh Hoa Provincial People’s Committee informed that Khanh Hoa alone has 26 projects with 12,100 tourist apartments and more than 2,580 tourist villas, mainly in Bai Dai area. However, the law enforcement still has many limitations, even bottlenecks that need to be considered and removed, especially the incomplete legal system for this type.

Tourism real estate is “stuck” because of the incomplete legal framework (illustration)

Dr. Can Van Luc, an economic expert and member of the National Monetary and Financial Policy Member Council, said that tourism real estate is under the management of many specialized laws, but there are 5 “nots”, which are: unidentified; not included in the tourism development planning; ownership certificates have not been issued (red book, pink book..); has not kept pace with international demand and competitiveness; inconsistent, inconsistent, suitable for the specific characteristics of this type…

Dr. Nguyen Van Quyen, Chairman of the Vietnam Bar Association, said that there are 3 groups of major and urgent problems facing tourism real estate investment activities. Firstly, we need to have an overview of Vietnam’s tourism real estate market and comment on the development trend of the tourism real estate market in the post-Covid-19 context. Second, remove the bottlenecks on current policies and laws for the real estate market. Third, it is necessary to consider the impact and influence of the international environment and the direction of policies and laws in tourism real estate investment and business in Vietnam.

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