After the series on the chaos that land fevers in Vietnam have created all over the country, Sai Gon Giai Phong(SGGP) Newspaper has conducted an interview with Chairman Bui Xuan Dung of the Housing and Real Estate Market Management Agency (under the Construction Ministry) about possible solutions to address the issue.
Land fevers in Vietnam happen because of certain rumors about promising infrastructure projects in local areas. They come and go quickly, yet leaving behind numerous negative impacts on indigenous people.
The land fever has recently broken out everywhere in Vietnam, especially in the Central region, which is typically considered the poorest part of the country due to harsh weather. Whenever there is a little information related to possible infrastructure projects in this region, land brokers begin to spread rumors about land value rise, leading to an unavoidable rush of land selling and buying, with prices being increased to abnormal peaks.
After a period being tightened because of social distancing to prevent the Covid-19 pandemic, land fever has returned in many Southern provinces and cities.
At the beginning of March 2021, the news of a 500ha dual-use airport Tecnic Hon Quan sparked land fever in the Southern Province of Binh Phuoc; however, the land fever cooled down after a short time and plummeted, many investors who have bought the land fell into despairs.
The fact that savings interest rates are at the lowest level in history has made the cash flow shift to other investment channels, including real estate. This is also one of the reasons that cause land fever in many provinces across the country.
The Ministry of Construction, on March 30, said that it had sent Official Dispatch No.989/BXD-QLN to the People's Committees of municipalities on strengthening the management of the real estate market.
Land prices in Ho Chi Minh City (HCMC) lately witness a jiggle, and seemingly out of control, due to new urban planning intentions of the municipal authorities. SGGP Newspaper had an interview with Prof. Dr. Dang Hung Vo – former Deputy Minister of Natural Resources and Environment – about this chaotic situation and the responsibilities of related state agencies.
In recent years, any news of a project proposal by authorities in even very remote villages of Vietnam gives sudden rise to a flurry of activities. A once sleepy village is quickly swarmed by hundreds of cars, and thousands of people, all looking to benefit from a spurt in land fever, causing land prices to also skyrocket to unreasonable levels.
Land price has reduced fever in HCMC outskirts after city leaders required police agency to investigate land price fever and tackle brokers for spreading false rumors to rocket the prices and make profit.
The HCMC Party Committee's standing deputy secretary yesterday said he would ask the city Police Department to investigate and handle brokers for spreading false rumors, showing signs of frauds rocketing up land price to make profit.
