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Article: VIETNAM DESIGNS PLAN TO CONTROL CHAOTIC PROPERTY MARKET.
- Article from:
- AsiaPulse News
- Article date:
- March 5, 2004
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HANOI, March 5 Asia Pulse - A comprehensive plan designed to stabilise the country's largely unregulated property market will be submitted to the Prime Minister by June.
Minister of Construction Nguyen Hong Quan said a weak legal framework was the major cause for the poorly-managed market.
Economists said if the market was better managed, some US$5 trillion could be collected for the State from land transfers.
Eighty per cent of property trading is done illegally, or on the so-called underground market, a Ministry of Construction official said.
In developed countries, sales of land and houses accounts for 20 to 30 per cent of a ...