Participants at a conference discussing the revised Laws on Property in Hà Nội on Monday. — Photo baochinhphu.vn

HÀ NỘI — Bringing the official property prices closer to market rates remains a key focus in Việt Nam's revised Laws on Land, which is to be presented to and reviewed during the upcoming National Assembly's (NA) meeting in May this year, said policymakers and industry experts during a conference in Hà Nội on Monday.

Vũ Hồng Thanh, chairman of the NA's Economic Committee, said the assembly welcomes opinions from economists, businesses and people from all walks of life regarding ongoing issues related to the property market.

"If we managed to establish sound policies to govern the financial aspects of the market, we'd have solved a host of issues related to land clearance and resettlement," Thanh said.

He urged the Ministry of Natural Resources and Environment (MoNRE) to actively seek out industry leaders' and experts' opinions to help improve regulations.

Experts have long demanded the Government adjust official prices to the market's prices and stressed the importance of changing the current laws to reflect the market value of properties.

Key elements that must be improved include a transparent legal framework that follows free-market principles and international rules; government officials with experience and integrity; a national database to assist the valuation process and clearly defined consequences for rule breakers.

According to industry experts, without one of the mentioned-above elements, the recently revised laws will likely fall short of expectations and be unable to help efficiently manage the market.

Prof. Ngô Trí Long, former head of the Ministry of Finance (MoF)'s Price Research Institute, said the underlying cause behind recent incidents in which the State's budget suffered huge financial losses was the significant discrepancy between the official property prices and market values. It also invited several problems, including corruption and interest groups' manipulation.

The revised laws allow the central Government to set up criteria for property valuation, expand on current public bidding protocols and conduct regular and irregular investigations into local government's implementation of the laws, especially in the cases of major projects.

Economists advised the central Government to start bringing in independent advisers and surveyors to help improve transparency, fairness and accuracy.

Thanh said the NA is fully aware of the complexity and profound effect the revised Law on Land will produce on society and all economic and financial activities across the country.

He added the NA would continue to collaborate with other governmental agencies, economists and industry experts to conduct further studies and discussions on the revised laws. — VNS