Mr. Cao Minh Hieu, Vice Chairman of Novaland Group, stated that there are currently 13 of their projects that have not been issued land certificates since 2015-2016 due to a lack of notification from the tax authorities. He emphasized that this situation places a significant financial burden on the company, which has to pay an additional 370 billion VND over the past 10 years. Not obtaining land certificates not only impacts brand reputation but also halts projects, affecting cash flow and fundraising capabilities.
To “soothe” residents, Novaland must support management fees of about 30 billion VND annually, despite not being legally obligated to do so. Mr. Hieu asserted that delays in issuing certificates will result in losses to the firm’s reputation and future sales potential. He agrees with the proposal to adjust the tax rate from 5.4% to be more practical, emphasizing the need for reasonable notification and time for businesses before applying these fees.
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