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CHAPTER III
CREATING CONDITIONS AND PROVIDING PREFERENCES FOR FOREIGN-INVESTED
ENTERPRISES PARTICIPATING IN THE CONSTRUCTION OF DWELLING HOUSES FOR SALE AND
LEASE
ARTICLE 15. - Subjects participating in the investment and construction of
dwelling houses for sale and lease.
The State of Vietnam encourages foreign-invested enterprises (hereafter
referred collectively to as investors) to participate in the construction of
housing projects stipulated in Article 2 of this Decree in urban areas
according to the provisions of the legislation on foreign investment in
Vietnam.
ARTICLE 16. - Creating land-related conditions
1. Investors making investment in the construction of housing projects
defined in Article 2 of this Decree may rent land for projects implementation
according to the provisions of the current land legislation.
2. In cases where investors are joint-venture enterprises or parties to
business cooperation contracts, to which the Vietnamese side contributes
capital with value of the right to use land assigned by the State, such
joint-venture enterprises or contractual parties may continue using that land
for investment in, building and trading of dwelling houses.
ARTICLE 17. - Land-rental preferences
Investors making investment in the construction of housing projects
defined in Article 2 of this Decree shall enjoy the following land-rental
preferences :
1. To be exempt from land rentals for the land areas used for the
construction of condominiums throughout the land-lease duration.
2. To be exempt from land rentals for the first areas (three) years after
signing the land-lease contract for the land areas for which the investors
must pay the land rentals (except for the land areas used for the
construction of condominiums).
3. In cases where the projects construction or operation is suspended with
approval of the State agency competent to lease land, the investor shall
enjoy 50% reduction of the land rental corresponding to the suspension
duration.
4. In cases where investors sell dwelling house other than condominiums
they must pay the use levy on the land (affixed with the already sold
dwelling houses, but with the land rental amounts they have already paid
being subtracted there from.
The Finance ministry shall provide guidance on the payment of land use
levy when investors sell dwelling houses mentioned in this Clause.
ARTICLE 18. - Enterprise income tax preferences
Investors participating in the construction of housing projects stipulated
in Article 2 of this Decree shall enjoy the following preferential enterprise
income tax rates;
1. 10% for condominiums and dwelling houses of other types in the areas
meeting with exceptional socio-economic difficulties (defined in List A of
the appendix attached to the Government Decree No. 24/2000/ND-CP of July
31, 2000).
2. 10% for condominiums and dwelling houses of other types in the areas
meeting with socio-economic difficulties (defined in List B of the appendix
attached to the Government Decree No. 24/2000/ND-CP of July 31, 2000).
3. 10% for condominiums and dwelling houses of other types in other areas.
ARTICLE 19. - Handling of problems at the end of investment duration
1. At the end of the investment durations defined in their investment
licenses, investors shall have to hand over without compensation the whole
infrastructure system under the project to the Vietnam competent State
agencies according to law provisions.
2. In cases where investors wants to prolong the investment duration it
may apply therefore according to the provisions of the legislation on foreign
investment in Vietnam. If the investor does not apply for the investment
duration extension, after 3 (three) months from the end of its investment
duration, the provincial-level People Committee of the concerned locality
shall coordinate with the investor in settling definitely the project
remaining problems according to the provisions Vietnamese law.
CHAPTER IV
IMPLEMENTATION PROVISIONS
ARTICLE 20. - Responsibilities of the Construction Ministry
1. To assume the prime responsibility and coordinate with the Ministry of
Planning and Investment and the Finance Ministry in guiding localities to
work out programs and plans on investment in housing projects entitled to
favorable conditions and investment preferences, and submit them to the Prime
Minister for consideration and decision.
2. To coordinate with the concerned ministries and branches in inspecting
the implementation of this Decree guiding the provincial-level People
Committees in reviewing the implementation situation and making timely
suggestions on amendments and supplements to issues related to the policies
on creating favorable conditions and providing preferences for investment in
building dwelling houses and submitting them to the Government for
consideration and decision.
3. To study the elaboration and promulgation of regulations, rules and
standards related to the designing and building of dwelling houses, to study
the application of technologies and new materials to the housing development
so as to meet the requirements on quality and tempo of construction of
dwelling houses.
4. To study the elaboration and promulgation of the Regulation on
management and use of condominiums.
ARTICLE 21. - Responsibilities of the concerned ministries and branches
The Ministry of Planning and Investment, the Finance Ministry, the General
Land Administration, the State Bank of Vietnam and the concerned ministries
and branches shall, within the scope of their respective functions and tasks,
have to direct and guide the implementation of policies on creating favorable
conditions and providing preferences for investment in building dwelling
houses for sale and lease as prescribed in this Decree.
ARTICLE 22. - Responsibilities of the provincial-level People Committees
1. To direct their attached functional agencies to work out 5 year housing
development programs and annual housing plans : residential land use plans
and plans on the arrangement of investment capital for building technical and
social infrastructure works under the preferential housing projects in their
respective localities.
2. To announce dwelling house construction and development planning and
residential land use plans; to approve lists of housing development projects
entitled to favorable conditions and investment preferences in their
respective localities so that enterprises may register for participation in
investment ; to consider and approve according to their vested competence,
projects, technical designs and total cost estimates of the constructions
under housing projects eligible for favorable conditions and investment
preferences, with their investors being domestic enterprises.
3. To direct their dependent agencies to pay compensation and carry out
ground clearance for housing projects eligible for favorable conditions and
investment preferences, to promulgate according to their competence or
propose the competent agencies to amend and/or supplement policies on
creating favorable conditions and providing investment preferences for
housing projects in their respective localities.
4. To specify subjects entitled to buy or rent condominium apartments
under housing projects eligible for favorable conditions and investment
preferences in their respective localities.
5. To organize the inspection and examination of the contents and tempo of
implementation of projects, modes of determining the sale prices and rent
rates of condominium apartments under housing projects eligible for favorable
localities; to handle (or propose the competent agencies to handle)
violations according to their vested competence.
6. To consider and work out specific solutions to housing projects already
ratified by competent authorities and being implemented in localities in
conformity with the contents prescribed in this Decree.
7. To direct the reception and management of housing projects after the
investors finish their investment and business activities according to law
provisions.
ARTICLE 23. - Implementation effect
1. This Decree takes effect 15 days after its signing.
2. The ministers, the heads of the ministerial-level agencies, the heads
of the agencies attached to the Government and the presidents of the People
Committees of the provinces and centrally-run cities shall have to implement
this Decree.
On behalf of the Government
Prime Minister
PHAN VAN KHAI
Source: Department of Ministry of Investment and Planning, HCM city,
Vietnam
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