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VIETNAM IN MOTIONThe Transformation Process for Fair and Equal Urban Land Rights
Thanh NguyenRadboud University NijmegenSchool of ManagementDepartment of Human Geography and Spatial PlanningThe Netherlandstel.: +1(808)280-3073e-mail: [email protected]
The 13th Annual East-West Center International Graduate Student ConferenceFebruary 14-15, Honolulu
EWC-HONOLULU 2
Conclusion Chapter From Dissertation:
RECOGNIZING OWNERSHIP FACTOR
2013 Land Law
2003 Land Law
1993 Land Law
1988 Land Law
FEBRUARY 13, 2014
EWC-HONOLULU 3
PROPERTY RIGHTS IN VIETNAM
Timeline of the Vietnamese Ownership Certificate
1929 1965 20132003 FEBRUARY 13, 2014
EWC-HONOLULU 4
RECOGNIZING OWNERSHIP FACTOR
State Housing8%Pink paper
4%
Legal Paper22%
Without Legal paper58%
Unclear original paper3%
Other type ownership4%
Certificate of Property in Ho Chi Minh CitySource: Thanh Nien Newspaper 10/24/2006
2013: 98% legalized
FEBRUARY 13, 2014
EWC-HONOLULU 5
OUR STUDIES QUESTION #1. A level playing field for foreign and
domestic investors?
FEBRUARY 13, 2014
EWC-HONOLULU 6
PHYSICAL RESULT 160 observations: 59 foreign investment
projects ( foreign companies; and joint ventures)
101 domestic investment projects (state companies and private domestic companies)
FEBRUARY 13, 2014
EWC-HONOLULU 7
3D ELLIPSOID.
+: Foreigner o: Local
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EWC-HONOLULU 8
CONCLUSION 1
International investors have entered the market alongside domestic ones
FEBRUARY 13, 2014
EWC-HONOLULU 9
A TRAGEDY OF THE ANTICOMMONS
QUESTION #2. How land use rights change hands in HCMC under the process of the privatization of property rights
Case study 1
Case study 2
FEBRUARY 13, 2014
EWC-HONOLULU 10
History Development of the 240 Le Thanh Ton st. House
Possible outcomes for Kumho in negotions over Kumho Plaza FEBRUARY 13, 2014
EWC-HONOLULU 11
CONCLUSION 2
Anticommon creates opportunities for investors to capture the plus values that automatically appear in situations of the underutilization of resources
FEBRUARY 13, 2014
EWC-HONOLULU 12
VALUE CAPTURING
QUESTION #3. How some developers in Ho Chi Minh City, Vietnam, were able to take advantage of ambiguous land-using rights for their own financial gain?
FEBRUARY 13, 2014
EWC-HONOLULU 13
Time Square: Korean 39 floor --- 45 floors The Lancaster: Vietnamese 12 floor ---24 floors
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EWC-HONOLULU 14
Times Square is much higher than other buildings in area
40 years - Long term lease
In both cases the developers were allowed profitable adjustments to the original plans without being charged any exaction fee at all
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EWC-HONOLULU 15
CONCLUSION 3
The core issue of how well standardized procedures and regulations capture value into the development and planning process
FEBRUARY 13, 2014
EWC-HONOLULU 16
FINAL THOUGHTS Privatization unlocking property value
“Land use rights and building ownership” of Vietnam is quite similar to real estate ownership in other capitalist countries
“The issue is not one of ownership over property rights per se but the manner in which the relations between market and state are resolved over time” (Kirby, 2013)
FEBRUARY 13, 2014