CaliToday (05/11/2025): Vietnam's National Assembly was the scene of a fierce and divided debate this afternoon as lawmakers clashed over a landmark proposal to impose a new tax on individuals owning two or more properties.
The high-stakes discussion, which continued from the morning session on the new Law on Taxation, has drawn a clear battle line: one side is demanding immediate action to curb rampant speculation and cool an overheated housing market, while the other is warning that such a move could trigger a "market shock" without a careful, phased-in approach.
The Call for Immediate Action
Proponents of the tax are advocating for its swift implementation. They argue that Vietnam's real estate market, particularly in major urban centers like Ho Chi Minh City and Hanoi, is suffering from rampant speculation that has driven property prices to unsustainable levels.
For this group of delegates, the issue is one of social equity. They stress that housing has become critically unaffordable for the average Vietnamese citizen, and that "hoarding" by wealthy investors must be penalized.
"We must act now to cool down the market," one delegate reportedly stated. "This tax is not just about revenue; it is a necessary tool to fight speculation and bring the dream of homeownership back within reach for working families."
Warnings of a "Market Shock"
On the other side of the aisle, a more cautious bloc of lawmakers expressed significant reservations. While not entirely dismissing the idea of the tax, they strongly argued against a rushed implementation.
This faction warned that the real estate sector is a critical pillar of the national economy. They fear that a sudden, heavy tax could destabilize the market, frighten off legitimate investment, and have unintended consequences for the construction and banking sectors.
"A sudden shock is the last thing our economy needs," another delegate countered. "We must have a clear and careful roadmap. A gradual implementation is the only way to ensure stability, avoid a mass sell-off, and allow the market to adjust in a healthy manner."
The debate underscores the complex challenge facing the Vietnamese government: how to balance the urgent need for affordable housing against the risk of disrupting a key economic engine. As the afternoon session concluded, no final decision was reached, and the debate is expected to continue to be a central, contentious issue as the new tax laws are finalized.